MGM Resorts has announced that total revenue for 2024 surpassed USD16.16 billion, marking a 6.7% increase over the previous year and setting a new all-time high for the company, the operator confirmed in an earnings call last week.
The standout performer in 2024 was MGM China, with revenue soaring 27.6% to reach USD4.02 billion. This marks a milestone, as it has now become the company’s second-largest revenue stream, behind only the Las Vegas Strip division.
“We are thrilled to report the highest full-year consolidated net revenues in MGM’s history,” said CEO Bill Hornbuckle.
“This achievement was driven by a record-setting performance from MGM China. We’re also optimistic about the strong demand we’re seeing in early 2025, positioning us for continued growth.”
“In Macau, we delivered the highest full-year segment-adjusted EBITDA in MGM China’s history,” Hornbuckle said. “We continue to outperform in the market, thanks to the exceptional efforts of our team.”
The company also highlighted the success of initiatives designed to boost non-gaming revenues, including Macau 2049, its inaugural residency show at MGM Cotai, and the Poly Art Museum at MGM Macau, which saw over 10,000 attendees in a single day during the Chinese New Year.
Kenneth Feng, president and executive director of MGM China also noted that both MGM China’s properties saw a remarkable 18% increase in traffic compared to the 2024 Chinese New Year.
He also highlighted the strength in gaming volumes during the holiday period, with both properties maintaining a strong market share in the mid-teens.
“We had a solid Chinese New Year,” Feng said. “Both properties recorded strong traffic, with gaming volume surpassing last year’s figures. We also saw a longer tail to the Chinese New Year, with a higher percentage of players arriving after the holiday period, which is a notable change from 2024.” Staff reporter
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