MGM Resorts achieves yearly net revenue record with $17.2bn generated during FY2024

MGM Resorts has reported financial results for both the fourth quarter of 2024 and full year (FY), showcasing a 7% growth in net revenue year-over-year for a FY2024 total of $17.2bn, which represents the highest yearly figure ever recorded in the company’s history. However, MGM Resorts also reported decreases in both net revenue and net income during Q4 2024, as well as net income for FY2024.

Throughout FY2024, MGM Resorts generated a net income of $746.6m, which equates to a decrease of 34.6% year-over-year. Despite the loss in net income, MGM Resorts was still able to increase its FY2024 adjusted EBITDA by 3.2% from the prior year period, reported to be $2.41bn. 

The Las Vegas strip resorts sector of MGM Resorts reported a FY2024 revenue of $8.8bn, representing an increase of 0.2% year-over-year. Regional operations and MGM China both reported increases in revenue during FY2024 as well, having generated $3.7bn and just over $4bn, respectively, for rises of 1.4% and 27.5% from the prior year period. 

MGM Digital increased its revenue by 27.7% year-over-year for FY2024, reporting a total of $552m throughout the period. The company’s casino segment accounted for the majority of revenue throughout FY2024, reporting nearly $8.8bn for an increase of 8.6% year-over-year. Rooms, food & beverage and entertainment also reported increases in revenue from the prior period, with rooms generating $3.7bn, food & beverage reporting $3.1bn and entertainment representing the remaining $1.7bn. 

Operating income decreased by 21.2% year-over-year during FY2024 for a total of $1.49bn generated throughout the period. Similar results were reported for Q4 2024, as operating income decreased by 30.5% year-over-year to be just under $291.6m. 

Consolidated net revenue during Q4 2024 was reported to be $4.3bn by MGM Resorts, representing a decrease of 1% from the prior year period. Net income decreased by 49.8% year-over-year, as MGM Resorts managed to generate $157m throughout Q4 2024. 

The loss in revenue seems to be primarily attributed to the Las Vegas strip resorts segment, which reported a Q4 2024 revenue of $2.2bn and equates to a decrease of 6% from the prior year period. Las Vegas strip resorts saw a 15% decrease in casino revenue during the fourth quarter of 2024, but still managed to generate $501m. Table game win took the biggest hit during Q4 2024, falling by 27% year-over-year for a total of $392m. 

Good to know: The MGM Grand Hotel & Casino revealed details surrounding a $300m remodel of all rooms and suites located within the property’s main tower on January 17, which is expected to be completed by the end of 2025

Despite the Las Vegas strip resorts segment reporting a decrease in revenue during Q4 2024, regional operations, MGM China and MGM Digital all saw increases in revenue from the prior year period. Regional operations grew by 7% year-over-year for a total of $932m, MGM China’s revenue grew by 4% to account for $1bn and MGM Digital managed to generate $140m for an increase of 15%. 

While MGM Digital’s total revenue increased from the prior year period, the company also stated that its BetMGM sportsbook offering operated at a loss of nearly $42.3m. The operating loss seemingly affected MGM Resorts’ adjusted EBITDA throughout Q4 2024, as the figure decreased by 16.4% year-over-year for a total of $528.5m. 

Even with the operating loss reported for BetMGM throughout Q4 2024, MGM Resorts President and CEO Bill Hornbuckle remained confident in the sportsbook’s expected performance throughout 2025.

“Our digital businesses are also on a positive trajectory, with our BetMGM venture in North America expected to be profitable this year and our global MGM Digital business integrating and scaling to address its significant $41bn market opportunity,” Hornbuckle said. 

The company also stated that the increase in net revenue during FY2024 could be primarily attributed to the growth seen with MGM China after continuing to recover operations following the Covid-19 pandemic. The significant decrease in net income was said to be primarily attributed to the removal of MGM Resorts’ gain from the sale of Gold Strike Tunica to Cherokee Nation Entertainment for $450m during 2023. 

Kirk Geller

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