MGM Resorts’ second-quarter consolidated net revenue hit a record $4.3 billion, up 10% year-over-year, and its adjusted property EBITDAR surged 40% to $294 million. As of June 30, MGM Resorts had $2.4 billion in cash and cash equivalents, with a total debt of $6.3 billion.
MGM Resorts International reported record second-quarter revenue on Wednesday, driven by a recovery in Macau and continued strength in Las Vegas. The casino and resort operator noted that a partnership with Marriott International boosted the company but that an upcoming Formula 1 race in Las Vegas isn’t leading to as many bookings as was hoped.
So far in 2024, 410,000 room nights have been booked through the Marriott partnership. About 60% of those bookings are for guests who have already stayed this year, and the rest are for reservations for upcoming months.
The company saw significant growth in its Macau operations, with net revenues jumping 37% to $1 billion. This surge reflects the continued ramp-up of operations following the removal of pandemic-related travel restrictions earlier this year.
