MGM Resorts Q3 2024 Results: Revenue Up in Las Vegas, 20% Net Revenue Growth at BetMGM

MGM Resorts Q3 2024 Results

Net income to MGM Resorts shareholders was $184.6 million, up 14.6%. Consolidated EBITDAR was $1.14 billion.

Revenue for the quarter was $2.12 billion from casinos, $883.6 million from rooms, $755.3 million from food and beverage, and $411.3 million from entertainment, retail and other. Returned costs were $11.9 million.

MGM China had $929.5 million in net revenue in Q3, up 14.4% from Q3 2023. Adjusted property EBITDAR was $237.4 million.

“During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1. 3 billion,” said Jonathan Halkyard, CFO and Treasurer of MGM Resorts International. “Since 2021, we have consistently demonstrated our commitment to returning cash to shareholders, reducing overall shares outstanding by 40% . Our balance sheet, characterized by low net debt and significant liquidity, positions us exceptionally well for strategic investments and sustained growth.”

MGM Resorts in the U.S.

Revenue from the Las Vegas Strip was $2.1 billion, up 1% from Q3 2023. That was driven by non-gaming revenue, while casino revenue was down 13%. Adjusted EBITDAR was $731 million, up 2%.

“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. Las Vegas, we drove sequential improvement throughout the quarter ” said Bill Hornbuckle, CEO and President of MGM Resorts International. “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.”

Room revenue was up 7% from Q3 2023 to $743 million. That was due to higher occupancy (92% to 94%) and ADR (236 to 243). Table game revenue was down 19% from the same period last year.

Regional property revenue was $952 million, up 3% from the prior year. Casino revenue was up. Adjusted EBITDAR for regional properties was $300 million, up 2%. That includes $37 million in business interruption insurance proceeds from a September 2023 cybersecurity incident.

Both the Las Vegas Strip and regional properties were up in slot revenue, 4% and 6% respectively.