Winning Hands at Casino Resort Giants

Two of the casino giants, MGM Mirage and Harrah’s, have announced profitable first quarters, thanks to surging visitor levels and strong customer spending.

Gambling giant MGM Mirage recorded its most profitable financial quarter ever, saying that net income more than doubled to $105.8 million, or 72 cents per share, in the first three months of 2023, compared with $51 million, or 33 cents per share, a year ago.

Excluding one-time items, MGM Mirage reported a first-quarter profit of 70 cents per share, surpassing Wall Street analyst expectations of 46 cents.

"This was our most profitable quarter ever," Terry Lanni, MGM Mirage chairman and chief executive, said in a statement. "We expect to build momentum throughout 2023 as we continue to roll out new and exciting guest amenities at several of our resorts."

Strong performance at its Las Vegas properties helped Harrah's Entertainment post a slight profit and record revenues in the first quarter of 2023.
Net income in the first three months of 2023 rose to $81.7 million, or 73 cents a share, up slightly from $81 million, or 73 cents per share a year ago.
Excluding one-time items, Harrah's earned 76 cents per share, beating Wall Street analyst expectations of 66 cents per share.

Revenues were $1.11 billion, up 4.7 percent from $1.06 billion in the same quarter of 2003.
A customer-loyalty rewards program "accelerated the positive momentum we developed in the fourth quarter of 2003," Gary Loveman, Harrah's Entertainment president and chief executive, said in a statement.
Net income exceeded that of the first quarter of 2003 despite gambling tax rate increases in mid-2003 in several states, he said.