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Jun 30, 2025
MGM Q2 2025 Earnings Report
MGM Resorts International reported record second quarter 2025 financial and operating results, driven by strong performance in Regional Operations and MGM China, and accelerating EBITDA growth from BetMGM.
Key Takeaways
MGM Resorts International achieved record consolidated net revenues of $4.4 billion in Q2 2025, a 2% increase year-over-year. This growth was primarily fueled by record net revenues in Regional Operations and MGM China, alongside significant EBITDA growth from the BetMGM venture. Despite a decrease in net income attributable to MGM Resorts due to a foreign currency transaction loss, the company maintained solid operating performance and continued its share repurchase program.
Consolidated net revenues reached a record $4.4 billion, increasing 2% year-over-year.
Regional Operations and MGM China achieved record net revenues and strong Segment Adjusted EBITDAR growth.
BetMGM venture reported positive operating income of $21.77 million, a significant improvement from a loss in the prior year.
The company repurchased 8 million shares for $217 million in Q2 2025, demonstrating continued commitment to shareholder returns.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MGM Resorts maintains a positive outlook, anticipating benefits from capital investments in Las Vegas, continued growth from BetMGM, and ongoing EBITDA enhancements across the company.
Positive Outlook
- Strong convention bookings are expected to benefit Las Vegas operations in 4Q25 and FY 2026.
- Completion of the MGM Grand room remodel will contribute to improved performance in Las Vegas.
- BetMGM venture is on track to achieve $500 million in EBITDA.
- MGM Digital segment is targeted to become profitable in the coming years.
- Implementation of over $150 million of EBITDA enhancements is on track for the year.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- The company acknowledges general risks such as economic conditions, competition, and regulatory changes.
- Potential disruptions from cybersecurity incidents remain a concern.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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