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MGM Resorts International, one of the world’s biggest multinational hospitality, sports and entertainment companies, has posted the financial year-on-year results for 2024, showing record-breaking revenue across its global venues.
A key driver of MGM Resorts’ record-breaking revenue is MGM China, which saw the subsidiary exponentially outperform its competitors in Macau.
More specifically, the overall gross gaming revenue of MGM China increased by a whopping 27% year-on-year, or to $4 billion (HK$31.4 billion), compared to Macau’s overall GGR for 2024 which saw an increase of 24% year-on-year.
Furthermore, the market share of MGM Resorts International also marked an all-time high increase of 15.8%, a figure that is up from 15.2% in 2023, and an even more substantial increase from the 9.5% posted in 2019.
When it comes to mass gaming revenue, which also includes slots, the company revealed a 33% growth, which is a staggering 179% more than the numbers posted before the pandemic.
From here, daily visits to its property also rose by 54%, which is 63% more than the visitation in 2019. Hotel occupancy in MGM Macau also noted a slight but notable increase of 94%, marking a two-percent increase when compared to 92.5% in 2023.
Kenneth Feng, President and Executive Director of MGM China, said that this growth can be attributed to its mass-market gaming efforts, operational efficiency, and the upgrade and diversification of the company’s traditional casino offerings.
Similarly, MGM’s operations in the US also noted a 1.4% year-on-year increase, or $3.72 billion. Despite the recent labour difficulties, particularly at MGM Grand Detroit, the company still posted a strong Q4 where revenue rose by 7% to $932 million
Even the digital segment of MGM, BetMGM, posted strong numbers, with the company reporting $552 million, a 28% year-on-year increase in revenue. However, despite this positive trend, the online gaming segment of MGM remained unprofitable, with the company reporting an EBITDAR loss of $77 million.
Despite this, BetMGM expects to change this in 2025, as the company revealed a new strategy, including expanding its already-strong presence in new gaming markets, in a bid that will see its digital gaming segment follow in its land-based counterpart footsteps.
