BETMGM FY 2025 BUSINESS UPDATE

Rhea-AI Summary

BetMGM (NYSE: MGM) reported FY 2025 Net Revenue of $2.8 billion, up 33% YoY, with iGaming Net Revenue +24% and Online Sports Net Revenue +63%. FY 2025 EBITDA was $220 million, a swing of +$464 million YoY. BetMGM returned $270 million cash to parents in Q4 2025.

Management expects FY 2026 Net Revenue of $3.1–$3.2 billion and Adjusted EBITDA of $300–$350 million, and reiterated a pathway to $500 million Adjusted EBITDA in FY 2027. Parent Fees will be recorded as an operating expense from 2026; BetMGM will report Adjusted EBITDA excluding Parent Fees.

Positive

• Net Revenue +33% YoY to $2.8 billion
• Online Sports Net Revenue +63% YoY
• FY 2025 EBITDA of $220 million (improvement of $464M YoY)
• Returned $270 million cash to parents in Q4 2025
• iGaming Net Revenue +24% YoY

Negative

• Parent Fees become BetMGM operating expense from 2026, reducing reported EBITDA
• Estimates unaudited; auditors may require material adjustments to FY 2025 figures

Market Reaction

+12.75% $38.53

15m delay 41 alerts

+12.75% Since News

$38.53 Last Price

$38.00 $39.25 Day Range

+$1.19B Valuation Impact

$10.54B Market Cap

0.7x Rel. Volume

Following this news, MGM has gained 12.75%, reflecting a significant positive market reaction. Our momentum scanner has triggered 41 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $38.53. This price movement has added approximately $1.19B to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

FY 2025 Net Revenue: $2.8 billion (+33% YoY) FY 2025 iGaming Net Revenue: $1,827 million (+24% YoY) FY 2025 Online Sports Net Revenue: $903 million (+63% YoY) +5 more

8 metrics

FY 2025 Net Revenue $2.8 billion (+33% YoY) Full-year 2025 BetMGM performance exceeded expectations

FY 2025 iGaming Net Revenue $1,827 million (+24% YoY) Driven by leading iGaming offering and enhanced acquisition/retention

FY 2025 Online Sports Net Revenue $903 million (+63% YoY) Benefited from refined engagement strategy and normalized sports hold

FY 2025 EBITDA $220 million (up $464 million YoY) Represents an EBITDA inflection for BetMGM in 2025

FY 2025 Net Income $175 million (vs. -$291 million prior year) Reflects improved profitability versus 2024

Cash distribution $270 million Returned to MGM and Entain in Q4 2025

FY 2026 Net Revenue outlook $3.1–$3.2 billion Management’s expected range for FY 2026 BetMGM Net Revenue

Target Adjusted EBITDA $500 million Management’s Adjusted EBITDA goal for FY 2027

Market Reality Check

Price: $34.17 Vol: Volume 6,221,312 is 36% a...

normal vol

$34.17 Last Close

Volume Volume 6,221,312 is 36% above the 20-day average of 4,572,991, indicating elevated interest ahead of the update. normal

Technical MGM traded slightly below its 200-day MA of 34.5 with a pre-news price of 34.17, still 17.3% under its 52-week high.

Peers on Argus

MGM was up 2.03% while key casino peers were mixed: CZR +0.78%, RRR +0.09%, but ...

MGM was up 2.03% while key casino peers were mixed: CZR +0.78%, RRR +0.09%, but BYD -0.95%, MTN -1.27%, MLCO -1.94%, suggesting a company-specific reaction to the BetMGM update rather than a broad sector move.

Historical Context

5 past events · Latest: Feb 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 02	Policy / integrity move	Positive	-0.1%	BetMGM tightened terms to prohibit harassment of athletes and league personnel.
Jan 29	Sponsorship deal	Positive	+1.8%	Toyota became a founding partner and auto sponsor of T-Mobile Arena in Las Vegas.
Jan 22	Event notice	Neutral	+1.5%	Announcement of the forthcoming BetMGM FY 2025 business update and related earnings dates.
Jan 20	Sustainability project	Positive	-4.0%	MGM highlighted solar and storage projects powering daytime Las Vegas Strip operations.
Jan 09	Earnings date notice	Neutral	-2.0%	MGM scheduled its Q4 and full-year 2025 earnings release and conference call details.

