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LAS VEGAS - MGM Resorts International (NYSE:MGM) reported better-than-expected fourth quarter earnings and revenue on Wednesday, sending its shares surging 8.6% in after-hours trading.
The casino and hospitality giant posted adjusted earnings per share of $0.45, beating analyst estimates of $0.39. Revenue came in at $4.3 billion, slightly above the consensus forecast of $4.28 billion.
MGM’s Las Vegas Strip Resorts saw revenue decline 6% YoY to $2.2 billion, while Segment Adjusted EBITDAR fell 11% to $765 million. The company attributed this to strong results from Formula 1 in the prior year quarter.
Regional Operations revenue increased 7% YoY to $932 million, with Segment Adjusted EBITDAR up 21% to $281 million. MGM China (OTC:MCHVY) revenue rose 4% to $1.0 billion.
"MGM Resorts is proud to report the best full-year consolidated net revenues in the history of the Company, driven by record performance from MGM China," said CEO Bill Hornbuckle.
The company repurchased approximately 3 million shares for $121 million during Q4, bringing its total 2024 buybacks to 33 million shares at $1.4 billion.
Looking ahead, MGM said it is seeing strong demand so far in 2025, with December being its highest convention booking month on record. The company expects its BetMGM venture to be profitable in 2025.
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