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MGM Resorts reported better-than-expected first-quarter net income and revenue, driven by higher traffic in its Las Vegas and Macau resorts. The company’s net income was $466.8 million, or $1.24 per share, surpassing analysts’ estimates of one cent per share. Revenues surged 35.7% from the previous year to $3.87 billion, exceeding projections of $3.6 billion, with casino revenue increasing by 32.4% to $1.88 billion.
The strong performance was attributed to increased traffic and business volume at the company’s flagship Las Vegas and Macau resorts. The relaxation of pandemic restrictions in China and a rebound in tourism spending contributed to the growth in MGM China resort’s traffic.
MGM Resorts’ CEO, Bill Hornbuckle, highlighted the company’s execution across different regions and channels, emphasizing record first-quarter Las Vegas Strip Adjusted Property EBITDAR and MGM China’s return to profitability.
Expansion efforts are also underway, with the company receiving approval for a new development plan in Osaka, Japan, and progressing through the application process for another resort in New York. Additionally, the potential relocation of the Oakland A’s Major League Baseball team to Las Vegas could further benefit MGM Resorts by attracting more tourists to the area.
Despite the positive earnings surprise, MGM Resorts’ shares experienced a 5% decline. Nevertheless, the stock has performed well year-to-date, with a 29% increase, outperforming the broader S&P 500 consumer discretionary sector, which gained 14% over the same period.
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