MGM Resorts International has reported a combined los of US$1 billion for the quarter ending on June 30 on the back of a 91% fall in net revenues.
The company statement explained that these losses were “driven by the temporary suspension of the company’s domestic casino operations, continued travel restrictions in Macau, restrictions on the number of table games allowed to operate in Macau, and restrictions on the number of seats available at each table at both the company’s domestic and Macau properties.”
“The group has also been affected by other social distancing restrictions in place at the company’s domestic and Macau properties, including the number of slot machines available for use, property capacity restrictions, and venue/amenity limitations,” the firm also explained.
On a conference call with analysts and investors, MGM CEO Bill Hornbuckle, who recently had the “interim” tag removed from his title, said: “The near term operating environment will remain challenging and unpredictable as COVID-19 case trends, health and safety protocols, and travel restrictions continue to heavily impact our business.”
“We remain focused, flexible, and disciplined in navigating this evolving landscape while continuing to pursue our long term growth opportunities, supported by our strong liquidity position,” Hornbuckle added.
“As such, we remain excited about our integrated resort opportunity in Osaka, expanding our footprint in Macau, and positioning BetMGM as a leading player in the US sports betting and iGaming markets,” MGM CEO concluded.