Record quarterly results for MGM China and record net revenues for MGM in Las Vegas helped push consolidated net revenues at the group to US$4.4bn in Q1, up 13 per cent.
MGM said the rise was “primarily” due to the increase in revenue in China – which climbed to $1.1bn, up 71 per cent year-on-year.
In Las Vegas, MGM reported a four per cent revenue jump to $2.3bn and adjusted property EBITDAR of $828m, down one per cent.
Adjusted property EBITDAR in China, however, rose by 78 per cent to $301m.
MGM CEO and president Bill Hornbuckle added that the launch of the company’s licence agreement with Marriott, which has gone live across 16 brands, “has surpassed our initial expectations,” with over 130,000 room nights booked.
Hornbuckle said MGM expects the Marriott deal to “be a growth driver this year” on top of its land-based casino properties and other established revenue streams.
CFO and treasurer Jonathan Halkyard added: “We achieved record results in the first quarter of 2024 driven by strong performance at MGM China and in Las Vegas, specifically at our luxury resort properties.
“We repurchased 12 million shares at attractive valuations, providing our shareholders with incremental future benefits from the free cash flow growth of our resort operations, digital profitability and the development opportunities of Japan and New York.
"Our venture in Japan continues to progress with financing now in place and our recent hedging program has provided significant cost advantages for the development of the country's first integrated resort."
Net income, down from $467m in Q1 2023 to $217m, was impacted by a change in the operating income, driven by a $398m gain on the disposition of Gold Strike Tunica in the prior year quarter, offset by the increase in net revenues in the current quarter.
MGM’s casino revenue across its global stable hit $2.2bn in Q1, rising from $1.9bn in Q1 2023.
