{"id":310671,"date":"2024-02-13T16:44:02","date_gmt":"2024-02-13T22:44:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=310671"},"modified":"2024-02-14T13:08:16","modified_gmt":"2024-02-14T19:08:16","slug":"mgm-q4-earnings-rise-company-continues-stock-buybacks","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/","title":{"rendered":"MGM Notches Record Q4 Results, Buyback Binge Continues"},"content":{"rendered":"

After the close of U..S markets Tuesday, MGM Resorts International (NYSE: MGM) delivered record fourth-quarter results. They did so while telling investors it continues repurchasing significant amounts of its shares.<\/p>\n

\"MGM
Bellagio Las Vegas. Operator MGM posted record fourth-quarter earnings and continues buying back its stock. (Image: MGM Resorts)<\/figcaption><\/figure>\n

Helped in part by the Las Vegas Grand Prix<\/a> in November, the Cosmopolitan operator said its Las Vegas Strip casino hotels posted record full-year and fourth-quarter revenue, and adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR). Consolidated EBITDAR for the last three months of 2023 was $1.2 billion, as sales jumped 22% to $4.4 billion. On the Strip, where MGM is the largest operator, revenue rose to $2.4 billion from $2.3 billion.<\/p>\n

Same-store net revenues (adjusted for dispositions) of $2.4 billion in the current quarter compared to $2.2 billion in the prior year quarter, an increase of 10%,\u201d<\/strong> according to a statement.<\/p><\/blockquote>\n

The disposition mentioned pertains to the Mirage, which MGM sold to Hard Rock International.<\/p>\n

MGM Continues Repurchasing Own Shares<\/h2>\n

Over the past several years, MGM has been a devoted buyer of its own shares, signaling to investors that the company sees value in the stock while significantly reducing the number of shares outstanding.<\/p>\n

\n

After unveiling a new $2 billion<\/a> repurchase program last November, the Bellagio operator bought back $629 million of its stock during the fourth quarter, bringing the 2023 total to $2.3 billion. Combined, MGM has $2.2 billion remaining on buyback plans announced last February and last November. The gaming company\u2019s affinity for its shares is continuing in the early innings of 2024.<\/p>\n<\/div>\n

\u201cWe continue to see great value in our shares and are returning capital to shareholders by repurchasing our shares. We have already bought back approximately 6 million shares for an estimated $249 million year-to-date, adding to the approximate 54 million shares that we repurchased in 2023, totaling $7.1 billion of repurchases since 2021,\u201d said CFO Jonathan Halkyard in the statement.<\/p>\n

MGM\u2019s buybacks are relevant because share repurchases are more tax-efficient than dividends, and unlike some rivals, the operator hasn\u2019t restored its quarterly payout, which was cut during the early days of the COVID-19 crisis.<\/p>\n

Macau, Regional Updates<\/h2>\n

Strength in Macau<\/a>, where MGM owns 56% of MGM China, also contributed to a solid report. In the special administrative region (SAR), the operator\u2019s two venues combined for adjusted property EBITDAR of $262 million compared to a year-earlier loss of $55 million. Revenue surged 462% to $983 million.<\/p>\n

\n

The story was less bright for MGM\u2019s domestic regional casinos. While a topline decline was expected due to the sale of Gold Strike Tunica in Mississippi, the operator said same-store sales dropped 7% on a year-over-year basis.<\/p>\n<\/div>\n

Citing labor strife at MGM Grand Detroit and reduced levels of VIP play at MGM National Harbor in Maryland, the gaming company said regional casino net revenue fell $873 million from $991 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

After the close of U..S markets Tuesday, MGM Resorts International (NYSE: MGM) delivered record fourth-quarter results. They did so while telling investors it continues repurchasing significant amounts of its shares. Helped in part by the Las Vegas Grand Prix in November, the Cosmopolitan operator said its Las Vegas Strip casino hotels posted record full-year and […]<\/p>\n","protected":false},"author":46,"featured_media":259175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nMGM Q4 Earnings Rise, Company Continues Stock Buybacks<\/title>\n<meta name=\"description\" content=\"MGM Notches Record Q4 Results, Buyback Binge Continues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Q4 Earnings Rise, Company Continues Stock Buybacks\" \/>\n<meta property=\"og:description\" content=\"MGM Notches Record Q4 Results, Buyback Binge Continues.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-13T22:44:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-14T19:08:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"467\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/\",\"name\":\"MGM Q4 Earnings Rise, Company Continues Stock Buybacks\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg\",\"datePublished\":\"2024-02-13T22:44:02+00:00\",\"dateModified\":\"2024-02-14T19:08:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM Notches Record Q4 Results, Buyback Binge Continues.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg\",\"width\":700,\"height\":467,\"caption\":\"Bellagio Las Vegas. Marriott Bonvoy members will need to dole out 20,000 points for a night at the venue. (Image: MGM Resorts)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"MGM Notches Record Q4 Results, Buyback Binge Continues\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"MGM Q4 Earnings Rise, Company Continues Stock Buybacks","description":"MGM Notches Record Q4 Results, Buyback Binge Continues.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/","og_locale":"en_US","og_type":"article","og_title":"MGM Q4 Earnings Rise, Company Continues Stock Buybacks","og_description":"MGM Notches Record Q4 Results, Buyback Binge Continues.","og_url":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2024-02-13T22:44:02+00:00","article_modified_time":"2024-02-14T19:08:16+00:00","og_image":[{"width":700,"height":467,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/","url":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/","name":"MGM Q4 Earnings Rise, Company Continues Stock Buybacks","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg","datePublished":"2024-02-13T22:44:02+00:00","dateModified":"2024-02-14T19:08:16+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"MGM Notches Record Q4 Results, Buyback Binge Continues.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bellagio-las-vegas.jpg","width":700,"height":467,"caption":"Bellagio Las Vegas. Marriott Bonvoy members will need to dole out 20,000 points for a night at the venue. (Image: MGM Resorts)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/mgm-q4-earnings-rise-company-continues-stock-buybacks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"MGM Notches Record Q4 Results, Buyback Binge Continues"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/310671"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=310671"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/310671\/revisions"}],"predecessor-version":[{"id":310784,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/310671\/revisions\/310784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/259175"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=310671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=310671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=310671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}