MGM Resorts reported strong financial performance with record-breaking revenues and growth in key segments like Las Vegas and Macau. The company is expanding its international footprint with strategic ventures and developments. However, there are challenges such as declines in table game volumes in Las Vegas and anticipated financial impacts from events like F1, along with cybersecurity incident repercussions.

Company Guidance

During the MGM Resorts International Third Quarter 2024 Earnings Call, the company provided guidance highlighting several key metrics. MGM reported record consolidated net revenues and record third quarter revenue and adjusted property EBITDAR at MGM China. In Las Vegas, revenues increased by 1%, and adjusted property EBITDAR rose by 2%, driven by a 3% increase in Average Daily Rate (ADR) and a 250 basis points increase in occupancy. Regional properties exhibited a 3% revenue growth and a 2% increase in adjusted property EBITDAR, supported by strong slot handle and growth in rated days. MGM China achieved a 14% year-over-year increase in net revenues and a 5% rise in adjusted property EBITDAR, resulting in a 26% margin. The company also noted profitability in BetMGM, with a 70% increase in first-time depositors and record iGaming results. MGM's free cash flow for the first nine months amounted to approximately $944 million, with future growth expected from organic operations, a commercial gaming license in New York, and digital expansion.

Record-Breaking Financial Performance

MGM Resorts posted record third quarter consolidated net revenues and record third quarter revenue and adjusted property EBITDAR at MGM China.

Las Vegas and Regional Performance

Las Vegas saw revenues up 1% and adjusted property EBITDAR up 2%, with a 3% increase in ADR and a 250 basis points increase in occupancy. Regional properties grew revenues by 3% and adjusted property EBITDAR by 2%.

Macau Market Share and Dividend

MGM China achieved a 14% increase in net revenues and a 5% rise in adjusted property EBITDAR with a 26% margin. MGM China announced a special dividend, totaling approximately $200 million to MGM Resorts in 2024.

BetMGM Profitability and Growth

BetMGM achieved profitability, record iGaming results, and a 70% increase in first-time depositors.

International Expansion

MGM is expanding internationally with projects in Osaka and plans in New York, UAE, and Thailand. A strategic venture in Brazil with Grupo Global was also announced.

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MGM Resorts (MGM) Earnings, Revenues Date & History

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MGM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 12, 2025	2024 (Q4)	0.39 / -	1.06	―	―	―
Oct 30, 2024	2024 (Q3)	0.55 / 0.54	0.64	-15.62% (-0.10)
Jul 31, 2024	2024 (Q2)	0.60 / 0.86	0.59	45.76% (+0.27)
May 01, 2024	2024 (Q1)	0.56 / 0.74	0.44	68.18% (+0.30)
Feb 13, 2024	2023 (Q4)	0.71 / 1.06	-1.53	169.28% (+2.59)
Nov 08, 2023	2023 (Q3)	0.52 / 0.64	-1.39	146.04% (+2.03)
Aug 02, 2023	2023 (Q2)	0.56 / 0.59	0.03	1866.67% (+0.56)
May 01, 2023	2023 (Q1)	0.06 / 0.44	0.01	4300.00% (+0.43)
Feb 08, 2023	2022 (Q4)	-1.45 / -1.53	0.12	-1375.00% (-1.65)
Nov 02, 2022	2022 (Q3)	0.26 / -1.39	0.03	-4733.33% (-1.42)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MGM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	$41.41	$36.87	-10.96%
Jul 31, 2024	$42.97	$37.29	-13.22%
May 01, 2024	$39.75	$40.87	+2.82%
Feb 13, 2024	$45.66	$42.80	-6.26%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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