Pattern Detected

Recent MGM/BetMGM headlines have produced mixed reactions, with several positive or strategic updates met by negative or muted price moves, suggesting occasional divergence between news tone and short-term trading.

Recent Company History

Over the last few months, MGM-related news has ranged from operational updates to strategic initiatives. A Jan 20, 2026 announcement about powering up to 100% of daytime Las Vegas Strip electricity with solar accompanied a notable price decline. The Jan 22, 2026 notice about this BetMGM FY 2025 business update saw shares rise modestly. Responsible gambling and integrity measures, plus arena partnership branding, generated only modest price shifts. Against this backdrop, BetMGM’s FY 2025 outperformance and EBITDA inflection add a more clearly financial milestone to the narrative.

Market Pulse Summary

The stock is surging +12.8% following this news. A strong positive reaction aligns with BetMGM’s cle...

Analysis

The stock is surging +12.8% following this news. A strong positive reaction aligns with BetMGM’s clear inflection in profitability and growth, highlighted by FY 2025 Net Revenue of $2.8 billion and EBITDA of $220 million. The initiation of $270 million in cash distributions to MGM and Entain, plus guidance for $3.1–$3.2 billion in 2026 revenue and a pathway to $500 million Adjusted EBITDA in 2027, underscored a more mature digital profile. Investors would still have needed to weigh execution risk and broader MGM fundamentals.

Key Terms

ebitda, adjusted ebitda, ggr hold %, revolving credit facility

4 terms

ebitda financial

"Successful strategic execution delivered stronger than expected 2025 performance and EBITDA inflection"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

"Expect FY 2026 Net Revenue between $3.1 - $3.2 billion and Adjusted EBITDA $300 - $350 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ggr hold % financial

"GGR Hold % | 9.5 % | 8.6 % | +90 bps"

GGR hold % is the share of total bets that a gaming operator keeps after paying out winnings, calculated by dividing gross gaming revenue (what players lose) by total stakes. It matters to investors because it shows how much of customer wagers are converted into revenue—similar to a store’s sales margin—and large swings can reflect luck, changes in player behavior, or operational issues that affect profitability and future cash flow.

revolving credit facility financial

"alongside its $150 million undrawn revolving credit facility13"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

AI-generated analysis. Not financial advice.

Successful strategic execution delivered stronger than expected 2025 performance and EBITDA inflection

JERSEY CITY, N.J., Feb. 4, 2026 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on its Fiscal Year 2025 ("FY 2025") performance.

• FY 2025 performance exceeded expectations, reflecting benefit of a full year of strategic initiatives driving strong underlying growth in both iGaming and Online Sports¹
  • Net Revenue of $2.8 billion, up +33% YoY
  • iGaming Net Revenue up +24% YoY and Online Sports Net Revenue up +63% YoY
  • EBITDA of $220 million, up +$464 million YoY
  • Cash distribution of $270 million returned to parents in Q4 2025
• Ongoing successful execution of BetMGM's refined player engagement strategy supported by enhanced product and user experiences driving continued growth in player activity and retention
• Expect FY 2026 Net Revenue between $3.1 - $3.2 billion and Adjusted EBITDA $300 - $350 million¹
• Confidence in pathway to achieving $500 million Adjusted EBITDA in FY 2027¹

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. Q4 2025 saw record performances, completing a year where both iGaming and Online Sports achieved step change results, reflecting robust engagement, improved player economics, sharper player management, and continued platform and product enhancements. BetMGM's meaningfully improved profitability and material EBITDA generation now sees us returning cash to our parent companies and marks a clear inflection in our growth trajectory. Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth. As the industry continues to evolve, we will continue to focus on winning the BetMGM way."

