MGM Resorts Posts Record-Breaking Q1 Results, Eyes New Opportunities

MGM Resorts has published a record-breaking quarterly report, highlighting a significant increase in revenue. The company attributed the positive results to its diverse assets.

For context, MGM’s net revenues for the period reached a whopping $4.4 billion, representing an increase of 13% year-on-year. According to CEO Bill Hornbuckle, this stellar figure was underpinned by the company’s four key pillars: the properties in Vegas, MGM’s regional properties, the business in Macau and the company’s iGaming operations.

The impressive revenue figure translated into a net income of $217 million. The company also reported an adjusted EBITDAR of more than $1.2 billion.

Additionally, MGM reported $549 million in cash flow from operating activities, as well as $377 million in free cash flow.

The Company Wants to Improve Its Digital Presence

During the earnings conference call, Hornbuckle praised the results but noted that MGM hopes to improve its presence in the digital sector. While the BetMGM brand took the third spot in terms of sports betting revenue in the US, the company is convinced that it can do better.

Hornbuckle noted that the recent addition of a single account single wallet in all US jurisdictions with the exception of Nevada should bolster BetMGM’s results ahead of the upcoming football season.

Hornbuckle admitted that there are some deficiencies when it comes to BetMGM’s operations. However, he remained optimistic about the betting brand’s direction.

The CEO was likewise optimistic about his company’s performance in other markets. He pointed out that the LeoVegas brand in Sweden is on the rebound and added that BetMGM UK has taken the local market by storm.

As for MGM’s long-term digital goals, Hornbuckle said that his team hopes to be fully self-sustaining and produce its own features, games and products.

MGM Is Interested in Growing Its Land-Based Footprint

In terms of retail growth, CEO Hornbuckle said that MGM Resorts is still interested in a gaming license in New York. Despite that, he admitted that his team is not fully happy with the slow pacing of the licensing process.

In the meantime, MGM is also interested in exploring opportunities in the UAE and Thailand, as Hornbuckle previously commented. To top it all off, the CEO added that the company is also eyeing Texas, which is one of the most important states that have yet to legalize gambling.