MGM Resorts International, a leading casino operator, has announced impressive financial results for the third quarter of the year, driven primarily by strong performance in China.
Net Income Soars
In Q3, MGM Resorts recorded a net income of $161.1 million, equivalent to 46 cents per share. This represents a significant turnaround from the same period last year when the company reported a loss of $576.8 million, or $1.45 per share. Adjusted earnings for the quarter reached 64 cents per share, surpassing analysts’ estimates of 52 cents per share.
Robust Revenue Increase
The company’s revenue also enjoyed substantial growth, climbing to $3.97 billion from $3.42 billion. This figure exceeded the expectations of analysts, who predicted revenue of $3.86 billion. MGM attributes this revenue surge to the removal of health-related restrictions in China, which led to increased revenue at MGM China.
Despite facing challenges in recent months, such as a cybersecurity attack and potential strikes by Las Vegas Strip workers, MGM remains resilient. CEO Bill Hornbuckle expressed confidence in the company’s ability to bounce back and highlighted exciting prospects on the horizon. These include the eagerly anticipated Formula 1 race in Las Vegas, the introduction of the MGM Collection next year, and the upcoming Super Bowl.
In conclusion, MGM Resorts International has demonstrated impressive growth in Q3, driven by its operations in China. With a successful rebound from recent setbacks, the company is well-positioned for future success.