Bill Hornbuckle, CEO and President, MGM Resorts International speaks to reporters during the launch of the 100-megawatt MGM Resorts Mega Solar Array Monday, June 28, 2021. The solar array facility will produce up to 90 percent of MGM Resorts Las Vegas daytime power.
Wednesday, Aug. 3, 2022 | 4:42 p.m.
MGM Resorts International touted the strength of its Las Vegas convention business sector Wednesday.
In a news release, CEO Bill Hornbuckle said the quarterly performance of the company's Las Vegas businesses was strong for the period from April 1 through June 30, in part thanks to solid convention visitor figures.
The company reported that its EBITDAR — earnings before interest, taxes, depreciation, amortization and restructuring or rent costs — figure for its Las Vegas properties set a record after coming in at just over $825 million during the second quarter.
That number more than doubled the EBITDAR total for Las Vegas resorts for the same quarter in 2021.
The Las Vegas revenue figures were realized in part, Hornbuckle said, because of "consistent strong demand from the leisure consumer and a return from our convention customers."
MGM reported a net income total of just under $1.8 billion. Diluted earnings per share were $4.20 for the second quarter, according to the company, which was a big increase from $0.14 per share during the second quarter of 2021.
MGM 's stock closed the trading day Wednesday at $34.20 per share on the New York Stock Exchange after rising 3.45% for the day.
