Mgm Resorts International ( (MGM) ) has realeased its Q3 earnings. Here is a breakdown of the information Mgm Resorts International presented to its investors.
MGM Resorts International is a global gaming and entertainment company known for its iconic hotels, casinos, and entertainment experiences, operating in both domestic and international markets, with a focus on expanding its digital and international footprint.
In its latest earnings report for the third quarter of 2024, MGM Resorts International announced record consolidated net revenues, driven significantly by the robust performance of MGM China. The company also highlighted strategic moves in its digital and international ventures, as well as substantial returns to shareholders through share repurchases.
The company reported consolidated net revenues of $4.2 billion, marking a 5% increase from the previous year, largely due to the recovery in Macau operations. Net income attributable to MGM Resorts stood at $185 million, with diluted earnings per share rising to $0.61. The company also emphasized its strategic share repurchase efforts, with $300 million repurchased in this quarter alone, totaling $1.3 billion year-to-date.
MGM China posted a 14% increase in net revenues compared to the prior year, benefiting from the removal of COVID-19 restrictions in Macau. The BetMGM brand saw a nearly 20% increase in net revenues, demonstrating strong digital growth. The company also announced a venture with Grupo Globo to expand its digital footprint in Brazil.
Looking ahead, MGM Resorts International is optimistic about its growth trajectory, buoyed by its digital investments and development projects in Japan, New York, and other regions. The company’s management remains committed to strategic investments and maintaining a strong balance sheet to support sustainable growth.
