During a busy year for MGM in 2023, the group generated revenue of $16.20bn (£12.85bn/€15.12bn), marking a 23.7% increase from the previous year. The growth was driven by key markets in Las Vegas and China, with Las Vegas contributing 4.8% growth in revenue, boosted by the acquisition of The Cosmopolitan and major events like the Formula One race. MGM China experienced significant growth after the removal of Covid-19 restrictions that had impacted performance in 2022. The Regional Operations business saw a slight decline, offset by growth in the “management and other operations” segment, particularly BetMGM expanding outside the US into the UK.
CEO Bill Hornbuckle praised MGM’s resilience in achieving record results despite challenges like a cyber-attack in September. The company reported operating profit rising by 31.4% to $1.89bn, with a net profit of $1.14bn for the year. MGM’s performance was driven by casino activity, rooms revenue, food and beverage sales, entertainment, retail, and other streams of revenue.
In Q4 of 2023, MGM saw a 21.8% increase in revenue, with significant growth in China. Operating costs increased by 11.5%, but the company posted an operating profit of $419.3m for the quarter. MGM is making progress in expanding its operations in New York and Osaka, Japan, with plans to transform its Empire City Casino and open a full-scale commercial casino.
MGM’s focus on expanding its presence in key markets and diversifying revenue streams is driving its financial performance and growth trajectory for the future.
