Boosted by Macau and iGaming, Big Beast MGM Resorts International has posted a record FY 2024 with consolidated net revenue growing by seven percent to US$17.2 billion (£13.75bn).
Q4
Nevertheless Q4 results were lacklustre, falling, year-on-year, across all metrics.
Net revenue in the quarter, for example, fell one percent to US$4.3 billion (£3.44bn), with net income falling most significantly in the MGM casino resorts heartland to US$157 million (£125.67m) from US$313 million (£250.55m), compared to the same period last year.
The company also reported diluted earnings-per-share (EPS) of US$0.52, a decrease from US$0.92 in Q4 2023, while Adjusted EPS was booked at US$0.45, down from US$1.06 year-over-year.
Looking to MGM’s Las Vegas Strip Resorts, they reported net revenues of US$2.2 billion (£1.76bn) in the fourth quarter, a six percent decrease compared to the prior year.
Adjusted EBITDAR for this division was down 11 percent to US$765 million (£612.5m), y-o-y.
Regional Operations reported a seven percent increase in net revenues to US$932 million (£746.17m), driven by higher casino revenues and the resolution of a labour dispute at MGM Grand Detroit. Segment Adjusted EBITDAR increased 21 percent to US$281 million (£224.97m).
MGM Resorts’ operations in the Far East gambling entrepôt of Macau saw a four percent increase in net revenues to US$1 billion (£800.73m) during the fourth quarter; although Adjusted EBITDAR in this vertical decreased by three percent to US$255 million (£204.18m).
MGM Digital–including BetMGM–reported net revenues of US$140 million (£112.14m), up 15 percent on Q4 2023 but still showing an Adjusted EBITDAR loss of US$22 million (£17.62m), compared to a loss of US$20 million (£16.03m) in Q4 the prior year.
Full Year 2024
MGM Resorts International Full Year 2024 was led by MGM China’s strong post-COVID 19 recovery, with net revenues surging by 28 percent to US$4 billion (£3.2bn) and Segment Adjusted EBITDAR up by a quarter to US$1.1 billion (£881.67m).
But, despite the overall growth, net income attributable to MGM Resorts decreased to US$747 million (£593.7m), compared to US$1.1 billion (£881.62m).
MGM Resorts remains optimistic about its growth trajectory, especially with the performance of BetMGM, which accelerated its revenue growth in 2024 and is expected to become profitable in 2025.
The company continues to focus on expanding its regional operations and digital presence while maintaining its strong position in Macau.
“MGM Resorts is proud to report the best full-year consolidated net revenues in [our] history, driven by record performance from MGM China,” affirmed Bill Hornbuckle, CEO and President of MGM Resorts International.
“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.”
Added CFO Jonathan Halkyard: “We continue to see significant value in our stock at current levels and [our stock] is creating significant value.”
