MGM RESORTS INTERNATIONAL Reports 116.8% Increase in Q4 Revenue for FY2022, Totaling USD 284.0 Million
March 15, 2023
Earnings Overview
MGM RESORTS INTERNATIONAL ($NYSE:MGM) reported net income of USD 3592.2 million and total revenue of USD 284.0 million for their FY2022 Q4, which ended on December 31 2022, on February 8 2023. This represents a 17.5% increase in net income and a 116.8% increase in total revenue year over year.
Transcripts Simplified
Occupancy was 91% and ADR was $260, both up significantly from the prior year. Regional revenues grew 10% and adjusted property EBITDAR grew 3%. Corporate expense for the full year 2023 is expected to be approximately $380 – $400 million, a decrease of approximately $30 – $50 million from 2022. The company plans to invest approximately $800 million in domestic CapEx in 2023, with maintenance capital being approximately $600 million of this spend.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for MGM. More…
| Total Revenues | Net Income | Net Margin |
| 13.13k | 1.47k | -3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for MGM. More…
| Operations | Investing | Financing |
| 1.82k | 1.54k | -2.81k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for MGM. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 45.69k | 40.32k | 12.75 |
Key Ratios Snapshot
Some of the financial key ratios for MGM are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.6% | -24.9% | 11.4% |
| FCF Margin | ROE | ROA |
| 9.1% | 19.4% | 2.1% |
Market Price
On Wednesday, MGM Resorts International, a leading hospitality and gaming company, reported a 116.8% increase in its Q4 revenue for FY2022, totaling USD 284.0 million. This impressive growth marks a significant milestone for the company, which is primarily engaged in the ownership, development, and management of casino, hotel, and entertainment resorts in the United States and internationally. The company’s stock opened at $41.7 and closed at $41.4 on Wednesday, a 1.3% decrease from its prior closing price of 42.0. Despite this decrease, analysts remain upbeat about the company’s prospects and continue to view MGM Resorts International as a strong investment opportunity.
The revenue growth is largely attributed to the company’s focus on providing state-of-the-art facilities and amenities to its customers, along with a wide range of entertainment options. The company has also been steadily expanding its presence in international markets, including Asia and Europe, which has further contributed to its growth. With the implementation of these strategies, MGM Resorts International is clearly headed in the right direction. Live Quote…
Analysis
At GoodWhale, we conducted an analysis of MGM RESORTS INTERNATIONAL’s wellbeing. We found that the company is a medium risk investment in terms of financial and business aspects. We detected one risk warning in the income sheet, but you’ll need to become a registered user to find out what it is. We understand the importance of investing intelligently, which is why we offer comprehensive analysis and assessments of companies like MGM RESORTS INTERNATIONAL. Our team will ensure that you have all the information needed to make an informed decision before investing. More…
Peers
MGM Resorts International is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay, The Mirage, and more. The company’s competitors include SkyCity Entertainment Group Ltd, Wyndham Hotels & Resorts Inc, and Cruzani Inc.
– SkyCity Entertainment Group Ltd ($NZSE:SKC)
SkyCity Entertainment Group Ltd is a casino and hospitality company based in New Zealand. The company has a market cap of 2B as of 2022 and a Return on Equity of 3.48%. SkyCity operates four casinos in New Zealand, two in Australia, and one in Chile. The company also has a number of hotels, restaurants, and bars.
– Wyndham Hotels & Resorts Inc ($NYSE:WH)
Wyndham Hotels & Resorts, Inc. is one of the largest hotel companies in the world, with over 9,000 hotels across more than 80 countries. The company offers a variety of hotel brands, including Wyndham, Ramada, Days Inn, Super 8, and Howard Johnson. Wyndham Hotels & Resorts is headquartered in Parsippany, New Jersey. The company’s market cap is 6.2B as of 2022 and its ROE is 30.65%.
Summary
MGM Resorts International’s fourth quarter performance in FY2022 was very impressive, with total revenue exceeding USD 284 million – a 116.8% increase compared to the same quarter last year. Net income for the fourth quarter was also strong, up 17.5% year over year. Overall, this indicates an impressive outlook for the company, with strong growth prospects and a healthy financial position. Investors should look closely at trends in MGM Resorts International’s revenue and net income to determine if this performance can be maintained in the future.
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