MGM RESORTS INTERNATIONAL REPORTS RECORD SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS

Rhea-AI Summary

MGM Resorts (NYSE:MGM) reported record second quarter 2025 results, with consolidated net revenues reaching $4.4 billion, up 2% year-over-year. Net income was $49 million ($0.18 per share), down from $187 million in 2Q24, primarily due to foreign currency losses.

Key highlights include record Regional Operations revenues, all-time record MGM China Segment Adjusted EBITDAR with 16.6% market share, and strong BetMGM performance. The company continued its aggressive share repurchase program, buying back 8 million shares for $217 million in Q2, having reduced shares outstanding by 45% since early 2021.

Las Vegas Strip operations saw a 4% revenue decline to $2.1 billion, while Regional Operations revenue grew 4% to $965 million. MGM China revenue increased 9% to $1.1 billion. The company remains on track to implement over $150 million in EBITDA enhancements within the year.

Positive

• Record consolidated net revenues of $4.4 billion, up 2% year-over-year
• Regional Operations achieved record net revenues, with Segment Adjusted EBITDAR up 7% to $309 million
• MGM China delivered all-time record Segment Adjusted EBITDAR and 16.6% market share
• Strong share repurchase program with 45% reduction in shares outstanding since 2021
• MGM Digital revenue increased 14% to $164 million
• Implementation of $150 million in EBITDA enhancements on track

Negative

• Net income declined to $49 million from $187 million year-over-year
• Las Vegas Strip Resorts revenue decreased 4% to $2.1 billion
• MGM Digital segment reported increased losses of $26 million vs $14 million last year
• $208 million foreign currency transaction loss impact on earnings

Insights

Financial Analyst

MGM posts mixed Q2 with record revenues but declining Vegas performance; solid share buybacks continue reducing outstanding shares.

MGM's Q2 performance presents a mixed picture with some impressive high points counterbalanced by concerning weakness in its flagship Las Vegas operations. The company achieved record consolidated net revenues of $4.4 billion, up 2% year-over-year, driven primarily by strong performances in Regional Operations and MGM China.

However, net income dropped dramatically to $49 million from $187 million last year, primarily due to a $208 million foreign currency transaction loss related to USD-denominated debt held by foreign subsidiaries. This translated to diluted EPS of just $0.18 compared to $0.60 in the prior year quarter.

Las Vegas Strip properties - traditionally MGM's strongest segment - showed concerning weakness with revenues down 4% to $2.1 billion and Segment Adjusted EBITDAR declining 9% to $710 million. The company attributes this to room remodeling at MGM Grand and lower table games hold percentages. Key Vegas metrics reflect this softness: casino revenue down 6%, table games win down 2%, and RevPAR down 2%.

The bright spots came from Regional Operations, which posted record revenues of $965 million (up 4%) and EBITDAR growth of 7% to $309 million. MGM China delivered impressive results with all-time record Segment Adjusted EBITDAR and increased market share to 16.6%, driving a 9% revenue increase to $1.1 billion.

The BetMGM joint venture showed remarkable improvement, swinging from a $38.4 million operating loss last year to $21.8 million in operating income this quarter. Management upgraded guidance for the venture's 2025 performance.

MGM continues its aggressive shareholder return strategy, repurchasing 8 million shares for $217 million in Q2, with approximately $2.1 billion still available in the repurchase program. Since early 2021, the company has reduced shares outstanding by an impressive 45%, demonstrating strong commitment to returning capital to shareholders.

Looking ahead, management expressed optimism about Las Vegas for Q4 2025 and 2026, citing the completion of the MGM Grand remodel and strong convention bookings. The company also remains on track to implement over $150 million in EBITDA enhancements within the year.

• Record highest ever consolidated net revenues with record 2Q25 Regional Operations net revenues
• MGM China achieved all-time record Segment Adjusted EBITDAR and market share of 16.6%
• BetMGM venture reported strong revenue and EBITDA growth in 2Q25, upgrading its guidance for FY 2025
• Repurchased 8 million shares in 2Q25, reducing shares outstanding by 45% since the beginning of 2021

LAS VEGAS, July 30, 2025 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2025.

