Companies /Consumer Cyclical

MGM Resorts International

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

Q3 2025 Earnings

Reported Oct 29, 2025, 4:15pm ET · SEC source
$0.24
Miss −19.84%
EPS · est. $0.30
$4.3B
Beat +0.30%
Revenue · est. $4.2B
+14.8%
Beating market
MGM vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Oct 29Oct 30report 4:15pm ETearnings−0.3%+4.5%
0+3%+6%Oct 29Oct 30earnings−0.3%+4.5%
MGM +4.5%S&P 500 −0.3%
0+3%+6%Oct 29Oct 30report 4:15pm ETearnings−0.2%+4.5%
0+3%+6%Oct 29Oct 30earnings−0.2%+4.5%
MGM +4.5%NASDAQ −0.2%
0+4%+8%Oct 28Nov 6report 4:15pm ETearnings−2.1%+7.4%
0+4%+8%Oct 28Nov 6earnings−2.1%+7.4%
MGM +7.4%S&P 500 −2.1%
0+5%+10%Oct 28Nov 6report 4:15pm ETearnings−3.4%+7.4%
0+5%+10%Oct 28Nov 6earnings−3.4%+7.4%
MGM +7.4%NASDAQ −3.4%
−1.57%
Day of report
+4.26%
Next session
+3.26%
One week
+15.04%
30 days

S&P 500 over the same 30 days: +0.25%.

Did MGM Beat Earnings? Q3 2025 Results

MGM Resorts International delivered a mixed third quarter, posting adjusted EPS of $0.24 against a consensus of $0.30, a miss of nearly 20%, even as revenue of $4.25 billion edged past estimates by 0.30% and grew 1.6% year over year. The headline earnings shortfall was driven largely by a $256.13 million non-cash goodwill impairment charge tied to MGM's decision to withdraw its Empire City gaming license application, which helped swing the company to a net loss of $285.25 million from net income of $184.58 million a year earlier. The split in segment performance was sharp: Las Vegas Strip revenues fell 7% to $1.98 billion, pressured by the MGM Grand room remodel, an 8% decline in RevPAR to $210, and softer table games hold, while MGM China surged 17% to a record quarterly Adjusted EBITDAR of $283.99 million. CEO Bill Hornbuckle acknowledged Las Vegas pricing missteps and signaled efforts to recalibrate hotel rates, while BetMGM raised full-year 2025 guidance for the second consecutive quarter and announced cash distributions to MGM beginning in Q4 2025, with an initial payment expected to reach at least $100 million.

Key Takeaways
  • MGM China achieved record Q3 Segment Adjusted EBITDAR and 15.5% market share driven by 18% increase in main floor table games drop
  • MGM Digital grew revenues 23% due to organic growth and brand expansion
  • BetMGM North American venture reported accelerated revenue and EBITDA growth
  • Las Vegas Strip Resorts declined 7% due to MGM Grand room remodel, lower RevPAR, decreased table games win percentage, and lower food and beverage revenue
  • Non-cash goodwill impairment of $256 million related to Empire City gaming license withdrawal

“MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China.”

MGM Resorts CEO, on the earnings call

Forward Guidance & Outlook

BetMGM raised its full-year 2025 guidance for the second consecutive quarter and announced cash distributions to MGM Resorts beginning in Q4 2025, with an initial distribution to MGM expected to be at least $100 million. Management sees encouraging signs of stability in Las Vegas with the return of group and convention season and the completion of the MGM Grand room remodel. The company continues to pursue targeted expansion in Asia through the MGM Osaka integrated resort development, supported by a new $300 million yen-denominated credit facility. MGM's strategic focus is shifting toward premium, market-leading integrated resort operations, as evidenced by the decision to sell MGM Northfield Park operations.

MGM YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$2.0B$4.0B$4.2B$4.3BRevenue
$0$2.0B$4.0BRevenue

MGM Revenue by Segment

Las Vegas Strip Resorts$2.0B−7.0%
MGM China$1.1B+17.0%
Regional Operations$956.9M+0.5%
MGM Digital$174.0M+23.0%
Management and other operations$47.2M

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