MGM Resorts reports record revenue for 2024
Revenue was up 7 per cent compared to 2023.
US.- MGM Resorts International has reported record net revenue of $17.2bn for 2024. That’s a rise of 7 per cent year-on-year, boosted by MGM China‘s post-pandemic recovery. Net income stood at $747m, down from $1.1bn in 2023. Consolidated adjusted EBITDAR stood at 2.4bn compared to $2.3bn in the prior year.
The Las Vegas Strip Resorts segment generated $8.8bn in revenue, which was flat compared to the prior year; and segment adjusted EBITDAR of $3.1bn in 2024 compared to $3.2bn in the prior year, a decrease of 3 per cent.
MGM China’s revenue increased to $4bn, a 28 per cent year-over-year rise. Segment Adjusted EBITDAR increased by 25 per cent to $1.1bn. Regional operations reported revenue of $3.7bn in 2024. MGM Digital‘s revenue grew 28 per cent to $552m.
Bill Hornbuckle, chief executive officer & president of MGM Resorts International, said: “MGM Resorts is proud to report the best full-year consolidated net revenues in the history of the Company, driven by record performance from MGM China.”
He added: “We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth. In fact, December was our highest convention booking month on record, and in January we saw revenue growth in our Las Vegas Strip Resorts and Regional Operations as well as strong future bookings. Our digital businesses are also on a positive trajectory, with our BetMGM venture in North America expected to be profitable this year and our global MGM Digital business integrating and scaling to address its significant $41bn market opportunity.”
Jonathan Halkyard, chief financial officer & treasurer of MGM Resorts International, said: “We continue to see significant value in our stock at current levels, and as such we repurchased 3 million shares in the quarter, bringing our total for 2024 to 33 million shares repurchased at $1.4 billion.
“As we grow our core operations and realize returns from digital and development investments, this reduced share count will accelerate the free cash flow per share generation for our shareholders, creating significant value.”
