MGM Resorts boosted by Chinese growth in Q3
North American gaming giant MGM Resorts saw a 9% rise in revenues in Q3 as it benefitted from growth across its casino properties in the US and China.
In its third quarter financial and operational results for the three months to 30 September, MGM reported net revenue of $3.3bn (£2.5bn/$3.0bn). It said net revenues at its Las Vegas Strip properties increased 4% year-on-year to $1.5bn.
In its regional operations across the US, net revenue increased by 20% to $935m. Those figures included $52m from Empire City Casino, which it acquired in January 29, and $64m from MGM Northfield Park's operations, which was acquired in April. It also benefitted from a full quarter of operations at MGM Springfield, which opened in August last year.
MGM China’s net revenues were up 22% year-on-year to $738m, in part thanks to a 19% increase in VIP Table Games hold to $699m at its MGM Cotai and MGM Macau properties.
“I am excited about the prospects for our business as we enter 2020,” said Jim Murren, chairman and CEO of MGM Resorts.