MGM Resorts Reports Strong Year, Vegas Strip RevPAR Up 7 Percent Q4
MGM Resorts reported on Tuesday its best full-year financial performance in six years, buoyed by a 7 percent fourth-quarter gain in revenue per available room at its Las Vegas Strip resorts. Additionally, MGM-owned CityCenter and MGM China both reported record performances for 2014. "When I reflect on this year, I am extremely proud of the accomplishments of the MGM Resorts International team," said MGM chairman and CEO Jim Murren in the earnings release, "and believe that 2015 will be another great year. In fact, we are already off to a good start with strong January results in the U.S." Other fourth-quarter highlights include a six percent rise in room revenue at the company's owned domestic resorts and the best fourth-quarter EBITDA since the economic peak in 2007. The RevPAR rise at the Strip resorts was accompanied by an 88 percent occupancy rate, three points higher than the fourth quarter of 2013.