MGM Resorts Revenues Down, Profits Up in First Quarter

American land casino group MGM Resorts has posted a trading update, noting that revenues were down for the first quarter of 2020 but that profits rose due to the company selling off two properties.

Revenues for the period were down 29.1% to $2.25 billion, which is largely attributed to the Covid-19 pandemic, as the company's land casinos were shuttered throughout the United States. Despite this, profits were up due to the selling of two properties. Needless to say, this isn't a long-term solution, and financials will likely be dire for the second quarter.

Commenting on the numbers MGM CEO Bill Hornbuckle said, "The year started strong with results ahead of expectations, however the COVID-19 pandemic resulted in the closure of our properties which had a material negative impact on our first quarter results."

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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bgsharpe
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5 May 2020 - 6:27pm
#1
Quote:

American land casino group MGM Resorts has posted a trading update, noting that revenues were down for the first quarter of 2020 but that profits rose due to the company selling off two properties.

Yeah, I've been wondering how's that possible after reading the title but get the answer from the very firs sentence of the thread.

Quote:

Needless to say, this isn't a long-term solution, and financials will likely be dire for the second quarter.

For sure..unless they have a countless properties to sell of course...but I doubt this is the case.

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