MGM Resorts Has Best Quarter Since 2008: ReportCasino Giant Sees $108.2 Million In Net Income |
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The first quarter of this year, which ended on Mar. 31, produced the best quarterly operating performance for MGM Resorts International that it has seen since 2008, according to the Las Vegas Review-Journal.
MGM said in a press release that its net income for the quarter was $108.2 million, up from just $6.5 million during the first quarter of 2013. The firm also said that its revenue increased 11.8 percent year-over-year to a whopping $2.63 billion.
The firm is one of the largest of its kind in the world.
The company has benefited from the explosive growth of Macau. The firm already has one casino there, and it is in the process of building a second.
“We are off to a strong start in 2014, with double digit Adjusted EBITDA growth at our wholly owned domestic resorts and record results at MGM China and CityCenter,” Jim Murren, Chairman and CEO, said in a statement.
“In the U.S., we are executing on our strategy to drive customer loyalty by increasing incremental convention business to our properties mid-week, hosting the best events on the weekends, and continually bringing new and exciting capital initiatives to our properties. Our development projects are well underway as MGM Cotai, our second Macau property, is on schedule to open in early 2016 and we are preparing to break ground on MGM National Harbor, in Maryland this summer, where we expect to open in 2016.”
MGM, like others in the Nevada market, was hit hard due to the recession.
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