MGM Resorts Q3 revenue hits $4.2B, driven by China
Key Highlights
- MGM Resorts reports record revenue of $4.2 billion for the third quarter of 2024.
- Growth driven primarily by MGM China, which generated $929 million in revenue, a 14% increase compared to the previous year.
- Las Vegas also saw a slight revenue increase of 1% to $2.1 billion.
- Digital offerings, especially BetMGM, contributed with a 20% revenue growth to the success.
Record Revenue in Q3 2024
MGM Resorts International achieved record revenue of $4.2 billion in the third quarter of 2024. This represents a 5% increase compared to the same period last year. Notably, MGM China played a significant role in this growth. Revenue in China rose by 14% to $929 million.
MGM China as a Growth Driver
MGM China generated revenue of $929 million in the third quarter of 2024, marking a 14% increase compared to the previous year. Adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) grew by 5% to $237 million. This growth is primarily attributed to the easing of travel restrictions, which have revitalized tourism and gaming activities in the region.
Las Vegas Shows Stable Performance
Revenue in Las Vegas also increased slightly by 1% to $2.1 billion. Interestingly, the growth was mainly driven by non-gaming revenues such as hotel stays, dining, and entertainment. Adjusted EBITDAR for Las Vegas grew by 2% to $731 million.
Regional Operations and Digital Expansion
MGM Resorts’ regional operations also saw revenue growth of 3% to $952 million. Adjusted EBITDAR here increased by 2% to $300 million. Additionally, MGM achieved impressive results in the digital space, particularly with BetMGM. BetMGM posted record revenue of $3.2 million, reflecting a 20% growth compared to the previous year.
Future Plans and Outlook
MGM Resorts CEO Bill Hornbuckle expressed optimism about the company’s future plans. In addition to ongoing digital investments, MGM is planning the development of integrated resorts in Japan as well as further projects in New York. These initiatives are expected to secure the company’s long-term growth.
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Our Assessment
MGM Resorts delivered a strong performance in the third quarter of 2024, particularly thanks to the recovery in China and stable revenue in Las Vegas. The digital expansion, especially through BetMGM, demonstrates the potential to further strengthen the company in the future. The planned projects in Japan and New York could position MGM even more strongly in the global gaming market in the long term.
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