With a record net revenue of $4.2 billion, mostly from MGM China, and notable expansion in Las Vegas and the internet casino industry, MGM Resorts International has released its Q3 2024 report.
According to MGM Resorts International’s most recent financial report for the third quarter of 2024, the company hit a new record with net revenue of $4.2 billion. MGM China’s impressive performance, which witnessed a 14% year-over-year increase in revenue, was substantially responsible for this gain. The easing of pandemic-related limitations has significantly boosted Macau’s tourism industry, which is now the primary engine of the company’s revenue development. Since Q3 2023, Macau’s tourism and operating operations have fully recovered.
According to the company’s financial data for this quarter, its total net revenue grew by 5% over the previous year. income increased by 14.9% to $185 million. At $1.1 billion, the adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, and Amortization) likewise demonstrated impressive performance. earnings per share increased by 32.6% to $0.61.
With a 1% increase in net revenue to $2.1 billion, the result in Las Vegas was as excellent. area increased by 2% to $731 million. Regional net revenue increased by 3% to $952 million, while adjusted property EBITDAR increased by 2% to $300 million. MGM China reported adjusted property EBITDAR of $237 million, a 5% increase, and net revenue of $929 million, up 14%.
“With the exceptional performance of MGM China, we are happy to report record consolidated net revenue for the third quarter,” said Bill Hornbuckle, CEO and president of MGM Resorts International, during the conference call. We continuously pushed for improvements in Las Vegas during the quarter, and numerous important measures, such as average daily room rates (ADR) and occupancy rates, showed robust growth. With our successful shift to digital investments and our pipeline of integrated resorts in Japan and New York, MGM Resorts is well-positioned for long-term growth.
During the call, Jonathan Halkyard, the Chief Financial Officer and Treasurer of MGM Resorts, also stated: “We have repurchased over $300 million worth of stock to shareholders this quarter, increasing our year-to-date total to almost $1.3 billion. With a 40% decrease in the total number of outstanding shares since 2021, we have continuously shown that we are committed to giving shareholders their money back. We are in a very good position for strategic investments and further expansion because of our balance sheet’s high cash and minimal net debt.
“We are thrilled to watch Macau’s revival and its diverse development,” said Kenneth Feng, President and Executive Director of MGM China. Our license commitments are part of our aim to make Macau a diverse, international tourism destination. We are simultaneously doing a number of capital enhancements to our properties, such as remodeling the villas at MGM Macau and turning part of the hotel rooms at MGM Cotai into suites. By the end of this year, we also want to debut our resident show, “Macau 2049.” These programs seek to improve tourist satisfaction, encourage natural tourism, and provide visitors to Macau distinctive experiences.
MGM Resorts International is showing great momentum for future expansion with its consistent performance growth, and investors and market participants are excited about the company’s prospects.
