Casino operator MGM Resorts posted higher revenue in Q2 but analysts are fretting that the gains were largely due to new venues, not ‘same store’ growth.

MGM says revenue rose 16.3% year-on-year to $2.64b in the three months ending June 30, but operating income fell more than one-third to $501m and net income fell by more than half to $210m, the latter two figures having been artificially boosted by one-off items in Q2 2016.

The revenue gain was in part due to last December’s opening of the MGM National Harbor in Maryland, which the company says contributed nearly $178m to Q2’s total. The results were also skewed by a full contribution from the 50% of Atlantic City’s market-leading Borgata casino that MGM didn’t own at the start of Q2 2016.

As a result, while MGM’s domestic resorts reported revenue rising 22% to $2.1b, like-for-like revenue was down 1% due to a nearly five-point drop in gaming table win percentage. MGM CEO Jim Murren warned that Q3 faced a similarly “challenging comparison” due to favorable table win at MGM’s Las Vegas Strip properties in the same period last year.