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MGM Resorts reports 1st quarter’s revenue
During the 1st three months of this year MGM Resorts International had an income of 2.85 billion dollars, which is 73% more from last year’s result.
1.66 billion dollars came from Las Vegas Strip Resorts, 890 million dollars from Regional Operations and 32 million dollars from MGM China. More specifically, casinos brought the largest amount of profit, 1.42 billion dollars, from accommodation 557 million dollars and from F&B 492 million dollars. 371 million dollars came from extra services, for example entertainment, retail, etc. Administration and other activities had 32 million dollars income and reimbursed value was 11.9 million dollars.
Company’s net loss came to 18 million dollars in comparison with 2021’s 332 million dollars. They also had a fixed 670 million dollars EBITDAR, 23.5% margin.
“We achieved good results in Q1 in our internal activities thanks to being demanded during weekends and a greater mix in business. After having a hard time in January, our midweek company and group base are straightening every quarter. In the Las Vegas market, the growing interests towards gaming, sports and entertainment can be seen in our results.”
said MGM’s managing director Bill Hornbuckle.
“Q1 profited from Aria and Vdara operating results caused by their union in last September, and was badly hit by the shortage of business and traveling restrictions, which was caused by omicron. Despite that, compared to the previous Q1, we still had good results, though they were heavily hit by the shutdown of real estate and hotels, a reduction in business, traveling restrictions, because of the coronavirus, mainly at Las Vegas Strip Resorts.”
explained the group.