MGM Resorts, an American global hospitality, and entertainment company reported quarterly revenue of $2,854 million in Q1 2022, a decline of 6.6% as compared to quarterly revenue of $3,057 million in Q4 2021.
MGM resorts generated revenue from casinos, rooms, food & beverage, entertainment, retail & other, and reimbursed costs. MGM resort’s revenue is driven by casinos ($1,421 million), followed by rooms ($557 million), food and beverage ($493 million), entertainment, retail, and other ($372 million), and reimbursed costs ($12 million) in Q1 2022. The company’s primary business is the operation of casino resorts, which offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. MGM resorts operate several of the finest casino resorts in the world and it continually reinvests maintaining the resorts' competitive advantage.
MGM also earned revenue from leases, the line item related to the type or nature of the renter's goods or service is where lease revenue collected by the company from third parties is categorized. Lease revenues from third-party tenants totaled $14 million in Q1 2022.
Reimbursed costs:
This revenue represents reimbursement of costs, primarily payroll-related, incurred by MGM in connection with the provision of management services.
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