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Vegas, China Boost MGM's Q3November 5, 2013 By: Newswire
MGM Resorts International experienced a net revenue increase of 9 percent year over year for the third quarter of 2013, driven by the strength of its Las Vegas and Macau properties, the company reports.
Overall, consolidated casino revenue increased 13 percent over the prior quarter.
Room revenue at the company's wholly owned domestic resorts increased 5 percent, with a 3 percent increase at properties on the Las Vegas Strip. Operating income for the Company's wholly owned domestic resorts for the third quarter of 2013 was $199 million, an increase of 2 percent compared to the prior year quarter.
Net revenue at MGM China increased 22 percent over the prior quarter. The company is developing a second resort and casino, MGM Cotai, on an approximately 17.8 acre site in Cotai, Macau. MGM Cotai will feature approximately 1,600 hotel rooms, casino, convention and meeting space, entertainment, spa, retail outlets and food and beverage offerings. Current plans include introducing the Company's Mansion luxury villas. Groundbreaking took place in February 2013 and the project continues to remain on pace for an anticipated early 2016 opening. In May 2013, MGM China signed a deal with China State Construction to serve as sole general contractor for the project. The total project budget, excluding capitalized interest and land, is $2.6 billion.
"I am pleased to report another solid quarter with double digit EBITDA growth and increased margins, led by strength at MGM China and our Las Vegas Strip properties," said Jim Murren, MGM Resorts International chairman and CEO. "These results are reflective of the continued market share gains from programs such as M life and our focus on international marketing strategies combined with our best in class collection of resorts and amenities."