MGM Resorts International (MGM) Q4 2024 earnings summary

Executive summary

• Achieved record consolidated net revenues of $17.2 billion in 2024, driven by strong performance in Las Vegas, regional properties, Macau, and digital growth.

• Over 33 million shares repurchased in 2024, reducing shares outstanding by more than 40% since 2021.

• BetMGM and MGM Digital showed strong revenue growth, with BetMGM maintaining a top 3 North American market position and expected profitability in 2025.

• Expansion underway in Japan and Dubai, with digital launches planned in Missouri and Alberta in 2025.

• Strong demand and record convention bookings position the company for continued growth in 2025.

Financial highlights

• 2024 consolidated adjusted EBITDA reached $2.4 billion, with $4.2 billion in liquidity (excluding MGM China).

• Full-year net income attributable to MGM Resorts was $747 million, down from $1.1 billion in 2023.

• Regional property revenues grew 7% and adjusted EBITDAR rose 21% in Q4 year-over-year.

• MGM China’s 2024 revenue was HK$31.4 billion, with adjusted EBITDA of HK$9.1 billion.

• Over $1.15 billion in CapEx spent in 2024 across U.S. and China.

Outlook and guidance

• BetMGM expects 2025 net revenues from operations of $2.4–$2.5 billion and positive EBITDA.

• MGM Digital aims for $1 billion in top-line revenue and healthy margins in the medium term.

• 2025 capital expenditures expected at $820–$850 million domestically, with $600 million for maintenance.

• January 2025 saw record occupancy (94%), ADR, slot handle, and restaurant revenue.

• Targeting $150 million in operational EBITDA opportunities in 2025, with 35% from revenue actions and 65% from expense management.