MGM Resorts International Reports Record Second Quarter 2025 Financial and Operating Results

MGM Resorts International, a global gaming and entertainment company, has released its financial results for the second quarter of 2025. The company reported record consolidated net revenues and significant growth across various segments, despite some challenges.

Financial Highlights

For the quarter ended June 30, 2025, MGM Resorts reported consolidated net revenues of $4.4 billion, marking a 2% increase compared to the same period last year. However, net income attributable to MGM Resorts decreased to $49 million from $187 million in the prior year quarter, primarily due to a $208 million foreign currency transaction loss. Consolidated Adjusted EBITDA was $648 million, slightly up from $635 million in the previous year.

Diluted earnings per share (EPS) for the quarter were $0.18, down from $0.60 in the prior year. Adjusted diluted EPS was $0.79, compared to $0.86 in the same period last year.

Business and Operational Highlights

The Las Vegas Strip Resorts segment saw a 4% decline in net revenues to $2.1 billion, attributed to the impact of room remodels and a decline in table games hold at MGM Grand Las Vegas. Regional Operations, however, experienced a 4% increase in net revenues to $965 million, driven by higher casino revenue. MGM China reported a 9% increase in net revenues to $1.1 billion, with a notable rise in main floor table games drop and VIP table games win percentage.

The BetMGM venture reported strong revenue and EBITDA growth, leading to an upgraded guidance for the full year 2025. MGM Digital, which includes LeoVegas and other interactive gaming subsidiaries, saw a 14% increase in net revenues to $164 million, although it reported a segment adjusted EBITDAR loss of $26 million.

Strategic Initiatives and Corporate Developments

During the quarter, MGM Resorts repurchased 8 million shares for $217 million, reducing shares outstanding by 45% since the beginning of 2021. The company still has approximately $2.1 billion available in its authorized share repurchase program.

Management's Perspective

Bill Hornbuckle, CEO & President of MGM Resorts International, highlighted the company's operational scale and diversity as key drivers of growth. He expressed optimism about the business outlook, particularly in Las Vegas, where significant capital investments and strong convention bookings are expected to benefit future quarters. CFO Jonathan Halkyard emphasized the company's focus on implementing over $150 million of EBITDA enhancements within the year.

Future Outlook

MGM Resorts remains optimistic about its future performance, with expectations of continued growth in the BetMGM venture and profitability in the MGM Digital segment. The company is also looking forward to the completion of the MGM Grand room remodel and other capital investments that are expected to drive growth in the coming years.

SEC Filing: MGM Resorts International [ MGM ] - 8-K - Jul. 30, 2025