LAS VEGAS, Nevada—MGM Resorts International reported financial results for the third quarter of 2025. Among other highlights, consolidated net revenues increased 2 percent year over year.
“MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. “The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business.”
“We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel,” said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. “MGM’s strategic focus on premium, market-leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price.”
Consolidated Results
- Consolidated net revenues of $4.3 billion, an increase of 2 percent compared to the prior year quarter, due primarily to an increase in net revenues at MGM China.
- Net loss attributable to MGM Resorts was $285 million in the current quarter compared to net income attributable to MGM Resorts of $185 million in the prior year quarter due primarily to the pre-tax impacts of a non-cash goodwill impairment charge of $256 million related to the decision to withdraw the application for a commercial gaming license for Empire City and approximately $93 million of other non-cash write-offs related to Empire City;
- Consolidated Adjusted EBITDA of $506 million in the current quarter compared to $574 million in the prior year quarter.
- Diluted loss per share of $1.05 in the current quarter compared to diluted earnings per share of $0.61 in the prior year quarter; and
- Adjusted diluted earnings per share (“Adjusted EPS”) of $0.24 in the current quarter compared to $0.54 in the prior year quarter.
Las Vegas Strip Resorts
- Net revenues of $2.0 billion in the current quarter compared to $2.1 billion in the prior year quarter, a decrease of 7 percent due primarily to the room remodel at MGM Grand Las Vegas, as well as a decrease in RevPAR, a decrease in table games win percentage, and a decrease in food and beverage revenue; and
- Segment Adjusted EBITDAR of $601 million in the current quarter compared to $731 million in the prior year quarter, a decrease of 18 percent, which was primarily related to the decrease in net revenues discussed above as well as a decrease in business interruption proceeds of $14 million and an increase in general liability and workers’ compensation insurance expense of $13 million.
Regional Operations
- Net revenues of $957 million in the current quarter, up slightly compared to $952 million in the prior year quarter; and
- Segment Adjusted EBITDAR of $296 million in the current quarter compared to $300 million in the prior year quarter, a decrease of 1 percent.
MGM China
- Net revenues of $1.1 billion in the current quarter compared to $929 million in the prior year quarter, an increase of 17 percent due primarily to an increase in main floor table games drop; and
- Segment Adjusted EBITDAR of $284 million in the current quarter compared to $237 million in the prior year quarter, an increase of 20 percent.
MGM Digital
- Net revenues of $174 million in the current quarter compared to $141 million in the prior year quarter, an increase of 23 percent due primarily to organic growth and brand expansion; and
- Segment Adjusted EBITDAR loss of $23 million in the current quarter, a decrease of 2 percent compared to the prior year quarter.
