MGM Resorts net income nearly triples in Q1

Casino operator MGM Resorts started 2017 off on the right foot as profits nearly tripled thanks to a new resort and a greater share in an old one.

Figures released Thursday show MGM’s overall revenue rising 22% year-on-year to just over $2.7b in the three months ending March 31. Operating income jumped 57% to $497m and net income nearly tripled to $253m, leading CEO Jim Murren to celebrate the “strong start” to the year.

Revenue from MGM’s wholly owned domestic resorts was up 29% to $2.1b, although, if you exclude contributions from the new National Harbor casino in Maryland ($173m) and the 50% share of Atlantic City’s Borgata that MGM didn’t own in Q1 2016 ($100m), the domestic revenue rise was a more modest 6%.

MGM’s share of the CityCenter property in Las Vegas added $37.3m to Q1’s revenue pie, a notable improvement from the $9m loss in the same period last year, which was impacted by $31m in writedowns.