BetMGM sees net revenue growth in fourth-quarter earnings

Composite COMPLETE iGAMING

Sports entertainment and hospitality company MGM Resorts International reported US$140 million in fourth-quarter net revenue, a 15% year-over-year increase.

BetMGM is a joint venture between MGM Resorts International and online gaming company Entain. It recorded accelerated revenue growth during the 2024 fiscal year and expects to be profitable in 2025.

“Our digital businesses are also on a positive trajectory, with our BetMGM venture in North America expected to be profitable this year and our global MGM Digital business integrating and scaling to address its significant US$41 billion market opportunity,” Bill Hornbuckle, CEO and President of MGM Resorts International, said in a statement.

Adjusted EBITDAR was down, however, with BetMGM producing a loss of US$22 million compared to US$20 million the previous year.

BetMGM recorded US$552 million in net revenue for the year, an increase of 28% compared to 2023. Yet, adjusted EBITDAR generated a loss of US$77 million compared to US$32 million in 2023.

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“2024 was a year of investment and rebuilding of momentum for BetMGM,” Adam Greenblatt, BetMGM CEO, said in a statement. “Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalized basis. Our leading igaming business continues to grow strongly and deliver attractive returns.”