MGM Resorts International(MGM) - 2024 Q4 - Annual Results

Financial Performance - MGM Resorts reported record full-year consolidated net revenues of $17.2 billion, an increase of 7% from the prior year[5]. - Consolidated net revenues for Q4 2024 were $4.3 billion, a decrease of 1% compared to the prior year quarter[6]. - Net income attributable to MGM Resorts for the full year was $747 million, down from $1.1 billion in the prior year[15]. - Adjusted EPS for the full year was $2.59, compared to $2.67 in the prior year[18]. - Total revenues for the twelve months ended December 31, 2024, reached $17,240,545, an increase of 6.7% from $16,164,249 in 2023[52]. - Net income attributable to MGM Resorts International for the twelve months ended December 31, 2024, was $746,558 thousand, down from $1,142,180 thousand in 2023, indicating a decrease of 34.66%[63]. - Adjusted EPS for the twelve months ended December 31, 2024, was $2.40, compared to $3.19 in 2023, indicating a decline of 24.6%[52]. - The company reported a total operating income of $291,565 for the three months ended December 31, 2024, down 30.5% from $419,344 in the same period of 2023[52]. Revenue Sources - MGM China achieved record full-year Segment Adjusted EBITDAR of $1.1 billion, up 25% from the previous year[5]. - Casino revenue for Las Vegas Strip Resorts decreased by 15% to $501 million in Q4 2024[21]. - MGM Resorts experienced a 6% increase in casino revenue in Regional Operations, totaling $676 million in Q4 2024[26]. - Casino revenue for the three months ended December 31, 2024, was $2,210,746, slightly up from $2,203,523 in 2023, showing a marginal increase of 0.1%[52]. - Las Vegas Strip Resorts generated net revenues of $8,816,113 thousand for the twelve months ended December 31, 2024, slightly up from $8,799,146 thousand in 2023, an increase of 0.19%[57]. - MGM China reported net revenues of $4,022,384 thousand for the twelve months ended December 31, 2024, up from $3,153,609 thousand in 2023, a growth of 27.53%[57]. Shareholder Actions - The company repurchased 33 million shares in 2024, reducing shares outstanding by over 40% since 2021[5]. - The weighted average diluted shares outstanding decreased to 299,447 for the three months ended December 31, 2024, from 340,151 in the same period of 2023[52]. Digital and Market Expansion - The company noted a significant $41 billion market opportunity for its global MGM Digital business[2]. - MGM Resorts is pursuing targeted expansion in Asia, specifically through an integrated resort development in Japan[46]. - The company is focused on enhancing its digital presence, including the launch of MGM Digital in Brazil, to strengthen its market position[48]. - MGM Resorts aims to position BetMGM as a leader in sports betting and iGaming, reflecting its strategic growth initiatives in the gaming sector[48]. - BetMGM is expected to be profitable in 2025, with accelerated revenue growth throughout 2024[5]. Financial Position - Cash and cash equivalents decreased to $2,415,532 thousand as of December 31, 2024, from $2,927,833 thousand a year earlier, a decline of 17.43%[55]. - Total current assets decreased to $4,363,599 thousand as of December 31, 2024, from $4,910,593 thousand in 2023, a reduction of 11.14%[55]. - Total liabilities increased to $38,511,671 thousand as of December 31, 2024, compared to $38,001,047 thousand in the previous year, an increase of 1.34%[55]. - The operating lease liabilities remained stable at $25,076,139 thousand as of December 31, 2024, compared to $25,127,464 thousand in the previous year[55]. - The company reported a decrease in retained earnings to $3,081,753 thousand as of December 31, 2024, down from $3,664,008 thousand in 2023, a decline of 15.93%[55]. EBITDA Metrics - Consolidated Adjusted EBITDA for the three months ended December 31, 2024, was $330,899, compared to $413,066 for the same period in 2023, reflecting a decrease of 20%[52]. - Consolidated Adjusted EBITDA for the twelve months ended December 31, 2024, reached $2,410,841 thousand, compared to $2,335,527 thousand for the same period in 2023, reflecting an increase of 3.22%[63].