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MGM Resorts (NYSE:MGM) just pulled off a show-stopper, surging nearly 16.6% at 2.09pm on Thursday to lead the S&P 500 after smashing revenue expectations. The company posted a record-breaking $17.2 billion in full-year revenue, up 7% year-over-year, despite a minor 1% dip in Q4 to $4.3 billion. MGM China stole the spotlight with a 4% revenue jump to $1 billion, driven by a strong casino performance. Regional operations followed suit, climbing 7% to $932 million, partly rebounding from labor disputes. Meanwhile, digital revenue spiked 15% as BetMGM continues its expansion and eyes profitability in 2025.
Not everything was a jackpot, though. Las Vegas Strip Resorts revenue slipped 6% to $2.2 billion, facing tough comparisons to last year's Formula 1-fueled quarter. But CEO Bill Hornbuckle isn't sweating ithe pointed to record-breaking convention bookings in December and strong momentum in early 2025. With revenue growth across Vegas and regional properties in January, MGM is betting big on continued upside. The company also doubled down on its aggressive stock buyback plan, slashing outstanding shares by over 40% since 2021 to supercharge shareholder returns.
Even with this week's rally, MGM stock is still down about 12% over the past year, weighed down by Vegas softness and broader market jitters. But the company's got firepowerits digital ambitions, China's rebound, and a shareholder-friendly strategy make it one to watch. As MGM scales its online gaming footprint and rides China's comeback, investors are tuning in to see if 2025 delivers another high-stakes win.
This article first appeared on GuruFocus.