MGM Resorts’ record financial performance in 2024 highlights the recovery of the global tourism sector, particularly in the luxury travel and digital gaming markets in Las Vegas and Macau.
On February 13, 2025, MGM Resorts International announced its financial results for the fourth quarter and full year of 2024, showcasing record-breaking performance. Consolidated net revenue reached $17.2 billion, a 7% increase from the previous year, with MGM China’s performance standing out as adjusted EBITDAR grew by 25% to a historic high of $1.1 billion. Additionally, revenues from its BetMGM digital gaming platform accelerated, with profitability anticipated by 2025. These financial milestones not only reflect the company’s success but also signify a profound transformation within the global tourism and hospitality industry, especially in the world-class entertainment and tourism hubs of Las Vegas and Macau.
MGM Resorts CEO Bill Hornbuckle noted that the meetings and conventions sector in Las Vegas is experiencing an unprecedented rebound. December saw record conference bookings, and in January 2025, revenue from operations on the Las Vegas Strip continued to rise. This trend indicates a growing demand for both business and leisure travel, particularly with the resurgence of large conferences and corporate events. Post-pandemic, many global business travelers prioritize in-person networking, and Las Vegas is poised to remain the preferred destination for meetings, incentives, conferences, and exhibitions (MICE). MGM’s financial strength provides a solid foundation for investments in event venues, accommodations, and experiences, enhancing the city’s appeal to corporate clients and independent travelers alike.
Meanwhile, Macau, as one of the world’s largest gambling destinations, has played a crucial role in MGM Resorts’ success. With the easing of pandemic-related restrictions, the company’s net revenue in Macau surged to $4 billion in 2024, marking a 28% increase from the previous year. This significant growth indicates a full recovery of Macau’s tourism sector, attracting a substantial influx of high-net-worth travelers from mainland China and beyond. The rise in casino revenues further solidifies Macau’s status as a luxury travel, integrated resort, and high-stakes gambling hub. Industry analysts expect continued expansion in Macau’s hotel sector, including new hotel developments and enhanced customer experiences, further elevating Macau’s accessibility as a top leisure destination.
MGM Resorts: A Leader in Tourism Transformation
In the digital gaming sector, MGM Resorts’ BetMGM platform has shown strong performance, becoming a key player in the rapidly expanding online gaming industry. Although still in the early stages of profitability, BetMGM is projected to become profitable by 2025, with the company’s overall digital business demonstrating promising growth, with year-over-year revenue increasing by 15%. For travelers, this shift signifies the dawn of a new era in entertainment. Online gaming and digital experiences are increasingly becoming integral parts of the hospitality industry, offering visitors the chance to engage with their favorite games remotely. The expansion of digital platforms also underscores the integration of in-person and virtual experiences, allowing travelers to seamlessly switch between physical casinos and online environments for a rich gaming experience.
Furthermore, MGM Resorts has strategically positioned itself as a leader in the global hospitality industry, leveraging its strong financial position to enhance guest experiences across its properties. The company’s 2024 financial performance indicates a commitment to invest in luxury renovations, dining experiences, and high-end entertainment. As demand for luxury travel rises, travelers can expect more upscale hotel suites, refined dining options, and improved room experiences. The high-end entertainment events and shows hosted by MGM Resorts will also become increasingly diverse, with casino experiences including VIP gaming and exclusive events tailored to high-end clientele.
In 2024, MGM Resorts repurchased 33 million shares, reducing its outstanding shares by over 40% since 2021. CFO Jonathan Halkyard emphasized that this buyback will enhance free cash flow per share, benefiting investors. This move not only conveys the company’s financial confidence and stability but also lays the groundwork for MGM to pursue expansion projects, acquire new properties, and continue investing in world-class customer experiences.
Overall, MGM Resorts’ record financial year underscores the recovery and evolution of the global tourism industry. With the resurgence of business travel, increased demand for high-end entertainment experiences, and the expansion of digital gaming platforms, the tourism sector is set to continue innovating in the coming years, ensuring that travelers can anticipate more sophisticated and immersive experiences when visiting MGM properties worldwide.
