MGM Resorts net revenue drops 2.4% to $4.3bn for Q1 2025

MGM Resorts International has reported the operator’s financial results throughout the first quarter of 2025, including a decrease in net revenue of 2.4% year-over-year for a total of just under $4.3bn during the period. 

Net income attributable to MGM Resorts was reported to be $148.6m during Q1 2025, representing a decrease of 31.7% from the prior year period, while the company’s adjusted EBITDA for the first quarter of 2025 fell by 5.4% year-over-year to $637.1m. Operating income for Q1 2025 came in at almost $385.1m, equating to a decrease of 16% from the prior year period. 

Despite the decreases in net revenue, income and adjusted EBITDA, MGM Resorts President & CEO Bill Hornbuckle spoke positively of the Q1 2025 results, having said, “MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture. 

“We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200m EBITDA enhancements that launched last year, and expect to exceed $150m in implementation in the year.”

MGM Resorts stated the decrease in net revenue and income for Q1 2025 was primarily attributed to falls in revenue from the operator’s Las Vegas Strip Resorts segment and MGM China. 

Las Vegas Strip Resorts reported a Q1 2025 net revenue of $2.2bn, equating to a decrease of 3% year-over-year, said to be impacted by the Super Bowl being hosted in Las Vegas in the prior year period. The segment’s adjusted EBITDA of $811m throughout the first quarter of 2025 represents a 2% decrease year-over-year. 

For MGM China, net revenue for Q1 2025 fell by 3% from the prior year period for a total of $1bn, while the segment’s adjusted EBITDA was reported to be $286m, representing a decrease of 5% year-over-year. 

Good to know: Caesars Entertainment released its financial results from the first quarter of 2025 on April 29, including a rise in net revenue of 2.1% from the prior year period to $2.8bn, as well as a net loss of $115m which actually equates to a 29% decrease from the $158m loss reported during Q1 2024

MGM Resorts’ Regional operations were actually able to generate an increase in adjusted EBITDA of 2% from the prior year period for a total of $279m throughout Q1 2025, but net revenue fell 1% year-over-year to $900m. 

The operator’s MGM Digital segment generated $128.1m of revenue for the first quarter of 2025, equating to an increase of nearly 0.4% year-over-year. Despite the increase in revenue from MGM Resorts’ digital arm throughout Q1 2025, the company reported an operating loss of $15.2m from its BetMGM platform during the period. 

Revenue throughout the first quarter of 2025 was primarily driven by the operator’s casino operations, which accounted for nearly $2.3bn of the total revenue, and represents an increase of 0.5% year-over-year. 

Rooms and food & beverage managed to generate Q1 2025 revenues of $863.4m and $770.2m, respectively, equating to a decrease of 9.7% and a slight increase of 0.1% from the prior year period. Entertainment, retail and other produced an additional $391.4m of revenue for Q1 2025, but fell by over $25m from the total reported during the first quarter of 2025. 

During the first quarter of 2025, the Company repurchased approximately 15m shares of its common stock for an aggregate amount of $494m, pursuant to its repurchase plan. On April 30, 2025, the company’s Board of Directors authorized a new $2bn stock repurchase plan, which is in addition to its existing November 2023 stock repurchase plan.

Kirk Geller

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