Makao atsigavimas atsveria nedidelį „MGM Resorts“ nuosmukį Las Vegase
17 per cent rise in Macau counters seven per cent fall in Vegas
Despite revenues in Las Vegas falling slightly, MGM Resorts reported third-quarter revenue of $4.3bn, an increase of two per cent compared to the prior year quarter, due primarily to an increase in net revenues at MGM China.
Las Vegas revenues came in at $2bn in the current quarter compared to $2.1bn in the prior year quarter, a decrease of seven per cent due primarily to the room remodel at MGM Grand Las Vegas, as well as a decrease in RevPAR, a decrease in table games win percentage, and a decrease in food and beverage revenue.
The regional market saw improvement for MGM with revenues of $957m in the current quarter, up slightly compared to $952m in the prior year quarter. Digital saw an increase of 23 per cent, reaching $174m, up from $141m due primarily to organic growth and brand expansion. But the big gains were in Macau, where MGM saw its revenues increase by 17 per cent to reach $1.1bn, up from $929m, due primarily to an increase in main floor table games drop.
Chief Executive Officer Bill Hornbuckle said: “Our industry is constantly changing. And MGM is always moving forward, proactively navigating with agility, and allocating capital with discipline to best position our company for future success. One example of our capital discipline was a challenging decision to withdraw our application for a commercial license in Yonkers, New York. We dedicated significant time and resources over the last several years to this project, adjusted along the way with our best efforts to make the project work for all parties involved. We have been and continue to be a proud partner of the city of Yonkers and the state of New York.”
“We have been consistent in our focus on premium best-in-class market-leading integrated resort operations and have held true to our message that we will optimize our portfolio when the right value opportunities are presented. This was the case for Northfield Park, which we are selling for $546m in cash. We acquired the operations in 2019 for $275m. We have grown the business and created significant value over the last six years.”
“MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China,” Mr Hornbuckle added. “The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business.”
Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International, said: “We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel. MGM’s strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price.”
