MGM Resorts International

First-quarter revenue and earnings for Las Vegas-based MGM Resorts International, operators of the MGM Grand, Bellagio, The Mirage, Aria and Mandalay Bay among other Strip properties. (NYSE: MGM)

■ Revenue

Q1 2022: $2.85 billion

Q1 2021: $1.65 billion

Change: ▲73.2%

■ Net income/(loss)

Q1 2022: ($18 million)

Q1 2021: ($331.8 million)

■ Earnings/(loss) per share Q1 2022: ($0.06)

Q1 2021: ($0.69)

MGM reported a net loss of

$18 million, 6 cents a share, on revenue of $2.85 billion for the quarter that ended March 31. In the same quarter a year earlier, MGM had a net loss of $331.8 million, 69 cents a share, on revenue of $1.65 billion.

Weakness in Macao

Hornbuckle explained that domestic casino and hotel revenue — particularly from Las Vegas — helped offset a weak performance from the company’s MGM China division operating in Macao.

He said Las Vegas results in January slumped as a result of a surge in the omicron variant of COVID-19, but business picked up in February and March.

Casino revenue more than doubled in Las Vegas for the quarter, from $232 million to $475 million, with table game drop — the amount wagered — climbing from $529 million to $1.2 billion and slot machine handle increasing from $2.3 billion in 2021 to $4.61 billion this year.

The casino’s win percentage improved from 24.1 percent to

24.6 percent on table games and

9.2 percent to 9.3 percent on slots. That resulted in a table game win of $296 million from $127 million in 2021, and $427 million from

$212 million in 2021 on slots.

Hotel room revenue was also robust for MGM in Las Vegas.

The company reported hotel revenue of $485 million this year compared with $144 million in 2021. The hotel occupancy rate for the first quarter this year was 78 percent compared with 46 percent in the first quarter of 2021. The average daily room rate soared from $129 a night in 2021 to $197 a night this year.

The company’s other U.S. hotel-casinos had upticks from last year’s first quarter, but not as strong as in Las Vegas.

Its regional operations reported gaming revenue of $704 million, up 18 percent from $597 million reported in 2021.

The table game win percentage stayed the same at 21.2 percent year-over-year, but the slot machine winning percentage dropped from 9.8 percent to 9.6 percent for the quarter.

At the company’s two properties in Macao, casino revenue fell 12 percent from $262 million in 2021 to $231 million this year.

Macao produced net revenue of $268 million for MGM, which has a 50-50 partnership there. The revenue decline, impacted by travel and entry restrictions in the region, was 9 percent from 2021 and a 63 percent drop from the pre-pandemic 2019 first quarter.