MGM Reports $4 Billion In Q3 Net Revenue As BetMGM Sees 26% More NFL Bets
MGM Resorts International has just released its financial report for Q3 of 2023, and there are definitely some highlights, such as $4 billion in consolidated net revenues and MGM China’s $813 million in net revenues.
These positive results come at an excellent time for the company’s sports betting app BetMGM Sportsbook, which just released an NFL midseason report revealing a 26% increase in wagering. Numbers should also be strong in 2024, with BetMGM planning to launch in the state of North Carolina.
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MGM Resorts Has Strong Third Quarter Of 2023 With $4 Billion In Net Revenue
The third quarter results for the period ending on September 30, 2023 have been released by MGM Resorts International. In terms of consolidated net revenues, MGM Resorts International saw a 16% increase from quarter to quarter, totaling $4 billion.
The company’s operating income was also up, totaling $370 million in comparison to Q3 of 2022, which accounted for $1 billion in operating losses. Compared to net losses of $577 million last year, MGM Resorts saw $161 million in net income.
The press release also reports consolidated adjusted earnings before interest, taxes, depreciation, and amortization and restructuring or rent costs (EBITDAR) of $1.1 billion.
These numbers remained strong despite cybersecurity issues faced by the company. According to MGM Resorts President and CEO Bill Hornbucke, “While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge.”
MGM China was also strong in Q3 2023, with $813 million in net revenues, a whopping 829% increase from last year. This massive jump can be explained from numerous COVID-19 restrictions being removed as, in comparison, Q3 2023 saw a 10% increase from Q3 2019. MGM China also had adjusted property EBITDAR of $226 million for the quarter.
BetMGM Reveals NFL Midseason Report With A 26% Jump From Last Year
Additionally, BetMGM has revealed some interesting data from a 2023 NFL Midseason report. The report revealed a year-over-year increase of 26% in terms of NFL wagering. It also revealed that the two current Super Bowl favorites, the Philadelphia Eagles and Kansas City Chiefs, have received the most attention from bettors.
BetMGM bettors have placed a majority of bets on the San Francisco 49ers, who have accounted for 13.7% of the overall handle. Other teams with high handles include the Buffalo Bills with 9.8% and the Kansas City Chiefs with 9.4%. The game that’s seen the highest handle so far was the Sunday Night Football showdown between the Kansas City Chiefs and New York Jets.
BetMGM North Carolina Launch Should Improve 2024 Numbers
Something that should drive numbers in Q1 of 2024 and beyond is the launch of BetMGM North Carolina. The Tar Heel State can roll out as soon as January 8, 2024, and plenty of different sports betting apps will be able to roll out. However, it could be as late as June of 2024 before mobile sportsbooks go live.
For the sake of BetMGM and other sports betting operators, it would be beneficial if BetMGM Sportsbook launched in January, just in time for the NFL Playoffs. The launch would make BetMGM Sportsbook fully available to bettors in 22 states across the U.S., as well as Washington D.C.
