MGM Resorts Actually Gained 15.8% in the Second Half of 2022. Is the Worst Over?
Shares of MGM Resorts International (NYSE: MGM) surged 15.8% in the second half of 2022, according to data from S&P Global Market Intelligence. The casino operator that owns the MGM, Aria, Luxor, and Bellagio hotels in Las Vegas saw a continued recovery from the COVID-19 pandemic in late 2022 along with other green shoots from smaller business lines. As of this writing, shares of the stock are actually up above pre-pandemic levels and up 14.5% in the last five years.
2022 was the year the United States economy fully reopened. This led to a resurgence of visitors to tourist destinations like Las Vegas, with an estimated 37 million people said to have visited the city last year, compared to 42 million people in 2019. The Vegas economy is almost fully back in the swing of things.
This is showing up in MGM's financial statements. Casino revenue was up 36% year over year last quarter, while hotel revenue was up an astounding 83% year over year, leading to total revenue of $2.3 billion in the period. Right now, people are ready to get back to gambling and vacationing in Las Vegas, and they are doing so in full force.
Source Fool.com
