MGM Resorts International (MGM) Status Update summary

2024 performance highlights

• Achieved $2.1 billion in net revenue, up 7% year-over-year, with iGaming contributing nearly $1.5 billion and $424 million in contribution, and online sports betting showing strong engagement and product improvements.

• Q4 marked a significant acceleration: iGaming NGR growth rose from 13% to 25% year-on-year, and online sports handle jumped from 1% to 38%.

• Market share stabilized, with 14% GGR and 15% NGR share, and iGaming holding a 22% GGR share, nearly double the fourth-ranked operator.

• Omnichannel strategy drove 61% growth in Nevada-acquired first-time depositors, with strong retention as players continued activity in their home states.

• Operational efficiencies improved, with refined capital allocation and marketing spend focused on higher-value players, leading to better ROI and shorter payback periods.

Financial performance and outlook

• Adjusted net revenue grew 13% YoY, with online sports up 17% YoY; average monthly actives increased 14% YoY.

• FY 2024 EBITDA was ($244) million, reflecting investment and a $50 million negative impact from December's sports results.

• 2H 2024 saw momentum acceleration, with adjusted net revenue up 19% compared to 6% in 1H.

• FY 2025 is expected to be EBITDA positive, with net revenue guidance of $2.4–$2.5 billion and a pathway to $500 million EBITDA in coming years.

• Most 2025 revenue growth will come from existing players, leveraging improved engagement and retention from 2024 investments.

Strategic and operational highlights

• iGaming achieved $424 million contribution in FY 2024; online sports expected to be contribution positive in FY 2025.

• Launched sportsbook in North Carolina and Washington, D.C.; secured a $150 million undrawn revolving credit facility.

• Enhanced player engagement with exclusive games, omnichannel titles, and the largest regulated U.S. online jackpot ($6.5 million in NJ).

• Improved online sports product with richer pricing, unique features, and increased parlay betting engagement.

• Enhanced product experience in both iGaming and sports, including expanded content, live dealer experiences, and improved app speed and functionality.