MGM celebrates best full-year revenues in its history with record performance in Macau
MGM Resorts International generated its best full-year consolidated net revenues in the history of the company, driven by record performance from MGM China.
Revenues came in at $17.2bn for the year compared to $16.2bn in the prior year, an increase of seven per cent, due primarily to an increase in revenue at MGM China resulting from the recovery of operations after the removal of COVID-19 related entry restrictions in Macau in the first quarter of 2023.
Net revenues for Las Vegas Net came in at $8.8bn in the current year, which was flat compared to the prior year. Revenues in Macau were $4bn in the current year compared to $3.2bn in the prior year, an increase of 28 per cent.
“MGM Resorts is proud to report the best full-year consolidated net revenues in the history of the Company, driven by record performance from MGM China,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. “We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth. In fact, December was our highest convention booking month on record, and in January we saw revenue growth in our Las Vegas Strip Resorts and Regional Operations as well as strong future bookings. 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 $41 billion market opportunity.”
“We continue to see significant value in our stock at current levels, and as such we repurchased 3 million shares in the quarter, bringing our total for 2024 to 33 million shares repurchased at $1.4 billion,” said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. “As we grow our core operations and realize returns from digital and development investments, this reduced share count will accelerate the free cash flow per share generation for our shareholders, creating significant value.”
