The largest U.S. gambling operator, Las Vegas-based MGM Resorts International, has announced its Q1 2024 financial reports.
Unlike rival Caesars Entertainment, which also published its Q1 report this week, the stats are looking good.
MGM reported record revenues of $2.3 billion for its Las Vegas operations, compared to $2.2 billion in Q1 2023. Adjusted income actually fell slightly by 1%, but record revenues is still a very good start to the year.
However, the biggest growth was in international markets, particularly MGM China. The operator’s luxury gambling resorts in Macau took longer to recover from COVID-19 pandemic restrictions than Sin City casinos did. But now, gamblers are back with vengeance.
Net revenues for MGM China were up a cool 71% year-on-year. That rises from $618 million in Q1 2023 to $1.1 billion in the first quarter of this upcoming year.
“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,” said CFO Jonathan Halkyard in the company earnings release.
Las Vegas Performance, Marriot
As the owner of many of the biggest giant casino resort properties on the Las Vegas Strip, MGM was in prime position to profit from the influx of wealthy visitors for the Chinese New Year and the Super Bowl.
Table game win was up 12% on Q1 2023 at $388 million. Las Vegas Strip visitors flocked to the baccarat tables in record numbers in February in particular.
However, in a similar story to many Sin City casinos, slot win was also down significantly at MGM properties across the quarter. It dropped 6% to $511 million from $544 million last year.
Meanwhile, MGM’s U.S. casinos outside of Las Vegas saw a 4% decline in net revenues year-on-year. The company said a big part of that was the $450 million cash sale of Gold Strike Tunica in February of last year, which was a significant revenue booster for Q1 2023.
In any event, most of that was basically made null in the company-wide reports by the huge performance of MGM China.
One extra piece of good news highlighted by company execs was the initial success of the new partnership with Marriot Bonvoy hotels. MGM’s expansive customer reward scheme was previously run with World of Hyatt, but it changed over to Marriot in late 2023.
“The January launch of our license agreement with Marriott has surpassed our initial expectations, with over 130,000 room nights booked, and we expect the strategic relationship will be a growth driver this year,” MGM CEO Bill Hornbuckle said.
David is an online casino expert who specializes in online slots and boasts over 10 years experience writing about iGaming. He has written for a wide range of notable publications, including eSports Insider and WordPlay Magazine.
David graduated Derby University with a BA Degree in English Literature and Creative Writing.
