MGM Resorts Achieves Record-Breaking Revenue of $4.83 Billion in Q1 2024.

MGM Resorts International has achieved unprecedented success, reporting record-breaking revenue in the first quarter of 2024. The company’s Las Vegas property delivered exceptional results, and its casino in China also achieved record-breaking performance during this period.

Strong quarter

MGM Resorts achieved a total revenue of $4.4 billion in the first quarter of 2024, marking a 13% increase compared to the same period in 2023. This growth was primarily driven by a surge in revenue in China in January 2023, followed by a continued ramping up of operations. The lifting of COVID-19 entry restrictions in Macau led to a significant increase in tourism, with tens of thousands of tourists and visitors flocking to the gaming hub.

MGM China reported revenue of $1.1 billion, a 71% increase compared to the same quarter in 2023 when revenue was $618 million.

In Las Vegas, the company generated $2.3 billion in revenue, a 4% increase from the first quarter of 2023, primarily due to an increase in Average Daily Rate (ADR).

The regional markets collectively generated $909 million in gambling revenue, a 4% decrease compared to 2023 results of $946 million. This decrease was mainly due to the disposition of Gold Strike Tunica in February 2023 and the resulting drop in casino revenue.

Bill Hornbuckle, CEO & President of MGM Resorts International, stated in an official press release: “Our strategic growth plan to drive sustainable free cash flow from our resort operations, develop free cash flow by investing in international digital and luxury integrated resorts, and return capital to shareholders through share repurchases continued to develop in the first quarter of 2024. We achieved record consolidated revenues in the first quarter.”

Jonathan Halkyard, Chief Financial Officer & Treasurer, added: “We achieved record results in the first quarter of 2024 driven by strong performance at MGM China and in Las Vegas specifically at our luxury resort properties. We repurchased 12 million shares at attractive valuations, providing our shareholders with incremental future benefits from the free cash flow growth of our resort operations, digital profitability, and the development opportunities of Japan and New York.”

Looking ahead, MGM is focused on further developing its properties in Japan and New York. The resort in Osaka, Japan, will be the first integrated resort in the country.

In January, MGM entered into a successful partnership with Marriott International, Inc., signing a long-term strategic marketing agreement. This partnership exceeded expectations with over 130,000 room nights booked.

In February, MGM received seven Five-Star awards by Forbes Travel Guide 2024, highlighting the company’s commitment to delivering unparalleled hospitality service.

In the first three months of 2024, MGM China hosted various non-gaming events in Macau, aiming to boost the city’s tourist-dependent economy. These events included Bruno Mars’ The One & Only Night in January at MGM Cotai, which put Macau on the map for popular tourism and leisure destinations worldwide.

Additionally, MGM collaborated with musician Tan Dun, hosting the symphonic masterpiece Buddha Passion at MGM Cotai. The event featured an LED screen with 28 million pixels, blending the latest technology with musical masterpieces while celebrating Chinese culture.

MGM plans to host more similar events to attract more tourists and customers to its various locations worldwide, with a particular focus on Macau.