MGM Resorts International First Quarter 2024 Earnings Call: Highlights and Strategy
Thursday, 2 May 2024, 02:00
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.