MGM Resorts has announced record quarterly figures, with consolidated revenue hitting $4.2 billion during the third quarter of 2024. This significant figure marks a notable doubling of revenue compared to the previous reporting quarter, signaling impressive growth within the globally recognized entertainment giant.
Building on its expansions, MGM has particularly thrived across its international ventures. MGM China, part of the company's extensive operations, significantly contributed to the growth with net revenues reaching $929 million. This has been bolstered with MGM China distributing $200 million back to MGM Resorts as part of its special dividend declared earlier this year.
"We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. Looks like our strategies are paying off," stated Bill Hornbuckle, CEO and President of MGM Resorts International. The positive reception from shareholders has also resulted in over $300 million returned through share repurchase strategies this quarter alone, pushing the year’s total to approximately $1.3 billion.
MGM Resorts has elaborated on its substantial profit from Las Vegas, contributing $2.1 billion to total earnings. This marks growth of 1% compared to last year’s third-quarter results, primarily driven by improvements seen within non-gaming revenues. Although some decrements were noted within casino revenues, the cumulative revenue shows resilience.
Meanwhile, BetMGM is poised for geographical expansion, pointing to the application for licenses intended for operation within Brazil. Taking bold steps toward boosting its digital presence, MGM is progressing with its „international digital strategy" through collaborations with Brazil's Grupo Globo.
The company has also expanded its gambling and entertainment campaigns across Europe, targeting sports fans with established partnerships with key Premier League clubs including Tottenham Hotspur and Newcastle United.
Hornbuckle concluded, "MGM Resorts is well positioned for long-term growth driven by the positive developments surrounding our digital initiatives and the impressive development pipeline we have lined up, especially focusing on Japan and New York, which hold numerous opportunities." With such momentum, the outlook suggests the corporation is reinforcing its foothold not just nationally but also internationally.
