MGM posts $247m loss as Vegas casinos continue to struggle

| By Richard Mulligan
MGM Resorts International said consumer demand strengthened in the opening months of 2021, despite posting a Q1 operating loss of $246.7m (£177m/€204m).

In its financial and operating results for the three months to 31 March, the North American casino operator reported consolidated net revenues of $1.65bn, which was down 27% year-on-year.

The group said that while the prior year quarter was negatively affected by property closures for a portion of the period, the 2021 first quarter was negatively affected by midweek property and hotel closures, lower business volume and travel activity and ongoing operational restrictions due to the pandemic primarily at its Las Vegas Strip resorts.

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