Earnings Results: MGM stock is already getting a March Madness bounce

by | Feb 8, 2023 | Stock Market

Executives at casino-resort operator MGM Resorts International Inc. are betting on best-ever returns next month, as March Madness and other big events converge on Las Vegas and Macau reopens. “Together, the calendar in March is positioned to have us have the best hotel revenue month, we believe, in our history,” Chief Executive William Hornbuckle said on MGM’s fourth-quarter earnings conference call Wednesday.

Hornbuckle made the remarks as the economy, for now, staves off a widely-feared recession, and as U.S. consumers remain eager to travel and seek out entertainment after two years of pandemic restrictions. And Vegas, just as much of a convention town as it is one for gambling, has benefited from a return of big events like CES, which last month drew more than 115,000 people. One of the next big events on the calendar: March Madness. Las Vegas will host the West regionals of the NCAA nen’s basketball tournament in late March, adding hotel sales to always-rich gambling revenues from the time of year. Meanwhile, China and Macau — a global gaming epicenter and a special administrative region of China — are reopening after harsh COVID-19 lockdowns. “Fu …

Article Attribution | Read More at Article Source

Share This