#United States #Las Vegas #BetMGM #MGM Resorts #MGM China

MGM Resorts International Reports Fourth Quarter and Annual Financial Results for 2025

MGM Resorts International has announced its fourth-quarter and full-year results for 2025, showcasing the strength of its global portfolio and operational strategies. The company reported consolidated net revenues of $4.6 billion for Q4 2025, reflecting a 6% increase from the previous year. Additionally, net income attributable to MGM Resorts soared to $294 million, registering a notable 87% rise year-over-year. The adjusted EBITDA for the quarter also experienced substantial growth, reaching $635 million, a 20% increase compared to Q4 2024.

According to Bill Hornbuckle, President and CEO of MGM Resorts, the company has effectively navigated challenges, particularly in Las Vegas, thanks to its diversified operational strategy. Looking ahead into 2026, MGM Resorts remains optimistic, bolstered by a solid foundation of group and convention business. Recent renovations at MGM Grand in Las Vegas and robust revenues from its regional operations and BetMGM North America Venture are key drivers of this optimism.

The BetMGM North America Venture significantly contributed to MGM's financial health, distributing $135 million in Q4 2025 alone. The company has returned more than 20% of its initial cash investment in this venture, signaling strong future distributions.

MGM Resorts also demonstrated strong capital stewardship throughout 2025, completing significant financial initiatives, including securing low-cost debt for the development of MGM Osaka and repurchasing $1.2 billion in shares. This aggressive buyback strategy has led to a nearly 48% reduction in shares outstanding since the beginning of 2021.

Fourth Quarter Highlights: Performance Breakdown

• - Las Vegas Strip Resorts: The segment reported net revenues of $2.2 billion, a decrease of 3%, with adjusted EBITDAR at $735 million, down 4% compared to last year. Casino revenues saw a modest growth of 13%, hitting $569 million, largely driven by strong table game performance.

• - Regional Operations: Continued to show resilience with revenues increasing to $950 million, up 2% year-on-year. The segment's adjusted EBITDAR remained stable at $280 million.

• - MGM China: This segment experienced robust growth, achieving revenues of $1.2 billion, a 21% increase from the prior year. Adjusted EBITDAR for MGM China reached $332 million, marking a remarkable 30% rise.

• - MGM Digital: While revenue surged by 35% to $188 million, the segment still encountered challenges with an adjusted EBITDAR loss of $7 million.

Full Year Financial Overview

For the entire year of 2025, MGM Resorts noted consolidated net revenues of $17.5 billion, up 2% from the previous year, while net income decreased to $206 million compared to $747 million in 2024. Adjusted EPS climbed to $3.31, an increase from $2.59 in the prior year, reflecting a strong operational performance despite various macroeconomic factors.

Looking Ahead

MGM Resorts is gearing up for further growth as it advances its development plans, particularly in international markets such as Japan. The completion of renovations at the MGM Grand and the rise of BetMGM as a key player in sports betting present additional opportunities for revenue expansion. The company highlights its commitment to sustainable practices and creating memorable experiences for visitors, reinforcing its position as a leader in the global gaming and entertainment industry.

MGM Resorts has consistently aimed high, achieving recognition as one of FORTUNE® Magazine's Most Admired Companies, and continues to adapt to the ever-changing market landscapes with an unwavering focus on operational excellence and shareholder value.