MGM Resorts announced its first-quarter 2018 results on Monday. The company claimed that these were the best quarters in the history of the company. Las Vegas Strip Resorts, MGM China and the overall company have seen a positive performance due to an increase in business and travel.
MGM Resorts Posts Excellent Results Across The Board
The operating income for the first quarter was $731 millions. This is a substantial increase from the $106million posted in 2022. This result was boosted by the sale of Gold Strike Tunica to February 2023.
MGM Resorts’ net income was 467 million. This is still a very impressive result for a quarter. The company was forced to examine its operations more closely.
The Las Vegas Strip Resorts’ net revenues were $2.2 billion in Q1 2022, an increase of $1.7 billion. The inclusion of The Cosmopolitan in this year’s results and the lack of a COVID-19 variant that suppresses operations are more or less responsible for the changes.
MGM China’s net revenues also reached $618 million, a 130% rise over Q1 2022. However, they were still 16 % below the mark compared to for Q1 2019.. The company’s SAR operations continued to benefit from the lifting of travel restrictions. MGM Resorts then had a breakdown for regional operations. This reached $946 in the current quarter. It is a small increase over Q1 2022, when it was $891.
Great Revenue, New Opportunities Awaiting
The results of the company were very positive. The company’s net revenues were $3.9b or 36% more than Q1 2022. Bill Hornbuckle welcomed the news, saying that four of the eight best performing casinos in the country were owned by the company.
MGM Resorts wants to maintain its financial strength and control of its assets. He said that MGM Resorts’ strong results allowed it to continue buying back shares. Las Vegas and Macau’s strong performance have played a major role in this. MGM’s focus now is on New York and Japan. This could lead to more good news in the future.