Las Vegas-based MGM Resorts International reported its highest annual net revenue in 2024 despite flat returns from its hometown operations.
MGM Resorts generated $ 17.2 billion in full -year consolidated net revenue last year, an increase of 7 percent compared to 2023, the company said Wednesday during the end of the year. Record setting performance was largely driven by a 25 percent increase in revenue from MGM China.
Las Vegas Strip properties generated $ 8.8 billion in net revenue in 2024, according to the company’s financial data. Last year’s net revenue from Las Vegas was in line with 2023. MGM runs nine casinos and four non-playing hotel properties on the strip.
Corporate leaders quoted difficult comparisons compared to the year before the stationary results but remained positive in the future of the market.
“Las Vegas will continue to grow, as it has done over the past 50 years, and no company is better positioned to take advantage of that growth than MGM in view of our footprint and operational capacity,” said Bill Hornbuckle, CEO and President of MGM Resorts.
Jonathan Halkyard, CFO of MGM Resorts, noted that December was a strong month in Las Vegas. The last three months of the year resulted in an “All-Time Quarterly Record Domestic Slot Win”, Halkyard noted on the revenue call.
Slot Win during the fourth quarter from Las Vegas Strip Casino was $ 648 million, an increase of 8 percent compared to the previous year.
But the return of the fourth quarter for the fourth quarter was still in 2023, which was partly due to less favorable casino and hotel revenue derived from Formula One Las Vegas Grand Prix, held in November of both years.
Las Vegas Strip Casino revenue decreased by 15 percent Yoy during the fourth quarter. According to the company’s financial reports, the fourth quarter of casino income in the last three months was 2024 $ 501 million, from $ 585 million in 2023.
The table game case (amount played) 2024 went from $ 1.7 billion during the fourth quarter 2023 to $ 1.6 billion in 2024, a decline of 27 percent.
Hotel room revenue dipped by 6 percent during the quarter, from $ 875 million to $ 822 million, while the average daily room interest rate went from $ 295 to $ 271.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2vegas-danzis.bsky.social or @AC2vegas_danzis on X.
