The Future’s Bright, The Future’s MGM Resorts International
When Big Bill Hornbuckle the CEO of MGM Resorts International sits down at his desk in Las Vegas today he’d be forgiven a wry smile of satisfaction, a glass of the finest champagne and a cigar from an unnamed island off the coast of Florida.
Everywhere where his gambling Omnichannel operates, every vertical it touches, seemingly, has turned to gold: be it the BetMGM sportsbook joint-venture with Entain, post-Covid19 operations in the China gaming entrepôt of Macau or far-reaching plans to build a casino resort in New York City’s Great White Way.
MGM’s latest record-breaking Q2 2023 financial results affirm as much; with the gambling industry giant posting an all-time record of US$1.95 billion (£1.54bn) in revenue, up 43.3 percent year-on-year.
The BetMGM sports book–number three behind FanDuel and DraftKings across the United States–is now approaching full profitably, as previously predicted; with its first-ever EBITDA positive quarter.
Although the online channel still recorded a US$22.5 million (£17.77m) loss during the quarter, it indicates a vast improvement on the US$71.2 million (£56.24m) loss of Q2 2022.
“BetMGM remains on track to achieve its next milestone of second half profitability,” highlighted Hornbuckle in a statement accompanying the Q2 report.
Meantime for H1, ending June 30, MGM Resorts International reported an operating income of US$1.10 billion (£868.98m) and a net income of $667.6 million (£527.39m).
Hornbuckle was particularly positive about the prospects of MGM’s New York City super casino licence application.
A link-up with the Marriott International hotel chain, which would further strengthen MGM’s bid, has been mooted.
“I’m hopeful in the next month or so that we’re going to hear something from the commission and ultimately get the process rolling,” said the MGM CEO and President.
“[It] remains on track, I think, for some time in 2024. Getting licensed and then pushing on from there would be our goal and our hope.”