The Short Take:
- MGM Macau had the highest revenue in Q3 for any MGM property at $434M. MGM Grand had the highest revenue for any domestic property at $340M
- The best performing MGM resorts in terms of YoY revenue growth were MGM Grand Las Vegas (+9.3%) and MGM National Harbor (+9.0%). The worst performer was Bellagio (-15.3%)
- Every domestic resort outside of Las Vegas had positive YoY growth and the MGM Grand is the only domestic resort that had positive YoY Growth
The third quarter MGM quarterly report is out, and one interesting observation is the breakdown of revenue by each of the company’s properties. The overall winner within the company is the MGM Macau while the domestic property with the highest revenue for the quarter is the MGM Grand Las Vegas.
The two Macau resorts produced over $600 million in revenue for MGM. The MGM Macau had revenue of over $434.2 million for the third quarter. This is more than double the revenue of the MGM Cotai which rung up sales of over $171.7 million.
In terms of growth, the MGM Macau ran into some headwinds. Year-over-year growth for the third quarter of 2018, compared to the third quarter of 2017, was in the red. And substantially so to the tune of -7.8%. Since the MGM Cotai was not open in the third quarter of 2017, we do not have comparable YoY data.
The MGM Grand in Las Vegas had the highest revenue and YoY growth rates of any of the company’s domestic resorts. The $340 million in sales works out to 9.3% growth YoY. This is the only MGM resort in Las Vegas that had positive YoY growth. The worst performing property in Vegas in terms of growth was Bellagio. Bellagio’s $322 million in quarterly revenue is a 15.3% decrease compared to the same quarter last year.
Domestic Outside Las Vegas
Borgata in Atlantic City had the highest domestic revenue of any MGM property outside of Las Vegas. Unfortunately, Borgata’s revenue fell 4.4% YoY to $235 million. MGM National Harbor rang up the highest revenue growth in this category, with YoY growth of 9.0% with Q3 2018 revenue of almost $197 million. In fact, every domestic non-Las Vegas property had positive YoY growth in the third quarter, with the Beau Rivage growing 8.2% and Gold Strike Tunica increasing by 1.9%.
As you can see by the two charts above, revenue and revenue growth rates were a mixed bag for the MGM properties. To see more third quarter MGM statistics, check out our articles on Casino Revenue, ADR and RevPAR.