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US – MGM Resorts secures seventh consecutive quarterly record

By - 4 May 2023

MGM Resorts generated net revenues of $3.9bn, an increase of 36 per cent for the quarter ended March 31, 2023, with its Las Vegas Strip resorts securing record 1Q Adjusted Property EBITDAR, up 41 per cent to mark the company’ s seventh consecutive quarterly record.

The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas, which was acquired in May 2022, partially offset by the disposition of The Mirage and Gold Strike Tunica in December 2022 and February 2023, respectively.

“MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China’s swift return to profitability, and BetMGM’s anticipated positive earnings later this year,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. “Beyond our continued exceptional results, our future growth and expansion plans are promising. In April, we achieved the landmark approval of MGM’s development plan in Osaka, Japan. The application process in New York is progressing and our global digital expansion plans remain a major focus as we continue to grow LeoVegas and the MGM digital brand worldwide.”

“MGM Resorts achieved net cash flow provided by operating activities of $704m and Free Cash Flow of $564m during the first quarter,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. “Our balance sheet continues to improve as we received $450m in gross cash proceeds from the sale of Gold Strike Tunica and repaid $1.25bn in unsecured notes upon maturity during the quarter. With $4.5 billion of cash on the balance sheet, we expect to continue to return capital to our shareholders through ongoing stock repurchases and pursue long-term growth opportunities through international digital acquisitions and the development opportunities we have with Japan and New York.”

The Strip brought revenues of $2.2bn to the current quarter compared to $1.7bn in the prior year quarter, an increase of 31 per cent. The current quarter benefited from the inclusion of The Cosmopolitan, an increase in business volume as the early part of the prior year quarter was negatively affected by the spread of the omicron variant, and an increase in REVPAR, partially offset by the disposition of The Mirage;

Regional operations generated net revenues of $946m in the current quarter compared to $891m in the prior year quarter, an increase of six per cent, due primarily to an increase in non-gaming business volume;

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