MGM bounces back in first quarter

Following the announcement that MGM Resorts International was bidding to acquire LeoVegas, the group has revealed a steep rise in its fortunes in the first quarter of 2022.

MGM said that its Las Vegas Strip resorts and regional operations adjusted property EBITDA increased 47 per ent and 48 per cent respectively when compared with 2019.

It had also repurchased $2.8bn of shares since January of last year and noted that it had closed transactions with MGP to VICI and continues to pursue a commercial gaming licence in New York. It also reported on the development of an integrated resort in Osaka, Japan.

Said Bill Hornbuckle, CEO (pictured): “The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market.”

He said that the group’s strong liquidity position, coupled with its confidence in the long-term recovery of its core business, has allowed MGM to continue to focus on maximising long-term shareholder value.

Revenues in the quarter were $2.9bn compared with $1.6bn in the comparative quarter of 2020. There was a net loss of $18m compared with a net loss of $332m in the prior year quarter and a positive contribution of $31m in the first quarter of 2019.