MGM Resorts stands tall in Q1 2023

MGM Resorts has posted a strong first quarter of the year, with the company bolstered by the performance of its properties on the Las Vegas Strip, regional operations, and MGM China. All in all, the consolidated net revenues for the company stood at $3.9 billion, or 36% gain from the results posted in the first quarter of 2022.

This was hailed as an opportunity by the company’s Chief Executive Officer and President of MGM Resorts, Bill Hornbuckle. In a statement to the public, Hornbuckle spoke highly of the strong financial markers that the company was able to generate during the surveyed period ended on March 31.

He argued that several important developments have taken place since the end of the first quarter as well. In April, for example, the company was able to secure the approval of the Japanese government to proceed with the development of the company’s integrated resort in Osaka. This is the first project of its kind in the Asian country and is expected to be a significant boost to the company’s bottom line once completed.

Hornbuckle similarly noted that the company is now pushing to expand in New York and it’s doubling down on its global digital expansion. MGM Resorts’ subsidiary, LeoVegas, acquired Push Gaming, a distinguished supplier and studio of online casino content this Monday, although the move is not featured in the first-quarter results.

In terms of raw numbers, net revenues for the Las Vegas Strip Resorts stood at $2.2bn, which was ahead of the $1.7bn posted in the first quarter of 2022. The Las Vegas Strip saw a resurgence of visitors and was free of infectious breakouts, which restored traveler’s confidence and boosted consumer spending, translating into stronger results for MGM Resorts.

Regional results were mostly in-line with the numbers from Q1 2022. Last year, the period saw $891m in net revenues compared to $946m in the first quarter of 2023, a small gain but in line with the improving results for the group across the board.

Not least, there was good news coming out of China with net revenues during the quarter hitting $618m, ahead of the $268m reported in 2022. Hornbuckle described the quarter as one of the best on the company’s record, with MGM Resorts’ prospects beckoning to shareholders and investors.

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