MGM Resorts Q2 2024 results: Revenue reaches $4.33bn, MGM China up 37%
Vegas and regional operations revenue remained relatively stagnant, while net revenue from MGM China surpassed $1bn.
MGM Resorts has reported its financial earnings for the second quarter of 2024. For the three-month period ending June 30, the operator reported net revenue of $4.33bn, up 9.8% year-over-year. Operating income came to $425.7m, up 14.6%; however, when looking at net income attributable to MGM Resorts International, this was down 6.8% year-over-year, totaling $187.1m. Total net income came to $282.8m.
Total adjusted EBITDAR sat at $1.2bn.
Las Vegas Strip resorts
MGM’s Vegas properties made $2.21bn in Q2, up 2.7% year-over-year. This revenue accounts for 51% of the operator’s total net revenue.
Adjusted EBITDAR came to $782.3m, a slight increase from last year’s $776.5m.
Despite overall growth, casino revenue was down 2% to $485m. Both slot handle and win were down year-over-year, falling by 5% and 4% respectively, while table game drop grew by 1%, and table game win grew by 6%.
A 9% in room revenue, therefore, can be pointed to as a reason for growth in MGM’s Las Vegas segment. Revenue totaled $767m, with an average daily rate (ADR) increase of 6% to $248.
Regional operations
Regional operations made $927m for Q2, a stagnant amount compared to last year. This lack of growth or decline is reflected in relatively little movement in gaming handle and win, with slot win up 2% to $662m and table game win down 3% to $200m. Total casino revenue from this segment was up 1% in Q2 2024, making $684m.
Adjusted property EBITDAR was down 2% to $288m.
MGM China
Of the $1.02bn net revenue reported by MGM China this quarter, $891m came from casino revenue – a higher percentage than both Las Vegas and regional operations. Total net revenue was up 37%, with casino revenue up 33%, with adjusted property EBITDAR following a similar growth pattern, up 40% to $294m.
Main floor table game drop was also up 33%, generating $3.84bn. Table game win was up significantly, however, growing 50% year-over-year to $939m.
Net revenue
Of which casino revenue
BetMGM
As owner of half of BetMGM, MGM Resorts took on an operating loss from BetMGM of $38.4m, an increase from the $22.5m loss reported this time last year.
For a full breakdown of BetMGM’s latest financial results, check out the H1 report.
The future of BetMGM is currently uncertain, as BetMGM’s other parent company, Entain, has appointed a new CEO following the resignation of its former CEO amid fines and investor uncertainty. Some suspect this may be foreshadowing for future M&A activity, though this has yet to be seen.
During the quarter
In Q2, MGM Resorts and its subsidiary, BetMGM, have made a range of partnerships and deals.
At the start of the quarter, BetMGM launched in the Netherlands, utilizing technology provided by subsidiary LeoVegas. LeoVegas also acquired Tipico’s US operations during the quarter, essentially pulling the sportsbook from any territory where BetMGM currently operates.
MGM also partnered with Playtech to create Vegas-themed live casino content, while BetMGM released two new slots, themed around Ace Ventura: Pet Detective and Cheers.
Quotes
On the results, MGM Resorts International CEO and President Bill Hornbuckle said,
“MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China adjusted property EBITDAR and further growth in Las Vegas … We made significant progress with our international digital strategy by adding both an in-house sports product and live dealer capabilities to our online gaming offerings.
“We’re excited by the progress we’re making as a company against our strategic priorities and anticipate carrying our current momentum forward into the back half of the year.”
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