MGM Resorts Q2 Report Shows Record-Breaking $3.9 Billion in Consolidated Net Revenue
Contents
MGM Resorts International has rolled out its Q2 financial report, and there are quite a few important takeawars. The biggest highlight is the $3.9 billion in consolidated net revenue, a record for the entertainment-focused company.
This comes just over a week after the company released a report on the first half of 2023, detailing profitability for MGM Resorts International’s digital offerings and optimism for the remainder of the year. Plus, a new BetMGM Sportsbook has just opened at an Arizona casino, the largest of its kind in the state.
MGM Resorts Hits All-Time Record In Q2 2023
| Business Segment | 2023 Q2 Rev. | 2022 Q2 Rev. |
|---|---|---|
| Casino | $1.95 billion | $1.35 billion |
| Hotel | $815 million | $774 million |
| Food & Bev | $743 million | $677 million |
| Other | $420 million | $445 million |
Just a day after competing Caesars Entertainment released its second quarter 2023 financial report, MGM Resorts International has just followed suit. The company saw Q2 consolidated net revenues totaling $3.9 billion, a 21% jump in comparison to the second quarter of 2022. A major factor in this increase was the lifting of COVID-19 restrictions in the region of Macau, which is home to the popular MGM Macau.
This number also represents an all-time record in terms of consolidated net revenue for MGM Resorts International. The second quarter’s consoilidated adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring/rent (EBITDAR) totaled $1.1 billion.
In the release for the Q2 results, MGM Resorts CEO Bill Hornbuckle expressed futher excitement with the company’s collaboration with Marriott, the planned relocation of the Oakland Athletics to Las Vegas, and Super Bowl 58 taking place at Allegiant Stadium in Las Vegas.
Post trade deadline World Series odds 👇 pic.twitter.com/N2u4lUdF8s
— BetMGM 🦁 (@BetMGM) August 1, 2023
BetMGM Had An Excellent First Half of 2023
Preceding the release of the Q2 information, MGM Resorts International rolled out a release with an update for the the first half of 2023. The numbers were certainly encouraging, with $944 million in revenue from the first half of the 2023. In fact, the report projects the full revenue of the year to be anywhere between $1.8 billion and $2 billion.
The report predicts that BetMGM will become self-sustaining in the second half of 2023, meaning there will be no more equity investment needed from Entain or MGM Resorts International. Notably, MGM Resorts International’s digital operations saw 25% in same-state growth throughout the first half of the year. The first half of the year saw BetMGM Sportsbook start out with a major launch in the state of Ohio, followed by rollouts in Massachusetts and Puerto Rico.
Now, BetMGM Sportsbook is available in 26 different areas, meaning the platform is available to around 48% of the adult U.S. population. The second half of the year should continue to be positive for the mobile betting app, especially considering the upcoming launch of Kentucky sports betting.
The Bluegrass State is planning to roll out its retail sports betting options on September 7, 2023, the same day as the start of the NFL season. This will be followed shortly by mobile sports betting, which is planned to go live on September 28, 2023. North Carolina sports betting is also on track for an early 2024 launch.
Seeing a white roulette wheel at the casino is like seeing an albino animal in the wild. It's so rare!
The new Santan Mountain Casino opening next month in Arizona will offer this kind of rare experience with a white roulette wheel that is the only one at US casinos 😲 pic.twitter.com/3ROFL29gmO
— BetMGMCasino (@BetMGMCasino) June 22, 2023
BetMGM Expanding Retail Betting Options
This isn’t the first time that MGM has been in the news this week, as the betting operator was recently responsible for a major retail sportsbook launch. Sanatan Mountain Casino, a popular retail casino in Chandler, AZ, has just opened its own BetMGM Sportsbook.
This brick-and-mortar sportsbook comes courtesy of a partnership between Gila River Resorts & Casinos and BetMGM. The retail sportsbook is the largest of its kind at an Arizona casino, with the venue measuring 7,000 square feet. In addition to four betting windows, the BetMGM Sportsbook features a 130-foot LED screen, a DJ booth, and eight betting kiosks. This opening means that BetMGM Sportsbook and Gila River Resorts & Casinos have now partnered on four in-person sportsbooks.
