MGM Resorts revenue doubles in Q3 as it announces Mirage sale plans
The company announced during its Q3 earnings call that it is planning to sell the operations of the Mirage Resort. The business had already sold the property itself as part of an asset-light strategy.
CEO Bill Hornbuckle said: “We’re currently in the early stages of a process to sell the operations of the Mirage. Doing so will allow us to maintain our existing Las Vegas exposure while focusing on the complementary in diverse nature of our offerings in our hometown.
“I spent the early part of my career at Mirage, I have been part of that team’s opening at the property in 1989. It’s a historic property with great brand recognition and a strong customer and loyal following.”
MGM Resorts also reached an agreement during the quarter to sell spun-off REIT MGM Growth Properties – in which it holds a controlling stake – to real estate investment trust VICI Properties for $17.2bn.
Breaking down MGM’s $2.71bn in revenue, casino revenue was the biggest contributor to the total bringing in $1.40bn – up from $690.2m in 2020.