MGM Resorts International reported a significant increase in its financial performance for the year 2023, with a notable boost from its operations in Las Vegas and Macau. The company's earnings surpassed expectations, with a revenue of $4.38 billion against an estimate of $4.14 billion and earnings per share (EPS) of $1.06, exceeding the estimated $0.68. MGM attributed its success to a 23% increase in net revenue, amounting to $16.2B, compared to the previous year. This surge was largely credited to its Las Vegas Strip resorts, which saw a 5% revenue increase to $8.8 billion, and its two Macau casinos, where revenue soared by 368% to $3.2 billion. The economic impact of Super Bowl 58 and the Formula 1 Las Vegas Grand Prix were highlighted as significant contributors to this performance, with MGM Resorts achieving record quarters towards the end of 2023. Additionally, the company expanded its senior secured credit facility to $2.3 billion, further solidifying its financial standing.
#SuperBowl 58 helped produce three of the top five room revenue days ever for MGM Resorts, the company said in Tuesday’s fourth-quarter earnings call with investors. https://t.co/BwpJahTBBu
Big events like the Formula 1 Las Vegas Grand Prix and Super Bowl 58 have led to record profits, according to MGM Resorts International. https://t.co/zKiu8xl3SQ
MGM China achieved solid results in Q4 of 2023, market share rose in Jan – UBS https://t.co/EdNFjAiuZl https://t.co/J8DxGTZxPA
MGM China hit new high in over two years after reporting strong earnings for 2023 https://t.co/2Zg9Oqvlik
"MGM Resorts says it rocketed to new earnings records in 2023, driven in part by the arrival of Formula One in Las Vegas. ... For Las Vegas Strip resorts, the net revenue for 2023 was $8.8 billion, up 5% compared to 2022." - @News3LV https://t.co/k8cdwOFT2L
MGM blows out numbers has a great year ahead and stock sells off... go figure. Analyst estimates seem way too low for 2024. $MGM
Super Bowl 58 was big revenue driver for MGM Resorts https://t.co/PqV5HPulaA via @reviewjournal
#ICYMI: MGM is reporting new revenue records following Super Bowl LVIII. https://t.co/KoN3Sbo3HZ
Touchdown! Super Bowl brings big economic victory to Las Vegas https://t.co/Bz93RZBcJz via @reviewjournal, @mckenna_ross_
MGM Resorts says it rocketed to new earnings records in 2023, driven in part by the arrival of Formula One in Las Vegas last fall. https://t.co/uILEZ7pRMu
MGM Resorts posted a year-on-year increase in revenue for its 2023 financial year following record performances by its business in both China and Las Vegas https://t.co/NSj97nOZmk https://t.co/BnrulETToz
Casino Operator MGM beats fourth-quarter estimates on China travel rebound https://t.co/fEwMDAZPmy https://t.co/vY4WuwGmjy
.@F1's Las Vegas Grand Prix boosted MGM Resort to a record quarter to end 2023. https://t.co/9eqv72u7rc
Las Vegas tourism officials say the economic impact of Super Bowl 58 may be better than expected. https://t.co/K87TZyAepb
MGM Resorts says the company cleared $16.2B in net revenue during 2023 - a 23% increase from 2022. The company credited its Las Vegas Strip resorts and two Macau casinos for the boost. Strip revenue increased 5% to $8.8B; Macau revenue jumped 368% to $3.2B @thenvindy
MGM $MGM EARNINGS Revenue: $4.38B vs. $4.14B est. EPS: $1.06 vs. $0.68 est. Expands senior secured credit facility to $2.3 billion https://t.co/acJuMtbmTl