On September 12, MGM Resorts was hit by a cyberattack that caused the company to shutdown credit-card processing, websites, and their online reservation system.
Wednesday, almost two months after the incident, MGM Resorts President and CEO Bill Hornbuckle seemed pleased to report record net revenue during the gaming operator’s third-quarter earnings call. Noting the disruptions at some MGM properties, Hornbuckle said the company was fully operational by the end of the month of September.
“Following the issues, we’ve seen incredible resiliency in our business,” Hornbuckle said during the call. “To start the fourth quarter, we don’t anticipate any further operational disruptions from the incident and expect that insurance will cover the losses incurred. We expect to receive insurance reimbursements in the upcoming quarters.”
MGM reported revenue of $4.0 billion, a 16% increase compared to the third quarter of 2023. The operator attributed the third-quarter growth to increased revenue from MGM China – $813 million in the current quarter compared to $87 million in the prior year’s quarter, an 829% jump – and the removal of COVID-related entry restrictions in Macau.
Revenue from Macau offset decreased revenue from MGM’s Las Vegas Strip properties and its regional operations.
Net income was $161 million in the quarter compared to a net loss of $577 million in the third quarter of 2022.
Net revenue from the Las Vegas Strip reached $2.1 billion in the third quarter compared to $2.3 billion third quarter of 2022, an 8% decrease due primarily to the disposition of The Mirage in December 2022 and the cybersecurity issue in September 2023.
MGM’s regional properties produced revenue of $925 million in the third quarter, a 5% decrease compared to $974 million reported in the same time period in 2022. The loss was primarily due to the disposition of Gold Strike Tunica in Mississippi in February 2023 and the cybersecurity issue in September 2023.
