MGM Resorts has posted its Q1 financial report, showing that it made $501m in casino revenue – representing a 5% rise on Q1 2022.
Adjusted property EBITDA for its resorts on the Las Vegas Strip was up by 41% annually, totalling $836m. Meanwhile, across all its subsidiaries, the company recorded $1.1bn of consolidated adjusted EBITDA.
Additionally, MGM’s net revenue for its reports on the Strip amounted to $2.2bn, an increase of 31% on 2022.
MGM's operations in China made for an interesting comparison with Las Vegas (seen in the graph below) with MGM China seeing its net revenue increase by 131% to HK$4.8bn (US$610m). Furthermore, MGM China’s adjusted EBITDA totalled HK1.4bn, up 87% on the HK$46m posted in 2022’s Q1.
Bill Hornbuckle, CEO and President of MGM Resorts said of the resorts: "MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip adjusted property EBITDAR, consistently strong regional operations profit, MGM China's swift return to profitability, and BetMGM's anticipated positive earnings later this year.”
MGM China’s recovery can be seen in the results, and though it remains smaller than the Las Vegas Strip, it has an interesting future due to MGM’s casino resort in Osaka being given the go-ahead by the Japanese Government. The venue is due to open in 2029 and will be the first casino to open in Japan in modern history.
Hornbuckle highlighted this in his comments, as well as MGM’s ongoing bid for a casino in New York City, saying: “Beyond our continued exceptional results, our future growth and expansion plans are promising. In April, we achieved the landmark approval of MGM’s development plan in Osaka, Japan.
“The application process in New York is progressing, and our global digital expansion plans remain a major focus as we continue to grow LeoVegas and the MGM digital brand worldwide.”
