Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. A flood of first quarter results from the likes of Caesars, MGM Resorts and Bally’s, as well as regulatory changes in the UK all feature in this week’s numbers round-up.


MGM Resorts International has reported record consolidated net revenues of $4.4bn for the first quarter of 2024, due to progress with MGM China and its Las Vegas operations.

The record figure represents an increase of 13 per cent year-over-year (Q1 2023: $3.9bn), driven by improvements at MGM China “from the continued ramp-up of operations after the removal of COVID-19 related entry restrictions in Macau in the prior year quarter”.

Casino operations generated $2.2bn during the quarter, an improvement on the $1.9bn earned during Q1 last year. Rooms generated $956.4m (2023: $848.5m), food and beverage produced $769.4m (2023: $722.1m), entertainment, retail and other stood at $404.4m (2023: $409.6m) and reimbursed costs was $12.2m (2023: $10.7m).

MGM Resorts’ net income came in at $217m, down from the $467m reported during Q1 2023 due to “a change in operating income, which was driven by a $398m gain on the disposition of Gold Strike Tunica in the prior year quarter, partially offset by the increase in net revenues in the current quarter”.

Consolidated adjusted EBITDAR at the end of the quarter was $1.2bn, diluted earnings per share were $0.67 (2023: $1.24) and adjusted diluted earnings per share were $0.74 (2023: $0.44). 

Net cash flow provided by (used in) operating, investing, and financing activities was $549m, ($108m), and ($629m), respectively, while free cash flow stood at $377m.

Bill Hornbuckle, CEO & President of MGM Resorts International, commented: “Our strategic growth plan to drive sustainable free cash flow from our resort operations, develop free cash flow by investing in international digital and luxury integrated resorts, and return capital to shareholders through share repurchases continued to develop in the first quarter of 2024. 

“We achieved record consolidated revenues in the first quarter. The January launch of our licence agreement with Marriott has surpassed our initial expectations with over 130,000 room nights booked and we expect the strategic relationship will be a growth driver this year.”


The UKGC is set to implement widespread changes across the industry with ‘light touch’ affordability checks being triggered after a spend of £150 a month. 

With the intention of ‘boosting safety and choice for consumers’, the new measures are following a myriad of white paper consultations and will be implemented in four stages: August 2024, November 2024, January 2025 and February 2025.

In a bid to smooth the transition process as much as possible, these checks will initially come into force at £500 a month from 30 August 2024, before reducing to £150 a month from 28 February 2025.

Off the back of consultation feedback, the Commission will carry out a pilot to test the details of frictionless assessments in practice, working with credit reference agencies and gambling businesses to examine the potential consumer impact.  

The initial pilot period for these new measures will involve the biggest operators, in order to enable the UKGC to gain the deepest possible understanding over the impact of regulations. 

Furthermore, new regulations will also impact game design – reducing speed and intensity of online slots, as the UKGC underlines it is seeking to make them ‘fairer and increasing consumer understanding about game play’.

Andrew Rhodes, Gambling Commission CEO, commented: “As a gambling regulator it’s vital that the introduction of new rules is based on evidence and takes into account the views of consumers and other interested parties.

“We have listened to the views expressed in our engagement and in the consultation responses, and we have made changes while still ensuring that we deliver meaningful protections.”


Bally’s Corporation has reported a 3.3 per cent uptick in revenue during the first quarter of 2024, with growth occurring across its Casino & Resorts and North America Interactive segments.

While International Interactive’s revenue declined year-over-year, CEO Robeson Reeves noted that gains were made in the UK ahead of the launch of its online sports betting offering in the market later this year.

Publishing its Q1 results, Bally’s declared a company-wide consolidated revenue of $618.5m, up 3.3 per cent YoY (Q1 2023: $598.7m), driven by Casino & Resorts and North America Interactive segments.

Gaming revenue came in at $516.1m (2023: $486.9m) while non-gaming revenue was $102.4m (2023: $111.8m).

