MGM Resorts announces Q1 net income has tripled

Apr 28, 2017 7:15 AM

MGM Resorts has announced its first-quarter net income tripled as the gaming giant added new properties domestically, including the $1.4-billion National Harbor casino/resort near Washington, D.C.

The company said in a statement Thursday morning that earnings rose to $207 million from $67 million in the year-earlier period and were not only bolstered the Maryland project near the nation’s capital, but also by its May purchase of the remaining 50 percent stake in Borgata Hotel Casino and Spa in Atlantic City.

Net revenue in the U.S. increased 29 percent to $2.1 billion. Excluding contributions from National Harbor and Borgata, same-store revenue increased 6 percent, helping boost domestic operating margins to 25 percent from 22.6 percent.

MGM’s U.S. EBITDA increased 34 percent to $648 million, lifted by $91 million from Borgata and National Harbor. Excluding those contributions, same-store adjusted property EBITDA increased 15 percent year over year.

Net revenue from China operations rose 7 percent to $502 million while adjusted EBITDA increased 25 percent to $143.