MGM Resorts International reported record consolidated net revenues for the second quarter of 2025, driven by strong international performance and expansions in key sectors. The company achieved $4.4 billion in net revenues, a 2% increase from the previous year. This growth was mainly due to MGM China’s and Regional Operations’ strong performances, reflecting a robust period for MGM Resorts globally.
Expansion of BetMGM and Regional Operations
MGM China’s operations significantly contributed to these results. The division reported segment adjusted EBITDAR of $319.77 million for the quarter, a 2.78% rise from last year, and revenue increased by 8.9% to $1.1 billion. MGM Cotai, the flagship resort, experienced a 12.43% revenue increase to $672.66 million, enhancing adjusted EBITDA by 5.25% to $194.9 million.
Conversely, MGM Macau’s performance showed mixed results. While total revenue rose by 3.78%, a decline in VIP table games turnover led to an EBITDA decrease of nearly 1%. However, main floor revenue and slot machine earnings showed year-on-year growth.
BetMGM also played a pivotal role in MGM Resorts’ record financial results, showcasing significant gains in revenue and EBITDA. The company has revised its fiscal year 2025 guidance, with BetMGM progressing towards a $500 million EBITDA target.
MGM Resorts’ regional operations showed robust results, generating $965 million in net revenues, up 4% from the previous year. Adjusted EBITDAR increased by 7% to $309 million, primarily driven by improvements in casino revenue from table games and slot handles.
In contrast, the Las Vegas Strip experienced a 4% decline in net revenues to $2.1 billion, largely due to a room remodel and lower table game hold at MGM Grand Las Vegas. Segment adjusted EBITDAR for Las Vegas Strip Resorts fell by 9% to $710 million. Despite this, high occupancy rates and increased slot win supported overall performance.
MGM Resorts’ Share Repurchase Program and Future Outlook
MGM Resorts reaffirmed its confidence in future performance through a significant share repurchase program. In Q2 2025, the company repurchased 8 million shares for $217 million, reducing shares outstanding by 45% since 2021. Approximately $2.1 billion remains in the authorized share repurchase program.
CEO Bill Hornbuckle expressed optimism for the company’s future, especially in Las Vegas. Upcoming quarters and 2026 are expected to benefit from major investments, including the MGM Grand room remodel and strong convention bookings. The company aims to enhance EBITDA by over $150 million within the year, projecting ongoing growth.
MGM Resorts continues to prioritize expanding its digital and interactive gaming segments, particularly BetMGM, which remains key to its growth strategy. The company targets $500 million in EBITDA from BetMGM in the long term. Additionally, MGM Digital, including subsidiaries like LeoVegas, is expected to become profitable in the coming years.
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- Source: SCCGManagement.com