MGM Resorts International has reported its financial results for the second quarter of 2024, achieving a record consolidated net revenue of $4.33bn. This marks a 9.8% increase year-on-year, driven largely by the performance of MGM China as operations increased following the lifting of Covid-19 restrictions in Macau.
Net income attributable to MGM Resorts was $187.1m, down 6.8%. The company’s consolidated adjusted earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) stood at $1.2bn and diluted earnings per share increased 9% to $0.60. Adjusted diluted earnings per share were reported at $0.86, up 45%
Las Vegas Strip resorts reported net revenues of $2.21bn, reflecting a 2.7% increase. This growth was primarily attributed to a rise in room revenues, driven by a higher average daily rate (ADR) and increased catering and banquet revenue.
Adjusted property EBITDAR for Las Vegas Strip operations was $782.3m, up slightly by 0.6%. Room occupancy on the Strip was at 97%, with the ADR reaching $248, contributing to a revenue per available room (RevPAR) of $240.
Regional operations remained steady with net revenues of $927.1m. However, the adjusted property EBITDAR for these operations decreased by 2% to $288.4m. MGM China showed significant growth, reporting net revenues of $1.02bn, a 37% increase. This improvement was influenced by the continued ramp-up of operations in Macau. The adjusted property EBITDAR for MGM China increased by 40% to $293.9m.
During the second quarter, MGM Resorts repurchased approximately 10 million shares of its common stock, totalling $413m. This move is reportedly part of the company's ongoing commitment to returning capital to shareholders, having reduced its outstanding shares by nearly 40% since 2021.
In June 2024, MGM Resorts and Playtech launched a live casino offering, "MGM Live", streaming from MGM's Las Vegas Strip properties. The partnership aims to expand the gaming experience available to customers with exclusive content and games.
