MGM Resorts International has posted a net income of $243.5m for the second quarter (Q2) of 2023, down 85% compared with $1.6bn a year ago.

For the quarter that ended 30 June 2023, consolidated net revenues surged 21% to $3.94m from $3.26m a year ago.

This increase in revenues was mainly due to the removal of pandemic-related entry restrictions in Macau, the company said.

MGM Resorts’ operating income totalled $371m which represents a decline of 84.4% from $2.38bn in the prior year quarter.

The company said its previous year’s operating income was higher due to a $2.38bn gain related to the sale of MGM Growth Properties to VICI Properties, as well as a rise in rent expenses of VICI in April 2022 and the Cosmopolitan leases in May 2022.

The net income attributable to MGM Resorts was $201m as against $1.8bn last year. It was impacted by the items affecting operating income.

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The consolidated adjusted earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) for this quarter was $1.1bn.

MGM Resorts CEO and president Bill Hornbuckle said: “Beyond MGM’s outstanding second quarter performance, we also cemented a long-term agreement with Marriott which will provide us with an expansive customer booking channel to further bolster our profitability. 

“Also, BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second-half profitability.”

During the quarter, MGM also repurchased 15 million shares of its common stock for an aggregate amount of $626m.

MGM Resorts chief financial officer and treasurer Jonathan Halkyard said: “We expect to continue to pursue long-term growth opportunities by expanding our global online presence and digital capabilities and through our development efforts in Japan and New York.”