MGM Resorts International revenue rises in Q3
The company has reported net revenue of $4.3bn, up 2 per cent year-over-year.
US.- MGM Resorts International has released its financial results for the third quarter of 2025. The company reported consolidated net revenue of $4.3bn, up 2 per cent year-over-year, due primarily to an increase in net revenues at MGM China.
Net loss attributable was $285m compared to net income attributable of $185m in the prior year quarter. That’s primarily due to the pre-tax impacts of a non-cash goodwill impairment charge of $256m and other costs related to the decision to withdraw its application for a commercial gaming licence for Empire City.
According to the company, consolidated adjusted EBITDA was $506m compared to $574m in the same period in 2024. Las Vegas Strip resorts saw revenue of $2.0bn, compared to $2.1bn in 2024. The decrease was attributed to the room remodel at MGM Grand Las Vegas, a decrease in revenue per available room, a decrease in table game win percentage, and a decrease in food and beverage revenue. Segment adjusted EBITDAR was $601m, down 18 per cent.
Regional operations reported revenue of $957m compared to $952m in 2024. Adjusted EBITDAR was $296m, down 1 per cent.
MGM China’s revenue was $1.1bn, up 17 per cent. The company attributed this to growth in the main-floor table-games drop. Adjusted EBITDAR was $284m compared to $237 in 2024, up 20 per cent.
MGM Digital reported revenue of $174m, up 23 per cent, due primarily to organic growth and brand expansion. Segment adjusted EBITDAR was down 2 per cent year-over-year.
Bill Hornbuckle, chief executive officer and president of MGM Resorts International, said: “MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China. The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100m, proving significant progress on the growth, profitability, and free cash flow generation of the business.”
Jonathan Halkyard, chief financial officer and treasurer of MGM Resorts International, added: “We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel. MGM’s strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price.”
