MGM Resorts has reported its best full-year consolidated net revenues in the history of the company, which it attributes largely to a record performance from MGM China.
Consolidated net revenues for the quarter ending December 31, 2024, reached US$4.3bn, a decrease of one per cent year-on-year. Of that, $1bn came from MGM China, a four per cent year-on-year increase, $932m came from regional operations, up from $873m, and $140m came from MGM Digital, up from $122m. Meanwhile, $2.2bn came from Las Vegas Strip Resorts, which was down from $2.4bn.
Net income attributable to MGM Resorts was $157m compared to $313m year-on-year, while consolidated Adjusted EBITDA was $528m, down from $632m.
Looking at the full year, however, consolidated net revenues reached $17.2bn, a seven per cent increase from $16.2bn, year-on-year. While net revenues from Las Vegas Resorts and Regional operations were flat at $8.8bn and $3.7bn respectively, those from MGM China grew from $3.2bn to $4bn.
Net income attributable to MGM Resorts was $747m compared to $1.1bn year-on-year. This was attributed primarily to the gain on the disposition of Gold Strike Tunica in the prior year. Consolidated Adjusted EBITDA was $2.4bn, up from $2.3bn.
"We're encouraged by the strong demand we're seeing in the business so far in 2025, which positions us well for continued growth,” declared Bill Hornbuckle, CEO and president of MGM Resorts International. “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."
"We continue to see significant value in our stock at current levels, and as such we repurchased three million shares in the quarter, bringing our total for 2024 to 33m shares repurchased at $1.4bn," 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."
