MGM Resorts reported a record-breaking $17.2 billion in net revenue in its 2024 financial results. This is the biggest yearly revenue in the company’s history, up 7% over the previous year. Nevertheless, MGM Resorts saw drops in sales and net profitability in the fourth quarter of 2024 in spite of this accomplishment.
MGM Resorts’ net income for the entire year was $746.6 million, a 34.6% decrease from the year before. On the other hand, adjusted EBITDA increased 3.2% to $2.41 billion. With $8.8 billion in revenue, a 0.2% rise, the Las Vegas Strip resorts continued to be the company’s biggest source of income. Overall growth was also aided by regional operations and MGM China, which reported revenue increases of $3.7 billion and $4 billion, respectively, up 1.4% and 27.5%.
MGM Digital recorded a significant 27.7% rise in revenue, bringing in $552 million for 2024. Casino operations remained the company’s primary revenue stream, generating $8.8 billion—an 8.6% increase. Additionally, rooms, food and beverage, and entertainment segments all posted year-over-year gains, contributing $3.7 billion, $3.1 billion, and $1.7 billion, respectively.
Q4 Sees Revenue and Income Declines
Despite a strong year, Q4 2024 presented challenges. MGM Resorts’ consolidated net revenue for the quarter fell 1% year-over-year to $4.3 billion. Net income saw a significant 49.8% decline, totaling $157 million. The company’s operating income dropped by 30.5% in Q4 to $291.6 million.
The Las Vegas Strip resorts segment struggled the most, with revenue falling 6% to $2.2 billion. Casino revenue for this segment saw a 15% decline, generating $501 million. Table game winnings were particularly impacted, dropping 27% year-over-year to $392 million.
However, other divisions performed well. Regional operations grew 7% to $932 million, MGM China saw a 4% increase to $1 billion, and MGM Digital reported $140 million in revenue—an improvement of 15%.
MGM Digital’s BetMGM sportsbook reported an operating loss of $42.3 million, contributing to a 16.4% drop in adjusted EBITDA for Q4, which totaled $528.5 million. Despite this, MGM Resorts President and CEO Bill Hornbuckle remained optimistic.
“Our digital businesses are also on a positive trajectory, with our BetMGM venture in North America expected to be profitable this year and our global MGM Digital business integrating and scaling to address its significant $41bn market opportunity,” said Hornbuckle.
The company attributed much of its annual revenue growth to MGM China’s continued recovery from pandemic disruptions. However, the drop in net income was mainly due to the absence of the one-time $450 million gain from the 2023 sale of Gold Strike Tunica to Cherokee Nation Entertainment.
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