LAS VEGAS, Nevada—MGM Resorts International reported financial results for the quarter and year ended Dec. 31, 2024. Highlights include:
- MGM Resorts reports record full-year consolidated net revenues, up 7 percent to $17.2 billion
- MGM China has record full-year Segment Adjusted EBITDAR of $1.1 billion, an increase of 25 percent from the prior year
- Repurchased over 33 million shares in 2024, reducing shares outstanding by more than 40 percent since 2021
“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,” said Bill Hornbuckle, CEO and president, 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. 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 $41 billion market opportunity.”
“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,” said Jonathan Halkyard, chief financial officer and treasurer of MGM Resorts International. “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.”
Fourth Quarter
Consolidated Results
- Consolidated net revenues of $4.3 billion, a decrease of 1 percent compared to the prior year quarter;
- Net income attributable to MGM Resorts of $157 million compared to $313 million in the prior year quarter;
- Consolidated Adjusted EBITDA of $528 million in the current quarter compared to $632 million in the prior year quarter;
- Diluted earnings per share of $0.52 in the current quarter compared to $0.92 in the prior year quarter; and
- Adjusted diluted earnings per share (Adjusted EPS) of $0.45 in the current quarter compared to Adjusted EPS of $1.06 in the prior-year quarter.
Las Vegas Strip Resorts
- Net revenues of $2.2 billion in the current quarter compared to $2.4 billion in the prior year quarter, a decrease of 6 percent, due primarily to a decrease in casino and room revenues due primarily to strong results from Formula 1 in the prior year; and
- Segment Adjusted EBITDAR of $765 million in the current quarter compared to $864 million in the prior year quarter, a decrease of 11 percent.
Regional Operations
- Net revenues of $932 million in the current quarter compared to $873 million in the prior year quarter, an increase of 7 percent due primarily to an increase in casino revenue, partially attributable to the effects of the union strike at MGM Grand Detroit in the prior year; and
- Segment Adjusted EBITDAR of $281 million in the current quarter compared to $233 million in the prior year quarter, an increase of 21 percent.
MGM China
- Net revenues of $1.0 billion in the current quarter compared to $983 million in the prior year quarter, an increase of 4 percent due primarily to an increase in casino revenues from favorable hold compared to the prior year; and
- Segment Adjusted EBITDAR of $255 million in the current quarter compared to $262 million in the prior year quarter, a decrease of 3 percent.
MGM Digital
Net revenues of $140 million in the current quarter compared to $122 million in the prior year quarter, an increase of 15 percent due primarily to entry into new markets; and
Segment Adjusted EBITDAR loss of $22 million in the current quarter compared to a loss of $20 million in the prior year quarter.
Adjusted EPS
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. The current quarter includes a non-cash income tax benefit of $13 million resulting from a decrease in the valuation allowance on Macau deferred tax assets.
Full-Year 2024
Consolidated Results
- Consolidated net revenues of $17.2 billion in the current year compared to $16.2 billion in the prior year, an increase of 7 percent, due primarily to an increase in revenue at MGM China resulting from the recovery of operations after the removal of COVID-19-related entry restrictions in Macau in the first quarter of 2023;
- Net income attributable to MGM Resorts of $747 million in the current year compared to $1.1 billion in the prior year. Net income attributable to MGM Resorts decreased due primarily to the gain on the disposition of Gold Strike Tunica in the prior year;
- Consolidated Adjusted EBITDA of $2.4 billion in the current year compared to $2.3 billion in the prior year;
- Diluted earnings per share of $2.40 in the current year compared to $3.19 in the prior year; and
- Adjusted EPS of $2.59 in the current year compared to $2.67 in prior year.
Las Vegas Strip Resorts
- Net revenues of $8.8 billion in the current year, which was flat compared to the prior year; and
- Segment Adjusted EBITDAR of $3.1 billion in the current year compared to $3.2 billion in the prior year, a decrease of 3 percent.
Regional Operations
- Net revenues of $3.7 billion in the current year, which was flat compared to the prior year; and
- Segment Adjusted EBITDAR of $1.1 billion in the current year, which was flat compared to the prior year.
MGM China
- Net revenues of $4.0 billion in the current year compared to $3.2 billion in the prior year, an increase of 28 percent; and
- Segment Adjusted EBITDAR of $1.1 billion in the current year compared to $867 million in the prior year, an increase of 25 percent.
MGM Digital
- Net revenues of $552 million in the current year compared to $432 million in the prior year, an increase of 28 percent; and
- Segment Adjusted EBITDAR loss of $77 million in the current year compared to a loss of $32 million in the prior year.
Adjusted EPS
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. The current year includes a non-cash income tax benefit of $39 million resulting from a decrease in the valuation allowance on Macau deferred tax assets. The prior year included a non-cash income tax benefit of $149 million due to a decrease in the valuation allowance on foreign tax credit carryforwards.
MGM Resorts Share Repurchases
During the fourth quarter of 2024, the company repurchased approximately 3 million shares of its common stock for an aggregate amount of $121 million, pursuant to its repurchase plan. The remaining availability under the November 2023 repurchase plan was $826 million as of Dec. 31, 2024. All shares repurchased under the company’s program have been retired.
