MGM Resorts generates record-high net revenue with $4.4bn for Q2 2025, net income falls 73.8%

MGM Resorts International has reported its financial performance for the second quarter of 2025, having generated a record-high net revenue of $4.4bn, equating to an increase of 2% from the prior year period, while net income fell 73.8% year-over-year for a total of $49m. 

The operator highlighted the performance of its MGM Digital segment for Q2 2025, witnessing an increase in revenue of 14% year-over-year to $164m, but the vertical also reported an adjusted EBITDAR loss of $26m compared to a $14m loss for the second quarter of 2024. 

Along with the results from MGM Digital, revenue generated by MGM China increased 9% from the prior year period for a total of $1.1bn, while adjusted EBITDAR grew 3% year-over-year to a record-high $301m for Q2 2025. The operator’s Las Vegas strip revenue failed to generate similar success, having fallen 4% from the prior year period to $2.1bn, as adjusted EBITDAR also decreased by 9% year-over-year for a total of $710m. 

Regional operations accounted for $965m of MGM Resorts’ total revenue for Q2 2025, increasing 4% from the prior year period and primarily driven by 4% growth year-over-year in casino revenue to $710m. The segment’s adjusted EBITDAR managed to increase by 7% year-over-year, reported to be $309m throughout the second quarter of 2025. 

“MGM Resorts’ operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing year over year. This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations as well as MGM China,” MGM Resorts President & CEO Bill Hornbuckle said. 

“Our outlook on the business remains bright, particularly in Las Vegas as 4Q25 and full year 2026 will benefit from meaningful capital investment, including the completion of the MGM Grand room remodel, combined with strong convention bookings. Looking beyond 2025, our BetMGM venture continues towards its goal of $500m in EBITDA and our MGM Digital segment is on target to become profitable in the coming years.”

Good to know: MGM Resorts released its culinary lineup for the Bellagio Fountain Club on July 29, including chefs such as David Chang, Masaharu Morimoto and Wolfgang Puck, for the 2025 Las Vegas Grand Prix race weekend

Hornbuckle agreed to a new employment contract with the operator on May 8, set to keep the gaming industry veteran with the company under his current position through December 31, 2028. MGM Resorts also agreed to offer Hornbuckle an advisory agreement at the end of the term to assist with its integrated resort project in Osaka, Japan until opening.

MGM Resorts also stated its $49m net income for Q2 2025 was primarily attributed to the pre-tax impact of a $208m foreign currency transaction loss related to debt held by a foreign subsidiary. 

Casino revenue accounted for the highest revenue of any vertical for the operator, increasing 5.3% from the prior year period for a total of just over $2.3bn for Q2 2025. Rooms and food & beverage witnessed decreases in revenue of 4.3% and 3% year-over-year, respectively, having generated $860.4m and $778.2m for the second quarter of 2025. Entertainment, retail and other produced nearly $436.5m of revenue for Q2 2025, rising 5.6% from the prior year period. 

On May 12, MGM Resorts appointed Ryan Abboushi as President of Entertainment, where he began to oversee unified programming and operations strategy to build upon and expand the company’s market position in live entertainment.

The net income decrease reported by MGM Resorts may have also been attributed to a 4.1% increase in operating expenses from the prior year period to just over $4bn for Q2 2025, while operating income fell 5% year-over-year to $404.6m throughout the period. 

MGM Resorts also repurchased approximately 8m shares of its common stock for an aggregate amount of $217m for Q2 2025, pursuant to its repurchase plan which began in November 2023.

Kirk Geller

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