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