Mgm Resorts - MGM STOCK NEWS

MGM Resorts reported record full-year consolidated net revenues of $17.2 billion, up 7% from the previous year. MGM China achieved record Segment Adjusted EBITDAR of $1.1 billion, a 25% increase. The company repurchased over 33 million shares in 2024 for $1.4 billion, reducing shares outstanding by more than 40% since 2021.

Fourth quarter results showed consolidated net revenues of $4.3 billion, down 1% year-over-year, with net income of $157 million compared to $313 million in the prior year quarter. Las Vegas Strip Resorts revenue decreased 6% to $2.2 billion, while Regional Operations increased 7% to $932 million.

BetMGM is expected to be profitable in 2025, with MGM Digital showing 15% revenue growth in Q4. The company reported strong demand in early 2025, with December marking their highest convention booking month on record.

Netflix has launched NETFLIX BITES Vegas at MGM Grand Hotel & Casino, a one-year culinary residency offering breakfast, lunch, and dinner inspired by popular Netflix shows and movies. The restaurant features dishes and drinks themed after hits like Bridgerton, Stranger Things, Squid Game, and ONE PIECE.

The opening was marked by a preview event attended by celebrities from various Netflix shows. The menu includes creative items like The Grand Line Showboat sushi platter, themed cocktails, and interactive dessert experiences. Operating hours are 7 AM to 2 PM for breakfast and lunch, and 5 PM to 10 PM for dinner (extended to 12 AM on weekends).

This venture follows the successful NETFLIX BITES Los Angeles pop-up and joins Netflix's portfolio of immersive fan experiences. Mastercard cardholders will receive special benefits including priority seating and exclusive experiences. Netflix has reached 7.5 Million fans across 170 openings in 100 cities with these experiences.

BetMGM has provided its Fiscal Year 2024 performance update, showing a Net Revenue of $2.1 billion, up 7% year-over-year. The company's iGaming segment achieved record revenue of $1.5 billion, growing 13% YoY, while Online Sports revenue increased 4% to $554 million.

Despite reporting an EBITDA loss of $244 million for FY2024, BetMGM expects to achieve positive EBITDA in 2025, with projected Net Revenue between $2.4-2.5 billion. The company maintained a 14% GGR market share in active markets, with iGaming at 22% and Online Sports at 8%.

Key operational highlights include a 14% increase in Average Monthly Actives, expansion into North Carolina and Washington D.C., and securing a $150 million revolving credit facility. The company reaffirmed its confidence in reaching $500 million EBITDA in the coming years, supported by scale, revenue growth, and operational leverage.

BetMGM has announced an exclusive multi-year partnership with Fremantle to secure online casino rights for iconic game shows 'The Price is Right' and 'Family Feud'. The collaboration will enable BetMGM to create customized slots, table games, and non-traditional casino games using these popular game show brands.

The partnership includes exclusive sponsorship integrations during select weeks of upcoming seasons for both shows. BetMGM's online casino platform currently features over 3,500 titles across North American markets and operates one of the largest state-by-state exclusive jackpot networks with more than 20 game titles.

The deal emphasizes responsible gaming through BetMGM's integration of GameSense, developed by the British Columbia Lottery , alongside existing responsible gambling tools to ensure safe digital experiences for customers.

MGM Grand Hotel & Casino has announced a comprehensive $300 million remodel of all 4,212 rooms and suites in its main tower. The transformation, scheduled for completion in December 2025, will feature modern design elements inspired by the disco era.

The first phase of newly remodeled rooms will be available for reservation starting March 1, 2025. This renovation follows the completion of the 700-room Studio Tower remodel in 2022. The project, designed by Gensler in partnership with MGM Resorts Design & Development, aims to enhance the guest experience for both leisure and business travelers.

The remodeled rooms will complement new dining and entertainment experiences planned to open at MGM Grand later in 2025, positioning the property for upcoming developments on the south end of The Strip.

BetMGM, a leading sports betting and iGaming operator jointly owned by MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT), has announced it will release its FY 2024 performance update on February 4, 2025, at 7:00 a.m. Eastern Time. The company will host an audio webcast at 9:00 a.m. Eastern Time on the same day.

Additionally, MGM Resorts International will release its Q4 and FY 2024 results on February 12, while Entain plc will announce its FY 2024 results on March 6.

MGM Resorts International (NYSE: MGM) has announced it will release its financial results for the fourth quarter and full year 2024 after market close on Wednesday, February 12, 2025. The company will host a conference call at 5:00 p.m. Eastern Time on the same day, featuring a discussion of results and a Q&A session.

Supplemental slides will be available on MGM's Investor Relations website before the call. The conference call will be accessible via their website or by phone, with replay available through February 19, 2025. MGM Resorts operates 31 hotel and gaming destinations globally and maintains a 50/50 venture, BetMGM, , offering sports betting and online gaming in North America. The company is also pursuing expansion in Asia through an integrated resort development in Japan.

MGM Resorts International and Marriott International have officially launched W Las Vegas, transforming the 1,117-suite tower at Mandalay Bay into part of the W Hotels brand. Starting December 18, 2024, Marriott Bonvoy members can book stays and earn/redeem points at this new destination, which joins the MGM Collection with Marriott Bonvoy portfolio.

This marks another milestone in the strategic licensing agreement between both companies announced in 2023. The collaboration connects over 200 million Marriott Bonvoy members with MGM Resorts destinations across the U.S., while MGM Rewards members can status match across Marriott's global portfolio of approximately 9,000 properties. W Las Vegas becomes the 12th destination on the Las Vegas Strip within the MGM Collection.

MGM Resorts International has promoted Ari Kastrati to Chief Content, Hospitality and Development Officer, effective immediately. In his expanded role, Kastrati will oversee global design and development efforts, sports and entertainment partnerships, while continuing to drive the company's hospitality strategy, including food and beverage and nightlife concepts. He will also lead lifestyle, retail, leasing, and arts divisions, reporting directly to CEO Bill Hornbuckle.

Kastrati, who joined MGM Resorts in 2010, previously served as Chief Hospitality Officer and has over 25 years of industry experience. He has been important in developing the company's portfolio of dining and nightlife destinations and will now play a larger role in MGM's expansion into luxury destinations globally.