Quantitative Analysis: - Earnings forecasted to grow and is above sector average - Forward P/E estimates on a premium to sector and is positive - MGM China outperform the market amid of industry recovery - Ease of travel restrictions to Macau boosted market gross gaming revenue
Comments on Business - Current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas, which was acquired in May 2022 - In April 2023, the Japanese government officially certified the Area Development Plan previously submitted by the city/prefecture of Osaka and the Company's 50% owned unconsolidated venture
KPI - Increase in casino revenues - Increase in revenue for rooms - Corporate expenses increased from the prior year quarter, due primarily to an increase in payroll expense - Net revenue increased compared to prior year quarter - Long-term net debt decreased from previous quarter
Catalysts - New launches with BetMGM - Collaborations