LAS VEGAS, Nevada—MGM Resorts Worldwide reported monetary outcomes for the quarter and 12 months ended Dec. 31, 2024. Highlights embrace:
- MGM Resorts stories document full-year consolidated internet revenues, up 7 p.c to $17.2 billion
- MGM China has document full-year Section Adjusted EBITDAR of $1.1 billion, a rise of 25 p.c from the prior 12 months
- Repurchased over 33 million shares in 2024, lowering shares excellent by greater than 40 p.c since 2021
“MGM Resorts is proud to report the perfect full-year consolidated internet revenues within the historical past of the corporate, pushed by document efficiency from MGM China,” stated Invoice Hornbuckle, CEO and president, MGM Resorts Worldwide. “We’re additionally inspired by the robust demand we’re seeing within the enterprise to date in 2025, which positions us effectively for continued development. In reality, December was our highest conference reserving month on document, and in January we noticed income development in our Las Vegas Strip Resorts and Regional Operations in addition to robust future bookings. Our digital companies are additionally on a optimistic trajectory, with our BetMGM enterprise in North America anticipated to be worthwhile this 12 months and our international MGM Digital enterprise integrating and scaling to deal with its important $41 billion market alternative.”
“We proceed to see important worth in our inventory at present ranges, and as such we repurchased 3 million shares within the quarter, bringing our whole for 2024 to 33 million shares repurchased at $1.4 billion,” stated Jonathan Halkyard, chief monetary officer and treasurer of MGM Resorts Worldwide. “As we develop our core operations and notice returns from digital and growth investments, this lowered share rely will speed up the free money stream per share era for our shareholders, creating important worth.”
Fourth Quarter
Consolidated Outcomes
- Consolidated internet revenues of $4.3 billion, a lower of 1 p.c in comparison with the prior 12 months quarter;
- Web revenue attributable to MGM Resorts of $157 million in comparison with $313 million within the prior 12 months quarter;
- Consolidated Adjusted EBITDA of $528 million within the present quarter in comparison with $632 million within the prior 12 months quarter;
- Diluted earnings per share of $0.52 within the present quarter in comparison with $0.92 within the prior 12 months quarter; and
- Adjusted diluted earnings per share (Adjusted EPS) of $0.45 within the present quarter in comparison with Adjusted EPS of $1.06 within the prior-year quarter.
Las Vegas Strip Resorts
- Web revenues of $2.2 billion within the present quarter in comparison with $2.4 billion within the prior 12 months quarter, a lower of 6 p.c, due primarily to a lower in on line casino and room revenues due primarily to robust outcomes from System 1 within the prior 12 months; and
- Section Adjusted EBITDAR of $765 million within the present quarter in comparison with $864 million within the prior 12 months quarter, a lower of 11 p.c.
Regional Operations
- Web revenues of $932 million within the present quarter in comparison with $873 million within the prior 12 months quarter, a rise of seven p.c due primarily to a rise in on line casino income, partially attributable to the consequences of the union strike at MGM Grand Detroit within the prior 12 months; and
- Section Adjusted EBITDAR of $281 million within the present quarter in comparison with $233 million within the prior 12 months quarter, a rise of 21 p.c.
MGM China
- Web revenues of $1.0 billion within the present quarter in comparison with $983 million within the prior 12 months quarter, a rise of 4 p.c due primarily to a rise in on line casino revenues from favorable maintain in comparison with the prior 12 months; and
- Section Adjusted EBITDAR of $255 million within the present quarter in comparison with $262 million within the prior 12 months quarter, a lower of three p.c.
MGM Digital
Web revenues of $140 million within the present quarter in comparison with $122 million within the prior 12 months quarter, a rise of 15 p.c due primarily to entry into new markets; and
Section Adjusted EBITDAR lack of $22 million within the present quarter in comparison with a lack of $20 million within the prior 12 months quarter.
Adjusted EPS
The revenue tax impression contains present and deferred revenue tax expense primarily based upon the character of the adjustment and the jurisdiction wherein it happens. The present quarter features a non-cash revenue tax good thing about $13 million ensuing from a lower within the valuation allowance on Macau deferred tax property.
Full-Yr 2024
Consolidated Outcomes
- Consolidated internet revenues of $17.2 billion within the present 12 months in comparison with $16.2 billion within the prior 12 months, a rise of seven p.c, due primarily to a rise in income at MGM China ensuing from the restoration of operations after the elimination of COVID-19-related entry restrictions in Macau within the first quarter of 2023;
- Web revenue attributable to MGM Resorts of $747 million within the present 12 months in comparison with $1.1 billion within the prior 12 months. Web revenue attributable to MGM Resorts decreased due primarily to the achieve on the disposition of Gold Strike Tunica within the prior 12 months;
- Consolidated Adjusted EBITDA of $2.4 billion within the present 12 months in comparison with $2.3 billion within the prior 12 months;
- Diluted earnings per share of $2.40 within the present 12 months in comparison with $3.19 within the prior 12 months; and
- Adjusted EPS of $2.59 within the present 12 months in comparison with $2.67 in prior 12 months.
Las Vegas Strip Resorts
- Web revenues of $8.8 billion within the present 12 months, which was flat in comparison with the prior 12 months; and
- Section Adjusted EBITDAR of $3.1 billion within the present 12 months in comparison with $3.2 billion within the prior 12 months, a lower of three p.c.
Regional Operations
- Web revenues of $3.7 billion within the present 12 months, which was flat in comparison with the prior 12 months; and
- Section Adjusted EBITDAR of $1.1 billion within the present 12 months, which was flat in comparison with the prior 12 months.
MGM China
- Web revenues of $4.0 billion within the present 12 months in comparison with $3.2 billion within the prior 12 months, a rise of 28 p.c; and
- Section Adjusted EBITDAR of $1.1 billion within the present 12 months in comparison with $867 million within the prior 12 months, a rise of 25 p.c.
MGM Digital
- Web revenues of $552 million within the present 12 months in comparison with $432 million within the prior 12 months, a rise of 28 p.c; and
- Section Adjusted EBITDAR lack of $77 million within the present 12 months in comparison with a lack of $32 million within the prior 12 months.
Adjusted EPS
The revenue tax impression contains present and deferred revenue tax expense primarily based upon the character of the adjustment and the jurisdiction wherein it happens. The present 12 months features a non-cash revenue tax good thing about $39 million ensuing from a lower within the valuation allowance on Macau deferred tax property. The prior 12 months included a non-cash revenue tax good thing about $149 million as a result of a lower within the valuation allowance on international tax credit score carryforwards.
MGM Resorts Share Repurchases
In the course of the fourth quarter of 2024, the corporate repurchased roughly 3 million shares of its frequent inventory for an combination quantity of $121 million, pursuant to its repurchase plan. The remaining availability beneath the November 2023 repurchase plan was $826 million as of Dec. 31, 2024. All shares repurchased beneath the corporate’s program have been retired.
