{"id":240759,"date":"2022-11-02T17:23:18","date_gmt":"2022-11-02T22:23:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=240759"},"modified":"2022-11-10T17:16:32","modified_gmt":"2022-11-10T23:16:32","slug":"mgm-q3-results-supported-by-las-vegas-strip-strength","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/","title":{"rendered":"MGM Q3 Strip Revenue Soars, Still Pursuing New York, Osaka Licenses"},"content":{"rendered":"

Bolstered by an impressive showing on the Las Vegas Strip, MGM Resorts International (NYSE:MGM) reported a 26% year-over-year jump in third-quarter revenue, handily beating Wall Street estimates.<\/p>\n

\"MGM
The Bellagio on the Las Vegas Strip, seen above. Operator MGM reported solid Q3 results. (Image: YouTube)<\/figcaption><\/figure>\n

The July through September period of 2022 now ranks as the Bellagio operator\u2019s best quarter ever based on revenue and adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR).<\/p>\n

\n

On the Las Vegas Strip, where MGM is the largest operator, the company posted a 67% year-over-year revenue increase to $2.3 billion. Adjusted property EBITDAR surged to $846 million from $535 million. Average hotel occupancy was 93%<\/a> during the third quarter, with revenue per available (RevPAR) soaring to $210 from $142 last year.<\/p>\n<\/div>\n

While MGM\u2019s domestic results were impressive, the shares slipped more than 2% in after-hours trading. That could be the result of ongoing disappointment in Macau. MGM China posted an adjusted EBITDAR loss of $70 million on revenue of just $87 million in the September quarter.<\/p>\n

MGM Expansion Plans<\/h2>\n

MGM\u2019s third-quarter results were enhanced by adding Aria, Cosmopolitan, and Vdara to the portfolio. In 2021, the company bought the 50% of CityCenter<\/a> it didn\u2019t own while selling the property assets of those two gaming venues. It completed its acquisition of Cosmopolitan\u2019s operating rights earlier this year.<\/p>\n

MGM remains in expansion mode, recently completing the purchase of Sweden\u2019s LeoVegas with an eye toward land-based casino additions in new markets. In a statement, CEO Bill Hornbuckle said the firm is moving forward with plans to procure a downstate casino license for its Empire City venue in Yonkers, adding development of an integrated resort in Osaka, Japan remains on the agenda.<\/p>\n

We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender for a new gaming concession to the Macau SAR government,\u201d said Hornbuckle in a statement. \u201cOur outlook remains promising, with continued progress in our operations with BetMGM and development initiatives in New York and Japan as well as strong bookings into 2023 in our domestic operations.\u201d<\/p><\/blockquote>\n

Keeping with the theme of narrowing losses<\/a> in the digital gaming space, BetMGM lost $23.58 million in the September quarter, down from $49 million a year earlier.<\/p>\n

MGM Buyback Binge Continues<\/h2>\n

One of the most voracious buyers of its shares in the gaming industry, MGM continued that trend in the third quarter. The company repurchased approximately 10 million shares of its common for about $307 million. As of Sept. 30, there\u2019s $827 million remaining on a previous buyback plan.<\/p>\n

\u201cWe remain disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while also pursuing growth opportunities with the greatest return to shareholders,\u201d <\/strong>said CFO Jonathan Halkyard in the statement.<\/p>\n

Share repurchases remain MGM\u2019s preferred method of shareholder rewards, as the company\u2019s annual dividend remains a paltry penny per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bolstered by an impressive showing on the Las Vegas Strip, MGM Resorts International (NYSE:MGM) reported a 26% year-over-year jump in third-quarter revenue, handily beating Wall Street estimates. The July through September period of 2022 now ranks as the Bellagio operator\u2019s best quarter ever based on revenue and adjusted property earnings before interest, taxes, depreciation, amortization, […]<\/p>\n","protected":false},"author":46,"featured_media":240760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nMGM Q3 Results Supported By Las Vegas Strip Strength<\/title>\n<meta name=\"description\" content=\"MGM Q3 revenue surged thanks to an impressive showing on the Las Vegas Strip.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Q3 Results Supported By Las Vegas Strip Strength\" \/>\n<meta property=\"og:description\" content=\"MGM Q3 revenue surged thanks to an impressive showing on the Las Vegas Strip.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-02T22:23:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-10T23:16:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/bellagio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/\",\"name\":\"MGM Q3 Results Supported By Las Vegas Strip Strength\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/bellagio.jpg\",\"datePublished\":\"2022-11-02T22:23:18+00:00\",\"dateModified\":\"2022-11-10T23:16:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM Q3 revenue surged thanks to an impressive showing on the Las Vegas Strip.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/bellagio.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/bellagio.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Bellagio on the Las Vegas Strip. BREIT is selling a stake in the real estate to Realty Income for roughly $950 million.(Image: YouTube)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q3-results-supported-by-las-vegas-strip-strength\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"MGM Q3 Strip Revenue Soars, Still Pursuing New York, Osaka Licenses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. 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