MGM Resorts International reported a consolidated net revenue of $17.24 billion for the fiscal year ending December 31, 2024, marking a 7% increase from $16.16 billion in 2023. The company's operating income, however, decreased by 21% to $1.49 billion, down from $1.89 billion in the previous year. This decline was attributed primarily to a significant gain of $399 million recorded in 2023 from the sale of Gold Strike Tunica, alongside rising payroll-related expenses, gaming taxes, and promotional costs. Net income attributable to MGM Resorts International was $746.6 million, a decrease from $1.14 billion in 2023.
The company experienced notable growth in its MGM China and MGM Digital segments, with revenues increasing by 28% in both areas compared to the previous year. MGM China’s revenue surged to $4.02 billion, driven by a recovery in visitor numbers following the lifting of COVID-19 restrictions. The Las Vegas Strip Resorts segment, however, saw flat revenue performance, with casino revenue declining by 8% due to decreased table games drop and win percentage. The overall visitor volume to Las Vegas increased by 2%, aided by major sporting events throughout the year.
Strategically, MGM Resorts has focused on an asset-light business model, which includes divesting certain properties and investing in growth areas such as online gaming and sports betting. The company completed the acquisition of LeoVegas in September 2022 and has been expanding its digital capabilities through BetMGM North America Venture. Additionally, MGM Resorts is developing an integrated resort in Osaka, Japan, with preliminary construction beginning in 2024. The company also announced plans to transform Empire City in New York into a full-scale commercial gaming facility, with an estimated project cost of approximately $2 billion.
Operationally, MGM Resorts employed approximately 45,000 full-time and 18,000 part-time employees in the U.S. as of December 31, 2024. The company reported a significant increase in its cash and cash equivalents, totaling $2.42 billion, down from $2.93 billion in 2023. MGM Resorts continues to prioritize shareholder returns, having repurchased approximately 33 million shares for $1.37 billion during the year, completing its February 2023 $2 billion stock repurchase plan. The company has also suspended its regular dividend payments to focus on share repurchases.
Looking ahead, MGM Resorts anticipates continued growth in its digital and international segments, particularly as it navigates the evolving landscape of online gaming and sports betting. The company remains committed to its strategic initiatives, including the development of new properties and enhancing its digital offerings, while managing its substantial debt obligations and lease commitments. The outlook for 2025 includes planned capital expenditures of approximately $1.1 billion to $1.2 billion, with a focus on maintaining and upgrading existing properties.
About MGM Resorts International
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