Anyone seen a whale? MGM National Harbor might be missing a few.
MGM Resorts International (NYSE: MGM) this week reported a $124 million decline in fourth-quarter regional gaming net revenue compared to the same quarter in 2022, according to its earnings report and its latest earnings call. MGM National Harbor’s dip in performance was a contributor, per the earnings report, combined with a union strike at MGM Grand Detroit and the sale of Gold Strike Tunica in Mississippi.
After removing the Gold Strike sale from the equation, the net decline comes to roughly $64 million — $60 million of which was blamed on Detroit and National Harbor, split roughly between the two, MGM CFO Jonathan Halkyard said on Tuesday’s earnings call.
MGM’s fourth-quarter earnings presentation blamed the decline at National Harbor on a “decrease in high-end table volume,” while CEO William Hornbuckle, on the earnings call, said “a player in our National Harbor company didn’t come back year-over-year,” per the Seeking Alpha transcript. Halkyard described it a third way: “some high-end play not returning.”
