Successful year for MGM Resorts International

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American casino giant MGM Resorts International has released its unaudited financial results for the twelve months to the end of December showing that it experienced an almost 80% increase year-on-year in net income to $1.97 billion as consolidated revenues improved by 14% to hit $10.77 billion.

MGM Resorts International is responsible for some of the world’s most prestigious hotel and casino properties including the Bellagio Las Vegas, MGM Grand Detroit and MGM Macau. The operator explained that its annual adjusted property earnings before interest, tax, depreciation and amortization reached $3.21 billion, which represented an almost 3% bump year-on-year, while gaming accounted for around 55% of all twelve-month revenues after growing by a little over 21% to stand at $5.98 billion.

Las Vegas-based MGM Resorts International declared that annual net revenues from its domestic properties improved by 18% year-on-year to $8.32 billion while these venues’ adjusted earnings before interest, tax, depreciation and amortization reached $2.51 billion, which represented a swell of some 6.3%.

“Our continued efforts to execute on our strategies have allowed us to enhance our capital structure and further strengthen the financial position of our company,” read a statement from Dan D’Arrigo, Chief Financial Officer for MGM Resorts International. “With our development projects coming to completion in 2018, we remain focused on maximizing our cash flows to support our balanced approach to capital allocation including maintaining a strong credit profile, prudently investing in high-return opportunities and returning excess capital to shareholders.”

For the three months to December 31, MGM Resorts International detailed that its net income improved dramatically from last year’s $24.66 million to stand at almost $1.41 billion while consolidated revenues reached $2.59 billion, which was a 5.2% escalation year-on-year.

MGM Resorts International stated that fourth-quarter casino revenues grew by 12.4% year-on-year to $1.53 billion while its adjusted property earnings before interest, tax, depreciation and amortization of $495.79 million corresponded to a 0.6% boost from the same period in 2016.

“Our fourth-quarter results further exhibited the strength and durability of our organization and I am proud of the 78,000 men and women within our MGM [Resorts International] family who remain dedicated to the continued success and evolution of our company,” read a statement from Jim Murren, Chairman and Chief Executive Officer for MGM Resorts International.

Regarding the upcoming twelve months, Murren proclaimed that he is looking forward to ‘another rewarding year’ thanks to the recent opening of his firm’s MGM Cotai integrated casino resort in Macau and the expected third-quarter debut of Massachusetts’ MGM Springfield venue.

“We remain optimistic about the rest of 2018, driven by the demand we see for our resorts, our strong group and event calendar and a healthy United States economic backdrop, which we believe will drive year-on-year increases in Las Vegas Strip net revenues and profitability,” read the statement from Murren.

Successful year for MGM Resorts International was last modified: February 22nd, 2018 by Adam Morgan