written and last updated by
Sam Smith at
09 Feb 2023
Journalist, Editorial Department
MGM Resorts wrapped up 2022 on a high note, largely driven by record hotel performance in Las Vegas, which now includes The Cosmopolitan. Regional brands also showed strong results overall. According to the fourth-quarter report for 2022, MGM's net revenue reached $3.6 billion (nearly 262 billion rubles), marking an 18% increase compared to the same period last year. The company reported a net profit of $284 million (over 20 billion rubles).
Bill Hornbuckle, CEO and President of MGM Resorts, stated in a press release, "What we achieved in 2022 is nothing short of outstanding, and it reflects our strategic plan, scale, brand strength, talented team, loyalty program, and the diverse geographic regions and channels in which we operate. We believe there is strong momentum in the business, and our outlook for 2023 remains optimistic, thanks to a solid calendar of domestic events, the rapid return to profitability for MGM China since the beginning of the year, and the continued improvement of BetMGM in 2023."
Hornbuckle also addressed ongoing speculation regarding a potential acquisition of Entain. The CEO remarked, "I think it's time for clear decisions and other directions. The simple answer regarding Entain is no; we have moved on. However, we remain focused on the BetMGM business through our partnership with Entain and ensuring it continues to grow. We see significant potential for expansion with LeoVegas. I've already mentioned that we appreciate their technology platform and leadership team."
He added, "We are also interested in the content studio business; we believe there is real potential there. We have seen it prove effective when combined with great products and our brands in BetMGM; we like the live dealer business and expanding into other global markets. And, frankly, it falls well within our own expertise. So for now, the answer is no, not with Entain. We are going to move in our own direction, and we have begun allocating capital."
CFO Jonathan Halkyard explained that the capital mentioned by the CEO will primarily be used to fund additional mergers and acquisitions. This will aid in the overall business development and expansion into other markets, such as South America or Europe.
Notably, there are discussions about the possibility of Macau starting to pay foreign tourists.