FY 2025 Key Financial Highlights

FY 2025 BetMGM Financial Summary1,2,3
$ millions, unless otherwise noted	FY		YoY Change	Q4		YoY Change	H2			YoY Change
	2025	2024		2025	2024		2025		2024
Net Revenue
iGaming	$1,827	$1,479	+24 %	$481	$408	+18 %	$936	$784		+19 %
Online Sports	$903	$554	+63 %	$279	$144	+93 %	$481	$292		+65 %
Handle4	$15,180	$13,075	+16 %	$4,506	$4,361	+3 %	$7,666	$7,161		+7 %
GGR Hold %	9.5 %	8.6 %	+90bps	10.2 %	7.4 %	+280bps	10.1 %	8.3 %		+180bps
NGR Hold %	5.9 %	4.2 %	+170bps	6.2 %	3.3 %	+290bps	6.3 %	4.1 %		+220bps
Retail / Other	$66	$70	(5 %)	$20	$8	+161 %	$30	$27		+10 %
Total Net Revenue	$2,796	$2,102	+33 %	$780	$560	+39 %	$1,447	$1,104		+31 %
Contribution	$607	$118	+$489	$167	($29)	+$196	$300	$52		+$248
Net Income	$175	($291)	+$465	$60	($124)	+$183	$86	($149)		+$236
EBITDA	$220	($244)	+$464	$71	($106)	+$176	$112	($122)		+$234
Capital Expenditures	$46	$24	+$22	$17	$10	+$7	$20	$11		+$9
Cash Distributions	$270	--	+$270	$270	--	+$270	$270	--		+$270
Average Monthly Actives (thousands)5	979	946	+4 %	1,048	1,078	(3 %)	975	966		+1 %

2025 Financial Highlights¹

• FY 2025 Net Revenue of $2.8 billion, up +33% YoY, with record performance in Q4
  • iGaming Net Revenue up +24% YoY underpinned by our leading iGaming offering and enhanced player acquisition and retention approach
  • Online Sports Net Revenue up +63% YoY driven by our refined player engagement strategy, strengthened product offering, and return to normalized sports hold levels
  • Average Monthly Actives up +4%⁵ YoY in line with expectations, reflecting our refined player targeting and management capabilities
• FY 2025 EBITDA of $220 million (up +$464 million YoY), supported by greater than $500 million and greater than $200 million of Contribution from iGaming and Online Sports, respectively
• Q4 2025 Net Revenue of $780 million, up +39% YoY
  • Particularly strong December with increased player engagement as well as favorable sports results lapping a soft prior year comparator saw Q4 Online Sports Net Revenue up +93%
• Cash distribution of $270 million returned to parents in Q4 2025
• Podium position with 13% GGR market share in active markets, including iGaming (21%) and Online Sports (8%)^6,7

Operational Highlights

• Market-leading iGaming offering
  • Strength of iGaming offering and improved player management driving player acquisition and retention
    • FY 2025 Average Monthly Actives +24% YoY⁵
    • FY 2025 Active Player Days +14% YoY⁸   
  • Best-in-class and exclusive content providing players with engaging and differentiated experiences
    • Latest releases from exclusive game franchises, including the Wizard of Oz, The Price Is Right and Friends
    • Expanding live dealer strategy with more dedicated studios and content
    • Focused cross-sell initiatives and sports-branded IP games driving Online Sports players to iGaming offering

• Transformative year for Online Sports
  • Refined approach to player management and tailored marketing underpinning improvements to player retention, economics and activity metrics
    • FY 2025 NGR margin improvement of +170 bps YoY
    • FY 2025 Handle per Active +26% YoY⁹
    • FY 2025 NGR per Active +77% YoY⁹
  • Significantly improved product throughout FY 2025, delivering our fastest, smoothest and most intuitive app experience to date
    • Enhanced market discovery and trackers for reward points
    • Launched live SGPs and live SGP cashouts, along with Quickbet and betslip improvements, for a richer parlay and in play experience
  • Day-one OSB launch in Missouri on December 1, bringing BetMGM's footprint to 30 legalized states
    
    
• Omnichannel advantage in Nevada a key differentiator in FY 2025
  • Strong performance driven by best-in-market digital product offering, improved CRM and promotional capabilities and deepest collaboration to date with MGM Resorts
  • Strategic and competitive advantage with "always on" flywheel that drives more play, loyalty and rewards, and omnichannel products and experiences for players both during and post Nevada visit
    • FY 2025 Nevada Average Monthly Actives +19% YoY⁵
    • FY 2025 Nevada Handle +26% YoY¹⁰
    • FY 2025 increase in Nevada First-Time Depositors (FTDs) continuing gameplay +2.1x YoY¹¹ post-visit

Cash to Parents

• From Q1 2026 onwards, total cash to parents will consist of two components: Parent Fees¹² and excess cash generated by the business
  • As per the joint venture agreement that formed BetMGM, having reached sustainable profitability, BetMGM commences payment of Parent Fees for the provisioning of licenses and services by MGM and Entain to BetMGM¹²
  • The Parent Fees are a BetMGM operating expense; therefore, in 2026 and forward, BetMGM will report 'Adjusted EBITDA' (representing EBITDA prior to deducting the Parent Fee), to provide clarity on the cash going to the parents as a result of BetMGM operations, as well as comparability to reported EBITDA in 2025 and prior periods¹²  
• Adjusted EBITDA less CapEx continues to be a reasonable proxy for total cash to parents

