A Strong Vegas Business And Recovery In Macau Will Drive MGM’s Q2 Results

MGM Resorts is expected to publish its Q2 2023 results on August 2, reporting on a quarter that is likely to see stronger business at the company’s Las Vegas properties and a continued recovery in Macau. We expect sales to come in at $3.81 billion, in line with consensus estimates and marking an increase of about 17% versus last year. We expect earnings to come in at about $0.55 per share, slightly ahead of the consensus. See our analysis of MGM Resorts Earnings Preview for a closer look at what to expect when the company publishes earnings.

MGM’s Las Vegas Strip properties should fare well. Tourist inflows into the Las Vegas strip have been improving. For perspective, for the first half of the year, Las Vegas Harry Reid International Airport saw total passenger traffic increase 15.9% year-over-year to 28.1 million. Customers have also been spending more on average at casinos, with average hotel room rates also trending higher. Separately, MGM’s Vegas business will also benefit from the inclusion of the results of The Cosmopolitan, which the company acquired last year.