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Sep 30, 2024
MGM Q3 2024 Earnings Report
MGM's Q3 2024 performance was marked by record consolidated net revenues, driven by exceptional results from MGM China, alongside strategic capital allocation and digital growth initiatives.
Key Takeaways
MGM Resorts International reported record consolidated net revenues for Q3 2024, primarily driven by record results from MGM China. The company saw improvements in Las Vegas and growth in ADR and occupancy. MGM repurchased over $300 million of shares in Q3 and approximately $1.3 billion year-to-date, reducing overall shares outstanding by 40% since 2021.
MGM Resorts achieved record consolidated net revenues in Q3 2024.
MGM China reported record net revenue and Adjusted Property EBITDAR for Q3.
The company repurchased over $300 million in shares during the quarter, totaling approximately $1.3 billion year-to-date.
BetMGM's net revenues increased nearly 20% year-over-year, more than doubling the revenue growth achieved in 2Q.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MGM Resorts is focused on long-term growth driven by digital investments and integrated resorts development.
Positive Outlook
- Positive inflection in digital investments expected.
- Enviable integrated resorts pipeline of development in Japan.
- Opportunities in New York and beyond.
- Commitment to returning cash to shareholders.
- Balance sheet characterized by low net debt and significant liquidity.
Challenges Ahead
- Effects of economic conditions and market conditions.
- Competition with online gaming and sports betting operators.
- Risks relating to international operations.
- Disruptions in the availability of the Company's information and other systems.
- Impact to the Company's business, operations and reputation from cybersecurity incidents.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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