MGM Resorts International reported a strong third quarter for 2024, reaching $4.2 billion in net revenue, a 5% increase from the previous year’s Q3 results. The company saw its highest quarterly revenue yet, with much of the growth coming from MGM China, which set a new revenue record for the quarter.
In China, MGM posted a net revenue of $929 million, up 14% year-over-year, while adjusted property EBITDAR rose 5% to $237 million. MGM attributes much of this growth to lifted travel restrictions, which boosted tourism and gaming activity in the region.
Las Vegas also showed gains, with $2.1 billion in net revenue, a slight 1% increase from the prior year due to higher revenue from non-gaming sources. Las Vegas’s adjusted property EBITDAR grew by 2% to $731 million, indicating ongoing strength in areas like hotel stays, dining, and entertainment.
Regional operations also saw progress, with $952 million in net revenue, a 3% year-over-year increase. Adjusted property EBITDAR in regional operations grew by 2%, totaling $300 million. According to MGM Resorts President and CEO Bill Hornbuckle, “We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China.”
The company’s digital sector saw a boost as well, with BetMGM reporting a record $3.2 million in revenue, a 20% increase from Q3 2023. This achievement reflects MGM’s continued focus on expanding its sportsbook offerings and digital investments.
Looking forward, Hornbuckle mentioned plans for integrated resorts in Japan and additional developments in New York. He added, “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.”
In Q2 of 2024, MGM Resorts also posted impressive results. For the quarter ending June 30, net revenue reached $4.33 billion, a 9.8% increase from the prior year.
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