MGM RESORTS INTERNATIONAL Reports Third Quarter FY 2023 Earnings Results

🌥️Earnings Overview

MGM ($NYSE:MGM) Resorts International reported a total revenue of USD 3973.2 million for the third quarter of fiscal year 2023, which ended September 30, 2023, representing a 16.3% increase from the same period in the prior year. Net Income for the quarter also saw significant growth, standing at USD 161.1 million, with a remarkable 127.9% year-over-year increase.

Market Price

MGM RESORTS INTERNATIONAL reported their third quarter FY 2023 earnings results on Wednesday. The stock opened at $38.6 and closed at the same price, up by 1.0% from its previous closing price of $38.3. Going forward, they are confident about their long-term prospects and remain committed to delivering the best value to shareholders. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for MGM. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for MGM. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for MGM. More…

Key Ratios Snapshot

Some of the financial key ratios for MGM are shown below. More…

Analysis

GoodWhale has conducted an analysis of MGM RESORTS INTERNATIONAL’s financial wellbeing. The Star Chart shows that MGM RESORTS INTERNATIONAL has an intermediate health score of 6/10 with respect to its cashflows and debt, indicating that it is likely to be able to pay off debt and fund future operations. Based on these findings, MGM RESORTS INTERNATIONAL is classified as a ‘Cheetah’, meaning a company that has achieved high revenue or earnings growth but is considered to be less stable due to lower profitability. Given its strong rating in assets and growth, and its medium score in dividend and profitability, MGM RESORTS INTERNATIONAL may be of particular interest to investors who are looking for a potential high return investment, but are aware of the risks associated with investing in a less stable company. 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 performance in the third quarter of 2023 was impressive, with total revenue increasing by 16.3% and net income increasing by 127.9%. This indicates that the company is continuing to see market growth and expanding its presence in the gambling and hospitality industry. Investors should be encouraged by this strong performance and may be interested in buying MGM Resorts International shares due to their promising outlook. Analysts will be watching to see if the company can continue to surpass expectations and further increase profits and revenue.