How good was MGM Resorts International’s first quarter in 2023?
According to CEO Bill Hornbuckle, few, if any, quarters have been better for the operator.
“It’s arguably one of our best quarters ever,” Hornbuckle said. “Think about the overall performance Las Vegas, the major development news we have in Japan, and the pursuit of New York and things are going exceptionally well.”
MGM reported revenue of $3.9 billion for the quarter, a year-over-year increase of 36%. Operating income was $731 million compared to $106 million during the first quarter of 2022.
Net income attributable to MGM Resorts was $467 million, compared to net loss of $18 million in 2022’s first quarter.
MGM’s Las Vegas Strip properties generated revenue of $2.2 billion for the quarter, a year-over-year increase of 31%. The first quarter report highlighted growth across the board at Strip properties, including a 25% increase in slot handle ($5.75 billion).
Regional properties had net revenue of $946 million for a year-over-year increase of 6%.
“We have four of the country’s top-eight regional casinos in terms of performance,” Hornbuckle said, “which fortify the effort we have here and not only in those markets, but in sending people back to Las Vegas. We have a 4-to-5 balance sheet that continues to allow us to buy back shares and we think it’s appropriate to invest in our company’s future.”
MGM China reported revenue of $618 million in the first quarter compared to $268 million in 2022, an increase of 130%. The operator noted that the current quarter was positively affected by the removal of COVID-related travel restrictions.
MGM Resorts International stock closed at $46.04 on the New York Stock Exchange, up $1.15, an increase of 2.5%.
