April 29, 2021 Casino, Land-Based

MGM Resorts reports Q1 revenue of $1.6bn, down 27% y-o-y

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MGM Resorts International reported first quarter 2021 revenue of $1.6bn, a 27% year-on-year decline compared to the same period a year prior.

The company saw a net loss of $322m versus a net income of $807m for Q1 2020. Las Vegas Strip occupancy for the quarter was 46%.

Consolidated adjusted EBITDAR for Q1 2021 was $218m.

The company had cash and cash equivalents of $6.2bn as of March 31, 2021, which included $143m at the MGP Operating Partnership and $1.1bn at MGM China.

Strip resorts lagged behind Regional Operations and MGM China. Strip net revenue was $545m, down 52% compared to the same quarter a year prior. Casino revenue for Q1 was down 16% y-o-y; table games win was $127m, down 35%, while slot win fell just 8% to $212m.

Strip revenue per available room was $60 compared to $160 the same quarter a year prior.

“Las Vegas operating results improved sequentially, leisure demand is improving, and we now have a tangible path to bring conventions and entertainment back at scale,” MGM Resorts CEO Bill Hornbuckle said.

Regional Operations earnings were nearly on par with 2020, as net revenue amounted to $711m for a 2% decline y-o-y. Adjusted property EBITDAR was $242m compared to $152m in the prior year quarter.

Casino revenue at regional properties increased 11% to $699m.

MGM China, meanwhile, saw net revenues increase 9% to $296m.

“MGM China continued to outperform the broader Macau market's gradual pace of recovery,” Hornbuckle said.

During a Wednesday earnings call, the company touted the success of BetMGM, which MGM Resorts says has overtaken the No. 2 position in US sports betting and iGaming.

Hornbuckle also expressed optimism that Las Vegas Strip occupancy will continue to rise. Last weekend generated occupancy of around 73%.

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