MGM Resorts reports record $17.2 billion revenue in 2024, driven by MGM China growth

MGM Resorts International posted record full-year revenue of $17.2 billion in 2024, a 7% increase from the previous year, driven by a strong performance from its Macau operations, the company said on Wednesday.  

MGM China, which benefited from Macau’s post-pandemic recovery, recorded a 25% year-over-year (YoY) rise in Segment Adjusted EBITDAR to $1.1 billion. Meanwhile, the company's digital business, BetMGM, accelerated revenue growth in 2024 and is expected to turn profitable in 2025.  

“MGM Resorts is proud to report the best full-year consolidated net revenues in the history of the company,” said CEO and President Bill Hornbuckle. “We’re also seeing strong demand in early 2025, with January revenue growth across Las Vegas Strip Resorts and Regional Operations, as well as robust future bookings.”  

Despite the record-setting year, fourth-quarter results were mixed, with consolidated net revenue at $4.3 billion (-1% YoY).  

• Net income fell to $157 million, compared to $313 million in Q4 2023.  
• Adjusted EBITDA declined to $528 million, down from $632 million in the previous year.  
• Adjusted EPS was $0.45, a drop from $1.06 in Q4 2023.  

The Las Vegas Strip Resorts segment generated $2.2 billion in revenue (-6% YoY), with lower casino and hotel revenue, partly due to tough comparisons from stronger Formula 1-driven results in 2023. However, slot revenue hit an all-time quarterly high of $648 million (+8% YoY).  

MGM China’s revenue increased to $1.0 billion, reflecting a 4% year-over-year rise, though its Segment Adjusted EBITDAR declined by 3% to $255 million. “In Macau, we achieved the best full-year segment-adjusted EBITDA in the history of MGM China,” Hornbuckle said. “We continue to be a high-performing outlier in the market with exceptional execution by the team."

Meanwhile, regional operations reported revenue of $932 million, marking a 7% increase. This growth was driven by the recovery of casino operations following the previous year’s MGM Grand Detroit strike.

MGM Digital's revenue grew by 15% year-over-year to $140 million, driven by its expansion into new markets. Meanwhile, BetMGM remains on track to achieve profitability in 2025, despite recording a $22 million EBITDAR loss in the fourth quarter.

During the last year, MGM continued its aggressive share repurchase strategy, buying back 3 million shares in Q4 2024. Over the full year, the company repurchased 33 million shares worth $1.4 billion, reducing its outstanding shares by over 40% since 2021.  

CFO Jonathan Halkyard highlighted the long-term benefits of these repurchases, stating: “This reduced share count will accelerate free cash flow per share generation, creating significant value for shareholders.”