"MGM Resorts' operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing year over year. This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations as well as MGM China," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. "Our outlook on the business remains bright, particularly in Las Vegas as 4Q25 and full year 2026 will benefit from meaningful capital investment, including the completion of the MGM Grand room remodel, combined with strong convention bookings. Looking beyond 2025, our BetMGM venture continues towards its goal of $500 million in EBITDA and our MGM Digital segment is on target to become profitable in the coming years."

"MGM Resorts remains on track to implement over $150 million of EBITDA enhancements within the year," said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. "During the quarter we repurchased 8 million shares for $217 million. We still have approximately $2.1 billion in our authorized share repurchase program and continue to see significant value in our stock at current prices."

Second Quarter 2025 Financial Highlights:

Consolidated Results

• Consolidated net revenues of $4.4 billion, an increase of 2% compared to the prior year quarter, due primarily to an increase in net revenues at MGM China and Regional Operations;
• Net income attributable to MGM Resorts was $49 million in the current quarter compared to $187 million in the prior year quarter, a decrease due to the current quarter pre-tax impact of foreign currency transaction loss of $208 million primarily related to USD denominated debt held by a foreign subsidiary;
• Consolidated Adjusted EBITDA of $648 million in the current quarter compared to $635 million in the prior year quarter;
• Diluted earnings per share of $0.18 in the current quarter compared to diluted earnings per share of $0.60 in the prior year quarter; and
• Adjusted diluted earnings per share ("Adjusted EPS") of $0.79 in the current quarter compared to $0.86 in the prior year quarter.

Las Vegas Strip Resorts

• Net revenues of $2.1 billion in the current quarter compared to $2.2 billion in the prior year quarter, a decrease of 4% due primarily to the impact from the room remodel and a decline in table games hold at MGM Grand Las Vegas; and
• Segment Adjusted EBITDAR of $710 million in the current quarter compared to $782 million in the prior year quarter, a decrease of 9%.

Regional Operations

• Net revenues of $965 million in the current quarter compared to $927 million in the prior year quarter, an increase of 4%, due primarily to an increase in casino revenue, with increases in table games drop and slot handle; and
• Segment Adjusted EBITDAR of $309 million in the current quarter compared to $288 million in the prior year quarter, an increase of 7%.

MGM China

• Net revenues of $1.1 billion in the current quarter compared to $1.0 billion in the prior year quarter, an increase of 9% due primarily to an increase in casino revenue driven by an increase in main floor table games drop compared to the prior year quarter as well as an increase in VIP table games win percentage; and
• Segment Adjusted EBITDAR of $301 million in the current quarter compared to $294 million in the prior year quarter, an increase of 3%.

MGM Digital ⁽¹⁾

• Net revenues of $164 million in the current quarter compared to $143 million in the prior year quarter, an increase of 14% due primarily to brand expansion; and
• Segment Adjusted EBITDAR loss of $26 million in the current quarter compared to a loss of $14 million in the prior year quarter.

 

(1)	MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America venture

Adjusted EPS

The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):

Three Months Ended June 30,	2025		2024
Diluted earnings per share	$                                  0.18		$                                  0.60
Property transactions, net	(0.01)		0.05
Non-operating items:
Loss (gain) related to debt and equity investments	(0.01)		0.07
Foreign currency transaction loss (gain)	0.72		(0.01)
Change in the fair value of foreign currency contracts	(0.12)		0.20
Loss on the retirement of long-term debt	—		0.01
Income tax impact on net income adjustments(1)	0.03		(0.06)
Adjusted EPS	$                                  0.79		$                                  0.86

(1)	The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.

The prior year quarter includes a non-cash income tax benefit of $25 million resulting from a decrease in the valuation allowance on Macau deferred tax assets.

