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Mar 31, 2024
MGM Q1 2024 Earnings Report
MGM reported record first-quarter results in 2024, driven by strong performance in MGM China and Las Vegas, with consolidated revenues of $4.4 billion and Adjusted EPS of $0.74.
Key Takeaways
MGM Resorts International reported record first-quarter 2024 financial results, with consolidated revenues of $4.4 billion, a 13% increase compared to the prior year quarter. MGM China achieved record quarterly results, and Las Vegas also showed strength. The company repurchased 12 million shares during the quarter.
MGM China achieved record quarterly results with Adjusted Property EBITDAR up 78% year over year and resumed its dividend.
Las Vegas strength continued in the first quarter with record 1Q net revenues.
Marriott strategic licensing agreement successfully launched across 16 brands.
MGM Resorts repurchased 12 million shares during the quarter resulting in total share count reduction of 36% since 2021.
MGM
MGM
MGM Revenue by Segment
MGM Revenue by Geographic Location
Revenue by Segment
Las Vegas Strip Resorts Revenue
CapyFin.comRegional Operations Revenue
CapyFin.comMGM China Revenue
CapyFin.comMGM Digital Revenue
CapyFin.comManagement & Other Operations Revenue
CapyFin.comRevenue by Geographic Location
Las Vegas Strip Revenue
CapyFin.comRegional Revenue
CapyFin.comChina Revenue
CapyFin.com Forward Guidance
MGM Resorts is focused on driving sustainable free cash flow, developing international digital and luxury integrated resorts, and returning capital to shareholders.
Positive Outlook
- Strategic growth plan to drive sustainable free cash flow.
- Developing free cash flow by investing in international digital and luxury integrated resorts.
- Returning capital to shareholders through share repurchases.
- License agreement with Marriott has surpassed initial expectations with over 130,000 room nights booked.
- Venture in Japan continues to progress with financing now in place.
Challenges Ahead
- Economic conditions and market conditions in the markets.
- Competition with online gaming and sports betting operators.
- Cybersecurity incidents.
- Timing and outcome of the claims and class actions against the Company.
- Disruptions in the availability of the Company's information.
Revenue & Expenses
Visualization of income flow from segment revenue to net income