MGM Resorts Loses Big in Vegas as Pandemic Upends Travel Industry

MGM Resorts International suffered big pandemic-related fourth-quarter and 2020 losses owing to the company’s major presence on the Las Vegas Strip.

With its heavy dependence on group travel, conventions, and air travelers, the Strip hasn’t been friendly to casino operators during the pandemic. Capacity restrictions due to Covid have also weighed on casino operations.

While MGM Resorts ‘ regional casino operations and online gambling platform, BetMGM, helped lessen the damage, 2020 was a difficult year for the company.

MGM Resorts (ticker: MGM), whose signature Las Vegas properties include the Bellagio, The Mirage and Mandalay Bay, lost 92 cents a share in the fourth quarter, compared with a profit of $3.91 a year earlier. On an adjusted basis, it lost 90 cents a share, versus a profit of 8 cents a share in 2019’s fourth quarter.