Up by an impressive 38% year to date, MGM Resorts International (NYSE: MGM) stock has performed well so far in 2023. The large-cap hotel and casino operator is riding high on the success of its Las Vegas properties, which have already far surpassed pre-pandemic levels. A possible resurgence in Asia could help power its next leg of long-term growth. 

Like many tourism-related industries, in-person gambling was seriously impacted by the lockdowns and movement restrictions of the COVID-19 pandemic. But MGM Resorts was well-positioned for the crisis because of the leaseback sale of its Bellagio casino in 2019. The well-timed deal gave the company $4.25 billion in cash, so it didn't need to rely on huge amounts of debt to navigate those challenging times.  

Now, business is booming. Fourth-quarter net revenue jumped 18% to $3.6 billion based on record growth in Las Vegas, which is up by 27%. The company is solidifying its position in this key market through the acquisitions of new properties, such as The Cosmopolitan, which was acquired for $1.63 billion in May 2022. That said, MGM's U.S. success is somewhat dampened by its underperforming Chinese operation. 

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Source Fool.com