MGM Resorts on Wednesday reported revenue for the fourth quarter of 2024 was $4.3 billion, up 1 percent from the fourth quarter of 2023, and that revenue for the year reached $17.2 billion, up 7 percent from 2023.
“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,” MGM Resorts International CEO and President Bill Hornbuckle said in a statement. “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.”
MGM Digital posted revenue of $140 million in the fourth quarter compared to $122 million in the same time period in 2023, an increase of 15 percent the company said was primarily because of entry into new markets. According to a release, BetMGM accelerated revenue growth through 2024 and expects to be profitable in 2025.
MGM China had record full-year segment adjusted EBITDAR of $1.1 billion, an increase of 25 percent from the prior year.
Net income for MGM Resorts was $157 million in the fourth quarter, compared to $313 million in the prior year quarter.
MGM Resorts rebought more than 33 million shares in 2024, reducing shares outstanding by more than 40 percent since 2021.
“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,” MGM Resorts Chief Financial Officer & Treasurer Jonathan Halkyard said. “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.”
MGM Las Vegas Strip resorts brought in revenues of $2.2 billion in the fourth quarter compared to $2.4 billion year-over-year, down 6 percent. The company said the decrease was primarily because of a downturn in casino and room revenues primarily because of strong results from Formula 1 in 2023.
Regional operations yielded revenue of $932 million in the fourth quarter, compared to $873 million in the fourth quarter of 2023, up 7 percent primarily because of an increase in casino revenue, partially attributable to the effects of the union strike at MGM Grand Detroit in the prior year.
“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,” Hornbuckle said. “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.”
MGM Resorts stock closed Wednesday at $34.37 on the Nasdaq, up $0.95, or 0.28 percent
