MGM Resorts Shines Bright in Q4 2024: Record Results and a Bright Future Ahead
MGM Resorts International has wrapped up an exceptional year with a bang, reporting record results in its fourth quarter and full-year 2024 earnings. The company's CEO and President, Bill Hornbuckle, took the stage to share the exciting news during the recent conference call.
With consolidated net revenues hitting an all-time high, MGM Resorts is solidly positioned for a bright future ahead. This success can be attributed to the dedication of its employees, who drive exceptional results day in and day out. The company's commitment to guest centricity has paid off, with Net Promoter Scores reaching an all-time record for Gold Plus customers in both Q4 and the full year.
MGM Resorts' strategic plan has given it a strong financial foundation, proficient operations, and unparalleled growth opportunities in both digital and brick-and-mortar. The company is off to a great start in 2025, with positive indicators pointing towards continued revenue growth. In January, domestic operations saw revenues climb, while Average Daily Rates (ADRs) on pay continued to grow for most of the year.
A solid balance sheet characterized by low net debt and significant liquidity supports MGM Resorts' momentum. The company's globally recognized brands, prime locations, development opportunities, and growing digital platform enable it to reach more customers and markets than any other player in its sector. With over 46 million MGM award members and a total addressable market exceeding $150 billion, the possibilities are endless.
In Las Vegas, where the company maintains a leading position, MGM Resorts is investing in its business and customer experience. The renovation of Bellagio suites, new food and beverage offerings, and premium gaming spaces refresh have contributed to continued guest visitation and increased spend. December slot handle and slot win reached an all-time record level for any month in history, contributing to the company's Q4 quarterly records.
The Cosmopolitan of Las Vegas has transitioned to MGM Rewards, while a $100 million investment in Mandalay Bay Convention Center last year has been fruitful. Over 2.2 million room nights are booked for 2025, with December marking a record convention booked month. As the company looks to the future, it's clear that its focus on delivering exceptional results and investing in growth opportunities will continue to drive success.
