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Sep 30, 2025
MGM Q3 2025 Earnings Report
MGM Resorts International reported its third quarter 2025 financial and operating results, showing consolidated net revenue growth and strong performance from MGM China and BetMGM.
Key Takeaways
MGM Resorts International delivered a quarter of consolidated net revenue growth, primarily driven by record third-quarter results from MGM China and accelerated growth from the BetMGM North American venture. Despite a decrease in Las Vegas Strip Resorts revenue due to room remodels and other factors, the company's overall revenue increased by 2% year-over-year. However, the company reported a net loss attributable to MGM Resorts due to a significant non-cash goodwill impairment charge related to Empire City.
Consolidated net revenues increased by 2% year-over-year to $4.3 billion, primarily due to strong performance at MGM China.
MGM China achieved record third-quarter Segment Adjusted EBITDAR and increased its market share to 15.5%, with net revenues up 17%.
BetMGM North American venture reported strong revenue and EBITDA growth, raising its guidance for FY2025 and announcing an initial cash distribution of at least $100 million to MGM Resorts.
MGM Resorts reported a net loss attributable to MGM Resorts of $285 million, primarily due to a $256 million non-cash goodwill impairment charge related to Empire City.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MGM Resorts International anticipates continued benefits from its operational scale and diversity, with a focus on strategic initiatives including the growth of BetMGM and targeted expansion in Asia. The company expects to receive significant cash distributions from BetMGM and is pursuing funding for MGM Osaka.
Positive Outlook
- BetMGM North American venture raised its guidance for FY2025, indicating strong future performance.
- BetMGM is expected to provide an initial cash distribution of at least $100 million to MGM Resorts by year-end 2025, demonstrating significant progress in profitability and free cash flow.
- 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 sale of MGM Northfield Park operations for $546 million reflects a solid multiple, highlighting the value gap in MGM Resorts' equity price.
- Entered into a $300 million USD-equivalent yen denominated credit facility to support the funding of MGM Osaka, indicating progress on international expansion.
Challenges Ahead
- The company incurred a significant non-cash goodwill impairment charge of $256 million related to the decision to withdraw the application for a commercial gaming license for Empire City.
Historical Earnings Impact
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