MGM International Reports Record Revenue
Gambling company Giant, MGM International Reports Record Revenue for the 2024 Q3 totaling $42. Billion in Gambling revenues. According to gambling news, the MGM q3 report reveals that the growth mostly came from MGM China. This is due to a 14% increase after a full recovery from the COVID-19 pandemic.
In the third quarter, MGM reported total revenue of $4.18 billion, reflecting a year-on-year increase of 5.3%. For the nine-month period, revenue reached $12.89 billion, marking a 9.3% rise compared to the previous year. The adjusted property EBITDAR for Q3 was $1.14 billion, while for the nine-month period, it amounted to $3.57 billion. Net income attributable to MGM Resorts for Q3 was $184.6 million, representing a 14.6% increase, whereas for the nine-month period, it totaled $589.1 million, which is a decline of 28.9% year-on-year.
Out of the total revenue of $4.18 billion, $2.12 billion, or 50.7%, was generated from casino operations, an increase from the $2.05 billion reported in Q3 2023.
MGM International Reports Record Revenue for Q3
The reported revenue indicates a deviation of -0.89% from the Zacks Consensus Estimate of $4.22 billion. Additionally, with the consensus EPS estimate set at $0.58, the EPS surprise amounted to -6.90%.
As investors analyze year-over-year changes in revenue and earnings alongside Wall Street expectations to inform their decisions, certain key metrics consistently provide a clearer understanding of a company’s financial stability.
According to Casino Pay Per Head, these metrics are essential in influencing both top-line and bottom-line figures. Thus, comparing them with figures from the previous year and analysts’ projections enables investors to more accurately forecast a stock’s price trajectory.
Bill Hornbuckle, CEO and President of MGM Resorts International is very happy with the results. He said that they are “pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China.
On the other hand, Jonathan Halkyard, CFO and Treasurer of MGM Resorts International also had good things to say. He said that “During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3 billion.”
The composition of their balance sheet, marked by minimal net debt and substantial liquidity, places MGM in an excellent position for strategic investments and ongoing growth.
MGM China Gambling Revenues
MGM China reported net revenue from operations of $929.5 million for the third quarter, reflecting a 14.4% increase. Thus, this is a total of $3 billion for the nine-month period, which represents a year-on-year rise of over $800 million, or 38.3%. The adjusted property EBITDAR reached $237.4 million, marking a growth of nearly 5%, while for the nine-month period, this growth accelerated to 37.7%, amounting to $832.4 million in adjusted property EBITDAR.
When comparing these results to pre-COVID figures, net revenue for the nine-month period increased by 137% relative to 2019, and adjusted EBITDA rose by 150% during the same timeframe.
MGM China’s market share for the period improved by more than 5% compared to 2019, increasing from 9.5% to 15.9%.
In terms of visitor numbers, there was a 65% increase year-on-year and a 157% rise compared to 2019.
Casino revenue for the third quarter reached $800 million, reflecting a 12% increase. In addition, wins from main floor table games surged by 21% to $858 million. However, the drop in main floor casino table games only went upby 4%, with the win rising by 3.4% to 24.9%.
MGM Cotai reported a market share of 9.4% for 2024, generating revenue of HK$13.7 billion which represents a 48.9% increase. The adjusted EBITDA also saw growth, rising by HK$1.3 billion compared to 2023, amounting to HK$4 billion for the nine-month period.
In contrast, MGM Macau recorded a market share of 6.5%, with revenue for the period totaling HK$9.8 billion. This is an increase of HK$2 billion compared to the same period last year. The adjusted EBITDA reached HK$2.9 billion, marking a year-on-year increase of 26.1%.
