MGM Resorts sees a 36% increase in Q1 2023 revenue

MGM Resorts sees a 36% increase in Q1 2023 revenue

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MGM Resorts sees a 36% increase in Q1 2023 revenue

MGM Resorts’ recently published Q1 2023 financial analysis has shown a sizable increase in the company’s revenue.

Starting off with the headline figure, the report detailed a total revenue of 3.9 billion dollars, which went up from 2.8 billion dollars recorded in the same period in the year prior. The company attributed this to a few different factors, such as the increased revenue generation at its properties in Las Vegas and China, as well as the addition of the Cosmopolitan resort in Nevada, which the firm purchased in May of last year.

The jump in revenue resulted in a total adjusted EBITDAR figure of 1.1 billion dollars and an operating income of 731 million dollars. The latter was up by nearly 600% in contrast to the prior year’s 106 million dollar figure, one of the main driving reasons for which was the sale of one of the corporation’s establishments in Mississippi, Gold Strike Tunica, in addition to the bump in total quarter revenue.

All of the aforementioned increases boosted MGM’s net income figure, which was recorded in the positive range at 467 million dollars, as opposed to the prior year’s loss of just over 18 million dollars. This also drove the company’s earnings per share statistics, which got up to 1.24 dollars from the loss of 6 cents per share in 2022’s first quarter.

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