MGM Resorts has reported its financial earnings results for the quarter ending March 31, with its Las Vegas Strip resorts seeing a 52 percent decline due to the pandemic, according to a press release.
The company saw a net revenue of $545 million at its Las Vegas Strip resorts. The pandemic and its resulting operational restrictions and midweek property and hotel closures had the effect of the decline, the release stated.
Adjusted property earnings before interest, taxes, depreciation, amortization and restructuring or rent (EBITDAR) was $108 million, down from $268 million the previous year, according to the release. Casino revenues fell 16 percent compared to the previous year, which the company credited to lower business volume and travel activity amid the pandemic. Rooms revenue fell 60 percent compared with the previous year for the same reasons.
The company overall reported revenues of $1.6 billion, which is a decrease of 27 percent from the previous year, the release stated. The prior year quarter had been affected negatively by property closures, but the current quarter has seen a decline because of the midweek property and hotel closures and lower business and travel activity because of the pandemic.
The consolidated operating loss sat at $247 million as compared to the consolidated operating income of $1.3 billion in the previous year’s quarter, according to the release.
In terms of MGM China, the quarter showed net revenues of $296 million, which was a 9 percent increase from the previous year, the release stated. That included a main floor table games win boost of 23 percent while the VIP table games win fell 28 percent.
The company is still hedging its bets, but it is reporting that the show will take place “in-person and digitally, giving a global audience access to major brands and startups, as well as the world’s most influential leaders and industry advocates.”
Gary Shapiro, president and CEO of the association, said “hundreds” of executives had voiced support for CES as they need it to reach new customers and boost business.