MGM Properties in Las Vegas Have Record-Breaking Quarter

MGM Resorts CEO and President Bill Hornbuckle was short, sweet and to the point.

“Nothing short of spectacular,” Hornbuckle said, according to the Las Vegas Review-Journal, after learning of the MGM Resorts International’s second-quarter results.

In this instance, ‘spectacular’ is defined the only way things are defined in Las Vegas – by numbers. MGM Resorts reported a net income of $1.78 billion for the three-month period ending June 30, 2022, on revenue of $3.26 billon.

While comparing the second quarter of this year to the same period in 2021 is something of an unbalanced comparison given that the pandemic was still ongoing at this time last year, the $1.78 billion represents a … well … spectacular return in investment, to use Hornbuckl’s phrasing, of 1,599.3 percent from the $104.75 million from Q2 in 2021.

“We’ve built an incredibly agile business over the last few years due to COVID and other factors,” he said, “and we will adjust and pivot quickly if we see any signs of consumer demand slowing.”

It’s just another sign that Las Vegas is returning to normal if it hasn’t already done so. In late June, Harry Reid International Airport (formerly McCarran) reported the highest post-pandemic capacity on airline flights than any city in the country.

Also in late June, Las Vegas tourism officials announced they would being to reinvest in international marketing to lure back global travelers.