{"id":272,"date":"2024-06-28T03:36:05","date_gmt":"2024-06-28T00:36:05","guid":{"rendered":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/"},"modified":"2024-06-28T03:36:05","modified_gmt":"2024-06-28T00:36:05","slug":"mgm-resorts-third-quarter-income-declines-due-to-pandemic","status":"publish","type":"post","link":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/","title":{"rendered":"MGM Resorts&#8217; Third-Quarter Income Declines Due to Pandemic"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/VQa-ZefXDMY\"\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 income decreased due to the pandemic&#8217;s effects.<\/p>\n<p>The Macau gaming operator MGM Resorts disclosed its third-quarter 2022 financial results, revealing revenue of $241.8 million (\u00a3210.6 million\/\u20ac244.6 million), reflecting a 45.8% year-over-year decline. This downturn can be attributed to the ongoing impact of the COVID-19 pandemic, which presented significant hurdles for the company.<\/p>\n<p>MGM&#8217;s revenue continued to decline in the third quarter, impacted by the pandemic.<br \/>\nMGM&#8217;s Chairman and CEO, Pansy Ho, acknowledged the challenging performance but highlighted some positive developments, including an uptick in visitor numbers later in the quarter.<\/p>\n<p>Ho stated: &#8220;In July, the Macau government implemented pandemic prevention measures, leading to the closure of our casinos for 12 days.&#8221;<\/p>\n<p>&#8220;Following the reopening, the operating environment remained difficult due to persistent travel restrictions. However, we are encouraged by Macau&#8217;s recent reopening to international visitors from designated nations and the rise in visitor numbers during the Golden Week in October.&#8221;<\/p>\n<p>Ho also addressed the ongoing public tender license process, where the Macau region will grant operating licenses to six operators. MGM is among seven applicants, indicating that one will be excluded.<\/p>\n<p>She continued: &#8220;We submitted our application for the new gaming concession on September 14, 2022, which is a smooth and transparent process.&#8221; <\/p>\n<p>We wholeheartedly endorse the Macau government&#8217;s initiatives to elevate Macau into Asia&#8217;s foremost international tourism hub.<\/p>\n<p>Our proposed suggestions once again highlight 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 was less than half of the previous year&#8217;s casino income of $373.1 million. Room income was $25.9 million, down 22.2%, while food and beverage income also decreased from $20.5 million to $17.9 million. Other income stemmed from entertainment, retail, and other ventures, totaling $15.9 million.<\/p>\n<p>MGM&#8217;s City of Dreams integrated resort in Macau contributed $66.4 million to total income in the quarter, while the City of Dreams Manila resort contributed $102.6 million. Its Mocha Clubs (a chain of smaller gambling establishments) generated $18.8 million in revenue, and the business received $2.4 million from Altira Macau. Studio City&#8217;s income was $25.6 million. Meanwhile, MGM&#8217;s entire operations in Cyprus contributed $24.8 million in revenue.<\/p>\n<p>Total expenses amounted to $440.3 million. While this was a 29.9% reduction from the third quarter of 2021, the decline was insufficient to prevent an increase in net losses \u2013 $198.5 million, compared to $182.2 million a year earlier.<\/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 firm experienced a financial setback of $284.5 million after factoring in interest and financing charges. This represents a 2.5% rise compared to the previous year.<\/p>\n<p>The net loss after accounting for taxes amounted to $286.6 million, signifying a 6.7% increase.<\/p>\n<p>Income generated during the initial nine months of the year reached $1.01 billion, marking a 33.8% decline. Expenditures totaled $1.55 billion, leading to an operating profit of $543.6 million.  After considering interest, taxes, and other expenses, the net loss for the period was $803.1 million.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >MGM Resorts&#8217; third-quarter income decreased due to the pandemic&#8217;s effects. The Macau gaming operator MGM Resorts disclosed its third-quarter 2022 financial results, revealing revenue of $241.8 million (\u00a3210.6 million\/\u20ac244.6 million), reflecting a 45.8% year-over-year decline. This downturn can be attributed to the ongoing impact of [&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 Resorts Q3 Revenue Plunges 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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/\" 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 Income Declines Due to Pandemic\" 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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in a World of Casino Fun | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T00:36:05+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=\"2 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:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/\",\"url\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/\",\"name\":\"MGM Resorts Q3 Revenue Plunges Amid Pandemic\",\"isPartOf\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T00:36:05+00:00\",\"dateModified\":\"2024-06-28T00:36:05+00:00\",\"author\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"MGM Resorts\",\"breadcrumb\":{\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/28\/mgm-resorts-third-quarter-income-declines-due-to-pandemic\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/luckycreek100nodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MGM Resorts&#8217; Third-Quarter Income Declines Due to Pandemic\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/luckycreek100nodepositbonus.icu\/#website\",\"url\":\"https:\/\/luckycreek100nodepositbonus.icu\/\",\"name\":\"Immerse Yourself in a World of Casino Fun | Licensed &amp; Secure\",\"description\":\"Stay informed and maximize your gambling experience through our regularly updated news, comprehensive reviews, and expert articles. 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