Outlook

• BetMGM's FY 2026 expectations of Net Revenue between $3.1 - $3.2 billion and Adjusted EBITDA between $300 - $350 million
• Confidence in pathway to $500 million Adjusted EBITDA in FY 2027
• BetMGM's policy of maintaining minimum unrestricted cash of $100 - $125 million provides sufficient liquidity alongside its $150 million undrawn revolving credit facility¹³

FY 2025 Results Webcast and Q&A

• An audio webcast call with accompanying presentation slides will be held today, Wednesday, February 4, 2026 at 9:00AM EST (2:00PM UK), with participants able to join via webcast
  • Webcast registration link: BetMGM FY 2025 webcast
• Following the webcast, there will be a 30 minute Q&A session for analysts and investors
  • Those wishing to ask a question should use the dial ins below and register via the following link: Investor Registration for Q&A
    
    US Toll free       + 1 888 500 3691 
    US                    + 1 646 307 1951
    UK Toll free       +44 800 358 0970
    UK                    +44 20 3433 3846
    International dial-in numbers 
    Access Code: 70035

Contacts:

MGM Resorts International

Investment Community Sarah Rogers – Senior Vice President, Corporate Finance                                   srogers@mgmresorts.com Howard Wang – Vice President, Investor Relations                                                 hwang@mgmresorts.com   News Media Brian Ahern – Executive Director, Communications                                                 media@mgmresorts.com

Entain plc

Investor Relations                                                                                              investors@entaingroup.com Media                                                                                                                        media@entaingroup.com

BetMGM

Nitish Basandra – Director, Corporate Development & IR                               nitish.basandra@betmgm.com Jennifer Arapoff – Director, Public Relations                                                     jennifer.arapoff@betmgm.com

Notes:
1: Net Revenue, Contribution, EBITDA, and Adjusted EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. EBITDA reflects the impact of employee long-term incentive compensation programs. Refer to "Non-GAAP Financial Information" section below for additional detail. 
2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
3: Totals may not sum due to rounding.
4: Handle reflects the total Online Sports handle (cash + bonus bets) taken in the period.
5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.
6: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 25 markets.
7: Gross Gaming Revenue (GGR) market share consists of last three months ending December, November, or October 2025 as latest reported for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending December 2025 for U.S. iGaming markets where BetMGM was active, and last three months ending December 2025 for the Ontario market. Internal estimates used where operator-specific results are unavailable. 
8: Active Player Days are equal to the sum of the total player days over the period divided by the sum of total monthly actives over the same period.
9: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.
10: Includes both Online Sports and Retail handle for Nevada. 
11: Represents the increase in Nevada digital First-Time Depositors that have gone on to be active in another BetMGM state after visiting Nevada following the launch of Single Account Single Wallet in August 2024.
12: Parent Fees is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of MGM and Entain. Parent Fees are governed by agreements entered into at the time of formation of the venture, and became effective upon BetMGM achieving long-term profitability. Reference to parents throughout includes our MGM and Entain parent entities and their MGM and Entain affiliates.
13: Minimum unrestricted cash balance of $100 - 125 million may be adjusted as the business continues to scale and drives increased working capital needs.

Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected distributions to Entain and MGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. 

Non-GAAP Financial Information
In this press release we provide certain financial measures, including Net Revenue, Contribution, EBITDA, and Adjusted EBITDA, from operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization and Adjusted EBITDA is further adjusted to add back the Parent Fees. We define Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend.

About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc.com 

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
					Three Months Ended						Twelve Months Ended
					December 31,			December 31,			December 31,			December 31,
					2025			2024			2025			2024
Revenues
	Casino				$	2,574,945		$	2,210,746		$	9,450,887		$	8,785,649
	Rooms					858,355			942,654			3,377,400			3,681,617
	Food and beverage					749,016			751,868			3,045,965			3,078,731
	Entertainment, retail and other					422,951			441,294			1,663,431			1,694,548
						4,605,267			4,346,562			17,537,683			17,240,545
Expenses
	Casino					1,440,163			1,259,135			5,340,097			4,958,020
	Rooms					281,379			280,193			1,101,061			1,119,108
	Food and beverage					570,952			560,000			2,262,434			2,253,031
	Entertainment, retail and other					284,879			295,064			1,043,960			1,063,382
	General and administrative					1,258,771			1,242,937			4,877,538			4,825,313
	Corporate expense					165,248			141,410			556,952			520,197
	Preopening and start-up expenses					121			5,503			1,086			7,972
	Property transactions, net					8,668			22,192			126,036			81,316
	Goodwill impairment					22,794			-			278,927			-
	Depreciation and amortization					278,658			209,229			1,017,794			831,097
						4,311,633			4,015,663			16,605,885			15,659,436
Income (loss) from unconsolidated affiliates						31,376			(39,334)			69,982			(90,653)
Operating income						325,010			291,565			1,001,780			1,490,456
Non-operating income (expense)
	Interest expense, net of amounts capitalized					(103,902)			(108,581)			(419,042)			(443,230)
	Non-operating items from unconsolidated affiliates					(1,014)			(2,777)			1,135			(734)
	Other, net					(120,268)			25,477			(303,094)			70,573
						(225,184)			(85,881)			(721,001)			(373,391)
Income before income taxes						99,826			205,684			280,779			1,117,065
	Benefit (provision) for income taxes					282,950			32,232			240,093			(52,457)
Net income						382,776			237,916			520,872			1,064,608
	Less: Net income attributable to noncontrolling interests					(89,164)			(80,484)			(315,010)			(318,050)
Net income attributable to MGM Resorts International					$	293,612		$	157,432		$	205,862		$	746,558
Earnings per share
	Basic				$	1.12		$	0.52		$	0.77		$	2.42
	Diluted				$	1.11		$	0.52		$	0.76		$	2.40
Weighted average common share outstanding
	Basic					267,438			297,642			275,046			307,408
	Diluted					269,098			299,447			277,275			310,232

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
						December 31,			December 31,
						2025			2024
ASSETS
Current assets
	Cash and cash equivalents					$	2,062,994		$	2,415,532
	Accounts receivable, net						1,122,940			1,071,412
	Inventories						124,535			140,559
	Income tax receivable						220,154			257,514
	Prepaid expenses and other						486,419			478,582
	Assets held for sale						315,382			-
		Total current assets					4,332,424			4,363,599
Property and equipment, net							6,305,614			6,196,159
Investments in and advances to unconsolidated affiliates							536,066			380,626
Goodwill							4,901,960			5,145,004
Other intangible assets, net							1,356,676			1,715,381
Operating lease right-of-use assets, net							23,002,707			23,532,287
Deferred income taxes							89,792			39,591
Other long-term assets, net							848,547			858,980
						$	41,373,786		$	42,231,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
	Accounts and construction payable					$	421,502		$	412,662
	Accrued interest on long-term debt						71,845			69,916
	Other accrued liabilities						2,993,179			2,869,105
	Liabilities related to assets held for sale						25,581			-
		Total current liabilities					3,512,107			3,351,683
Deferred income taxes							2,617,067			2,811,663
Long-term debt, net							6,230,141			6,362,098
Operating lease liabilities							24,962,742			25,076,139
Other long-term obligations							775,411			910,088
		Total liabilities					38,097,468			38,511,671
Redeemable noncontrolling interests							21,777			34,805
Stockholders' equity
	Common stock, $0.01 par value: authorized 1,000,000,000 shares,
	issued and outstanding 258,323,143 and 294,374,189 shares						2,583			2,944
	Capital in excess of par value						-			-
	Retained earnings						2,106,836			3,081,753
	Accumulated other comprehensive income (loss)						320,498			(61,216)
		Total MGM Resorts International stockholders' equity					2,429,917			3,023,481
	Noncontrolling interests						824,624			661,670
		Total stockholders' equity					3,254,541			3,685,151
						$	41,373,786		$	42,231,627

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
						Three Months Ended							Twelve Months Ended
						December 31,			December 31,			December 31,			December 31,
						2025			2024			2025			2024
Las Vegas Strip Resorts						$	2,166,054		$	2,223,409		$	8,441,503		$	8,816,113
Regional Operations							950,427			931,557			3,772,333			3,720,322
MGM China							1,236,450			1,018,720			4,461,743			4,022,384
MGM Digital							188,244			139,855			654,190			552,012
Management and other operations							64,092			33,021			207,914			129,714
						$	4,605,267		$	4,346,562		$	17,537,683		$	17,240,545
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
						Three Months Ended						Twelve Months Ended
						December 31,			December 31,			December 31,			December 31,
						2025			2024			2025			2024
Las Vegas Strip Resorts						$	735,348		$	765,429		$	2,857,873		$	3,106,543
Regional Operations							280,008			281,091			1,163,227			1,143,556
MGM China							332,297			254,721			1,203,194			1,087,126
MGM Digital (1)							(6,968)			(21,676)			(90,307)			(77,227)
Unconsolidated affiliates - BetMGM and other (2)							31,376			(39,334)			69,982			(90,653)
Management and other operations							(253)			965			58,014			41,258
Stock compensation							(31,054)			(28,471)			(90,404)			(80,157)
Triple net lease rent expense							(564,856)			(565,096)			(2,258,405)			(2,258,057)
Corporate (3)							(140,647)			(119,140)			(487,551)			(461,548)
Consolidated Adjusted EBITDA						$	635,251			528,489		$	2,425,623			2,410,841
Additional Information:
Non-cash rent (4)						$	104,060		$	113,445		$	425,420		$	461,372

 

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

(2) Represents the Company's share of operating income (loss) of unconsolidated affiliates.

(3) Includes amounts related to MGM China of $29 million and $65 million for current quarter and current year, respectively, and of $9 million and $50 million for prior year quarter and prior year, respectively.

(4) Represents the excess of expense over cash paid related to triple net operating and ground leases.

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
						Three Months Ended						Twelve Months Ended
						December 31,			December 31,			December 31,			December 31,
						2025			2024			2025			2024
Net income attributable to MGM Resorts International						$	293,612		$	157,432		$	205,862		$	746,558
Plus: Net income attributable to noncontrolling interests							89,164			80,484			315,010			318,050
Net income							382,776			237,916			520,872			1,064,608
Provision (benefit) for income taxes							(282,950)			(32,232)			(240,093)			52,457
Income before income taxes							99,826			205,684			280,779			1,117,065
Non-operating (income) expense:
Interest expense, net of amounts capitalized							103,902			108,581			419,042			443,230
Other, net							121,282			(22,700)			301,959			(69,839)
							225,184			85,881			721,001			373,391
Operating income							325,010			291,565			1,001,780			1,490,456
Preopening and start-up expenses							121			5,503			1,086			7,972
Property transactions, net							8,668			22,192			126,036			81,316
Goodwill impairment							22,794			-			278,927			-
Depreciation and amortization							278,658			209,229			1,017,794			831,097
Consolidated Adjusted EBITDA						$	635,251		$	528,489		$	2,425,623		$	2,410,841

 

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SOURCE MGM Resorts International

FAQ

What were BetMGM (MGM) FY 2025 Net Revenue and EBITDA results?

BetMGM reported FY 2025 Net Revenue of $2.8 billion and EBITDA of $220 million. According to BetMGM, Net Revenue rose 33% YoY and EBITDA improved by $464 million versus FY 2024, driven by iGaming and Online Sports growth.

How does the $270 million cash distribution affect MGM shareholders from BetMGM?

The $270 million was returned to BetMGM's parent companies in Q4 2025 as excess cash. According to BetMGM, this reflects the JV reaching sustained profitability and returning cash generated by operations to its MGM and Entain parents.

What guidance did BetMGM provide for FY 2026 (MGM symbol)?

BetMGM expects FY 2026 Net Revenue of $3.1–$3.2 billion and Adjusted EBITDA of $300–$350 million. According to BetMGM, Adjusted EBITDA excludes Parent Fees, which become an operating expense from 2026.

What are Parent Fees and how will they affect BetMGM's reported results?

Parent Fees are operating expenses for licenses and services provided by MGM and Entain to BetMGM and will be recorded from 2026 onward. According to BetMGM, the company will report Adjusted EBITDA excluding Parent Fees for transparency on cash to parents.

What is BetMGM's timeline and confidence for reaching $500 million Adjusted EBITDA?

BetMGM reiterated confidence in a pathway to $500 million Adjusted EBITDA in FY 2027. According to BetMGM, the outlook is supported by improved player economics, product enhancements, and stronger iGaming and Online Sports performance.