MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Core Insights - MGM Resorts International reported record consolidated net revenues for Q3 2024, primarily driven by strong performance from MGM China and improvements in Las Vegas metrics [2][3][4] Financial Performance - Consolidated net revenues reached $4.2 billion, a 5% increase year-over-year, largely due to MGM China's recovery post-COVID-19 restrictions [3][6] - Net income attributable to MGM Resorts was $185 million, up from $161 million in the prior year [3][23] - Adjusted EBITDAR for the quarter was $1.1 billion, reflecting operational strength [3][22] Segment Performance - Las Vegas Strip Resorts generated net revenues of $2.1 billion, a 1% increase, driven by non-gaming revenue despite a decline in casino revenue [4][21] - Regional Operations reported net revenues of $952 million, a 3% increase, attributed to higher casino revenue [5][21] - MGM China achieved net revenues of $929 million, a 14% increase, benefiting from the lifting of travel restrictions [6][21] Shareholder Returns - The company repurchased over $300 million in shares during Q3 2024, totaling approximately $1.3 billion year-to-date, reducing shares outstanding by 40% since 2021 [2][12] - A special dividend of approximately $200 million was declared by MGM China, contributing to cash returns to shareholders [2][3] Digital Strategy and Growth - BetMGM experienced record Q3 net revenues, increasing nearly 20% year-over-year, indicating strong growth in the digital gaming sector [2][3] - The company announced a partnership with Grupo Globo to pursue sports betting and iGaming licenses in Brazil, expanding its digital footprint [2][3] Key Metrics - Average Daily Rate (ADR) in Las Vegas increased by 3% to $243, with occupancy rates rising to 94% [8][21] - Free Cash Flow for the nine months ended September 30, 2024, was $944 million, indicating strong cash generation capabilities [3][24]