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 MGM’s business in Las Vegas seeing revenue soar to $2.2 billion for the quarter, a significant increase of 37% this year. MGM’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.
According to industry experts, MGM’s exceptional performance is due in part to the recent easing of COVID-19 restrictions and a revival in tourism. The company’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 analysts’ estimates. This positive news has undoubtedly helped solidify MGM’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 company’s BetMGM online casino platform has been performing well, with a significant rise in net revenue. MGM Resorts’ CEO, Bill Hornbuckle, has spoken about the importance of this sector to the company’s overall growth strategy, noting that “digital and sports betting continue to be key drivers of our long-term growth.” The company is set to launch its BetMGM sports betting platform in more states, following the country’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 company’s CFO, Jonathan Halkyard, highlighted the strength of MGM’s Las Vegas offerings in the earnings call, noting that “our properties in Las Vegas continued to deliver strong results as the city benefits from strong leisure travel demand and solid convention business.” The company is now moving ahead with efforts to develop casinos in New York and Japan.
MGM’s results are a testament to the company’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.