MGM revenue increases beyond $12bn in 2019
Revenue at MGM resorts increased 9.6% year-on-year while the sale of the Bellagio resort boosted profits as the operator continues to pivot its business model away from property holdings.
However, the operator withdrew its 2020 financial targets due to issues in Asia.
Of MGM’s $12.90bn in revenue, casino made up the majority, at $6.52bn, up 5.0% year-on-year. Hotel rooms were the second-largest source of revenue at $2.32bn, while foot and beverages brought in $2.22bn, entertainment retail and other sources $1.48bn and reimbursed costs $436.9m.
MGM’s resorts on the Las Vegas Strip contributed just under half of the operator’s revenue, at $5.83bn, up 2.1% year-on-year.