{"id":250,"date":"2024-06-26T18:21:44","date_gmt":"2024-06-26T15:21:44","guid":{"rendered":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/"},"modified":"2024-06-26T18:21:44","modified_gmt":"2024-06-26T15:21:44","slug":"mgm-resorts-third-quarter-earnings-take-a-hit","status":"publish","type":"post","link":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/","title":{"rendered":"MGM Resorts&#8217; Third-Quarter Earnings Take a Hit"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/CB4cxYETHb0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>MGM Resorts&#8217; third-quarter earnings took a hit due to the effects of the pandemic.<\/p>\n<p>MGM, a leading force in Macau&#8217;s gaming sector, unveiled its Q3 2022 financial report, showing earnings of $241.8 million (\u00a3210.6 million\/\u20ac244.6 million), a 45.8% drop from the same period last year. This decline is a direct result of the ongoing impact of the COVID-19 pandemic.<\/p>\n<p>MGM&#8217;s third-quarter earnings continued to fall.<br \/>\nMGM Chairman and CEO, Pansy Ho, stated that despite the difficult operating conditions, there were some positive signs, including a rise in visitor figures towards the end of the quarter.<\/p>\n<p>Ho explained: &#8220;In July, the Macau government implemented pandemic control measures that resulted in the closure of our casinos for 12 days.&#8221;<\/p>\n<p>&#8220;Following the reopening, the operating environment remained challenging due to strict travel regulations, but we are hopeful about Macau&#8217;s recent opening of international travel to specific countries and regions, as well as the increase in visitor numbers during the Golden Week in October.&#8221;<\/p>\n<p>Ho also addressed the ongoing public bidding process for gaming licenses, where six operators in Macau will be granted licenses. MGM is one of seven applicants, meaning one will be excluded.<\/p>\n<p>She added: &#8220;We submitted our proposal for the new gaming concession public tender on September 14, 2022, which is a transparent and open process.&#8221; <\/p>\n<p>We wholeheartedly endorse the Macau administration&#8217;s strategy to further elevate Macau as the leading international travel destination in Asia.<\/p>\n<p>Our proposed suggestions once again illustrate our dedication to Macau, and we anticipate playing a pivotal role in collaborating with the Macau government to achieve its vision.<\/p>\n<p>The majority of operating income originated from casinos, reaching $181.9 million. However, this represents less than half of the $373.1 million in casino income from the previous year. Hotel room income amounted to $25.9 million, a decline of 22.2%, and food and beverage income also decreased from $20.5 million to $17.9 million. The remaining income stemmed from entertainment, retail, and other ventures, totaling $15.9 million.<\/p>\n<p>MGM&#8217;s Macau Cotai resort contributed $66.4 million to overall revenue in the quarter, while the Manila Cotai resort generated $102.6 million. Its Mocha Clubs (a collection of smaller gaming venues) produced $18.8 million in revenue, and the business received $2.4 million from Macau Altira. Studio City generated $25.6 million in revenue. Meanwhile, MGM&#8217;s entire operations in Cyprus accounted for $24.8 million in revenue.<\/p>\n<p>Total expenses amounted to $440.3 million. While this represented a reduction of 29.9% from the cost recorded in the third quarter of 2021, the decrease was insufficient to prevent the expansion of the net loss &#8211; $198.5 million, compared to $182.2 million a year prior.<\/p>\n<p>Casino operations were the primary cost driver, reaching $173.8 million. This was followed by depreciation and amortization expenses of $113.5 million, and general and administrative expenses totaling $98.8 million. <\/p>\n<p>The firms deficit climbed to $284.5 million after factoring in interest and funding expenses. This figure reflects a 2.5% rise compared to the same time frame last year.<\/p>\n<p>After subtracting $2 million in levies, the total net deficit reached $286.6 million, a 6.7% increase year-on-year.<\/p>\n<p>Total income for the initial nine months of the year was $1.01 billion, down 33.8% year-on-year. Expenditures were $1.55 billion, resulting in an operating profit of $543.6 million. After deducting interest, taxes, and other expenses, the total net loss for the period was $803.1 million.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>MGM Resorts&#8217; third-quarter earnings took a hit due to the effects of the pandemic. MGM, a leading force in Macau&#8217;s gaming sector, unveiled its Q3 2022 financial report, showing earnings&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGM Q3 Earnings Plunge Amid Pandemic<\/title>\n<meta name=\"description\" content=\"MGM Resorts\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"MGM Resorts&#039; Third-Quarter Earnings Take a Hit\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"MGM Resorts\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Gateway to a World of Licensed Online Casino Entertainment\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T15:21:44+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/\",\"url\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/\",\"name\":\"MGM Q3 Earnings Plunge Amid Pandemic\",\"isPartOf\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-26T15:21:44+00:00\",\"dateModified\":\"2024-06-26T15:21:44+00:00\",\"author\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"MGM Resorts\",\"breadcrumb\":{\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/26\/mgm-resorts-third-quarter-earnings-take-a-hit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/secretnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MGM Resorts&#8217; Third-Quarter Earnings Take a Hit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/secretnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/secretnodepositbonuscodes.icu\/\",\"name\":\"Your Gateway to a World of Licensed Online Casino Entertainment\",\"description\":\"Experience the thrill of licensed online gambling with our up-to-date news, in-depth reviews, and expert articles. 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