MGM Resorts Hits Record $17.2B Revenue Despite Q4 Dip
Key Takeaways
MGM Resorts achieved a record revenue of $17.2 billion in fiscal year 2024 – an increase of 7% compared to the previous year. Despite this success, the company experienced a decline in revenue and profit in the fourth quarter of 2024. Net profit for the full year fell by 34.6% to $746.6 million, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 3.2% to $2.41 billion.
Revenue Development Across Business Segments
The Las Vegas Strip resorts remained MGM Resorts’ primary revenue source, generating $8.8 billion, a slight increase of 0.2%. Other business segments also contributed to growth:
- Regional properties: $3.7 billion (+1.4%)
- MGM China: $4 billion (+27.5%)
- MGM Digital: $552 million (+27.7%)
The core casino operations generated $8.8 billion, an increase of 8.6%. Additionally, the hotel, food & beverage, and entertainment segments reported rising revenues.
Challenges in Q4 2024
Despite a strong year overall, MGM Resorts faced declines in the fourth quarter of 2024:
- Total revenue: $4.3 billion (-1% year-over-year)
- Net profit: $157 million (-49.8%)
- Operating income: $291.6 million (-30.5%)
The Las Vegas Strip was particularly affected, with revenue declining by 6% to $2.2 billion. Casino revenue in this segment dropped by 15% to $501 million, while table game revenue fell by 27% to $392 million.
Positive Developments in Other Areas
While the Las Vegas Strip struggled, other business segments performed well:
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- Regional properties: $932 million (+7%)
- MGM China: $1 billion (+4%)
- MGM Digital: $140 million (+15%)
BetMGM, MGM Resorts’ sports betting and online casino division, reported an operating loss of $42.3 million. However, the company remains optimistic. CEO Bill Hornbuckle emphasized that BetMGM is expected to be profitable in North America by 2025, with MGM Digital continuing its global expansion.
Our Assessment
MGM Resorts achieved record revenue in 2024 despite economic uncertainties. The strong recovery of MGM China and growth in the digital sector are positive indicators. However, the declines in Q4 highlight ongoing challenges, particularly on the Las Vegas Strip. The development of BetMGM remains a key factor for the company’s future profitability.
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