MGM Resorts International

MGM

Equity

ISIN US5529531015 / Valor 951364

New York Stock Exchange, Inc (2024-12-24)

USD 34.74+1.31%

MGM Resorts International
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About company

MGM Resorts International is a prominent player in the global gaming and entertainment industry, listed on the NYSE under the ticker MGM and included in the S&P 500 index. The company operates a diverse portfolio of 31 hotel and gaming destinations across the globe, including some of the most renowned resort brands known for their high-quality hotels, casinos, and entertainment offerings. MGM Resorts is recognized for delivering a wide range of services, including state-of-the-art conference spaces, live theatrical entertainment, and a variety of dining, nightlife, and retail options. In addition to its physical properties, MGM has ventured into online gaming and sports betting through BetMGM, LLC, a 50/50 joint venture, which has become a leader in the U.S. market with brands like BetMGM and partypoker. The company also owns LeoVegas AB, extending its reach into European online gaming and sports betting markets. MGM Resorts is actively exploring expansion opportunities in Asia, with a particular focus on Japan, aiming to replicate its Las Vegas-inspired brand experience. The company's commitment to excellence is recognized globally, earning it a spot among FORTUNE® Magazine's World's Most Admired Companies®.

Summarized from source with an LLMView SourceSector: Consumer Services

Consolidated Revenue Growth

MGM Resorts International reported consolidated net revenues of $4.2 billion for the third quarter of 2024, marking a 5% increase compared to the same quarter in the previous year. This growth was primarily driven by a significant increase in revenue from MGM China, following the recovery of operations after the lifting of COVID-19 related entry restrictions in Macau.

Net Income and Earnings Per Share

For the third quarter of 2024, MGM Resorts International recorded a net income of $185 million, up from $161 million in the prior year quarter. The diluted earnings per share for the current quarter were $0.61, compared to $0.46 in the previous year, reflecting a positive financial performance.

Las Vegas Strip Performance

Net revenues from MGM Resorts International's Las Vegas Strip Resorts reached $2.1 billion in the third quarter of 2024, a 1% increase from the prior year. This was mainly due to a rise in non-gaming revenue, although there was a slight decrease in casino revenue. The Adjusted Property EBITDAR for this segment was $731 million, a 2% increase from the previous year.

Regional Operations and MGM China

MGM Resorts International's regional operations reported net revenues of $952 million for the third quarter of 2024, a 3% increase from the previous year, driven by higher casino revenue. Meanwhile, MGM China saw a 14% increase in net revenues, reaching $929 million, benefiting from the recovery post-COVID-19 restrictions.

Shareholder Returns and Financial Position

During the third quarter of 2024, MGM Resorts International returned over $300 million to shareholders through share repurchases, bringing the year-to-date total to approximately $1.3 billion. The company has reduced its overall shares outstanding by 40% since 2021, maintaining a strong balance sheet with low net debt and significant liquidity, positioning it well for future strategic investments and growth.

Summarized from source with an LLMView Source

Key figures

-21.7%1Y

-24.0%3Y

3.95%5Y

Performance

34.2%1Y

39.2%3Y

55.8%5Y

Volatility