MGM Resorts International has reported its financial results for the fourth quarter and full year of 2024. The company achieved record full-year consolidated net revenues of $17.2 billion, marking a 7% increase from the prior year. MGM China also achieved record full-year segment adjusted EBITDAR of $1.1 billion, reflecting a 25% increase from the previous year.
In the fourth quarter of 2024, MGM Resorts reported consolidated net revenues of $4.3 billion, a 1% decrease from the prior year quarter. The net income attributable to MGM Resorts was $157 million, down from $313 million in the prior year quarter. Consolidated adjusted EBITDA was $528 million, compared to $632 million in the prior year quarter. Diluted earnings per share were $0.52, down from $0.92 in the prior year, and adjusted EPS was $0.45, down from $1.06 in the prior year.
For the Las Vegas Strip resorts, net revenues in the fourth quarter were $2.2 billion, a 6% decrease from the prior year quarter, with a segment adjusted EBITDAR of $765 million, down 11% from the prior year quarter. Regional operations saw a 7% increase in net revenues to $932 million and a 21% increase in segment adjusted EBITDAR to $281 million. MGM China reported a 4% increase in net revenues to $1.0 billion and a 3% decrease in segment adjusted EBITDAR to $255 million. MGM Digital saw a 15% increase in net revenues to $140 million but reported a segment adjusted EBITDAR loss of $22 million, compared to a loss of $20 million in the prior year quarter.
For the full year 2024, MGM Resorts achieved consolidated net revenues of $17.2 billion, a 7% increase from the prior year. Net income attributable to MGM Resorts was $747 million, down from $1.1 billion in the prior year, and consolidated adjusted EBITDA was $2.4 billion, compared to $2.3 billion in the prior year. Diluted earnings per share for the full year were $2.40, down from $3.19 in the prior year, and adjusted EPS was $2.59, down from $2.67 in the prior year.
MGM China reported a 28% increase in net revenues to $4.0 billion for the full year, with a 25% increase in segment adjusted EBITDAR to $1.1 billion. MGM Digital achieved a 28% increase in net revenues to $552 million but reported a segment adjusted EBITDAR loss of $77 million, compared to a loss of $32 million in the prior year.
In terms of key gaming and hotel statistics, the Las Vegas Strip resorts saw a 15% decrease in casino revenue and a 6% decrease in rooms revenue for the fourth quarter of 2024 compared to the prior year quarter. Regional operations reported a 6% increase in casino revenue, while MGM China saw a 4% increase in casino revenue for the same period.
MGM Resorts also repurchased approximately 3 million shares of its common stock for an aggregate amount of $121 million during the fourth quarter of 2024, with the remaining availability under the November 2023 repurchase plan at $826 million as of December 31, 2024.
The company will host a conference call to discuss its financial results at 5:00 p.m. Eastern Time today.
The financial results indicate both positive and challenging aspects for MGM Resorts International across its different segments, reflecting the dynamic nature of its operations and the broader market environment. As a result of these announcements, the company's shares have moved 0.3% on the market, and are now trading at a price of $34.37. If you want to know more, read the company's complete 8-K report here.
