Gaming companies across the U.S. recorded high revenue collections as 2016 came to the end. MGM Resorts was no exception. The gaming resort also joined the rest in the industry to record profits.
However, according to the resort’s management, their collection fell far behind what they expected.
Although they did not meet their expected revenue collection level, MGM is happy that they have had a good start in 2017.
“It is true that the fourth quarter of 2016 was not good for us but the future looks bright. We have started nicely and if things continue this way, we are likely to make real money online casino gambling sites a fortune,” said Jim Murren, MGM Resorts’ CEO.
MGM Resorts that is located in Las Vegas, was not able to meet its target as analysts indicated several months earlier. See how Maryland Casinos Recorded $133.5 Million In Revenue Collection Thanks To MGM National Harbor over here!
According to current revenue reports, the gaming company that entertains visitors with several gaming options that include poker, slot machines, modern video games and food and restaurants. All these essential social amenities had a total collection of $70 million in the last 90 days of 2016.
Analysts had estimated that for MGM Resorts to make good profits from all her amenities and services, then every share would trade at 21 cents.
Contrary to that, MGM Resorts’ share traded at a meager 4 cents! This is how MGM Resorts failed to meet the projection that was set by analysts.
Other properties owned by MGM Resorts did their best in terms of revenue collection. For instance, MGM National Harbor in Washington DC did fairly well. In fact, this DC resort brought in most of the revenue the same period.
However, MGM Resorts’ aggregate revenue collection was poor for the last 90 days of 2016 when compared to the amount of space the 10 properties occupy.
In spite of their failure to achieve the set goal, the CEO says that there are still better times ahead, which will give the company ample time and conducive environment to increase their revenue collection.
“Although we did not meet the target, we managed to make some strides in terms of financial and strategic improvements. All these indicate that as a company, we are committed to achieving various milestones thus driving profitability. So far, we are so excited about how things have started to pick well this year,” Murren said during a press release.
Springfield Comes In Time
The resort was slated for opening the fall of 2018, but there are high chances that the gaming complex may be able to receive her debut visitors this summer.
If there is reason to believe that news, it means that by May 2018, MGM Springfield will be fully furnished and ready to receive visitors.
MGM Macau is another investment that has always brought joy to the developer. With Macau recording amazing profits at the close of 2016, there is ample reason to believe that the future of MGM Resorts revenue collection is still promising.