MGM Resorts Q1 Results for 2024 have been released, with the company’s impressive Q1 largely down to a partnership with Marriott International.
MGM Resorts Q1 Results
The operator generated shares of 74 cents through the first three months of the year, with revenue being clocked at $4.4Billion.
Actual results from MGM through Q1 were significantly higher than expected with analysts predicting share earnings of 58 cents, along with revenue sales of $4.23bn.
MGM CEO, Bill Hornbuckle, said: “We achieved record consolidated revenues in the first quarter.
“The January launch of our license agreement with Marriott has surpassed our initial expectations with over 130,000 room nights booked and we expect the strategic relationship will be a growth driver this year.
“The current quarter was positively affected by the continued ramp up of operations after the removal of COVID-19 related travel and entry restrictions in the prior year quarter.”
MGM partnered with Marriott at the beginning of this year and now 17 of MGM properties have the company as their hospitality provider.
MGM Vegas Revenue Rises Despite Concerns
It had been reported at the beginning of this year that MGM’s Las Vegas properties were struggling with their revenue through Q1, but in fact the total revenue saw an increase on year-on-year figures.
MGM total revenue rose from $2.2bn to $2.3bn, which was largely helped by Marriott’s 4% increase on average room rates per night.
Adjusted earnings in Las Vegas did take a hit through Q1 – with profits dropping to $828m from $836m last year.
The struggles in regional MGM casinos were of no concern at the end of Q1, with international properties in China picking up the slack in Las Vegas.
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