MGM Resorts reports Q1 Las Vegas Strip Resorts net revenue $2.2B

Las Vegas Strip Resorts: Net revenues of $2.2 billion in the current quarter compared to $1.7 billion in the prior year quarter, an increase of 31%. The current quarter benefited from the inclusion of The Cosmopolitan, an increase in business volume as the early part of the prior year quarter was negatively affected by the spread of the omicron variant, and an increase in REVPAR, partially offset by the disposition of The Mirage; Same-store net revenues (adjusted for acquisitions and dispositions) of $1.9 billion in the current quarter compared to $1.5 billion in the prior year quarter, an increase of 22%; Adjusted Property EBITDAR of $836 million in the current quarter compared to $594 million in the prior year quarter, an increase of 41%; Same-Store Adjusted Property EBITDAR of $706 million in the current quarter compared to $561 million in the prior year quarter, an increase of 26%; and Adjusted Property EBITDAR margin of 38.4% in the current quarter compared to 35.7% in the prior year quarter, an increase of 271 basis points primarily due to an increase in rooms revenue, as discussed above.