MGM Resorts Lost Nearly $500M

MGM Resorts posted an operating loss of $495M for the third quarter of this year. The main reason for the large drop in numbers was the global crisis in the Las Vegas gambling sector due to the pandemic.

It is worth noting that the company's profit decreased by $238 million compared to the same period last year. Total revenue was $1.1 billion, down 66%. There has never been such a clear decline in brand performance before.

The company's CEO, Bill Hornbuckle, said: “Amid this uncertainty, we are developing a growth plan. We are approaching the end of the fiscal year with a hopeful but cautious outlook.”

The functionary also admitted that he is considering following in the footsteps of Wynn Resorts and reducing working hours by completely stopping work on Tuesdays and Wednesdays, when the number of visitors is minimal.

As a reminder, Las Vegas Sandsconsideringselling its casinos for $6 billion

Richard "Boz" Bosworth is the main partner and CEO of the young company JC Hospitality, LLC ...
Position: Author of analytical materials Higher education Age: 24 years old Experience: more than 5 years Brief biography: Born on March 24, 1997 in the city of Volkhov, Leningrad Region. In 2015, he successfully graduated from a comprehensive school, after which he entered the Faculty of Mechanics and Mathematics...
There are no reviews yet. Help other users with a choice - be the first to share your opinion about this review and get a unique bonus.
To add a comment, please log in: