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

MGM Resorts International Reports Q3 2025 Financial Results

MGM Resorts International, listed on the NYSE as MGM, has recently provided insights into its financial performance for the third quarter of 2025, detailing a growth in consolidated net revenues of 2% compared to the same period last year. This increase can largely be attributed to remarkable results from MGM China, which set records for Segment Adjusted EBITDAR while claiming a market share of 15.5%.

Key Financial Highlights

During the quarter ending September 30, 2025, MGM Resorts reported:

• - Consolidated Net Revenues: $4.3 billion, up from $4.2 billion, primarily driven by MGM China.
• - Net Loss: $285 million, a significant decline from a net income of $185 million in the prior year, largely due to a non-cash goodwill impairment charge of $256 million after withdrawing its application for a gaming license at Empire City.
• - Adjusted EBITDA: $506 million, down from $574 million the previous year.
• - Diluted Earnings Per Share: reported at a loss of $1.05, contrasting with earnings of $0.61 last year. Adjusted EPS has also decreased to $0.24 from $0.54.

Performance in Detail

Las Vegas Strip Operations: MGM's properties on the Strip reported a 7% drop in net revenues, generating $2.0 billion due to ongoing room renovations at the MGM Grand. The total revenue from this sector was impacted by lower table game winnings and food and beverage revenues.

Regional Operations: While maintaining stability, regional operations reported a slight increase in revenues to $957 million, compared to $952 million in the prior year. The overall EBITDAR for this segment saw a marginal decrease.

MGM China: This segment shone brightly, with revenues jumping 17% to $1.1 billion, fueled by a 20% increase in Segment Adjusted EBITDAR, now standing at $284 million. MGM China’s success underscores its strong recovery and market positioning.

MGM Digital: While MGM Digital, which includes platforms like LeoVegas, showed progress with a 23% increase in revenues to $174 million, it also incurred a slight adjusted EBITDAR loss, indicating the challenges of ongoing brand expansion in competitive markets.

Strategic Moves and Future Outlook

CEO Bill Hornbuckle remarked on the encouraging signs of recovery in Las Vegas with the anticipated return of group events and conventions as well as the completed renovations of the MGM Grand. Additionally, the company announced a cash distribution from its North American sports betting venture, BetMGM, to commence in late 2025, estimated at around $100 million, reflecting positive growth trends and profitability improvements.

Furthermore, MGM Resorts plans to leverage its operational scale to enhance shareholder value through prudent management strategies. The company's decision to sell its Northfield Park operations for $546 million evidences a strategic shift to optimize its asset portfolio.

The outlook appears cautiously optimistic as the firm focuses on integrated resort operations, aiming for robust performance in an ever-competitive gaming landscape. Management has indicated commitment to maintaining growth trajectories and improving capital initiatives, ensuring MGM Resorts remains a major player in the global gaming and entertainment market.

In conclusion, while MGM Resorts International faced mixed results in Q3 of 2025, the combination of growth in certain segments and strategic asset management sets a positive tone as the company navigates upcoming challenges and opportunities.