S&P 500
7,336.80
-0.73%
Dow Jones
52,002.00
-0.36%
Nasdaq 100
29,156.20
-1.31%
Russell 2000
2,999.16
-0.55%
FTSE 100
10,480.20
-0.61%
Nikkei 225
69,493.80
-2.50%
MGM Resorts

MGM Q2 2025 Earnings

Reported Jul 30, 2025 at 4:15 PM ET · SEC Source

Q2 25 EPS

$0.79

BEAT +42.70%

Est. $0.55

Q2 25 Revenue

$4.40B

BEAT +2.03%

Est. $4.32B

vs S&P Since Q2 25

+9.7%

BEATING MARKET

MGM +25.9% vs S&P +16.2%

Market Reaction

Did MGM Beat Earnings? Q2 2025 Results

MGM Resorts delivered a standout second quarter, posting adjusted EPS of $0.79 against a consensus estimate of $0.55, a beat of 42.70%, while revenue of $4.40 billion edged past the $4.32 billion estimate by 2.03% and rose 1.8% year over year to mark… Read more MGM Resorts delivered a standout second quarter, posting adjusted EPS of $0.79 against a consensus estimate of $0.55, a beat of 42.70%, while revenue of $4.40 billion edged past the $4.32 billion estimate by 2.03% and rose 1.8% year over year to mark the company's highest-ever consolidated quarterly net revenues. The headline driver was a combination of record results from Regional Operations, where net revenues climbed 4% to $964.61 million, and an all-time record Adjusted EBITDAR of $301.34 million from MGM China, which captured 16.6% of the Macau market. Las Vegas Strip revenues dipped 4% to $2.11 billion, weighed down by an ongoing MGM Grand room remodel and softer table games hold, though management pointed to strong convention bookings and completion of that capital investment as catalysts for a restored growth trajectory by Q4 2025 into 2026. BetMGM's swing to profitability, contributing $21.77 million in operating income versus a loss of $38.39 million a year ago, added further momentum as the venture advances toward its $500 million EBITDA target, a trend rival casino operators are also navigating closely.

Key Takeaways

  • • Record Regional Operations net revenues driven by increases in table games drop and slot handle
  • • MGM China achieved all-time record Segment Adjusted EBITDAR and 16.6% market share driven by main floor table games drop growth and higher VIP table games win percentage
  • • BetMGM venture swung to profitability with strong revenue and EBITDA growth
  • • MGM Digital revenue increased 14% due to brand expansion
  • • Las Vegas Strip Resorts declined 4% due to MGM Grand room remodel impact and table games hold decline
24/7 Wall St

MGM YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

MGM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“MGM Resorts' operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing year over year. This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations as well as MGM China.”

— Bill Hornbuckle, Q2 2025 Earnings Press Release

Back to MGM Stock Page