MGM Resorts Outlines of Its Best First Quarters in Q1 2023

MGM Resorts reported its first-quarter results in 2023 on Monday, arguing that the numbers were some of the best quarterly performance that the company has posted in its history. Las Vegas Strip Resorts and MGM China have both driven a strong performance for the company owing to increased business volume and travel activity.

MGM Resorts Posts Strong Results Across the Board

Operating income for the quarter stood at $731 million, a significant gain from the $106 million posted in the first quarter of 2022. Part of this result was driven by the disposition of Gold Strike Tunica in February 2023, which gave the company a significant boost.

The net income attributable to MGM Resorts alone was $467 million, still an impressive performance to post in a single quarter. This made the company take a harder and closer look at its individual operations in its main operations.

Net revenues from the Las Vegas Strip Resorts stood at $2.2 billion, which was better than Q1 2022’s $1.7 billion. The changes in the results were more or less attributable to the inclusion of The Cosmopolitan this year and the fact that there has not been a new COVID-19 variant suppressing operations.

MGM China also posted $618 million in net revenues, beating Q1 2022’s $268 million, which marked a 130% increase, but still, 16% shorter of the mark when compared to Q1 2019. The lifting of travel restrictions, though, continued to offer great results for the company’s operations in the SAR. Then, MGM Resorts had a breakdown of regional operations, which reached $946 million in the current quarter, a fairly small increase from Q1 2022’s $891 million.

Great Revenue, New Opportunities Awaiting

The company was very pleased with the results achieved over the period. The consolidated net revenues stood at $3.9 billion, or a 36% increase from Q1 2022. The news was welcomed by Bill Hornbuckle who said that the company had four out of the country’s best-performing eight casinos.

He noted that the strong financial results have allowed the company to continue and buy back shares, as MGM Resorts is keen to continue strengthening its finances as well as control over its own assets. The strong results posted from Las Vegas and Macau have been strong contributing factors to this. More good news is possibly coming down the road, as MGM now has its eyes set on New York and Japan, which could shoot its operational results up.