MGM Resorts International reported financial results for the quarter ended June 30, 2013.
"We continue to see broad-based Las Vegas improvement as our Strip EBITDA increased 15 percent, driven by a 7 percent increase in casino revenues and a 5 percent increase in hotel revenues," said Jim Murren, MGM Resorts International Chairman and CEO. "A strong performance at MGM China led to another quarter of record results, driven by higher volumes in both mass market and VIP."
Key results for the second quarter of 2013 include the following:
- Consolidated net revenue increased 7 percent over the prior year quarter to $2.5 billion.
- Consolidated casino revenue increased 11 percent.
- Room revenue at wholly owned domestic resorts increased 5 percent with a 2.5 percent increase in REVPAR at the company's Las Vegas Strip resorts.
- Adjusted Property EBITDA was $596 million, a 9 percent increase compared to the prior year quarter.
- The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $376 million, a 9 percent increase compared to the prior year quarter.
- CityCenter's Adjusted EBITDA related to resort operations was $67 million, a 6 percent decrease compared to the prior year quarter, as a result of lower table games hold percentage in the current year.
- Consolidated operating income increased 32 percent to $232 million compared to $175 million in the prior year quarter.
For more information on 2013 second quarter results, visit www.mgmresorts.com.