MGM Resorts International (NYSE: MGM) isn’t just the largest operator on the Las Vegas Strip. It runs some of the biggest regional casinos in the US, including MGM National Harbor in Oxon Hill, Md.
In 2022, that venue was the highest grossing casino outside of Nevada in the country, eking past Resorts World New York in Queens for that distinction. Helped by the strength of National Harbor, the Maryland/Washington, DC casino market nudged past Chicago/Southern Indiana for the third spot among US casino markets in terms of 2022 gross gaming revenue, trailing only Las Vegas and Atlantic City.
At the property level, MGM National Harbor in Maryland narrowly surpassed Resorts World New York City in Queens, NY as the highest grossing commercial casino in terms of gaming revenue outside of Nevada,” noted the American Gaming Association (AGA). “The Maryland property benefited from a full year of retail sports betting, which is currently unavailable at the New York property.”
National Harbor is one of seven regional casinos operated by MGM. The company’s other domestic venues outside of Las Vegas are in Atlantic City, Biloxi, Miss. Detroit, Springfield, Mass., Yonkers, NY, and Ohio. VICI Properties (NYSE: VICI) owns the real estate of National Harbor and the other venues.
MGM Dominant Regional Operator
Owing to its footprint on the Strip, which includes glitzy integrated resorts such as Aria, Bellagio, and Cosmopolitan, MGM is most often associated with its home city.
However, as noted, the company has an extensive regional portfolio, offering investors geographic diversification. Importantly, the operator’s venues outside of Sin City are strong performers. Including National Harbor, four of the top eight grossing regional casinos in 2022 were MGM properties, according to the AGA.
The others on that list were Borgata in Atlantic City, MGM Grand Detroit and Empire City in Yonkers, NY. Borgata was one of three Atlantic City among the top 20 regional casinos in terms of 2022 gross gaming revenue (GGR) and was far and away the leader of that trio.
The top regional casinos in 2022 GGR terms were rounded out by Wynn Resorts’ Encore Boston Harbor and Live! Casino and Hotel in Hanover, Md.
MGM Could Be Sitting on Another Gold Mine
By number of venues in the top 20 in terms of 2022 GGR outside of Nevada, MGM leads with quartet of aforementioned venues. Caesars Entertainment, Hard Rock and Rivers each have a pair of casinos on the list.
For MGM, its next big thing among regional casinos could already be in its portfolio. When accounting for the fact that Resorts World New York City in Queens and MGM’s Empire City Casino in Yonkers are already two of the top grossing regional casinos as slots-only properties and the likelihood those venues become full-service casinos, MGM could be sitting on valuable property in the New York area.
Regulators in that state are expected to award three downstate casino permits later this year and it’s widely believed Empire City and Resorts World will garner two of those licenses.
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