LAS VEGAS (KTNV) — MGM Resorts International's top executive said Wednesday that he expects March to be the most lucrative revenue-producing month ever for the company's Las Vegas casino resorts.
Bill Hornbuckle, the company's CEO, said on an earnings call that the calendar for events in Las Vegas in March — which includes a handful of large conventions and the NCAA men's basketball West Regional tournament games at T-Mobile Arena — will help make for a busy time at MGM's 13 Strip properties.
"We believe the calendar is positioned for us to have the best hotel revenue month in our history," Hornbuckle said.
For the final three months of last year, MGM reported net revenues of $2.3 billion for its Strip resorts. That represented a 27% increase when compared to the fourth quarter of 2021.
Overall, the company reported net revenues of $3.6 billion last quarter, an 18% increase from the fourth quarter of 2021.
In Las Vegas, Hornbuckle said he expects another big year for the company in 2023, aided, he said, by the first Formula One Las Vegas Grand Prix race, which will take place in November.
"Formula One is expected to bring $1 billion in economic value to (Las Vegas)," Hornbuckle said. "We believe we're the best-positioned to take advantage of that."
The race, which will take place over a stretch of Las Vegas Boulevard on the Strip, will be locked in as an annual event for the next decade in Las Vegas following recent action by the Clark County Commission.
