MGM Resorts International has announced record-breaking revenue for the first quarter, fueled by exceptional performance in both its China and Las Vegas businesses. Total revenue surged to an impressive $4.38 billion, marking a substantial 13.2% year-on-year increase.
While Las Vegas remains the primary revenue driver for MGM, the first quarter saw a marginal dip in casino revenue. However, robust growth in hotel revenue, soaring by 10%, more than compensated for this decline, resulting in a new quarterly revenue peak. Similarly, in China, revenue soared to unprecedented levels during the first quarter, reflecting remarkable performance in the region.
MGM's positive trajectory in China underscores its ongoing growth and recovery efforts, particularly following the lifting of all pandemic-related restrictions in early 2023. As the company continues to navigate dynamic market conditions, its resilient performance underscores its position as a leader in the global hospitality and entertainment industry.
