Total Revenue

+5%

The increase to $4.18B comes from continued recovery in core operations, particularly in Macau after eased travel restrictions, and stable performance in Las Vegas; elevated prior-year volumes in Regional Operations were offset by the recent asset disposition. " "

MGM China Revenue

+14%

MGM China’s $929M in revenue reflects stronger visitation and gaming demand in Macau compared to prior-year pandemic-impacted levels, with travel restrictions removed and main-floor gaming volumes normalizing. " "

Corporate & Other Revenue

+30%

Growth to $169M was primarily driven by higher digital gaming contributions, including the continued integration of LeoVegas acquired in 2022, which did not factor into the full prior-year baseline. " "

Cost of Goods Sold

-49%

The drop to $2.30B reflects reduced operating expenses tied to deconsolidated properties, cost optimization measures, and a shift in expense categorization since the prior year; these factors more than offset increased costs in Macau and certain Las Vegas operations. " "

Operating Income (EBIT)

-15%

Lower EBIT of $315M results partly from the loss of prior-year one-time gains and higher rent expenses, which outweighed improved revenue contributions from both the Las Vegas Strip and the rebound in Macau. " "

Net Income

+15%

Rising to $244M, net income benefited from improved Macau gaming performance, stable U.S. consumer demand, and favorable tax impacts on Macau profits, partially tempered by increased rent and interest expenses compared to the prior year. " "

EPS – Basic

+27%

Basic EPS of $0.62 was driven by higher net income and a continued reduction in outstanding shares due to share repurchase programs, magnifying per-share earnings growth relative to the prior year. " "

Las Vegas Cash Rates

FY 2025

no prior guidance

Expects overall cash rates in Las Vegas to grow "

no prior guidance

EBITDA Growth

FY 2025

no prior guidance

Targets $200 million in cost savings; expects improvement "

no prior guidance

BetMGM Strategy

FY 2025

no prior guidance

Continued investment; expansion into new markets " " "

no prior guidance

F1 Event Impact

Q4 2024

no prior guidance

Expects a $30 million EBITDA headwind year-over-year "

no prior guidance

Marriott Partnership

FY 2025

no prior guidance

2,500 room nights/day; pacing 20% above expectations "

no prior guidance

Las Vegas performance and margins

Consistent mid-30% margin levels in previous quarters; year-over-year top-line and bottom-line growth; stable or increasing occupancy and ADR. " " " "

Slightly impacted by high-end table game timing but still aiming for mid-30s EBITDAR margins. Executives remain optimistic about strong ADR and slot handle growth. " "

Consistently mentioned across periods with continued focus on Las Vegas as a growth driver. Margins remain in the mid-30% range, with short-term fluctuations but long-term optimism. " " " " "

Macau trends

Previously noted strong recovery, often exceeding pre-pandemic levels, but with minor fluctuations in market share. Emphasis on mass and premium mass outperformance. " " " " " "

Market share declined for the second straight quarter, stabilizing in the mid-teen level expected over time; premium mass remained resilient. "

Slight shift in sentiment from surpassing pre-pandemic levels to addressing slight market share loss, while still optimistic about long-term recovery and premium mass. " " " "

Regional market performance and margins

Historically stable with 30%+ margins; managing labor costs and promotions to maintain profitability. " " " "

Stable results with 3% revenue growth; slight year-over-year expenses due to specific operational issues. " " "

Consistently mentioned with a focus on maintaining margins despite minor pressures. The company remains optimistic in its ability to keep margins stable. " " " " "

Labor cost impacts on profitability

Noted as a headwind in earlier calls, but partially offset by reducing FTEs and negotiating multi-year labor deals. Margins remained stable in most segments. " " " "

No specific mention in Q3 2024 [—].

No mention in Q3 2024. Previously addressed as a margin pressure but manageable through cost controls. " " "

F1 event’s financial headwind

Cited as $30 million impact in Q2 2024. The first F1 event delivered positive contributions in Q4 2023, but geographic differences in activation led MGM to refine pricing and programming. " "

Expect a $30 million YoY EBITDA headwind due to softer room rates vs. the inaugural event and capitalized costs shifting to expense. " " "

Consistently mentioned recently as a one-time headwind but still strategically important for Las Vegas revenue. The financial effect is smaller compared to the overall quarterly performance. " " " "

Japan expansion

Discussed through Q1 2024 as a long-term project not expected to generate returns by 2028. Financing was arranged, and ~60% hedged against currency fluctuations. " " "

No mention in Q3 2024 [—].

No longer mentioned after Q1 2024. Remains a future growth project, but returns are beyond 2028. "

$200 million margin improvement initiative

Not mentioned previously.

Introduced as an initiative to extract $200 million from the bottom line and identify additional revenue sources for margin enhancement. "

Newly emerged in Q3 2024, aiming to boost margins through cost reviews and added revenue opportunities. "

Digital expansion to UK, Netherlands, Brazil

Discussed in Q2 2024 with early Netherlands and UK success and mentions of South America interest; Q1 2024 highlighted Netherlands soft launch and UK presence; Brazil specifically not mentioned until Q3. " " "

Emphasized global expansion with launches in the UK, Netherlands, and soon Brazil (Q1 2025). Partnership with Grupo Globo for ** Brazil** on an equity basis. " " "

Newly emerged in detail for Q3 2024 with a clear Brazil entry plan. Continues broader digital strategy first mentioned in Q2 and Q1 2024. " " " " "

BetMGM underperformance concerns in sports betting

Highlighted concerns in Q2 2024 due to market share loss and an investment year approach. Similar issues were acknowledged in Q1 and Q4 2023, with product enhancements and single wallet solutions planned. " " "

No direct mention of underperformance; focus on 20% GGR growth and product enhancements. Profitability improved, with parlay enhancements. " " "

Shift in emphasis from underperformance to improved metrics and product enhancements. BetMGM’s positive results in Q3 2024 indicate progress. " " " "

Macau sentiment shift

Previously exceeding pre-pandemic levels in Q1/Q4 2023. Market share fluctuations noted, but the general tone was very positive on Macau recovery. " " "

Acknowledged a two-quarter drop in market share, stabilizing mid-teens. Still bullish on premium mass resilience. "

Sentiment shifted from “exceeding pre-COVID benchmarks” to “managing slight share declines.” Confidence remains due to long-term premium mass growth. " " "

BetMGM sentiment shift

Concerns over market share and product gaps in prior calls, but recognized potential for long-term digital growth. " " " "

Focus on broad digital expansion globally; Q3 2024 highlighted new features and stronger iGaming-sports balance. " " "

Moved from performance concerns to emphasizing new product features and international expansion. MGM sees BetMGM as a key digital growth driver. " " " " "

Potential future impact

Historically, these were recurring themes, with digital expansions gradually ramping, margin stability targeted at 30-35% in core markets, and labor costs managed via multi-year deals. " " " " "

Digital growth (BetMGM + international), margin improvement (the $200M initiative), and careful labor cost management are seen as major profit drivers going forward. " " "

These strategic pillars are expected to shape long-term profitability. The $200M program, global iGaming expansions, and continued labor discipline should significantly impact the company’s future margins and cash flow. " " " "