:sharpen(level=0):output(format=jpeg)/up/dt/2011/07/5644c9608b8bbe9e519e30607810a20b.jpg "Henry Schein Supports Brazil Flood Relief Efforts with Donations and Fundraising")
MGM Resorts has published a record-breaking quarterly report, showcasing a significant surge in revenue. The company attributes this positive outcome to its diverse assets. MGM’s net revenues for the period reached a staggering amount, representing a 13% year-on-year increase. CEO Hornbuckle credits the company’s four key pillars, including properties in Vegas, regional properties, iGaming operations, and BetMGM, for this stellar figure.
The impressive revenue figure translated into a net income of [insert amount]. Additionally, MGM reported an adjusted EBITDAR of over [insert amount]. The company also disclosed [insert amount] in cash flow from operating activities and [insert amount] in free cash flow.
During the earnings conference call, Hornbuckle acknowledged the company’s strong performance but expressed a desire to enhance its digital presence. While BetMGM ranked third in terms of sports betting revenue in the US, MGM believes there is room for improvement. The recent implementation of a single account single wallet in all US jurisdictions, except Nevada, is expected to bolster BetMGM’s results ahead of the upcoming football season.
Hornbuckle acknowledged some deficiencies in BetMGM’s operations but remained optimistic about the brand’s direction. He also highlighted the rebound of the LeoVegas brand in Sweden and the success of BetMGM UK in the local market. Looking ahead, MGM aims to develop and produce its own features, games, and products in the long term.
Regarding retail growth, Hornbuckle expressed MGM Resorts’ interest in obtaining a gaming license in New York. However, he expressed dissatisfaction with the slow pace of the licensing process. The company is also exploring opportunities in Japan and Texas, with the latter being a crucial state that has yet to legalize gambling.
In summary, MGM Resorts’ quarterly report showcases a remarkable increase in revenue, driven by its diverse assets. The company aims to strengthen its digital presence and expand its land-based footprint in various markets, including New York and Texas.
