by Lacey Pfalz
Last updated: 9:45 AM ET, Fri February 16, 2024
MGM Resorts International reported a new record in its financial results for 2023 and the fourth quarter of the year, which ended December 31, 2023, citing events like the Formula 1 race and the Super Bowl for aiding in the record.
In the fourth quarter, MGM Resorts reported consolidated net revenue of $4.4 billion, a 22 percent increase year over year. A large reason for this jump was MGM China’s increase in revenue as the country ended its COVID-19 entry restrictions in Macau. Operating income rose to $419 million compared to the operating loss of $2 million in the last quarter of 2022.
Net income for MGM Resorts reached $313 million in the fourth quarter, an increase from $284 million from the fourth quarter of 2022. The Las Vegas Strip resorts reported a net revenue of $2.4 billion, an increase of $0.1 billion from the year before. MGM China saw a net revenue of $983 million, an increase from $175 million year over year.
Through the entire year of 2023, MGM Resorts reported consolidated net revenue of $16.2 billion, compared to $13.1 billion in 2022, in large part due to an increase in non-gaming revenue in Las Vegas and an increase in revenue at MGM China.
Operating income also rose, from $1.4 billion in 2022 to $1..9 billion. Net income fell from $1.5 billion to $1.1 billion in 2023, due to rent increases and other expenses.
The Las Vegas Strip resorts reported a net revenue of $8.8 billion, compared to the $8.4 billion reported in 2022. MGM China reported an increase in revenue from $674 million in 2022 to $3.2 billion in 2023.
"Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. "Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl. 2024 is off to a winning start with the launch of our Marriott relationship as well as opportunities to increase our convention room nights and international mix."
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