MGM Resorts Posts Massive Revenue for 2023

MGM Resorts had a stellar year in 2023, with record breaking revenue in the fourth quarter of the year. In the first three quarters of 2023, MGM Resort made between $3.5-3.9B before a last massive surge in Q4, when it made an unparalleled $4.376B. Since the outbreak of COVID-19, MGM Resorts, and other international casino resort conglomerates, had a fierce uphill climb. For MGM Resorts, the second quarter of 2020 was the absolute worst, with a revenue of only $0.29B. Compared to just a year before, when it had recorded $3.22B. It took the franchise a year to hit the $3B mark again. Here is a quick look at the annual revenue and how it climbed after covid hit:

• 2020 – $5.162B, down by 60%
• 2021 – $9.68B, up 87.52%
• 2022 – $13.127B, up 35.61% (and first time breaking $10B since 2019 when it hit $12.9B)
• 2023 – 16.46B – up 23.13% (record breaking revenue)

What Helped the Surge in Revenue

4 years on, there are still businesses that still need to fully recover from the impact of the pandemic. Though not MGM Resorts. In fact, a massive chunk of MGM Resorts' revenue came from Macau, China, where COVID-related restrictions were only lifted in 2023. Starting from 17 August 2023, vaccine certificates and negative COVID-19 tests were no longer required when entering Macau.

Macau Casino Resort Revenue in 2023

From China alone, MGM Resorts made a net revenue of $3.2B. Compared with the previous year, when MGM Resorts only registered $674 million, this represented an increase of 368%. The revenue even passed the pre-COVID record of $2.93B. Now consider this: MGM Resorts currently owns only 3 casinos in China and 9 on the Las Vegas Strip. It operates a further 6 casino resorts in the US, and numerous race tracks and golf courses. Of the $16.4B made in 2023, around 19.5% came from the 3 Chinese casinos.

Generally, Macau pulls in bigger revenue than Las Vegas, though Las Vegas tends to draw in more visitors. This fact is made even more lop-sided by the fact that Macau is considerably cheaper to visit than Las Vegas. Airplane tickets aside, if we just look at the costs of living, Macau will set you back around $1,000. Compare this with Las Vegas, where it is more than $2,500. The gambling revenue contributes greatly, but in Macau, so does shopping. The casinos on Cotai Strip, Macau, have large areas dedicated to shopping. Around 2/3 of the Macau casino-goers are from China, and a large portion go for the shopping. Young women shopping for jewellery, heavily discounted clothing and fashion products, drive a large part of the industry. Sure, they usually don't stay for a week but instead for a few days. However, it seems to work for the Macau gambling industry.

Las Vegas MGM Resorts in 2023

Las Vegas drew in $8.8B for 2023. This is not a major jump from 2022, when MGM Resorts registered a revenue of $8.4B from Las Vegas alone. This was not only due to the awesome residency acts, such as Carrot Top at Luxor, or the Vegas Golden Knights games, at T-Mobile Arena (both owned by MGM Resorts).

There were two major events that boosted the gaming tourism in Las Vegas at the end of 2023. One was the first Las Vegas Formula One circuit. The other was the Super Bowl LVIII (even though it was held in Feb 2024).

The F1 Las Vegas Grand Prix was held on 18 November and featured world class racers driving through the streets of Las Vegas. The circuit went through the Las Vegas Strip, past notable landmarks such as Caesars Palace, Bellagio and the Sphere. A more contemporary and flashy version of the Monaco Grand Prix, the circuit also boosted interest in F1 in the US. The race was won by Max Verstappen with Red Bull, who won his third consecutive F1 Championship in 2023.

Though the Super Bowl was held in 2024 February, the announcement that the game would be held in the Allegiant Stadium was made in 2021. As the regular season drew to a close at the end of the year, and the big game approached, interest flooded Las Vegas.

Where are the Best MGM Resorts

MGM Resorts International owns 9 casino resorts on the Las Vegas Strip. It also owns the T-Mobile Arena, where the Vegas Golden Knights of the NHL play. The stadium also hosted the 3 games of the 2023 Stanley Cup Finals in June. The casino resorts on the Strip are our main focus, as these drew in the largest revenue. There are loads of top-notch Las Vegas casinos to explore, but these are our picks of the bunch.

MGM Grand

You should be able to book a room at the largest hotel in the US. MGM Grand has over 6,850 rooms, including skylofts, stay well rooms and suites. There are tonnes of activities to try out at the resort. Take a look at what's on at the MGM Grand Garden Arena, whether the Cirque du Soleil “Ka” is on, or when David Copperfield is performing next. The Hakkasan is one of the most visited nightclubs on the Strip, and you can also try out the Topgolf or visit mind-blowing exhibitions.

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The MGM Grand Casino has over 171,500 square feet dedicated to gaming, with more than 2,500 gaming machines and 139 gaming tables. There are games for players of all budgets and a massive BetMGM Sportsbook with an emporium and Sky Boxes.

Mandalay Bay Resort

At the Southern stretch of the Las Vegas Strip, sits this amazing casino resort. Mandalay Bay has over 3,200 rooms and suites, and the best amenities. The resort has a massive mall called The Shoppes at Mandalay Bay and a string of exquisite restaurants. There is also a massive pool area, Shark Reef Aquarium, House of Blues Music Hall and top Cirque du Soleil shows.

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The casino at Mandalay Bay is over 147,000 square feet big, with over 1,200 gaming machines. There are 130 gaming tables and 10 poker tables, where you can even host private tournaments. Mandalay Bay also has a BetMGM Sportsbook, with VIP Luxury Boxes and a Sportsbook Grill.

Bellagio Casino Resort

This casino sits behind the Fountains of Bellagio, an epic water feature on the Las Vegas Strip. The casino resort is run by MGM International and is complete with over 3,900 hotel rooms overlooking the Strip. Bellagio also has a Gallery of Fine Art, a Conservatory, loads of restaurants, and a massive high-end retail area.

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The casino spans 156,000 square feet, and has more than 2,300 gaming machines. In addition to this, there is a high limit lounge, poker room, and a BetMGM Sportsbook.