The Vici money has also helped MGM Resorts continue to buy back shares of its stock. “This business in rocking and rolling right now,” Hornbuckle said.

That transaction is already showing promise, Hornbuckle said, as the Cosmo generated a little under $60 million in pre-tax earnings in just the six weeks MGM Resorts owned it in the second quarter. MGM Resorts got $4.4 billion in cash from that deal and invested that back in the business by buying the operations of The Cosmpolitan of Las Vegas for $1.625 billion. The huge increase in MGM Resorts’ net income was driven mostly by the deconsolidation of MGM Growth Properties, a real estate investment trust that was bought out by Vici Properties for $17.2 billion. “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.”Ĭaesars posted pre-tax earnings of $547 million for its Las Vegas properties in the second quarter Tuesday. MGM Resorts CEO and President Bill Hornbuckle called the results “nothing short of spectacular” on the second-quarter earnings call and said the company was well-positioned even if the U.S. That produced a net income of $1.78 billion, up a whopping 1,599.3 percent from $104.75 million last year. Overall, MGM Resorts reported $3.26 billion in total revenue, up 44 percent from $2.27 billion in the same quarter last year. MGM Resorts reported $825.3 million in adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and restructuring or rent costs) at its Las Vegas properties for the three months ending June 30, up 108 percent from the same quarter last year ($396.8 million). (Chitose Suzuki/Las Vegas Review-Journal) second quarter was very kind to the Strip’s major casino companies.Ī day after Caesars Entertainment posted record pre-tax earnings for its Las Vegas properties in the second quarter, MGM Resorts International did the same Wednesday.

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