MGM Resorts, in its earnings report, has revealed that its revenue for 2024 has reached $17.2 billion from $16.2 billion in 2023.
The increase of 7 percent in annual revenue of MGM Resorts is due to an increase in revenue at MGM China resulting from the recovery of operations after the removal of COVID-19 related entry restrictions in Macau in the first quarter of 2023.
MGM’s ability to surpass fourth-quarter profit and revenue estimates reflects the sustained appeal of its properties, particularly in Las Vegas, where tourism and entertainment spending remain robust.
A key factor driving MGM’s success has been the growth of its online sports-betting venture, BetMGM, which is expected to turn profitable this year. MGM does not reveal the size of its revenue from sports-betting business.
The expansion of online gambling and sports betting has provided an additional revenue stream for casino operators, complementing their traditional brick-and-mortar operations. As more states legalize sports betting, platforms like BetMGM stand to benefit from increased consumer participation, further solidifying their role in the broader gaming industry.
MGM China, which operates in Macau, saw a 4 percent increase in quarterly casino revenue, reaching $885 million. While Macau’s gaming market has experienced fluctuations due to regulatory changes and economic conditions in China, the region remains a crucial revenue driver for international casino operators. Continued recovery in visitor numbers and consumer spending in Macau has contributed to this growth.
The resilience of the casino industry can be attributed to several factors, including the return of large-scale events, conventions, and international tourism. Las Vegas, in particular, has maintained a steady flow of visitors, driven by major concerts, sporting events, and entertainment offerings.
Additionally, the ongoing integration of technology and digital gaming platforms allows casino operators to engage customers in new ways, ensuring continued revenue generation beyond physical locations.
“Our digital businesses are on a positive trajectory, with BetMGM venture in North America expected to be profitable this year and global MGM Digital business integrating and scaling to address its significant $41 billion market opportunity,” Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International, said.
Looking ahead, the outlook for casino operators remains positive, with companies like MGM leveraging both traditional gaming and emerging digital platforms to drive growth. The profitability of BetMGM signals the role of online and mobile betting in shaping the future of the industry.
Baburajan Kizhakedath
