MGM Resorts International expects to expand on its record second-quarter revenue trend with major sports attractions coming to Las Vegas in the fourth quarter of 2023 and first quarter of 2024, a new licensing agreement with Marriott International and the Macao market rebounding dramatically.

The Las Vegas resort company, the state’s largest, reported a 20.7 percent increase in revenue to $3.9 billion for the quarter that ended June 30.

And, while revenue from Las Vegas Strip properties was flat for the quarter. Executives are anticipating major gains in the fourth quarter when the Formula 1 Las Vegas Grand Prix is run in November and in the first quarter next year for Super Bowl LVIII at Allegiant Stadium.

One reason for the optimism is MGM’s signing of a licensing agreement with Marriott International last month that will point high-spending loyal Marriott Bonvoy members toward MGM’s domestic resort properties, including all Las Vegas resorts, beginning in October. The company had a relationship with The Cosmopolitan of Las Vegas, but the new agreement involves all domestic MGM properties.

The MGM China subsidiary that operates two resorts in Macao outperformed the rest of the market there and MGM Chairman and CEO Bill Hornbuckle said BetMGM, the company’s sports wagering outlet, reported that it achieved its first positive cash flow quarter and remains on track to achieve its next milestone of second-half profitability.

Second-quarter net income and earnings per share were off dramatically because MGM was wrapping up its sale of land beneath its resorts from MGM Growth Properties to Vici Properties Inc. in that quarter in 2022.

This is a developing story. Check back for updates.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X, formerly known as Twitter.

MGM Resorts International

Second-quarter revenue and earnings for Las Vegas-based MGM Resorts International, operators of the MGM Grand, Bellagio, The Cosmopolitan of Las Vegas, Aria and Mandalay Bay among other Strip properties. (NYSE: MGM)

Change: +20.7%

2Q 2023: $243.5 million

Change: -86.3%

Earnings per share

Change: -86.9%