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MGM Resorts International (NYSE:MGM) traded higher in after-hours trading on Wednesday after reporting a 26% increase in consolidated revenue for Q3 with the addition of Aria and Vdara helping to pad the tally from the Vegas segment. Increased business volume and travel activity primarily at the Las Vegas Strip Resorts were also cited as growth drivers.
Revenue from Las Vegas Strip properties was up 67% overall to $2.3B. Adjusted property EBITDAR was $846M vs. $535M a year ago. Las Vegas hotel occupancy averaged 93% during the quarter vs. 82% a year ago. RevPAR in Vegas jumped to $210 from $142 last year.
Once again, results for MGM China disappointed due to the COVID restrictions holding back traffic. For the quarter, an adjusted property EBITDAR loss of $70M was recorded.
A stronger balance sheet allowed MGM to buy back 10M shares of its common stock at an average price of $30.69 per share in Q3 for an aggregate amount of $307M.
Shares of MGM Resorts (MGM) fell 4.02% in AH trading to $33.69.
Read the latest breakdowns on MGM from Seeking Alpha authors.
