MGM Resorts Reports Record Revenue but Sharp Net Income Decline in Q2

MGM Resorts International posted record-high revenue for the second quarter of 2025, but net income fell sharply compared to last year. The Las Vegas-based gaming and hospitality giant reported $4.4 billion in net revenue, a 2% year-over-year increase, while net income dropped 73.8% to $49 million.

Good To Know

• MGM Resorts generated record revenue from MGM China and strong growth from its Regional Operations segment.
• MGM Digital revenue jumped 14% year-over-year but still posted a loss.
• Net income was impacted by a $208 million foreign currency transaction loss.

MGM China reported $1.1 billion in revenue for Q2 2025, up 9% year-over-year. Adjusted EBITDAR reached a record $301 million, a 3% increase. Regional Operations also performed strongly, generating $965 million in revenue, up 4% from last year, and adjusted EBITDAR climbed 7% to $309 million.

Casino revenue across all segments totaled just over $2.3 billion, up 5.3% year-over-year, making it the company’s top-performing vertical.

Revenue from the Las Vegas Strip segment fell 4% to $2.1 billion, while adjusted EBITDAR declined 9% to $710 million. Rooms and food & beverage revenue were also down 4.3% and 3%, respectively, while entertainment, retail, and other revenue rose 5.6% to $436.5 million.

MGM Resorts President & CEO Bill Hornbuckle remained optimistic, stating, “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.”

The MGM Digital segment increased revenue by 14% year-over-year to $164 million but reported an adjusted EBITDAR loss of $26 million, compared to a $14 million loss in the same period last year.

Hornbuckle noted that the company’s BetMGM venture is still on track for $500 million in EBITDA in the near future, and the MGM Digital segment is expected to turn profitable in the coming years.

MGM Resorts said its $49 million net income drop was largely due to a $208 million foreign currency transaction loss tied to debt held by a foreign subsidiary. Operating expenses rose 4.1% to just over $4 billion, while operating income fell 5% to $404.6 million.

The company repurchased approximately 8 million shares of its common stock for $217 million during the quarter, continuing a buyback plan launched in November 2023.

MGM also announced leadership changes, including the appointment of Ryan Abboushi as President of Entertainment in May. He will oversee unified programming and operations strategy to expand the company’s presence in live entertainment.

Hornbuckle, who extended his employment contract through December 2028, will also take on an advisory role with MGM Resorts’ integrated resort project in Osaka, Japan, after his current term ends.

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