Operating income was $731 million compared to $106 million in the prior year quarter due to a $398 million gain on the disposition of Gold Strike Tunica in the current quarter and the increase in net revenues discussed above, partially offset by an increase in rent expense related to the VICI and The Cosmopolitan leases, which commenced in April 2022 and May 2022, respectively.

Additionally, results improved over the prior year quarter due to increased business volume and travel activity primarily at MGM China and Las Vegas Strip Resorts The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas ('The Cosmopolitan'), which was acquired in May 2022, partially offset by the disposition of The Mirage and Gold Strike Tunica in December 2022 and February 2023, respectively.

Consolidated net revenues of $3.9 billion, an increase of 36% compared to the prior year quarter.

With $4.5 billion of cash on the balance sheet, we expect to continue to return capital to our shareholders through ongoing stock repurchases and pursue long-term growth opportunities through international digital acquisitions and the development opportunities we have with Japan and New York.' 'Our balance sheet continues to improve as we received $450 million in gross cash proceeds from the sale of Gold Strike Tunica and repaid $1.25 billion in unsecured notes upon maturity during the quarter.

'MGM Resorts achieved net cash flow provided by operating activities of $704 million and Free Cash Flow of $564 million during the first quarter,' said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts.

The application process in New York is progressing and our global digital expansion plans remain a major focus as we continue to grow LeoVegas and the MGM digital brand worldwide.' In April, we achieved the landmark approval of MGM's development plan in Osaka, Japan. 'Beyond our continued exceptional results, our future growth and expansion plans are promising. 'MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China's swift return to profitability, and BetMGM's anticipated positive earnings later this year,' said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts.

Gold strike casino win loss statement