MGM Resorts (MGM) Q1 2025 Earnings
How Did MGM Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.74%.
Did MGM Beat Earnings? Q1 2025 Results
Yes. MGM Resorts reported Q1 2025 earnings of $0.69 a share on Apr 30, 2025, beating the $0.46 consensus estimate by 51.4%. Revenue was $4.3B against a $4.3B estimate.
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.
- 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
What Was MGM Resorts's Outlook in Q1 2025?
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
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $4.3B | $4.4B | −2.4% |
| Operating Income | $385.1M | $500.7M | −23.1% |
| Net Income | $148.6M | $217.5M | −31.7% |
MGM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.