MGM says US regional operations leading firm’s recovery

MGM says US regional operations leading firm’s recovery

MGM Resorts announced its fourth quarter and full year financial results this morning, commenting that it was the firm’s operations in various regional markets in the United States that were recovering most quickly from the pandemic era.

Las Vegas continues to be one of the most difficult spots for recovery.

MGM China saw its net revenues decrease 58 percent compared to the prior year quarter to US$305 million. Adjusted Property EBITDAR decreased 78 percent to US$41 million.

For the full year 2020, MGM China net revenues decreased 77 percent year-on-year to US$657 million. The Adjusted Property EBITDAR loss was US$194 million in 2020.

For MGM Resorts as a whole, consolidated net revenues decreased 60 percent for the full year to US$5.2 billion. Net losses attributable to the company were US$1.0 billion in 2020, being buoyed by the US$1.5 billion gain related to the MGM Grand Las Vegas and Mandalay Bay real estate transaction.

Bill Hornbuckle, president and CEO of MGM Resorts, observed, “We are engaged on pandemic response while staying focused on the future. This includes maintaining a strong balance sheet to seize opportunities and continuing to drive BetMGM, our US sports betting and iGaming venture. BetMGM gained significant market share throughout 2020 while successfully launching in seven new states. We expect to be in twenty markets by the end of the year.”

In the earnings call that followed, Hornbuckle observed, “We remain diligent in navigating the near-term operating environment, aggressively managing our operating model and our cost structure… I am optimistic about the long-term recovery about all of our markets and believe that MGM is well positioned to gain share.”

Related Articles

MGM Japan promotes hospitality program with Kansai Gaidai University

MGM Japan, hoping to build a major IR at Osaka’s Yumeshima island, is drawing attention to its recently concluded hospitality education program that it supported in partnership with Kansai Gaidai University.

MGM Resorts appoints Jeff Mochal to lead corporate communications

MGM Resorts International announced that Jeff Mochal has joined the company as Senior Vice President of Corporate Communications. Mochal will oversee the company's corporate communications and strategic positioning, leading issues management strategy and proactive media relations, internal communications and social impact and sustainability messaging strategies for issues affecting MGM Resorts on a global scale.
Japan’s IR process lurches forward with Nagasaki selections, Osaka invite

Japan’s IR process lurches forward with Nagasaki selections, Osaka invite

Japan’s IR process appears to move forward in fits and starts, but there were two noteworthy events to emerge at the end of the week that advance the slow process towards the country's first casinos.

Osaka seeks more bidders, gives April 6th deadline

The Osaka Prefecture, which currently has MGM Resorts as a sole bidder for a license, has said it will consider further proposals, with documents to be submitted by April 6th.

MGM Resorts reduces its stake in real estate arm

MGM Resorts International has announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties Operating Partnership LP for aggregate cash proceeds of approximately US$1.2 billion. Following the redemption, MGM Resorts' ownership in the Operating Partnership was reduced from 53.0 percent to 42.1 percent.

MGM Resorts, BetMGM make commitment to responsible gambling

MGM Resorts International and BetMGM have made a unified commitment to responsible gaming and to providing the tools needed to help players make responsible, informed decisions while playing.

Pansy Ho sells off a further US$56.7 million in MGM

MGM China Co-chair Pansy Ho has sold more of her shares in parent company MGM Resorts, this time offloading about $56.7 million. The move has reduced her position from 1.66 percent to 1.36 percent.

Pansy Ho sells off part of her stock in MGM Resorts

Pansy Ho, co-chair and executive director of MGM China, has sold one million shares, or more than 10 percent, of her stock in MGM Resorts International.
MGM-Resorts stock rises

MGM stock rises as investors reward online deal

Shares in MGM Resorts rose almost 4 percent on Friday after investors applauded the casino operator’s latest foray into the online sphere.

BetMGM teams with Topgolf Entertainment

BetMGM and Topgolf Entertainment Group announced today a new partnership centered around an integrated sports betting and entertainment experience. The two companies will collaborate on marketing and promotional offers through the BetMGM platform at select Topgolf venues and within WGT by Topgolf.