MGM Resorts International First Quarter 2024 Earnings Call: Highlights and Strategy

Thursday, 2 May 2024, 02:00

The MGM Resorts International Q1 2024 earnings call showcased a record-breaking quarter with substantial growth in net revenues and adjusted EBITDAR. The call discussed the strong performance in Las Vegas, the recovery in Macau, and the ongoing focus on digital expansion. The company shared its strategy for future growth, including capital allocation plans and potential market opportunities.
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MGM Resorts International First Quarter 2024 Earnings Call: Highlights and Strategy

MGM Resorts International Q1 2024 Earnings Call Highlights

Record-Breaking Quarter

  • Record net revenues of $4.4 billion, up 13% from last year
  • Net income of $217 million and adjusted EBITDAR of over $1.2 billion

Performance in Las Vegas

  • 4% net revenue growth supported by strong ADRs
  • Growth driven by luxury resort offerings on the Strip

Success in Macau

  • Record net revenues with market share of 17%
  • Achieved first-ever $300 million quarter in adjusted property EBITDA

Given the positive operating performance, MGM China and MGM Resorts have terminated a subordinated loan agreement, emphasizing financial strength.

MGM Resorts International Financial Strategy

Growth Algorithm

  • Significant and recurring cash flow from resort operations
  • Expectation of minimum mid-teens returns from future growth opportunities

The company is focused on fortifying its balance sheet through initiatives like refinancing, offering senior notes, and completing project financing for developments.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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