Skift Take
Relaxed restrictions on crowds puts Sin City on track for an accelerated recovery over the duration of the rest of 2021, but MGM Resorts still has to grapple with a lagging comeback in Macao, its other key gaming market.
MGM Resorts — the global casino operator behind many Las Vegas properties like Bellagio and Mirage as well as venues in China and across the U.S. — is a good financial bellwether for how things are going in the gaming industry.
While the company’s first quarter performance still drastically lags pre-pandemic levels, the company’s leaders see momentum in bookings and advance sales of events. The financial odds appear in favor of the house, at least at MGM’s Vegas properties.
“It's been great to see Las Vegas come alive again as the vibrant destination that we've all come to know and enjoy,” MGM Resorts CEO William Hornbuckle said on an investor call Wednesday. “Our gross bookings in March were one of the best months in the company's history.”
Hornbuckle may be optimistic on where the company’s performance is heading, but the company still dealt with a turbulent first quarter compared to pre-pandemic times. MGM Resorts posted a $332 million loss. Revenue at its Las Vegas resorts was down 52 percent from the same quarter in 2020.
But there are other signs the company has the opportunity for an extraordinary summer.
March occup
