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MGM Resorts International Reports Second Quarter 2022 Financial and Operating Results

  • Record Las Vegas Strip Adjusted Property EBITDAR and record second quarter Regional Operations Adjusted Property EBITDAR
  • Acquired the operations of The Cosmopolitan of Las Vegas; announced the sale of the operations of Gold Strike Tunica for $450 million
  • Repurchased $1.1 billion of shares of common stock during the second quarter, or 8% of outstanding shares
  • Continue to pursue a commercial gaming license in New York and development of an Integrated Resort in Osaka, Japan

LAS VEGAS – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended June 30, 2022.

“Our second quarter results were outstanding, representing the best ever Adjusted Property EBITDAR quarter at the Company’s Las Vegas Strip Resorts and best second quarter Adjusted Property EBITDAR at our Regional Operations driven by consistent strong demand from the leisure consumer and a return from our convention customers ,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. “We announced several important portfolio changes during the quarter, with the acquisition of the operations of The Cosmopolitan of Las Vegas and the announcement of the sale of Gold Strike Tunica. We look to the future with optimism, as our convention and event calendar for the next year remain remarkably strong and BetMGM continues to be a market leader with a roadmap for growth. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”

“We see exceptional value in our Company’s shares and have returned capital to our shareholders by repurchasing over $1.1 billion of our stock in the second quarter,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. “Since early 2021, the execution of our asset light strategy has allowed us to repurchase 31% of our market cap while accumulating domestic cash in excess of debt on our balance sheet.”

Second Quarter 2022 Financial Highlights:

Consolidated Results

  • Consolidated net revenues of $3.3 billion compared to $2.3 billion in the prior year quarter, an increase of 44%. The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas (“The Cosmopolitan”) and Aria and Vdara (collectively “Aria”) upon acquisition in May 2022 and September 2021, respectively. Additionally, results improved over the prior year quarter due to increased business volume and travel activity primarily at the Las Vegas Strip Resorts;
  • Net income attributable to MGM Resorts of $1.8 billion, which included a gain related to the deconsolidation of MGM Growth Properties LLC (“MGP”), compared to $105 million in the prior year quarter;
  • Diluted earnings per share of $4.20 in the current quarter compared to $0.14 in the previous year quarter;
  • Adjusted diluted earnings per share (“Adjusted EPS”)(1) was $0.03 in the current quarter compared to a loss of $0.13 in the previous year quarter; and
  • Consolidated Adjusted EBITDAR(two) of $920 million and Consolidated Adjusted EBITDAR margin(two) of 28.2% in the current quarter.

Las Vegas Strip Resorts

  • Net revenues of $2.1 billion in the current quarter compared to $1.0 billion in the previous year quarter, an increase of 113%. The current quarter benefited from the inclusion of The Cosmopolitan and Aria and an increase in business volume and travel activity compared to the previous year quarter;
  • Same-store net revenues (adjusted for acquisitions/dispositions) of $1.6 billion in the current quarter, an increase of 60% compared to the prior year quarter;
  • Adjusted Property EBITDAR(two) of $825 million in the current quarter compared to $397 million in the previous year quarter, an increase of 108%;
  • Same-Store Adjusted Property EBITDAR(two) of $599 million in the current quarter compared to $397 million in the previous year quarter, an increase of 51%; and
  • Adjusted Property EBITDAR margin(two) of 38.6% in the current quarter compared to 39.5% in the prior year quarter, a decrease of 89 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues.

Regional Operations

  • Net revenues of $960 million in the current quarter compared to $856 million in the previous year quarter, an increase of 12% due to an increase in business volume;
  • Adjusted Property EBITDAR of $340 million in the current quarter compared to $318 million in the prior year quarter, an increase of 7%; and
  • Adjusted Property EBITDAR margin of 35.4% in the current quarter compared to 37.2% in the prior year quarter, a decrease of 176 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues.

MGM China

  • Net revenues of $143 million in the current quarter compared to $311 million in the previous year quarter, a decrease of 54%. The current and prior year quarter were significantly impacted by travel and entry restrictions in Macau; and
  • Adjusted Property EBITDAR loss of $52 million in the current quarter compared to Adjusted Property EBITDAR of $9 million in the prior year quarter.

Click here to view the full release.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500┬« global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company’s 50/50 venture, BetMGM, LLC, offers US sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE┬« Magazine’s World’s Most Admired Companies┬«. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

brian ahern
Director of Media Relations
MGM Resorts International

Markets & Performance

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