MGM Resorts International (MGM) Status Update summary

2024 performance and strategic progress

• Achieved $2.1 billion in net revenue for 2024, up 7% YoY, with iGaming net revenue at a record $1.5 billion and $424 million in contribution; adjusted net revenue grew 13% YoY.

• Online sports betting saw significant product improvements, leading to 38% Q4 handle growth, improved player quality, and 17% YoY online sports revenue growth.

• Market share stabilized at 14% GGR and 15% NGR, with iGaming GGR share at 22%, nearly double the fourth-ranked operator.

• Omnichannel initiatives, including MGM Resorts integration, drove a 61% increase in Nevada-acquired first-time depositors and strong cross-state player retention.

• FY 2024 EBITDA was ($244) million, reflecting investment and a $50 million negative impact from December's sports results.

2025 guidance and outlook

• Net revenue expected to reach $2.4–$2.5 billion in 2025, a $350 million increase YoY, with positive EBITDA projected and a pathway to $500 million EBITDA in coming years.

• Most 2025 revenue growth anticipated from existing players, leveraging improved engagement and retention from 2024 investments.

• Online sports betting expected to deliver positive contribution in 2025, with reduced marketing spend and focus on higher-value players.

• No new iGaming states (except Alberta) included in guidance; additional state launches represent upside potential.

• Long-term EBITDA target of $500 million remains, supported by operating leverage and economies of scale.

Strategic and operational highlights

• Three-pronged 2025 strategy: deepen iGaming penetration, position OSB as the home for premium mass players, and expand omnichannel capabilities.

• Refined capital allocation prioritizes player value and ROI, with less spend in lower-penetration or late-entry states.

• Enhanced loyalty and rewards programs, including MGM Rewards and Marriott Bonvoy integration, support player retention and cross-sell.

• Continued investment in live dealer and exclusive content to drive iGaming engagement and market share.

• Ongoing collaboration with MGM Resorts strengthens acquisition and retention, especially in Nevada and through omnichannel experiences.