The operator reported a net loss for the quarter of $173.9m, down from the net income of $178.3m net income during the same period the previous year. Adjusted EBITDAR stood at $148.1m. As of March 31, 2024, cash and cash equivalents stood at $169.3m.

Per segment, Casino & Resorts and North America Interactive revenue improved, but International Interactive revenue declined despite UK growth.

“Bally’s is off to a solid start in 2024, driven by revenue growth in our Casinos & Resorts and North America Interactive segments,” commented Reeves.

“While International Interactive revenues fell 4.4 per cent year-over-year in the aggregate, our core UK interactive operations grew revenues 12 per cent (seven per cent on a constant currency basis) as our strategies play out reflecting the initiatives we adopted in contemplation of the White Paper implementation in the UK.”


The Nevada Gaming Control Board detailed that statewide gaming revenue declined across March, falling by 1.65 per cent in comparison to the previous year to $1.29bn (March 2023: $1.31bn). 

For the fiscal year to date – July 1, 2023, to March 31, 2024 – revenue in the Silver State has improved by 4.44 per cent YoY to $11.9bn (2023: $11.4bn).

On the Strip, casino operations declined by 1.2 per cent YoY during March to $715.9m (2023: $724.6m), but have increased by 6.51 per cent YoY for the fiscal year to $6.89bn (2023: $6.47bn).

Per vertical, the NGCB noted that slot machine and sports betting revenue decreased year-over-year, but improvements were seen in the table, counter and card games segment.

Slot machine revenue during the month fell by 3.53 per cent in comparison to the previous year to $874.5m, with multi denomination and one cent slots earning $573.7m and $220.3m in revenue respectively.

Table, counter and card games revenue rose by 2.54 per cent YoY to $415.9m, with blackjack and baccarat drawing revenues of $108.8m and $114.7m respectively.

Revenue from sports betting dropped by 32.13 per cent in comparison to the same period last year to $29.8m.

The state collected $86.5m in taxes for the month, down 11.22 per cent in comparison to the same period the previous year (2023: $97.4m).


Caesars Entertainment has reported a 1.2 per cent drop in net revenue for the first quarter of 2024 with a “lower-than-expected hold” across several segments.

Publishing its first quarter results, Caesars declared a total net revenue of $2.7bn, down 1.2 per cent in comparison to the same period last year (Q1 2023: $2.8bn) following decreases in its Las Vegas and Regional segments.

The operator reported a net loss for the period of $158m, down 8.2 per cent year-over-year (2023: $136m) as declines occurred across Las Vegas, Regional and Caesars Digital segments.

Same-store adjusted EBITDA by the end of Q1 stood at $853m, a 9.9 per cent drop compared to Q1 the previous year (2023: $958m). Notably, Caesars Digital’s adjusted EBITDA improved to $5m (2023: $4m loss).

Across Las Vegas operations, Caesars reported a 4.5 per cent drop YoY in revenue to $1.03bn (2023: $1.13bn), a 30 per cent decrease in net income to $198m (2023: $293m) and an adjusted EBITDA decline of 15.7 per cent to $440m (2023: $533m).

CEO Tom Reeg commented: “Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold.” 

For its Regional operations, Caesars declared a 1.7 per cent decline YoY in revenue to $1.37bn (2023: $1.39bn), a 45.3 per cent drop in net income to $41m (2023: $75m) and an adjusted EBITDA decrease of 3.3 per cent to $433m (2023: $448m).

“In our Regional segment, results reflect weather related weakness in January and early February partially offset by our new property openings,” stated Reeg

Caesars Digital revenue improved by 18.5 per cent compared to the same period the previous year to $282m (2023: $238m), but the segment had a 6.3 per cent decline in net loss to $34m (2023: $32m loss) while adjusted EBITDA improved to $5m (2023: $4m loss).

Reeg noted: “Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavourable outcomes for the Super Bowl and March Madness.”