MGM Resorts International
- MGM Resorts International gained 9.2% to $37.53 after the hospitality, sports, and entertainment company said revenue declined in the fourth quarter ending in December, despite the company’s strong annual performance in China.
Consolidated revenue decreased 1% to $4.3 billion, net income dropped to $157 million from $313 million, and earnings per diluted share fell to 52 cents from 92 cents a year ago.
While revenue in the Las Vegas Strip resorts declined in 2024, MGM China performed better, with an adjusted EBITDA rising to $1.09 billion from $866.89 million a year earlier.
The company repurchased over 33 million shares in 2024, reducing shares outstanding by more than 40% since 2021.
During the fourth quarter, MGM repurchased approximately 3 million shares for $121 million, and the remaining availability under the November 2023 repurchase plan was $826 million as of December 31, 2024.
Feb 13, 2025
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