Q1 25 EPS
$0.69
BEAT +51.45%
Est. $0.46
Q1 25 Revenue
$4.28B
MISS 0.16%
Est. $4.28B
vs S&P Since Q1 25
+12.4%
BEATING MARKET
MGM +43.7% vs S&P +31.3%
Market Reaction
Did MGM Beat Earnings? Q1 2025 Results
MGM Resorts International delivered a decisive earnings beat in the first quarter of 2025, posting adjusted EPS of $0.69 against a consensus estimate of $0.46, a 51.45% positive surprise, even as revenue came in essentially flat against expectations … Read more MGM Resorts International delivered a decisive earnings beat in the first quarter of 2025, posting adjusted EPS of $0.69 against a consensus estimate of $0.46, a 51.45% positive surprise, even as revenue came in essentially flat against expectations at $4.28 billion. The top line slipped 2.4% year over year, a decline management attributed squarely to the difficult comparison created by last year's Super Bowl in Las Vegas, which had meaningfully inflated the prior-year period. Despite that headwind, the Las Vegas Strip segment achieved record first-quarter occupancy of 94% and record slot win of $545 million, up 7% year over year, underscoring the resilience of underlying demand. A notable strategic milestone came from BetMGM, which turned to positive EBITDA for the first time, with MGM's share of operating losses narrowing to $15.20 million from $32.60 million. The company also authorized a new $2 billion share repurchase program, and CEO Bill Hornbuckle, whose contract was recently extended through 2028, said April is on track to be a record hotel month for Las Vegas Strip properties.
Key Takeaways
- • Record Q1 Las Vegas Strip occupancy at 94%
- • Record Q1 Las Vegas Strip slot win of $545 million, up 7% year over year
- • Las Vegas Strip casino revenue up 8% year over year
- • BetMGM turning to positive EBITDA in Q1 2025
- • $37 million in cybersecurity business interruption insurance proceeds for Las Vegas Strip
- • $12 million in cybersecurity business interruption insurance proceeds for Regional Operations
MGM YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
MGM Revenue by Segment
With YoY comparisons, source: SEC Filings
“MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year's Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture.”
— Bill Hornbuckle, Q1 2025 Earnings Press Release
MGM Earnings Trends
MGM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MGM EPS Trend
Earnings per share: estimate vs actual
MGM Revenue Trend
Quarterly revenue: estimate vs actual
MGM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.53 | $0.49 | -7.83% | $4.45B | +1.79% |
| Q4 25 BEAT FY | $0.56 | $1.60 | +187.36% | $4.61B | +3.67% |
| FY Full Year | $2.26 | $3.31 | +46.38% | $17.54B | +0.92% |
| Q3 25 MISS | $0.30 | $0.24 | -19.84% | $4.25B | +0.30% |
| Q2 25 BEAT | $0.55 | $0.79 | +42.70% | $4.40B | +2.03% |
| Q1 25 BEAT | $0.46 | $0.69 | +51.45% | $4.28B | -0.16% |