Las Vegas Strip Resorts

The following table shows key gaming statistics for Las Vegas Strip Resorts:

Three Months Ended June 30,	2025		2024	% Change
	(Dollars in millions)
Casino revenue	$                            457		$                            485	(6) %
Table games drop	$                         1,554		$                         1,506	3 %
Table games win	$                            355		$                            364	(2) %
Table games win %	22.9 %		24.2 %
Slot handle	$                         5,886		$                         5,662	4 %
Slot win	$                            549		$                            528	4 %
Slot win %	9.3 %		9.3 %

The following table shows key hotel statistics for Las Vegas Strip Resorts:

Three Months Ended June 30,	2025		2024	% Change
Room revenue (in millions)	$                             735		$                             767	(4) %
Occupancy	93 %		97 %
Average daily rate (ADR)	$                             252		$                             248	1 %
Revenue per available room (RevPAR)	$                             235		$                             240	(2) %

Regional Operations

The following table shows key gaming statistics for Regional Operations:

Three Months Ended June 30,	2025		2024	% Change
	(Dollars in millions)
Casino revenue	$                            710		$                            684	4 %
Table games drop	$                            985		$                            953	3 %
Table games win	$                            213		$                            200	7 %
Table games win %	21.6 %		21.0 %
Slot handle	$                         6,868		$                         6,689	3 %
Slot win	$                            694		$                            662	5 %
Slot win %	10.1 %		9.9 %

MGM China

The following table shows key gaming statistics for MGM China:

Three Months Ended June 30,	2025		2024	% Change
	(Dollars in millions)
Casino revenue	$                            977		$                            891	10 %
Main floor table games drop	$                         4,085		$                         3,835	7 %
Main floor table games win	$                         1,021		$                            939	9 %
Main floor table games win %	25.0 %		24.5 %

Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $19 million in the current quarter and $18 million in the prior year quarter.

Unconsolidated Affiliates

The following table summarizes information related to the Company's share of operating income (loss) from unconsolidated affiliates:

Three Months Ended June 30,	2025		2024
	(In thousands)
BetMGM North America Venture	$                             21,770		$                           (38,391)
Other	4,090		4,207
	$                             25,860		$                           (34,184)

MGM Resorts Share Repurchases 

During the second quarter of 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $217 million, pursuant to its repurchase plan. The remaining availability under the November 2023 and April 2025 stock repurchase plan was approximately $2.1 billion as of June 30, 2025. All shares repurchased under the Company's repurchase plan have been retired.

Conference Call Details 

MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com. 

The call will be accessible via the internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 0223731.

A replay of the call will be available through August 6, 2025. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 7675051.

"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

"Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release.

"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, change in the fair value of foreign currency contracts, and loss on the retirement of long-term debt.

Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.

RevPAR is hotel revenue per available room.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations 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.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding any benefits expected to be received from the Company's transactions and capital investments; future results of the Company (including the Company's ability to maintain a strong balance sheet), and its unconsolidated affiliates, including BetMGM; expectations regarding the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace (including with respect to convention bookings), liquidity position and the size and timing of future investments; the Company's ability to execute on its strategic plans, including implementation of EBITDA enhancements, our development projects, expansion of the MGM Digital brand and positioning BetMGM as a leader in sports betting and iGaming; expectations regarding the performance of MGM China; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion and capital investment projects; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber-attacks, such as the Company's September 2023 cybersecurity issue, or otherwise, which could adversely impact the Company's ability to service its customers and affect its sales and the results of operations; impact to the Company's business, operations and reputation from, and expenses and uncertainties associated with a cybersecurity incident, including the Company's September 2023 cybersecurity issue and any related legal proceedings, other claims or investigations and costs of remediation, restoration, or enhancement of information technology systems; the timing and outcome of investigations by state regulators related to the Company's September 2023 cybersecurity issue; the continued availability of cybersecurity insurance proceeds; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company 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 the Company 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.

MGM RESORTS CONTACTS:

Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance
(702) 730-3942, srogers@mgmresorts.com

