MGM China eyes $2B loan to expand Macau operations
MGM China, the Macau-based division of MGM Resorts, is reportedly looking to borrow a $2 billion loan to expand its Macau and Cotai operations and refinance existing debts.
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MGM Resorts reports strong results for Q4 2024
The American global hospitality and entertainment company MGM Resorts International reported strong Q4 results for 2024 with $17.2 billion.
The Q4 was not only about immediate success. The company faced some challenges as well. Compared to Q4 2023, MGM’s Q4 revenue slightly dropped by 1% to $4.3 billion. Net income also saw a decline from 2023’s $313 million to $157 million. Adjusted EBITDA also declined from $632 million to $528 million.
While Las Vegas resorts experienced challenges, MGM China helped the company to regain its impact. MGM continued its stock buyback strategy, repurchasing 3 million shares for $121 million.
MGM’s year-on-year performance for 2024
Despite the Q4 declines, MGM delivered a strong full-year performance. The company’s total revenue for 2024 reached $17.2 billion, a 7% increase when compared to 2023’s revenues. This was mainly fuelled by MGM China’s recovery after pandemic restrictions lifted. Net income reached $747 million, a decline from $1.1 billion in 2023, mainly because of last year’s sale of Gold Strike Tunica. MGM China’s revenue increased by 28% to $4 billion, while the digital segment grew by the same percentage, despite posting a higher loss of $77 million.
BetMGM is confident about 2025’s profitability.
MGM CEO to serve as Chair of US Travel Association
The US Travel Association, a national, non-profit organization representing and advocating for all components of the travel industry, named MGM President and CEO William...
