MGM Resorts International, Las Vegas’ largest casino operator, reported record full-year and Q4 net revenue for its operations in the city on Tuesday (Feb. 13), a milestone achievement coming on the heels of a cyberattack which has left the hotel and gaming company facing a $100 million loss.
On Sept. 12, PYMNTS wrote that MGM Resorts’ websites remained down two days after the beginning of a cyberattack that, at the time, had caused its websites, including its reservations platform, to remain inaccessible.
“You all understood what that [cyberattack] did to us, and so to think we’d end up having the quarter we had, I couldn’t be more proud of the organization,” MGM Resorts CEO and President Bill Hornbuckle told investors and analysts on a call. He added that the milestone results particularly shone through in the luxury segment, with its Bellagio resorts achieving their best quarter in 25 years.
In terms of digital, the company achieved its first quarter of profitability on its investment in the online gaming joint venture, BetMGM, in Q3 2023, with BetMGM now a top-three competitor in both U.S. iGaming and in U.S. sports betting and iGaming combined.
About 50% of the adult population in U.S. and Canadian jurisdictions have access to BetMGM iGaming and/or sports betting products, which are active in 29 markets with the launch of North Carolina next month.
“We are adding noteworthy technology [and] this sets the stage for integration of single account, single wallet in Nevada later this spring, which is critical to our omnichannel thesis and will fully unlock one of the key differentiators for BetMGM by fully leveraging our Las Vegas properties,” Hornbuckle explained.
In August, the sportsbook and online casino platform also announced its intent to take on European markets with the launch of the BetMGM iGaming and online sports betting brand in the U.K., kicking off its international growth strategy. The company also launched on desktop and mobile web platforms, and has unveiled a newly designed sports betting app in Nevada earlier this month.
Meanwhile, 2024 seems off to a great start for MGM. The company recently announced a collaboration with X, which will see it becoming the social media platform’s exclusive Live Odds Sports Betting partner, with each game linking to BetMGM’s website and app.
“X is the center of the sports world’s conversation 24 hours a day, seven days a week,” BetMGM CEO Adam Greenblatt said in a Feb. 9 press release. “Being directly accessible within that forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience.”
Looking ahead, Hornbuckle said the “strength and resiliency” of the Las Vegas market, which on Sunday (Feb. 10) hosted Super Bowl LVIII, continues to hold huge promise for MGM in 2024.
“The game was another strong hotel and casino event for us, [with] near record event gaming volumes,” he said. “The game weekend is typically a strong event for MGM Resorts, but having the game in town amplified those results dramatically.”
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