HOWARD WANG
Vice President of Investor Relations
hwang@mgmresorts.com

News Media
BRIAN AHERN
Executive Director of Communications
media@mgmresorts.com

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
					Three Months Ended						Six Months Ended
					June 30,			June 30,			June 30,			June 30,
					2025			2024			2025			2024
Revenues:
	Casino				$	2,329,798		$	2,212,759		$	4,581,946		$	4,453,854
	Rooms					860,401			898,998			1,723,809			1,855,399
	Food and beverage					778,179			802,138			1,548,352			1,571,541
	Entertainment, retail and other					436,492			413,480			827,845			830,051
						4,404,870			4,327,375			8,681,952			8,710,845
Expenses:
	Casino					1,333,850			1,221,755			2,578,160			2,493,599
	Rooms					272,066			277,849			552,915			552,257
	Food and beverage					576,633			571,430			1,136,928			1,129,510
	Entertainment, retail and other					262,880			252,147			497,309			508,624
	General and administrative					1,213,691			1,210,968			2,378,589			2,405,650
	Corporate expense					124,096			124,078			266,447			253,744
	Preopening and start-up expenses					849			855			934			1,950
	Property transactions, net					125			16,477			15,593			33,631
	Depreciation and amortization					241,975			191,976			478,419			388,538
						4,026,165			3,867,535			7,905,294			7,767,503
Income (loss) from unconsolidated affiliates						25,860			(34,184)			12,964			(59,308)
Operating income						404,565			425,656			789,622			884,034
Non-operating income (expense):
	Interest expense, net of amounts capitalized					(105,584)			(112,739)			(212,853)			(222,776)
	Non-operating items from unconsolidated affiliates					(4,055)			1,762			(3,793)			1,626
	Other, net					(161,170)			(43,431)			(172,436)			(48,237)
						(270,809)			(154,408)			(389,082)			(269,387)
Income before income taxes						133,756			271,248			400,540			614,647
	Benefit (provision) for income taxes					(15,662)			11,554			(55,715)			(32,119)
Net income						118,094			282,802			344,825			582,528
	Less: Net income attributable to noncontrolling interests					(69,143)			(95,730)			(147,320)			(177,980)
Net income attributable to MGM Resorts International					$	48,951		$	187,072		$	197,505		$	404,548
Earnings per share:
	Basic				$	0.18		$	0.60		$	0.70		$	1.28
	Diluted				$	0.18		$	0.60		$	0.70		$	1.27
Weighted average common shares outstanding:
	Basic					273,329			311,179			280,199			315,837
	Diluted					275,615			314,420			282,328			319,092

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
						June 30,			December 31,
						2025			2024
ASSETS
Current assets
	Cash and cash equivalents					$	1,958,020		$	2,415,532
	Accounts receivable, net						1,043,734			1,071,412
	Inventories						126,704			140,559
	Income tax receivable						227,304			257,514
	Prepaid expenses and other						502,705			478,582
		Total current assets					3,858,467			4,363,599
Property and equipment, net							6,250,677			6,196,159
Investments in and advances to unconsolidated affiliates							484,187			380,626
Goodwill							5,188,903			5,145,004
Other intangible assets, net							1,702,811			1,715,381
Operating lease right-of-use assets, net							23,251,222			23,532,287
Deferred income taxes							55,881			39,591
Other long-term assets, net							907,247			858,980
						$	41,699,395		$	42,231,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
	Accounts and construction payable					$	383,466		$	412,662
	Accrued interest on long-term debt						71,467			69,916
	Other accrued liabilities						2,712,152			2,869,105
		Total current liabilities					3,167,085			3,351,683
Deferred income taxes							2,801,424			2,811,663
Long-term debt, net							6,205,142			6,362,098
Operating lease liabilities							25,012,186			25,076,139
Other long-term obligations							770,690			910,088
		Total liabilities					37,956,527			38,511,671
Redeemable noncontrolling interests							31,681			34,805
Stockholders' equity
	Common stock, $0.01 par value: authorized 1,000,000,000 shares,
	issued and outstanding 272,182,138 and 294,374,189 shares						2,722			2,944
	Capital in excess of par value						-			-
	Retained earnings						2,609,529			3,081,753
	Accumulated other comprehensive income (loss)						361,519			(61,216)
		Total MGM Resorts International stockholders' equity					2,973,770			3,023,481
	Noncontrolling interests						737,417			661,670
		Total stockholders' equity					3,711,187			3,685,151
						$	41,699,395		$	42,231,627

