Wham, Bam, Thank You Mam, MGM Resorts International Roars Back To Life
Buoyed by a big increase in its Las Vegas Strip action, the end of the China Covid19 lockdown and its ground-breaking billion-dollar casino ventures in New York City and Osaka, Japan, MGM Resorts International has roared back to net profit in Q1, FY23, with a wham, bang, thank you mam.
Growth across all verticals powered MGM RI revenue to US$3.87 billion (£3.1bn) — up 35.8 percent, year-on-year.
And the good news keeps coming this week for the MGM Omnichannel, with its newly-acquired subsidiary LeoVegas Group announcing that it has acquired a majority stake in game developer Push Gaming.
In perhaps the understatement of the year, MGM Resorts Chief Executive Bill Hornbuckle said: “Our future growth and expansion plans are promising.
“Beyond our continued exceptional results, In April, we achieved the landmark approval of MGM’s development plan in Osaka. The application process in New York is progressing. And our global digital expansion plans remain a major focus as we continue to grow LeoVegas and the MGM digital brand worldwide.”
MGM casino revenue increased by 32.4 percent to US$1.88 billion (£1.5bn) in the quarter, ending March 31.
Revenue from rooms was up by over half to US$848.5 million (£679.7m), food and beverage hit US$722.1 million (£578.4m); while entertainment and retail also grew to US$409 million (£327.6m).
MGM’s Vegas Strip action was really kicking in Q1 — up by a third to US$2.18 billion (£1.75bn); and Macao, once again open to China mainland punters, bounced back big time, by 130 percent, to US$617 million (£494.2m).
In all MGM Resorts posted a pre-tax profit of US$645.7 million (£517.2m) in the quarter, against a loss of US$71.1 million (£56.95m) in Q1, 2022.
After paying tax of US$165.8 million (£132.8m), the group posted a net profit of US$479.9 million (£384.4m), compared to the previous year’s Q1 loss of US$34.8 million (£27.8m).