Vegas boosts MGM Q3 revenue, but Macau leads to $1bn loss
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Net revenue was up 26.2% to $3.14bn. Most of this came from Las Vegas, up 66.6%. MGM's regional operations brought in $973.9m. MGM China experienced a decline in revenue to just $87.5m, down by 69.8%. Macau was closed during the quarter, due to a local outbreak. Expenses skyrocketed to almost $4.44bn, mostly for non-operating reasons.
MGM's Macau subconcession is set to expire at the end of this year. It recognised a significant amortisation loss of more than $1 billion. MGM made an operating loss in Q3 of $ 1.05 billion, compared to $.89 billion profit a year earlier. The business reported a final loss $2.06 billion compared with $3.34 billion in profit. MGM bought LeoVegas for $604 million. Leovega will help MGM expand its online reach beyond North America. iReport.com will share the details of the deal.
