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MGM Resorts International (MGM) investor relations material
MGM Resorts International Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary14 Oct, 2025
Financial performance and guidance
Upgraded 2025 guidance: EBITDA expected at ~$200 million and revenue at least $2.75 billion, reflecting strong business momentum and outperformance in July and August.
Q3 net revenue reached $667 million, up 23% year over year, with EBITDA at $41 million; year-to-date revenue up 31% and EBITDA at $150 million.
At least $200 million in excess cash will be returned to parent companies by year-end, with quarterly distributions and a target minimum unrestricted cash balance of $100 million.
Ample liquidity with more than $250 million available, including a $150 million undrawn credit facility.
Expectation to achieve more than $500 million of Contribution, with positive Contribution from Online Sports.
Operational highlights and product enhancements
Launched live Same Game Parlays and SGP cashout for NFL season, upgraded rewards dashboard, and introduced a new brand campaign featuring Jon Hamm and Derek Jeter.
Released exclusive omnichannel and branded casino games, including The Price is Right franchise and NFL team partnerships, driving strong cross-sell and engagement.
App improvements include faster performance, enhanced features, and a more stable experience, supporting acquisition and retention strategies.
Enhanced product and user experiences led to growth in player activity and retention.
Cross-selling promotions between Online Sports and iGaming during NFL season.
Strategic initiatives and market outlook
Focused on disciplined player acquisition and retention, targeting higher value cohorts and improving payback economics.
Omnichannel strategy continues to drive value, with ongoing recruitment from physical venues and new onboarding processes in Nevada.
Preparing to launch online sports in Missouri in December, the first new jurisdiction since North Carolina in March 2024.
Legislative focus for 2026 includes potential sports betting in Alabama, Nebraska, Mississippi, Minnesota, and Georgia, and iGaming in Maryland, New York, Illinois, Virginia, Indiana, and D.C.
Secured podium position with 15% GGR market share in active markets, including 21% in iGaming and 8% in Online Sports.
Online Sports GGR share is 8%. How to grow?
How will $100M cash threshold impact growth?
How will BetMGM sustain NGR margin gains?
Why is $100M the target cash balance?
What drives higher iGaming player values in 2025?
What is the regulatory risk of prediction markets?
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Next MGM Resorts International earnings date
Q3 202529 Oct, 2025
Next MGM Resorts International earnings date
Q3 202529 Oct, 2025
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Frequently asked questions
MGM Resorts International is an entertainment company. The Company owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The Company operates 19 properties in the United States and one property in Macau, including 14 properties on the Las Vegas Strip. In addition, the Company owned its 50 percent limited partnership interest in MGM Macau LLC (MGM Macau). Through its Regional Operations segment, the Company provides casino management services through its interest in a joint venture which operates a resort in Tunica County, Mississippi under a management agreement with Antilley Gaming LLC. Through its smaller markets segment, the Company provides casino management services through its interest on ownership interests in four small markets properties: Beau Rivage Casino & Resort in Biloxi, Mississippi; Gold Strike Hotel & Gambling Hall in Tunica Resorts, Louisiana; Kewadin Casinos & Entertainment Corporation d/b/a Hotel-Casino Sault Ste. Marie and Little Rapids Casino & Hotel in Sault Ste. Marie, Ontario; and three Ontario casinos operated by Gateway Casinos & Entertainment Limited Partnership and leased to CLLC Leisure Properties. The Company conducts its business under the following brands: Bellagio
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