Las Vegas Strip Resorts represented $1.66bn of total revenue, with Regional Operations and MGM China amounting to $890m and $268m respectively. Management and other operations accounted for $32m of total revenue.
And when broken down into vertical, Casino accounted for most of the revenue at $1.42bn, followed by Rooms at $557m. Food and beverage represented $492m of total revenue, with Entertainment, retail and other amounting to $371m, and Reimbursed costs amounting to $11.9m.
The group offered a reason for such results, noting: “The current quarter benefited from the inclusion of the operating results of Aria and Vdara due to its consolidation in September 2021 and was negatively affected by a decrease in business volume and travel due to the spread of the omicron variant in the early part of the quarter; however, results improved over the prior-year quarter which was negatively affected by midweek property and hotel closures, lower business volume and travel activity, and operational restrictions due to the Covid-19 pandemic primarily at the Las Vegas Strip Resorts.”
Net loss attributable to MGM Resorts was $18m, compared to $332m in the prior-year period. The group also reported Adjusted EBITDAR of $670m for the period, with a margin of 23.5%.
“We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business,” said MGM Resorts International CEO and President Bill Hornbuckle.
“Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market.”
