MGM Surpasses Wall Street Estimates As Q1 Revenue Soars

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MGM sign in Las Vegas at night
BetMGM Jun 13, 2023, 5:18 AM

MGM Resorts International, one of the leading hospitality and entertainment companies on the Las Vegas Strip, has announced impressive financial results for the first quarter of 2023. The company has surpassed Wall Street estimates, with MGMโ€™s business in Las Vegas seeing revenue soar to $2.2 billion for the quarter, a significant increase of 37% this year. MGMโ€™s strong financial performance can be attributed to the successful growth strategies implemented across its business segments, including its flagship properties in Las Vegas and Macau.

Financial Results

According to industry experts, MGMโ€™s exceptional performance is due in part to the recent easing of COVID-19 restrictions and a revival in tourism. The companyโ€™s casino games have been in high demand, resulting in increased casino revenue and overall growth for the business.

Shares of MGM have been on a steady climb as well, soaring to 44 cents a share and beating the 10-cent average of analystsโ€™ estimates. This positive news has undoubtedly helped solidify MGMโ€™s position as a leader in the industry and a great investment opportunity for investors.

In a statement to the press, CEO and President of MGM Resorts, Bill Hornbuckle, expressed his enthusiasm for the positive financial results, citing gains in Las Vegas and Macau. He further credited the hard work of MGM employees for making these achievements possible and maintaining a strong presence in the gaming industry.

MGM Growth Plans

With a strong focus on the US and international markets, the company plans to further invest in its core operations while also expanding into new markets. One area MGM Resorts has been focusing its growth efforts is in the online gambling sector. The companyโ€™s BetMGM online casino platform has been performing well, with a significant rise in net revenue. MGM Resortsโ€™ CEO, Bill Hornbuckle, has spoken about the importance of this sector to the companyโ€™s overall growth strategy, noting that โ€œdigital and sports betting continue to be key drivers of our long-term growth.โ€ The company is set to launch its BetMGM sports betting platform in more states, following the countryโ€™s evolving gambling laws and the success of its recent launch in Arizona. It also recently announced the purchase of a majority stake in Push Gaming Holding Ltd., an online slot games supplier.

MGM has also been investing heavily in its Las Vegas properties. With visitor numbers increasing steadily and room rates on the rise, the companyโ€™s CFO, Jonathan Halkyard, highlighted the strength of MGMโ€™s Las Vegas offerings in the earnings call, noting that โ€œour properties in Las Vegas continued to deliver strong results as the city benefits from strong leisure travel demand and solid convention business.โ€ The company is now moving ahead with efforts to develop casinos in New York and Japan.

MGMโ€™s results are a testament to the companyโ€™s resilience and continued commitment to growth and innovation. With a strong performance across both its online and land-based businesses, as well as ambitious growth plans for the future, MGM Resorts International is well-positioned to continue its upward trajectory.

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Our BetMGM editors and authors are casino experts with a wealth of knowledge of the online casino industry at all levels. Their coverage includes company news, game reviews, how-to instructional articles, strategy guides, and editorials showcasing BetMGMโ€™s superior product and game library.

Our BetMGM editors and authors are casino experts with a wealth of knowledge of the online casino industry at all levels. Their coverage includes company news, game reviews, how-to instructional articles, strategy guides, and editorials showcasing BetMGMโ€™s superior product and game library.