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Mar 31
MGM Q1 2025 Earnings Report
Reported First Quarter 2025 Financial and Operating Results
Key Takeaways
MGM Resorts International reported a slight decrease in consolidated net revenues and net income in the first quarter of 2025 compared to the prior year, primarily due to the absence of the Super Bowl in Las Vegas this year. Despite this, the company achieved strong results across its portfolio, including positive EBITDA performance at BetMGM and record Las Vegas Strip occupancy and slot win. MGM also announced a new $2 billion share repurchase program.
Consolidated net revenues decreased by 2% to $4.3 billion.
Net income attributable to MGM Resorts was $149 million, down from $217 million in the prior year quarter.
Adjusted diluted earnings per share was $0.69 compared to $0.74 in the prior year quarter.
The Board of Directors authorized a new $2 billion share repurchase program.
MGM
MGM
MGM Revenue by Segment
MGM Revenue by Geographic Location
Revenue by Segment
Las Vegas Strip Resorts Revenue
CapyFin.comRegional Operations Revenue
CapyFin.comMGM China Revenue
CapyFin.comMGM Digital Revenue
CapyFin.comManagement & Other Operations Revenue
CapyFin.comRevenue by Geographic Location
Las Vegas Strip Revenue
CapyFin.comRegional Revenue
CapyFin.comChina Revenue
CapyFin.com Forward Guidance
MGM Resorts is well prepared for the remainder of 2025 and is making excellent progress on implementing EBITDA enhancements. Forward bookings remain solid, and April is expected to be a record hotel month for Las Vegas Strip operations. The company continues to see significant value in its shares and authorized a new $2 billion share repurchase program.
Positive Outlook
- Well prepared for the remainder of 2025.
- Making excellent progress on implementing $200 million EBITDA enhancements, expecting to exceed $150 million in implementation in the year.
- Forward bookings remain solid.
- April is on track to be a record hotel month for Las Vegas Strip operations.
- Authorized a new $2 billion share repurchase program.
Challenges Ahead
- Anticipated comparison to last year's Super Bowl in Las Vegas impacted Q1 results.
- Decrease in net revenues at Las Vegas Strip Resorts and MGM China in Q1.
- Decrease in net income attributable to MGM Resorts in Q1.
- Decrease in Consolidated Adjusted EBITDA in Q1.
- MGM Digital reported an increased Segment Adjusted EBITDAR loss in Q1.
Revenue & Expenses
Visualization of income flow from segment revenue to net income