MGM Resorts International (MGM) Q3 2025 earnings summary

Executive summary

• Consolidated net revenues rose 2% year-over-year to $4.3 billion, driven by strong performance at MGM China and BetMGM North America, while Las Vegas Strip Resorts declined 7% and Regional Operations were flat.

• Net loss attributable to shareholders was $285 million, compared to net income of $185 million in the prior year, mainly due to a $256 million non-cash goodwill impairment and $93 million in other write-offs related to Empire City.

• BetMGM North America reported strong revenue and EBITDA growth, raised FY2025 guidance, and will distribute at least $100 million in cash to the company by year-end.

• Announced sale of MGM Northfield Park operations for $546 million at a premium multiple, expected to close in H1 2026.

• Entered a $300 million yen-denominated credit facility at 2.5% interest to support MGM Osaka funding.

Financial highlights

• Q3 2025 net revenues: $4.25B (up 2% YoY); Adjusted EBITDAR for Q3 2025: $1.16B (down 7% YoY); consolidated Adjusted EBITDA was $506 million, down from $574 million year-over-year.

• Q3 2025 operating loss: $113M; net loss: $207M; EPS: $(1.05) basic and diluted.

• Casino revenue for the quarter was $2.29 billion, up from $2.12 billion year-over-year.

• Room revenue declined 11% to $660 million at Las Vegas Strip Resorts, with occupancy at 89% and RevPAR down 8% to $210.

• BetMGM Q3 2025 net revenue: $667 million, up 23% year-over-year; EBITDA: $41 million, up $57 million year-over-year.

Outlook and guidance

• BetMGM North America increased full-year 2025 guidance to at least $2.75 billion net revenue and approximately $200 million EBITDA, with at least $100 million in cash distributions expected in Q4 2025.

• Sale of MGM Northfield Park to reduce annual cash rent by $53M; transaction expected to close in H1 2026.

• Planned capital expenditures for remainder of 2025: $285M–$335M, including $50M–$70M for MGM China.

• MGM Osaka funding commitment of approximately $2.4B over the next three years.

• Management sees stability in Las Vegas with the return of group and convention business and strong 2026 bookings.