MGM Resorts has posted its third-quarter revenue results showing $4.2 billion in revenue across all locations in reporting quarter three of 2024.
Benchmarked against the previous reporting quarter, this doubling of that figure is a win for the purveyor of games of chance worldwide.
MGM has seen significant growth in Asia, with the operator of the MGM China resort contributing massive net revenues of $929m. MGM China declared a “special dividend” in August 2024, returning $200 million in cash to MGM Resorts overall throughout the year.
“We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy,” said Bill Hornbuckle, CEO and President of MGM Resorts International.
MGM Resorts record worldwide growth
“During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3 billion,” said Jonathan Halkyard, CFO and Treasurer of MGM Resorts International.
Net revenue in the Las Vegas Strip MGM Resorts noted a $2.1 billion contribution to the company’s overall takings in Q3. This is an increase of 1% compared to the prior year’s third-quarter results. The company attributed this primarily to “an increase in non-gaming revenue, partially offset by a decrease in casino revenue.”
BetMGM is also expanding the reach of MGM Resorts and iGaming with the application for a license in Brazil. The company noted that it is advancing its “international digital strategy” in a partnership with Grupo Globo to acquire an iGaming license in the South American region.
As we recently reported the gambling and entertainment giant has launched a European campaign in Sweden. This will broaden the appeal of sports fans throughout the region as the company has strong ties with Premier League clubs Tottenham Hotspur, Newcastle United, and Wolverhampton Wanderers.
Hornbuckle concluded, “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 that we have in Japan as well as opportunities in New York and beyond.”
Image: MGM Resorts.
