Q3 2024 MGM Resorts International Earnings Call Transcript
Key Points
- MGM Resorts International (MGM) posted record third quarter consolidated net revenues and adjusted property EBITDA at MGM China.
- Las Vegas properties saw a 3% increase in ADR and a 250 basis point increase in occupancy.
- MGM China achieved a 14% year-over-year increase in net revenues and a 5% rise in adjusted property EBITDA.
- BetMGM achieved profitability with record-high gaming results and a 70% increase in first-time depositors.
- MGM's strategic ventures, such as the partnership with Grupo Globo in Brazil, are expected to expand their digital footprint and tap into emerging markets.
- Las Vegas table game volume was down significantly, attributed to timing issues with high-end bulk business.
- The fourth quarter is expected to face a $70 million headwind due to last year's high hold percentage.
- MGM's Macau margins were slightly lower than expected due to one-time costs and entertainment spend.
- The Formula One event is expected to result in a $30 million year-over-year EBITDA headwind.
- MGM faces challenges in maintaining growth in Las Vegas and regional markets amidst economic headwinds and competitive pressures.
Good afternoon, and welcome to the MGM Resorts International Third Quarter 2024 earnings conference call.
Joining the call from the Company today are Bill Hornbuckle, Chief Executive Officer and President, Corey Sanders, Chief Operating Officer, Jonathan Halkyard, Chief Financial Officer and Treasurer.
Kenneth bang, Executive Director and President of MGM China Holdings, Cuba on CEO and President of MGM China Holdings, and Andrew Chapman, Director of Investor Relations.
Participants are in listen only mode.
After the Company's remarks, there will be a question and answer session.
In fairness to all participants, please limit yourself to one question and one follow-up.
Please note this conference is being recalled overdue Chapman.
Please go ahead.
Good afternoon, and welcome to the MGM Resorts International Third Quarter 2024 earnings call.
This call is being broadcast live on the Internet at investors dot MGM
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
