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."