Las Vegas, Macau Help MGM Post Best Quarterly Results Since 2008
MGM Resorts International reported its best quarterly results in five years on Thursday with a surprise first-quarter profit in 2013.
Overall revenues for MGM Resorts grew 3% to $2.35 billion. For the latest period, MGM Resorts reported net income of $6.6 million, or 1 cent a share. The company credits the positive results to the growth in Macau and improved traffic at its Las Vegas hotels and casinos.
The shift to black came after a $217.3 million net loss, or 44 cents a share, in the same quarter last year.
“Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago," said MGM Chief Executive Jim Murren. “MGM Resorts International returned to profitability in the quarter and we are excited about our future.”
MGM China, which owns MGM Grand Macau, reported net revenue of $748 million, a 6 percent increase over the prior year quarter. The the increase was driven from main floor table games and slots, while VIP table-games increased about 15% from the year-ago quarter.
MGM, which owns and operates 10 resorts in Las Vegas including Bellagio, MGM Grand, Aria and Mandalay Bay, plus several resorts elsewhere in the U.S., said revenue at its domestic casinos increased about 3%.
In November, MGM Resorts International was approved to become an operator in Nevada for real-money online poker. As operator of interactive gaming systems, MGM will offer bwin.party’s poker platform to Nevada residents. MGM Online is expected to launch a free-play online poker site in 2013 in preparation for its real-money venture.
*Picture courtesy of msnbcmedia.msn.com.