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• Consolidated Net Revenues: Record high for the year.

• Domestic Slot Win: All-time high record for annual performance.

• Hotel Revenue: Achieved record levels.

• Food & Beverage Revenue: Reached an all-time high.

• Las Vegas Revenues: Down 6% in Q4 year-over-year.

• Las Vegas Adjusted EBITDAR: Down 11% in Q4 year-over-year.

• Regional Properties Revenue: Increased by 7% in Q4.

• Regional Properties Adjusted EBITDAR: Increased by 21% in Q4.

• Macau Net Revenues: Grew 4% year-over-year in Q4.

• BetMGM Net Revenue from Operations: Over $2 billion for the year.

• BetMGM 2025 Revenue Forecast: Expected to grow to $2.4 billion to $2.5 billion.

• iGaming Revenue: Approximately $1.5 billion with over $400 million in contribution.

• MGM Digital Net Revenues: Grew 15% in Q4.

• Consolidated Adjusted EBITDA: Approximately $2.4 billion for 2024.

• Capital Expenditures: Approximately $1.15 billion for the year.

• Share Buybacks: 3.4 million shares in Q4 and 8.4 million shares in 2025 thus far.

• Warning! GuruFocus has detected 4 Warning Sign with MGM.

Release Date: February 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• MGM Resorts International (NYSE:MGM) reported record results for consolidated net revenues, domestic slot win, hotel revenue, and food and beverage revenue for 2024.

• The company achieved an all-time high Net Promoter Score for Gold Plus customers, reflecting strong guest satisfaction.

• MGM's strategic investments in Las Vegas, including renovations at Bellagio and the integration of Cosmopolitan into MGM Rewards, are driving increased guest visitation and spending.

• BetMGM saw significant growth, with net revenues from operations exceeding $2 billion and expectations for continued momentum in 2025.

• MGM China achieved its best-ever full-year segment adjusted EBITDAR, with strong market share growth and successful non-gaming initiatives in Macau.

Negative Points

• Las Vegas revenues were down 6% and adjusted EBITDAR down 11% in the fourth quarter, partly due to the impact of F1 and hold variances.

• The company faces a $65 million year-over-year headwind in the first quarter of 2025 due to the absence of the Super Bowl event.

• MGM Grand renovations are expected to impact earnings throughout the year, adding to the challenges of overcoming the Super Bowl comparison.

• MGM Digital's EBITDAR losses are expected to remain consistent in 2025 due to increased spending related to the launch in Brazil.

• There is ongoing concern about potential increases in sports betting and gaming taxes in various states, which could impact profitability.