Bill Hornbuckle, the Chief Executive Officer of MGM Resorts International, recently addressed the earning call with investors. He highlighted several aspects, but the one to stand out was the estimate wherein he said that the new location carries the potential to bring over 400,000 tourists to Las Vegas.
Specifically speaking, Bill stated that given the conversation and the location of the pedestrian bridge from T-Mobile Arena to the location which has been proposed as the stadium site, it would bring over 400,000 tourists to the valley. Bill said in conclusion that these are the tourists who would have otherwise not been able to come.
Bill has further expressed his belief that the development is happening at the earliest and turning out to be accretive to overall visitation. The A’s team has signed a binding purchase agreement with Red Rock Resorts, granting them the right to purchase Tropicana Avenue and Dean Martin Drive, which spans 49 acres.
The earning call with investors has also seen Bill highlighting other aspects of MGM, especially the strong cash flow of the venture. According to company reports, it has achieved $466.8 million in net income for the quarter ending on March 31, 2023. The share price of MGM was last seen trading at $1.24, with a revenue of $3.9 billion for the same quarter.The first quarter of 2022 saw a loss of 6 cents on every share, followed by a net loss of $18 million and revenue of $2.9 billion.
Price per share and revenue for MGM has seen a jump till the quarter ending March 31, 2023.
The speech by Bill Hornbuckle follows MGM receiving approval from the Japanese Government to develop and build an integrated resort plus casino in Osaka, Japan.