By BBBB
MGM Resorts International has released its latest quarterly revenue report revealing record net revenues of $4.2 billion for Q3 2024.
The Q3 report reveals that growth was primarily driven by MGM China as revenues increased by 14%. This was as a result of the full recovery of operations following the lifting of pandemic-related restrictions which limited tourism in Macau and were in place in Q3 2023.
An increase in regional net revenues was attributed to growth in the online casino sector.
Q3 2024 Key Highlights
Group
- Net revenues – $4.2 billion, up by 5%
- Net income MGM Resorts – $185 million, up by 14.9%
- Consolidated Adjusted EBITDAR – $1.1 billion
- Diluted earnings per share of $0.61, up by 32.6%
Las Vegas
- Net revenues – $2.1 billion, up by 1%
- Adjusted Property EBITDAR – $731 million, up by 2%
Regional
- Net revenues – $952 million, up by 3%
- Adjusted Property EBITDAR – $300 million, up by 2%
MGM China
- Net revenues – $929 million, up by 14%
- Adjusted Property EBITDAR – $237 million, up by 5%
Bill Hornbuckle, CEO and President of MGM Resorts International:
“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy. 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.”
Jonathan Halkyard, CFO and Treasurer of MGM Resorts International added:
“During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3 billion. 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.”
Kenneth Feng, President and Executive Director of MGM China said:
“We are delighted to see the recovery in Macau, along with the diversification development of the city. We are committed to developing Macau into a global and diversified tourist destination through our concession commitments.
Meanwhile, we are also investing in several capital improvements across our properties. These initiatives include the renovation of our MGM MACAU villas and converting some hotel rooms at MGM COTAI into suites. We are also preparing the upcoming launch of our residency show “Macau 2049″ by the end of this year. We are devoted in enhancing the stay for our customers, driving organic visitation and bringing in unique experience for Macau visitors,”
English