MGM Resorts International
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
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 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 <a href="https://247wallst.com/investing/2025/07/23/live-coverage-will-las-vegas-sand-lvs-stock-soar-after-earnings/">rival casino operators</a> are also navigating closely.
- 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
“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.”
MGM Resorts CEO, on the earnings call
Forward Guidance & Outlook
Management's outlook remains positive, particularly for Las Vegas where Q4 2025 and full-year 2026 are expected to benefit from meaningful capital investments including the completion of the MGM Grand room remodel, combined with strong convention bookings. The BetMGM venture upgraded its FY 2025 guidance and continues toward its goal of $500 million in EBITDA. MGM Digital is on target to become profitable in the coming years. The company remains on track to implement over $150 million of EBITDA enhancements within 2025 and continues to see significant value in its stock at current prices with approximately $2.1 billion remaining in its authorized share repurchase program.
MGM YoY Financials
MGM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.