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MGM Resorts Posts Strong 2024 Report Despite Mixed Q4
For its full-year results, MGM Resorts reported consolidated net revenues of $17.2 billion, up 7% year-on-year

Gaming giant MGM Resorts has posted its results for 2024, reporting an all-time high net revenue, underpinned by the steady growth of MGM China. The BetMGM digital business, on the other hand, is nearing profitability.
The Q4 Report Was Mixed
The fourth quarter of the year saw MGM Resorts report consolidated net revenues of $4.3 billion, marking a slight 1% decrease year-on-year. The net income attributable to the company stood at $157 million compared to $313 million in the prior year quarter.
In Q4, MGM Resorts reported consolidated adjusted EBITDA of $528 million, marking a decline from $632 million in Q4 2023.
In Q4, the company’s Las Vegas resorts experienced a slowdown, which was partially offset by increases in its revenue from regional and digital operations, as well as a slight increase in its revenue in China.
MGM Resorts reported diluted earnings per share of $0.52 and adjusted diluted earnings per share of $0.45 in Q4, marking a significant year-on-year decline from $0.92 and $1.06 in the prior year period, respectively.
In Q4, MGM Resorts repurchased roughly 3 million shares for $121 million, in line with its share buyback plan.
The Full-Year Results Offset the Q4 Slowdown
As for its full-year results, MGM Resorts reported consolidated net revenues of $17.2 billion, up 7% year-on-year. The company attributed the increase to the robust recovery of MGM China in since the lifting of the COVID restrictions.
Net income attributable to MGM Resorts reached $747 million, down from $1.1 billion in the prior year. The change was due to the gain on the disposition of Gold Strike Tunica in 2023, MGM said.
Consolidated adjusted EBITDA for the period stood at $2.4 billion, marking a slight year-on-year increase.
On the Vegas Strip, MGM’s properties yielded net revenues of $8.8 billion and adjusted EBITDAR of $3.1 billion. These figures were mostly consistent with 2023. The regional operations were likewise flat, reaching net revenue of $3.7 billion and adjusted EBITDAR of $1.1 billion.
MGM China, on the other hand, saw its revenues increase from $3.2 billion to $4 billion, marking a 28% increase. Adjusted EBITDAR for the segment stood at $1.1 billion, up 25%.
Finally, MGM Digital segment saw its net revenues increase by 28% to $552 million. The adjusted EBITDAR loss, however, increased to $77 million from a loss of $32 million in 2023.
The C-Suite Applauded the Results
MGM CEO Bill Hornbuckle weighed in on the results, praising his team for the performance and noting that this was the best full-year consolidated net revenue the company has ever reported. He attributed the results to the spectacular performance of MGM China and added that the strong demand for the company’s products has been “encouraging.”
Hornbuckle added that BetMGM is on a positive trajectory and expected to become profitable by the end of 2025.
In the meantime, CFO Jonathan Halkyard said that the share buyback program was spurred by the significant value of MGM Resorts’ stock. As the company grows its core operations, this reduced share count will accelerate BetMGM’s free cash flow.
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