Companies /Consumer Cyclical

MGM Resorts International

NYSE: MGM Resorts & Casinos
$42.97
▼ $0.49 (−1.13%) today
Markets closed · 9:08pm ET

Q1 2025 Earnings

Reported Apr 30, 2025, 4:15pm ET · SEC source
$0.69
Beat +51.45%
EPS · est. $0.46
$4.3B
Miss −0.16%
Revenue · est. $4.3B
−3.2%
Trailing market
MGM vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Apr 30May 1report 4:15pm ETearnings+0.0%−6.5%
−6%−3%0Apr 30May 1earnings+0.0%−6.5%
MGM −6.5%S&P 500 +0.0%
−6%−3%0Apr 30May 1report 4:15pm ETearnings+0.1%−6.5%
−6%−3%0Apr 30May 1earnings+0.1%−6.5%
MGM −6.5%NASDAQ +0.1%
−6%−3%0Apr 29May 8report 4:15pm ETearnings+1.3%+0.4%
−6%−3%0Apr 29May 8earnings+1.3%+0.4%
MGM +0.4%S&P 500 +1.3%
−6%−3%0+3%Apr 29May 8report 4:15pm ETearnings+1.6%+0.4%
−6%−3%0+3%Apr 29May 8earnings+1.6%+0.4%
MGM +0.4%NASDAQ +1.6%
−1.91%
Day of report
+3.60%
Next session
+4.37%
One week
+3.56%
30 days

S&P 500 over the same 30 days: +6.74%.

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 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 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.”

MGM Resorts CEO, on the earnings call

Forward Guidance & Outlook

MGM expects to exceed $150 million in implementation of $200 million EBITDA enhancements during 2025. Forward bookings remain solid and April is on track to be a record hotel month for Las Vegas Strip operations. The company sees significant value in its shares at current levels and has authorized a new $2 billion share repurchase program to continue returning capital to shareholders. BetMGM has turned to positive EBITDA, representing a significant inflection point for the venture.

MGM YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$2.0B$4.0B$4.4B$4.3BRevenue$500.7M$385.1MOperating Income$217.5M$148.6MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

MGM Revenue by Segment

Las Vegas Strip Resorts$2.2B−3.0%
MGM China$1.0B−3.0%
Regional Operations$900.4M−1.0%
MGM Digital$128.1M+0.0%
Management and other operations$45.0M

Figures from SEC filings and company reports. Not investment advice.