MGM Resorts International (MGM) has posted its first-quarter financial results for 2023. The entertainment, hotel, casino and sports betting giant also just acquired Push Gaming before reporting Q1 revenue of $3.87bn.
MGM has 31 resort gaming destinations across the US, Japan and China, with 14 in Las Vegas, including the Bellagio, Luxor, Excalibur and MGM Grand. It has also recently received official certification of area development for a new property in Osaka, Japan. MGM is also bidding to potentially receive a casino license in New York.
Of the brand’s total revenue for the first quarter: $1.88bn was due to casino gaming, $848m came from hotel rooms, $722m was made by its food and beverage sector and $409.6m came from entertainment and retail.
Casino revenue was up 32.5% year-over-year and 21.5% from the previous quarter. MGM’s total revenue rose 35.7% year-over-year, but only 7.8% from the previous quarter. Both casino gaming and overall revenue have been relatively stable for MGM throughout 2022, with the lowest being the second quarter of 2022.
Net income for 2023’s first quarter reached $466.8m, up 359% from 2022’s first-quarter loss of $18m. This was also a rise from the previous quarter’s net income of $284m.
MGM’s adjusted EBITDAR reached $1.11bn, up 15.6% from the previous quarter and 65% year-over-year.
Elsewhere, MGM reported a profit of $1.24 per share, and the company repurchased approximately 12 million shares during the quarter.
Bill Hornbuckle, CEO and President of MGM Resorts, said, “MGM Resorts is executing across all geographies and channels with record first quarter Las Vegas Strip adjusted property EBITDAR, consistently strong regional operations profit, MGM China's swift return to profitability, and BetMGM’s anticipated positive earnings later this year.”
