MGM Resorts International
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.06%.
Did MGM Beat Earnings? Q4 2025 Results
MGM Resorts International delivered a blowout fourth quarter, posting adjusted EPS of $1.60 against a consensus estimate of $0.61, a beat of 160.37%, while revenue climbed 6.0% year-over-year to $4.61 billion, topping expectations of $4.44 billion by 3.62%. The headline driver was a combination of surging international momentum and improving digital economics; MGM China posted 21% revenue growth and 30% Adjusted EBITDAR expansion on the strength of its premium mass position in Macau, while BetMGM swung to positive operating income of $29.34 million from a loss of $42.30 million a year earlier and distributed $135.00 million back to the parent. A $277.00 million non-cash tax benefit also lifted net income to $293.61 million, nearly double the year-ago figure. Las Vegas Strip revenues slipped 3% amid MGM Grand renovation activity, though management expects that headwind to clear ahead of 2026, with group bookings, continued China momentum, and double-digit BetMGM growth underpinning an optimistic forward outlook, even as broader leisure competition intensifies across the experiential spending landscape.
- MGM China premium mass gaming leadership drove 21% revenue growth and 30% Adjusted EBITDAR growth
- MGM Digital revenue grew 35% year-over-year with narrowing losses
- BetMGM North America Venture swung to operating income of $29.3 million from a loss of $42.3 million
- Las Vegas Strip casino revenue grew 13% despite hotel revenue pressure from MGM Grand renovations
- Table games win percentage at Las Vegas improved to 27.9% from 24.5%
- Aggressive share repurchase program reducing diluted share count
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas.”
MGM Resorts CEO, on the earnings call
Forward Guidance & Outlook
Management expressed optimism for 2026, citing the completion of MGM Grand renovations in Las Vegas, a solid base of group and convention business, continued strong results in Regional Operations, premium mass leadership at MGM China, double-digit revenue growth expected at BetMGM North America Venture with future distributions anticipated, and the long-term international growth pipeline through MGM Osaka in Japan. The company expects consistent sources of cash flow to fund future growth and deliver shareholder value, supported by the BetMGM distribution framework and the announced sale of Northfield Park operations.
MGM YoY Financials
MGM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.