MGM Resorts published its Q1 financial report showing that it made $501 million from casinos – representing a 5% increase from Q1 2022.
Adjusted real estate EBITDA for its resorts on the Las Vegas Strip increased 41% year over year to $836 million. Meanwhile, across all its subsidiaries, the company reported US$1.1 billion of consolidated adjusted EBITDA.
Additionally, MGM’s net income for its Strip reporting was $2.2 billion, up 31% from 2022.
MGM’s China operations made an interesting comparison to Las Vegas, with MGM China seeing its net income increase by 131% to HK$4.8 billion (US$610 million). In addition, MGM China’s adjusted EBITDA amounted to HK$1.4 billion, an increase of 87% from the HK$46 million recorded in Q1 2022.
Bill Hornbuckle, CEO and President of MGM Resorts, said: “MGM Resorts delivered strong results across all its geographies and channels with record first quarter adjusted property EBITDAR, consistently strong regional operations profit, MGM China’s rapid return to profitability and expected positive profits from BetMGM later this year”.
MGM China’s recovery can be seen in the results, and while it remains smaller than the Las Vegas Strip, it has an interesting future due to MGM’s Osaka casino resort being greenlit by the Japanese government. The venue is expected to open in 2029 and will be the first casino to open in Japan in modern history.
Hornbuckle highlighted this in his comments, as well as MGM’s continued bid for a casino in New York City, saying, “In addition to our continued exceptional results, our plans for growth and expansion are promising. In April, we achieved historic approval from the MGM’s development plan in Osaka, Japan”.
“The application process in New York is progressing, and our plans for global digital expansion remain an important focus as we continue to grow LeoVegas and the MGM digital brand around the world.”
