MGM posts $227.1m net loss in H1 despite revenue growth
Total revenue for the six months to June 30 amounted to $3.92bn, up from $2.54bn in the corresponding period last year.
Casino accounted for $2.43bn of overall revenue, almost double the amount in the first half of last year, when its casinos were forced to close for much of the six-month period due to novel coronavirus restrictions. In contrast, MGM’s casinos were permitted to operate for the entire half this year.
Rooms revenue reached $563.4m, food and beverage revenue $460.1m, entertainment, retail and other revenue $324.2m, while MGM also received $133.2m in reimbursed costs.
In terms of divisional performance, regional operation led the way with $1.57bn in revenue, marginally ahead of the Las Vegas Strip resorts business on $1.55bn. MGM China revenue amounted to $607.0m, while management and other operations heralded $191.6m in revenue.