Revenue during the quarter grew 16.28 percent to $417.73 million from $359.25 million in the previous year period. Gross margin for the quarter contracted 270 basis points over the previous year period to 57.68 percent. Total expenses were 77.88 percent of quarterly revenues, up from 73.84 percent for the same period last year. That has resulted in a contraction of 404 basis points in operating margin to 22.12 percent.

Operating income for the quarter was $92.40 million, compared with $93.96 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $135.90 million compared with $133.22 million in the prior year period. At the same time, adjusted EBITDA margin contracted 455 basis points in the quarter to 32.53 percent from 37.08 percent in the last year period.

“During the first quarter, we continued to see solid results in our Las Vegas operations with same-store revenues up 3.0%, demonstrating the underlying strength of our core business,” said Marc J. Falcone, executive vice president, chief financial officer and Treasurer. “We believe these results are directly correlated to the ongoing expansion of the Las Vegas economy, which continues to see strong population growth, robust employment numbers, increasing wages, an improving housing market, and a large pipeline of planned and under construction development projects, all of which attract new residents and businesses to the Las Vegas market,” said Mr. Falcone.