MGM Resorts International has reported a 683% year-on-year increase in revenue, earning $2.3bn for Q2.
Consolidated operating income was $264m compared to operating loss of $1bn in 2020. The net income of MGM Resorts was $105m, against net loss of $857m for the same period last year. Consolidated Adjusted EBITDAR for Q2 2021 was $617m.
Approximately $1.4bn came from the casino sector, while hotel services brought in $365m, with food and beverage revenue at $302m.
Total revenue for MGM Resorts for H1 was $3.9bn, compared to $2.5bn for the same period in 2020. According to the operator, the quarter benefited from the easing of operational and capacity restrictions and an increase in travel.
“We delivered a strong second quarter, driven by robust demand and productivity efforts across our domestic portfolio,” said Bill Hornbuckle, MGM Resorts CEO.
“Our Las Vegas Strip and regional operations adjusted Property EBITDAR margins reached all-time records and our regional operations also delivered an all-time quarterly record in adjusted property EBITDAR. Our US sports betting and iGaming venture, BetMGM, continues to outperform as the number two operator nationwide.”
Las Vegas Strip resorts reported net revenue of $1bn for the quarter, a 566% year-on-year growth but a 31% drop compared to the second quarter of 2019. Net revenue for MGM China was $311m, an increase of 836% compared to Q2 2020 and a 56% decline from the same period in 2019. Regional operations recorded revenue of $856m for Q2.
Hornbuckle added the company is still focused on becoming more streamlined and announced an “agreement with VICI and MGM Growth Properties to monetise our MGP operating partnership units for $4.4bn in cash. I’m grateful for the tremendous work that our MGM Resorts teams continue to put into positioning this company for future growth and success.”