MGM Revenue Best Since Recession
In 2013, MGM Resorts International enjoyed its best operating performance since the recession, according to chairman and CEO Jim Murren. In the fourth quarter, the company reported 6 percent adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) growth at its wholly owned domestic resorts, and both CityCenter and MGM China had record quarters. The company's $2.5 billion consolidated net revenue in the fourth quarter represented a 10 percent year-over-year increase, while consolidated casino revenue grew by 13 percent. "In 2014, we expect our Las Vegas properties to continue to improve," said Murren, "driven by a strong convention calendar and the completion of several capital initiatives on the Las Vegas Strip."