MGM Resorts slips to $50.4m loss in first half
MGM Resorts International saw revenue for the first half of 2020 badly hit by the novel coronavirus (Covid-19) pandemic, posting a net loss of $50.4m for the period.
Net revenue for the six months to June 30 amounted to $2.54bn, down 60.3% from the $6.40bn that was generated in the same period last year.
Like many other bricks and mortar casinos operators around the world, MGM was hit hard by the pandemic. Its venues in the US and Macau have all been shuttered as a result of the crisis, and spent most of the period closed to customers.
Though casino gaming revenue remained the main source of income for MGM during the six months, the $1.22bn total represented a 61.1% decline from H1 2019’s $3.22bn.
Rooms revenue dropped by 59.9% year-on-year to $465.6m, while food and beverage revenue fell 60.0% to $426.5m. Entertainment and retail revenue slipped 56.2% to $318.5m, though reimbursed costs were down 48.7% to $114.4m.