MGM revenue hits $3.9bn

Finance News

MGM Resorts International reported first-quarter financial results after the market close Monday. Here are the key highlights.

MGM Resorts International reported first-quarter revenue of $3.87 billion, up 36% year-over-year. The revenue total came in ahead of a Street consensus estimate of $3.59 billion, according to data from Benzinga Pro.

The company reported earnings per share of 44 cents in the first quarter, beating a Street estimate of 10 cents.

MGM Resorts International reported revenue by segment as follows:

  • Las Vegas: $2.2 billion, +31% year-over-year
  • Regional Operations: $946 million, +6%
  • MGM China: $618 million, +130%

“MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip adjusted property EBITDAR, consistently strong regional operations profit, MGM China’s swift return to profitability, and BetMGM’s anticipated positive earnings later this year,” MGM Resorts CEO Bill Hornbuckle said.

In the first quarter, MGM Resorts repurchased 12 million shares for $487 million as part of its share buyback plan. A total of around $2 billion remains on the existing repurchase plans.

In a presentation for the first quarter, the company said BetMGM had revenue of $476 million in the first quarter. Two states were added in the first quarter, taking the company’s total for sports betting coverage to 26 North American states and territories.

BetMGM is the No. 3 sports betting operator by market share with around 17% to 18%, according to the presentation. BetMGM remains the iGaming leader in the United States with around a 28% market share. BetMGM is a joint venture between MGM Resorts and Entain.