MGM Resorts CEO and President Bill Hornbuckle was short, sweet and blunt.
“Nothing spectacular,” Hornbuckle said, according to the Las Vegas Review-Journal, after learning about MGM Resorts International’s second-quarter results.
In this case, “spectacular” is defined the only way things are defined in Las Vegas: by numbers. MGM Resorts reported net income of $1.78 billion for the three-month period ending June 30, 2022, on revenue of $3.26 billion.
Although comparing the second quarter of this year to the same period in 2021 is an unbalanced comparison given that the pandemic was still ongoing at this time last year, the $1.78 billion represents an investment return… well… spectacular, to use Hornbuckl’s formulation. , up 1,599.3% from $104.75 million in the second quarter of 2021.
“We’ve built an incredibly nimble business over the past few years due to COVID and other factors,” he said, “and we will adjust and pivot quickly if we see signs of slowing demand from consumers.”
It’s just another sign that Las Vegas is getting back to normal if it hasn’t already. In late June, Harry Reid International Airport (formerly McCarran) reported the most post-pandemic capacity on air flights than any city in the country.
Also in late June, Las Vegas tourism officials announced they would reinvest in international marketing to attract travelers from around the world.