MGM Resorts International exceeded first-quarter Wall Street estimates, driven by strong China operations and Macau post-pandemic recovery.
MGM Resorts International surpassed first-quarter Wall Street estimates, driven by strength in its China operations, with adjusted property EBITDAR up 78% year-over-year. The company's consolidated net revenues increased by 13%, thanks to the resumption of operations in Macau post-pandemic entry restrictions. MGM's Las Vegas operations also recorded a 4% increase in first-quarter net revenues, reaching a record $2.3bn. The company repurchased 12 million shares during the quarter, reducing its total share count by 36% since 2021.
May 01, 2024
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