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Casino revenues command a 90% share of MGM’s Chinese operations and have been observing strong growth over the last two years.With the addition of Cotai, MGM realized a four-fold increase in the number of its guestrooms and gaming slots in Macau. MGM’s Macau operations have benefited over recent quarters from the opening of MGM Cotai last February.Casino revenues contribute 70% to this segment’s top line and we expect it to grow in the mid-teen range for the full year.This segment reported a strong performance in the first quarter primarily due to the opening of MGM Springfield and the acquisition of Empire State Casino.Interestingly, casino revenues from Regional Operations command a share of 36% across all MGM properties. The company began reporting this division separately from Las Vegas Strip properties in 2018.

For the full year, we expect casino revenues to increase by a moderate 2% compared to 2018 due to the combination of a slowdown in Vegas and increasing competition from other casino destinations. We believe the declines were temporary due to weak consumer sentiments for the period.

In Q1, MGM Las Vegas properties observed a 17% drop in casino revenues primarily due to lower table games drop and slot handle.

Over coming years, we expect room revenues to retain their share and grow at modest rates.

MGM’s Las Vegas properties derive 75% of their revenues from non-Casino activity, with revenue from rooms contributing 41% of total revenues for this segment.

These revenues have been fairly stable over the last couple of years.

MGM reported $5.7 billion of net revenues from its Las Vegas Strip properties in 2018.

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