MGM Resorts International Revenue in 2024

MGM Resorts International reported $16.4B in revenue for fiscal year 2024. This represents a growth of 4.2% compared to the 2023 figure of $15.8B.

Revenue grew from $13.44 billion in FY2022 to $15.77 billion in FY2023 and $16.43 billion in FY2024 — a steady post-pandemic recovery that reflects the durability of Las Vegas leisure and convention demand. Net income of $1.14 billion in FY2024 reflects the operating costs of 29 properties globally, the $1.1 billion in annual VICI lease obligations, and the ongoing investment in BetMGM's digital platform. Market capitalization of $9.5 billion against $16.43 billion in revenue implies the market assigns a modest multiple to MGM's operating cash flows — appropriate for a company with significant fixed lease obligations and capital expenditure requirements across 29 properties. Adjusted EBITDAR of approximately $4.2 billion, which adds back rent expense to EBITDA, is the figure the company uses to demonstrate operating cash generation before lease costs. The BetMGM acquisition of Entain's 50% stake for $1.5 billion in 2024 doubled MGM's investment in digital gaming. BetMGM holds a top-three market share position in US online sports betting and online casino markets, competing against DraftKings and FanDuel for the digital wagering customer who does not necessarily visit a physical MGM property. The financial return on the $1.5 billion payment will be measured in BetMGM's market share trajectory and unit economics over the next several years. The 2023 ransomware attack created an estimated $100 million in lost revenue during the 10-day operational disruption. Cybersecurity insurance partially offset the cost, but the event introduced a material operational risk into investor analysis of any large casino operator that MGM did not face at comparable scale before 2023.