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
	Three Months Ended							Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2025			2024			2025			2024
Las Vegas Strip Resorts	$	2,114,692		$	2,205,462		$	4,290,812		$	4,460,491
Regional Operations		964,612			927,138			1,865,031			1,836,617
MGM China		1,110,093			1,018,191			2,137,565			2,074,208
MGM Digital		163,861			143,347			291,919			270,955
Management and other operations		51,612			33,237			96,625			68,574
	$	4,404,870		$	4,327,375		$	8,681,952		$	8,710,845
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2025			2024			2025			2024
Las Vegas Strip Resorts	$	710,496		$	782,289		$	1,521,656		$	1,610,077
Regional Operations		308,656			288,378			587,698			562,480
MGM China		301,342			293,863			586,907			595,049
MGM Digital (1)		(25,698)			(13,936)			(60,091)			(32,726)
Unconsolidated affiliates - BetMGM and other (2)		25,860			(34,184)			12,964			(59,308)
Management and other operations		20,230			10,543			41,994			26,487
Stock compensation		(16,454)			(12,539)			(45,076)			(39,298)
Triple net lease rent expense		(564,416)			(564,186)			(1,128,891)			(1,128,525)
Corporate (3)		(112,502)			(115,264)			(232,593)			(226,083)
Consolidated Adjusted EBITDA	$	647,514			634,964		$	1,284,568			1,308,153
Additional Information:
Non-cash rent (4)	$	106,212		$	115,080		$	217,349		$	234,972

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming. Current quarter includes expense for management incentive plans established in connection with acquisitions ("MIP") of $2 million and intercompany royalty expense of $1 million. Current year includes MIP expense of $5 million and intercompany royalty expense of $2 million.  Prior year quarter includes MIP expense of $1 million and intercompany royalty expense of $1 million. Prior year includes MIP expense of $3 million and intercompany royalty expense of $1 million. Intercompany royalty expense eliminates in consolidation.

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

(3) Current quarter includes amounts related to MGM China of $13 million, global development of $4 million, and transaction costs of $3 million. Current year includes amounts related to MGM China of $23 million, global development of $7 million, and transaction costs of $5 million. Prior year quarter includes amounts related to MGM China of $12 million, global development of $2 million, and transaction costs of $2 million. Prior year includes amounts related to MGM China of $24 million, global development of $4 million, and transaction costs of $4 million.

(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						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2025			2024			2025			2024
Net income attributable to MGM Resorts International	$	48,951		$	187,072		$	197,505		$	404,548
Plus: Net income attributable to noncontrolling interests		69,143			95,730			147,320			177,980
Net income		118,094			282,802			344,825			582,528
Provision (benefit) for income taxes		15,662			(11,554)			55,715			32,119
Income before income taxes		133,756			271,248			400,540			614,647
Non-operating (income) expense:
Interest expense, net of amounts capitalized		105,584			112,739			212,853			222,776
Other, net		165,225			41,669			176,229			46,611
		270,809			154,408			389,082			269,387
Operating income		404,565			425,656			789,622			884,034
Preopening and start-up expenses		849			855			934			1,950
Property transactions, net		125			16,477			15,593			33,631
Depreciation and amortization		241,975			191,976			478,419			388,538
Consolidated Adjusted EBITDA	$	647,514		$	634,964		$	1,284,568		$	1,308,153

 

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SOURCE MGM Resorts International

FAQ

What were MGM's Q2 2025 earnings per share?

MGM reported diluted earnings of $0.18 per share in Q2 2025, compared to $0.60 in Q2 2024. Adjusted EPS was $0.79 versus $0.86 in the prior year quarter.

How much did MGM's revenue grow in Q2 2025?

MGM's consolidated net revenues grew 2% year-over-year to $4.4 billion, driven by increases in MGM China and Regional Operations.

How many shares did MGM (NYSE:MGM) repurchase in Q2 2025?

MGM repurchased 8 million shares for $217 million in Q2 2025, with approximately $2.1 billion remaining in the authorized share repurchase program.

What was MGM's Las Vegas Strip performance in Q2 2025?

Las Vegas Strip Resorts revenue decreased 4% to $2.1 billion, with Segment Adjusted EBITDAR declining 9% to $710 million, primarily due to room remodeling impact and lower table games hold at MGM Grand.

How did MGM China perform in Q2 2025?

MGM China revenue increased 9% to $1.1 billion, achieving all-time record Segment Adjusted EBITDAR of $301 million and a market share of 16.6%.

What is MGM's outlook for future performance?

MGM expects strong performance in Las Vegas for Q4 2025 and 2026, benefiting from MGM Grand room remodel completion and strong convention bookings. BetMGM targets $500 million in EBITDA, with MGM Digital segment expected to become profitable in coming years.