Even with a slight regional property revenue dip, MGM National Harbor’s parent company reported record first-quarter revenue. It provided investors with a rosy outlook for the rest of the year.
During an earnings call last week, MGM Resorts CFO and Treasurer Jonathan Halkyard said the company is off to a hot start in 2024.
“We delivered another record quarter across our company’s consolidated businesses, generating record net revenues of $4.4 billion, up 13% from last year.”
The company’s adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rental costs) surpassed $1.2 billion in the first three months.
MGM National Harbor Leads Regional Markets
MGM Resorts has seven regional casino properties across the US, including Maryland’s MGM National Harbor. Net income in the first quarter of 2024 was $217 million compared to $467 million in the first quarter of 2023. The company attributed the decrease to selling its Gold Strike Tunica casino resort in Mississippi.
MGM Resort’s regional properties collected $685 million in casino revenue in the first three months of 2024, a 4% dip from the first quarter of 2023. MGM National Harbor accounted for $207 million, approximately $2.6 million less than in last year’s first quarter.
According to the American Gaming Association, MGM National Harbor was second in revenue of commercial casinos outside of Nevada in 2023.
MGM National Harbor 1Q Revenue in 2023 and 2024
| 2023 | 2024 | |
|---|---|---|
| January | $72,330,774 | $66,041,474 |
| February | $65,597,173 | $66,831,819 |
| March | $72,627,054 | $75,068,449 |
| Total | $210,555,001 | $207,941,742 |
MGM National Harbor continues to outpace the state’s other casinos in overall revenue, sustained by lucrative table games.
According to the state, March represented “the fifth-best single-month total in the history of the state’s casino program.” Maryland’s six casinos generated $178.1 million in revenue from slot machines and table games in March, contributing $76.5 million to state coffers, a 2.6% increase from March 2023.
During that month, MGM National Harbor accounted for more than 42% of the state’s total gaming output. Maryland bettors lost slightly more than $75 million at MGM National Harbor in in that timeframe.
