LAS VEGAS, Nevada—MGM Resorts International reported financial results for the quarter and year ended December 31, 2025.
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20 percent in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, president and chief executive officer of MGM Resorts International. “As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka.”
“In 2025, we drove important financial stewardship initiatives, including sourcing low cost of debt capital for MGM Osaka, driving $135 million in distributions from our BetMGM North America Venture and $153 million from MGM China, announcing the sale of the Northfield Park operations at a significant premium to our Las Vegas and Regional brick and mortar operations multiple, and repurchasing over $1.2 billion in shares,” said Jonathan Halkyard, chief financial officer of MGM Resorts International. “The aggregate impact of these financial initiatives positions MGM Resorts with consistent sources of cash flow to fund future growth and deliver significant value for our shareholders.”
Consolidated Results for Q4 2025
- Consolidated net revenues of $4.6 billion, an increase of 6 percent compared to the prior year quarter.
- Net income attributable to MGM Resorts of $294 million compared to $157 million in the prior year quarter.
- Consolidated Adjusted EBITDA of $635 million in the current quarter compared to $528 million in the prior year quarter, an increase of 20 percent.
- Diluted earnings per share of $1.11 in the current quarter compared to $0.52 in the prior year quarter.
- Adjusted diluted earnings per share (“Adjusted EPS”) of $1.60 in the current quarter compared to Adjusted EPS of $0.45 in the prior year quarter.
Las Vegas Strip Resorts
- Net revenues of $2.2 billion, a decrease of 3 percent compared to the prior year quarter.
- Segment Adjusted EBITDAR of $735 million in the current quarter compared to $765 million in the prior year quarter, a decrease of 4 percent.
Regional Operations
- Net revenues of $950 million in the current quarter compared to $932 million in the prior year quarter, an increase of 2 percent.
- Segment Adjusted EBITDAR of $280 million in the current quarter compared to $281 million in the prior year quarter.
MGM China
- Net revenues of $1.2 billion in the current quarter compared to $1.0 billion in the prior year quarter, an increase of 21 percent.
- Segment Adjusted EBITDAR of $332 million in the current quarter compared to $255 million in the prior year quarter, an increase of 30 percent.
MGM Digital
- Net revenues of $188 million in the current quarter compared to $140 million in the prior year quarter, an increase of 35 percent.
- Segment Adjusted EBITDAR loss of $7 million in the current quarter compared to a loss of $22 million in the prior year quarter.
Consolidated Results for Full-Year 2025
- Consolidated net revenues of $17.5 billion in the current year compared to $17.2 billion in the prior year, an increase of 2 percent.
- Net income attributable to MGM Resorts of $206 million in the current year, compared to $747 million in the prior year.
- Consolidated Adjusted EBITDA of $2.4 billion in the current year, an increase of 1 percent compared to the prior year.
- Diluted earnings per share of $0.76 in the current year compared to diluted earnings per share of $2.40 in the prior year.
- Adjusted EPS of $3.31 in the current year compared to $2.59 in the prior year.
Las Vegas Strip Resorts
- Net revenues of $8.4 billion in the current year compared to $8.8 billion in the prior year, a decrease of 4 percent.
- Segment Adjusted EBITDAR of $2.9 billion in the current year compared to $3.1 billion in the prior year, a decrease of 8 percent.
Regional Operations
- Net revenues of $3.8 billion in the current year compared to $3.7 billion in the prior year, an increase of 1 percent.
- Segment Adjusted EBITDAR of $1.2 billion in the current year compared to $1.1 billion in the prior year, an increase of 2 percent.
MGM China
- Net revenues of $4.5 billion in the current year compared to $4.0 billion in the prior year, an increase of 11 percent.
- Segment Adjusted EBITDAR of $1.2 billion in the current year compared to $1.1 billion in the prior year, an increase of 11 percent.
MGM Digital
- Net revenues of $654 million in the current year compared to $552 million in the prior year, an increase of 19 percent.
- Segment Adjusted EBITDAR loss of $90 million in the current year compared to a loss of $77 million in the prior year.
