MGM Resorts reports $4.2bn in net revenue for Q3 2024
The results were driven primarily due to improved revenue and adjusted property EBITDAR from the company’s MGM China sector.
Key Points
- Consolidated net revenue for MGM Resorts was reported to be $4.2bn, a 5% increase from the prior year period
- Net income attributable to MGM Resorts also increased year-over-year, rising 14.9% for a total of $185m
MGM Resorts International has reported the company’s financial results for the third quarter of 2024, including a third quarter record for both consolidated net revenue and net revenue from its MGM China sector. The company reported a consolidated net revenue of $4.2bn for Q3 2024, an increase of 5% from the prior year period, while net income also increased from the prior year period, rising 14.9% for a total of $185m.
“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy,” MGM Resorts President and CEO Bill Hornbuckle said.
“MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond.”
Revenue (US$ bn)
Consolidated adjusted EBITDAR (US$ bn)
Net income
The company also stated that its BetMGM sportsbook offering reported a record third quarter revenue, increasing 20% year-over-year for a revenue total of $3.2m. Consolidated adjusted EBITDAR was reported to be $1.1bn for Q3 2024, the same as what the company reported in the third quarter of 2023.
MGM China’s third quarter record net revenue was reported to be $929m for Q3 2024, a 14% increase from the prior year period. Adjusted property EDITDAR also was reported to have record results for the third quarter of 2024, totaling $237m for a 5% increase year-over-year.
The company said the results were due in part to positive recovery efforts after the removal of Covid-19 related travel restrictions still in place during the prior year period.
Good to know: MGM Resorts announced a proposal to offer $675m in aggregate principal amount of senior notes that would be due in 2029 on September 3
Las Vegas strip resorts net revenue was reported to be $2.1bn, the most of any sector but only a 1% increase from the prior year period due to decreases in casino revenue, but an increase in non-gaming revenue.
The sector’s adjusted property EBITDAR for Q3 2024 was $731m, an increase of 2% year-over-year. Regional operations net revenue managed to increase by 3% from the prior year period for a total of $952m.
Adjusted property EBITDAR for MGM Resorts’ regional operations was $300m during the third quarter of 2024, a 2% increase from the prior year period.
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