Despite its flat numbers, MGM Resorts International’s CEO said “Las Vegas will continue to grow.”
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 an end of year earnings call. The record-setting performance was largely driven by a 25 percent YoY increase in revenue from MGM China.
Las Vegas Strip properties generated $8.8 billion of net revenue in 2024, according to company financial data. Last year’s net revenues from Las Vegas were on par with 2023’s. MGM operates nine casino resorts and four non-gaming hotel properties on the Strip.
Company executives cited difficult year-over-year comparisons for the stagnant results but remained positive on the future of the market.
“Las Vegas will continue to grow, as it has over the last 50 years, and no company is better positioned to take advantage of that growth than MGM given our footprint and operational capabilities,” said Bill Hornbuckle, chief executive officer and president of MGM Resorts.
Jonathan Halkyard, chief financial officer of MGM Resorts, noted that December was a strong month in Las Vegas. The final three months of the year resulted in an “all-time quarterly record domestic slot win,” Halkyard noted on the earnings call.
Slot win in the fourth quarter from Las Vegas Strip casinos was $648 million, an 8 percent increase over the prior year.
However, the 2024 fourth quarter returns still lagged 2023, which was partially due to less-favorable casino and hotel revenue stemming from the Formula One Las Vegas Grand Prix, which was held in November of both years.
Las Vegas Strip casino revenue was down 15 percent YoY in the fourth quarter. According to the company’s financial reports, fourth-quarter casino revenue in the last three months of 2024 was $501 million, down from $585 million in 2023.
The table game drop (amount gambled) in 2024 went from $1.7 billion in the fourth quarter of 2023 to $1.6 billion in 2024, a decline of 27 percent.
Hotel room revenue dipped 6 percent in the quarter, from $875 million to $822 million while the average daily room rate went from $295 to $271. The hotel room occupancy rate increased YoY, going from 91 percent in 2023 to 94 percent in 2024.
