Home > Finance > Half year results > MGM posts $227.1m net loss in H1 despite revenue growth

MGM posts $227.1m net loss in H1 despite revenue growth

| By Robert Fletcher
MGM Resorts International reported an overall net loss of $227.1m (£163.3m/€191.8m) for the first half of its 2021 financial year despite experiencing a 54.0% year-on-year increase in revenue.

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.

Read the full story on iGB North America.

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