MGM Resorts revenue fell 29.1% to $ 2.25 billion for the first quarter of this year due to the effects of the COVID-19 pandemic, but the operator’s profit increased due to the sales of two objects, MGM Grand and Mandalay Bay.

As Bill Hornbacco, Acting Director General and President MGM Resorts, This year for the company began with good results, ahead of expectations, but the COVID-19 pandemic led to the closure of objects, which had a significant negative impact on the results of the first quarter of 2020.

In March of this year, MGM announced that it will temporarily close its objects in response to a flare of coronavirus. This decision was made before the governor Steve Sisolak ordered to close all the playgrounds in Nevada. Now MGM spend about $ 270 million a month to maintain its closed resorts with a casino in the US.

As Paul Salem said, the chairman of MGM Resorts:

“During the unprecedented crisis, MGM Resorts retains a strong liquidity position. We have benefited from Real Estate Transactions Bellagio, MGM Grand Las Vegas and Circus Circus Las Vegas, which brought about $ 6.9 billion in cash. Also, the company has access to additional liquidity in the amount of 1.4 billion US dollars when redeeming its operating partnerships in MGP “.