MGM Resorts International recently published their first-quarter financial results, showcasing impressive performance that surpassed analyst predictions. The company reported earnings of 74 cents per share, outdoing the consensus estimate by 32.14%. Furthermore, quarterly sales reached $4.383 billion, exceeding expectations by 3.48% and marking a significant 13.16% growth compared to the same period last year.
One of the key drivers of MGM's revenue surge was the increased performance of MGM China, which saw a 13% rise in consolidated net revenues compared to the previous year. This growth was mainly attributed to the enhanced revenue generated by MGM China due to the easing of COVID-19 restrictions in Macau. Additionally, the company reported $377 million in free cash flow for the quarter, indicating a healthy financial position.
Bill Hornbuckle, the CEO of MGM Resorts International, expressed satisfaction with the quarterly results, emphasizing the success of their strategic growth plan aimed at enhancing free cash flow and shareholder value. Hornbuckle highlighted the record revenue achieved during the first quarter and the positive impact of their collaboration with Marriott, which has already shown promising results with over 130,000 room nights booked. As a result of this strong performance, MGM Resorts International's shares saw a 1.94% increase after-hours following the release of the financial results.