Mgm Resorts - MGM STOCK NEWS

MGM China Holdings Limited announced its unaudited financial data for Q1 2023. Macau experienced a pick-up in visitation, with average daily visitor arrivals reaching 55,000 compared to 21,000 a year ago. The market gross gaming revenue (GGR) nearly doubled to MOP385 million, representing a 45% recovery of Q1 2019. MGM China's net revenue increased by 131.2% YoY to HK$4.8 billion, reaching 84% of Q1 2019. The company saw a record high mass GGR at 107% of Q1 2019 and achieved a market share of 15.4% during the period.

We Bridge Music Festival and Expo concluded successfully in Las Vegas, featuring performances from K-Pop groups like MONSTA X and ENHYPEN with over 15,000 attendees. Hosted at the Michelob ULTRA Arena, the three-day event celebrated Asian culture through music, food, and art, initiated with a tribute to Moon Bin from ASTRO. The festival's founder, Alex Kang, emphasized unity and cultural respect as core themes, enhancing community engagement. The GRAMMY Museum contributed through artist panels, while a variety of activities included merchandise sales and artist meet-and-greets. The festival aims to foster connections between Asian artists and mainstream culture and is set to return in 2024.

MGM Resorts International (NYSE: MGM) has received official certification from Japan's Ministry of Land, Infrastructure, Transport and Tourism for its Area Development Plan. This certification is a critical step toward finalizing the development of a $10 billion integrated resort in Osaka, in partnership with ORIX Corporation. The project aims to transform Osaka into one of the world's premier entertainment and hospitality destinations. MGM Resorts CEO Bill Hornbuckle expressed enthusiasm for being selected to develop such a significant project. The Area Development Plan was submitted during the application period from October 2021 to April 2022 and aligns with Japan's Integrated Resort Development Act.

MGM Resorts International (NYSE: MGM) has contributed $500,000 to open Las Vegas' first community-based urban farming facility at James Gay Park. The funding, part of a public-private partnership, aims to revitalize the Historic Westside while improving local food access and creating jobs. The facility will feature two growing containers, providing around 320 square feet of space and yielding output comparable to 3.5 acres of traditional farmland, totaling eight tons of produce. The farm is expected to start its first harvest by late April 2023. Officials, including Mayor Carolyn G. Goodman, emphasized the project's importance in enhancing nutrition and revitalizing the area, which has faced decades of disinvestment.