2021 Q4 and Full Year Financials Signal Success for MGM Resorts

Regardless of the challenges posed by the continuing COVID-19 pandemic, MGM Resorts Worldwide did nicely for itself final 12 months, thanks in no small measure to robust leisure journey demand and the resurgence of gaming.

The corporate simply revealed its fourth-quarter and full-year monetary outcomes for 2021, and in some areas, managed to even outperform its personal pre-pandemic revenue margins.

General income at MGM Resorts’ Las Vegas properties was proven to have risen above each 2019 and 2020 fourth-quarter ranges, in response to Journey Weekly.

Figures had been bolstered because of the inclusion of a full quarter of working one hundred pc of the Aria and Vdara inns, situated at CityCenter. Beforehand, MGM Resorts had held 50 % possession of the resort advanced, however purchased out companion firm Infinity World in September of final 12 months.

Income on the firm’s different Las Vegas Strip properties got here in at 5 % above 2019’s remaining quarter. Nevada’s removing of COVID-19 restrictions and capability limits in June 2021, and the resurgence of journey after vaccines had been made extensively accessible contributed to the Sin Metropolis resorts’ comeback.

“We had a really robust finish to a fantastic 12 months,” MGM Resorts CEO and President Invoice Hornbuckle mentioned throughout an earnings name with buyers on Wednesday. “Our Strip and regional margins remained very robust within the fourth quarter.”

Consolidated internet revenues of $3.1 billion in 2021’s fourth quarter exceeded the corporate’s third-quarter internet income of $2.7 billion and the second quarters’ $2.3 billion.

2021’s fourth quarter introduced a internet earnings of $131 million, whereas MGM had skilled a internet lack of $448 million within the fourth quarter of 2020.

The corporate’s Nevada casinos noticed report revenues from gaming final 12 months, exceeding $1 billion in December for the tenth consecutive month. Gaming income in 2021’s fourth quarter reached $541 million, a $201 million enhance over the identical interval in 2020.

Fourth-quarter earnings for MGM’s China operations had been far much less spectacular. Its internet income got here in at $315 million, a rise of three % over 2020, however a 57 % drop from 2019 figures. Hornbuckle mentioned that Macau’s ongoing entry restrictions and the dearth of worldwide journey to China amid the pandemic are hindering the realm’s restoration.

“Our report fourth-quarter outcomes are a testomony to our gifted workforce throughout the globe, our sharpened deal with operational effectivity and the confirmed resiliency of demand for the service and experiences that we offer at MGM Resorts,” Hornbuckle mentioned. “The strategic milestones we achieved in 2021 place us for additional success in 2022, and we stay enthusiastic about our long-term alternatives.”