MGM Resorts Revenue Rises to $4.4bn in Q1 Despite Regional Setbacks

MGM Resorts International has unveiled its financial outcomes for the initial quarter, marking a 13% surge in overall revenue compared to the previous year. Despite this uptick, the company’s net income has seen a significant reduction, plummeting from $467 million to $217 million. Additionally, regional operations have experienced a $35 million decline in revenue. This downturn is attributed to a shift in operating income, notably influenced by a $398 million profit from the sale of Gold Strike Tunica in the first quarter of the preceding year.

MGM China Spearheads Growth In Between Las Vegas Stability

The primary catalyst for MGM’s growth has been its operations in China. As the region eases Covid-19 restrictions, MGM China has welcomed an influx of visitors, contributing $1.1 billion to net revenue—a stark 71% increase from the $618 million recorded in the fourth quarter of 2023. The adjusted property EBITDAR for MGM China also climbed, from $169 million to $301 million. In contrast, MGM’s Las Vegas properties reported a modest 4% rise in net revenue, totaling $2.3 billion, only slightly higher than the previous year’s figures.

Jonathan Halkyard, MGM’s CFO and Treasurer, expressed satisfaction with the company’s performance, stating, “We achieved record results in the first quarter of 2024 driven by strong performance at MGM China and in Las Vegas specifically at our luxury resort properties. We repurchased 12 million shares at attractive valuations, providing our shareholders with incremental future benefits from the free cash flow growth of our resort operations, digital profitability and the development opportunities of Japan and New York.”

The company’s Japanese venture is advancing, with financing secured and a hedging program that offers substantial cost benefits for the development of the nation’s inaugural integrated resort.

MGM’s strategic alliance with Marriott has been initiated across 16 brands in the quarter, and its Japan IR venture has finalized its credit facility, marking the largest project financing in Japan’s history.

350% or 5BTC + 150 Spins!

New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins


In comparison to its peers, MGM has outperformed VICI Properties, which reported $951.5 million in revenue and announced a significant investment to revitalize The Venetian Resort in Las Vegas. MGM’s revenue also eclipsed that of Caesars, which stood at $2.7 billion.

MGM President and CEO Bill Hornbuckle highlighted the company’s strategic growth plan, aiming to bolster sustainable free cash flow from resort operations, invest in international digital and luxury integrated resorts, and enhance shareholder value through share repurchases. “Our strategic growth plan to drive sustainable free cash flow from our resort operations, develop free cash flow by investing in international digital and luxury integrated resorts and return capital to shareholders through share repurchases continued to develop in the first quarter of 2024.” He continued, “We achieved record consolidated revenues in the first quarter. The January launch of our license agreement with Marriott has surpassed our initial expectations with over 130,000 room nights booked, and we anticipate this strategic relationship will be a key growth driver this year,” he said.

The post MGM Resorts Revenue Rises to $4.4bn in Q1 Despite Regional Setbacks appeared first on

Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124