MGM International Online Unit Narrows Q3 Loss to $4M as Revenue Growth Slows

MGM Resorts' international online gambling division, led by LeoVegas, significantly reduced its operating loss in the third quarter of 2024, coming close to breaking even. The unit reported a loss of $4 million, an improvement from previous quarters, driven by strong performances in Spain, the Netherlands, and the United Kingdom.

However, revenue growth for the LeoVegas-led arm slowed to just 6% compared to the prior quarter. This deceleration comes at a time when operators in the UK and across Europe are facing higher tax burdens, which may be impacting overall market dynamics.

The narrowing loss marks progress for MGM's digital strategy as it seeks to establish a profitable foothold in regulated European markets. The company has been investing heavily in its online operations, particularly through the LeoVegas acquisition, to diversify beyond its core US land-based casino business.

Despite the improved bottom line, the slowdown in revenue growth signals potential headwinds for the division. Analysts will be watching closely to see if MGM can sustain its path to profitability while navigating an increasingly tax-heavy regulatory environment in key European jurisdictions.