MGM Resorts has unveiled its financial results for the second quarter of 2024. For the quarter ending June 30, the company reported net revenue of $4.33 billion, marking a 9.8% increase from the previous year. MGM Resorts also saw a $4.4 billion revenue in the first quarter, whereas, operating income rose 14.6% to $425.7 million. However, net income attributable to MGM Resorts International saw a 6.8% decline, totaling $187.1 million. The overall net income amounted to $282.8 million, with total adjusted EBITDAR at $1.2 billion.
Las Vegas Strip Resorts
MGM’s Las Vegas properties generated $2.21 billion in Q2, a 2.7% year-over-year increase. This segment contributed 51% of the operator’s total net revenue. Adjusted EBITDAR for the Vegas resorts was $782.3 million, slightly up from $776.5 million last year.
Despite the overall growth, casino revenue dropped by 2% to $485 million. Slot handle and win decreased by 5% and 4% respectively, while table game drop grew by 1%, and table game win increased by 6%. Room revenue surged by 9%, reaching $767 million, with the average daily rate (ADR) climbing 6% to $248.
MGM’s regional operations remained steady, bringing in $927 million for Q2, mirroring last year’s performance. Gaming handle and win showed little change, with slot win up 2% to $662 million and table game win down 3% to $200 million. Total casino revenue from this segment increased by 1%, reaching $684 million. Adjusted property EBITDAR fell by 2% to $288 million.
MGM China reported $1.02 billion in net revenue for the quarter, with $891 million coming from casino revenue. Total net revenue grew by 37%, and casino revenue rose by 33%. Adjusted property EBITDAR saw a significant increase of 40%, reaching $294 million. Main floor table game drop surged 33%, generating $3.84 billion, and table game win soared 50% year-over-year to $939 million.
BetMGM
MGM Resorts, owning half of BetMGM, reported an operating loss from BetMGM of $38.4 million, up from a $22.5 million loss the previous year. For a detailed look at BetMGM’s financials, refer to the H1 report. BetMGM’s future remains uncertain as its other parent company, Entain, recently appointed a new CEO following its former CEO’s resignation amidst fines and investor concerns, hinting at possible future M&A activity.
In Q2, MGM Resorts and BetMGM forged several key partnerships and deals. BetMGM launched in the Netherlands using technology from its subsidiary LeoVegas. LeoVegas also acquired Tipico’s US operations, removing the sportsbook from territories where BetMGM operates.
MGM collaborated with Playtech to develop Vegas-themed live casino content, while BetMGM released new slots themed around “Ace Ventura: Pet Detective” and “Cheers.”
Commenting on the results, MGM Resorts International CEO and President Bill Hornbuckle stated, “MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China adjusted property EBITDAR and further growth in Las Vegas. We made significant progress with our international digital strategy by adding both an in-house sports product and live dealer capabilities to our online gaming offerings. We’re excited by the progress we’re making as a company against our strategic priorities and anticipate carrying our current momentum forward into the back half of the year.”
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