International casino operator MGM Resorts International has released its unaudited financial results for the initial three months of 2017 showing a 22% increase year-on-year in overall net revenues to $2.7 billion while its first-quarter corporate adjusted earnings before interest, tax, depreciation and amortization rose by over 36% to hit $841.3 million.

Las Vegas-based MGM Resorts International inaugurated its $1.4 billion MGM National Harbor development in December and revealed that the new Maryland property contributed first-quarter net revenues of $173.1 million while posting adjusted earnings before interest, tax, depreciation and amortization of $32.1 million.

In August, MGM Resorts International took complete control of the Borgata Hotel Casino And Spa in Atlantic City after shelling out $900 million in order to purchase the 50% stake in the property held by Boyd Gaming Corporation. The move seems to have been worthwhile as the New Jersey venue recorded first-quarter net revenues of $201 million as well as adjusted earnings before interest, tax, depreciation and amortization of $58.9 million.

Elsewhere and the casino operator’s giant Bellagio Las Vegas property saw first-quarter net revenues swell by almost 3.5% year-on-year to $341.2 million while its adjusted earnings before interest, tax, depreciation and amortization improved by 10.6% to $129.1 million. Also in Nevada and the firm’s Mandalay Bay Resort And Casino Las Vegas reported a nearly 10% boost in takings to $253 million alongside a 34.4% rise in earnings to $78.1 million.

Further afield and the company’s MGM China Holdings Limited subsidiary, which operates the MGM Macau property and hopes to inaugurate its new $3.1 billion MGM Cotai development in the some former Portuguese enclave by the end of the year, saw first-quarter net revenues enlarge by 7.1% year-on-year to reach $502.3 million while adjusted earnings before interest, tax, depreciation and amortization rose some 25.2% to $142.9 million.

Another big winner was the MGM Grand Detroit where first-quarter net revenues improved by 2.4% year-on-year to $144.2 million while the Michigan property’s adjusted earnings before interest, tax, depreciation and amortization hit $44.6 million, which was a boost of 11.4%.

However, the news was not all good as MGM Resorts International recorded a 0.3% drop year-on-year in first-quarter net revenues from its MGM Grand Las Vegas venue to $267.5 million while the property’s adjusted earnings before interest, tax, depreciation and amortization during the three-month period came in at $73.6 million, which represented a decline of nearly 9%. Similarly and its Beau Rivage Resort And Casino in Biloxi posted first-quarter takings of $89.1 million, which was down by 0.2% when compared with the same period in 2015, while three-month earnings from the Mississippi venue fell by over 10% to $20.4 million.

“MGM Resorts International had a strong start to the year as evidenced by our first-quarter diluted earnings per share, which tripled last year’s results, double-digit same-store adjusted property earnings before interest, tax, depreciation and amortization growth at our domestic resorts, record results at CityCenter and solid performance at MGM China [Holdings Limited],” read a statement from Jim Murren, Chairman and Chief Executive Officer for MGM Resorts International. “MGM National Harbor and the Borgata [Hotel Casino And Spa], our newest additions on the East Coast, are leading their respective markets and we continue to work towards expanding our footprint in Macau with the opening of MGM Cotai later this year.”

MGM Resorts International moreover declared that its cash and assets as of the end of March had risen by 0.4% since the conclusion of December to $28.3 billion while it distributed approximately $63 million to shareholders via its announced quarterly dividend of $0.11 per share.

“Every year, we take steps to further this company as an innovative market leader positioned for operational strength, financial flexibility and prudent growth,” read the statement from Murren. “We remain focused on building upon this effort as we continue to execute on our strategies to profitably grow our company and return value to our shareholders.”

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