MGM Resorts International Reports Record Growth in Q4
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MGM just released its record fourth quarter financial results, with the company’s Las Vegas Strip properties driving the growth.
According to the company, during an earnings conference call earlier this week, consolidated net revenues were $4.4 billion for the fourth quarter, and $16.2 billion for full fiscal year 2023 (year ended Dec. 31).
That revenue for the fourth quarter was a 22% year-over-year increase. The company saw an operating income of $419 million in Q4, compared to an operating loss of $2 million in Q4 in the prior year.
F1 Race Had a Big Impact
The revenue for 2023 was an increase of 23% over FY 2022, with operating income of $1.9 billion compared to $1.4 billion the previous year. Consolidated adjusted EBITDAR was $1.2 billion in Q4, $4.6 billion for the full year.
The company’s Las Vegas Strip properties drove the bus for Q4 results, with net revenues of $2.4 billion, compared to $2.3 billion in Q4 2022, a 3% increase. Adjusted property EBITDAR was $864 million in Q4 compared to $877 million in the prior year quarter, a decrease of 1%.
Overall, in 2023, those Las Vegas Strip properties generated revenue of $8.8 billion, compared to $8.4 billion in 2022 (a 5% increase). Adjusted property EBITDAR was $3.2 billion in FY 2023 compared to $3.1 billion in the prior year, an increase of 2%.
The inaugural Las Vegas Grand Prix, the Formula 1 race in November, had a big impact on those numbers. The event had its challenges, with high prices and the initial chaos with the track, but it was a big economic success. Vegas strip hotels and casinos reported record revenue, with widespread economic impact for other Las Vegas hotels and businesses. Plans for the 2024 race already are in motion.
Record Year For Las Vegas Properties
"Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR," said Bill Hornbuckle, Chief Executive Officer, and President of MGM Resorts. "Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl. 2024 is off to a winning start with the launch of our Marriott relationship as well as opportunities to increase our convention room nights and international mix."
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