4Q25 consolidated net revenues of $4.6 billion, net income attributable to MGM Resorts of $294 million, and Consolidated Adjusted EBITDA of $635 million, representing growth of 6%, 87%, and 20%, respectively
BetMGM North America Venture distributed $135 million to MGM Resorts during 4Q25, returning over 20% of MGM Resorts' cash investment, with future distributions expected
Repurchased 15 million shares in 4Q25 and 37.5 million in 2025, reducing shares outstanding by ~48% since the beginning of 2021
LAS VEGAS, Feb. 5, 2026 /PRNewswire/ -- MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") today 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% in the fourth quarter despite headwinds in Las Vegas," said Bill Hornbuckle, President and CEO 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, CFO 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."
Fourth Quarter 2025 Financial Highlights:
Consolidated Results
Consolidated net revenues of $4.6 billion, an increase of 6% 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%;
Diluted earnings per share of $1.11 in the current quarter compared to $0.52 in the prior year quarter; and
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% compared to the prior year quarter; and
Segment Adjusted EBITDAR of $735 million in the current quarter compared to $765 million in the prior year quarter, a decrease of 4%.
Regional Operations
Net revenues of $950 million in the current quarter compared to $932 million in the prior year quarter, an increase of 2%; and
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%; and
Segment Adjusted EBITDAR of $332 million in the current quarter compared to $255 million in the prior year quarter, an increase of 30%.
MGM Digital(1)
Net revenues of $188 million in the current quarter compared to $140 million in the prior year quarter, an increase of 35%; and
Segment Adjusted EBITDAR loss of $7 million in the current quarter compared to a loss of $22 million in the prior year quarter.
(1)
MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America Venture
Adjusted EPS
The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Three Months Ended December 31,
2025
2024
Diluted earnings per share
$ 1.11
$ 0.52
Property transactions, net
0.03
0.07
Preopening and start-up expenses
—
0.01
Goodwill impairment
0.08
—
Non-operating items:
Loss related to debt and equity investments
0.21
0.14
Foreign currency transaction loss (gain)
0.01
(0.52)
Change in fair value of foreign currency contracts
0.26
0.34
Loss on early retirement of debt
—
0.02
Income tax impact on net income adjustments(1)
(0.10)
(0.13)
Adjusted EPS
$ 1.60
$ 0.45
(1)
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.
The current quarter includes a non-cash income tax benefit of $277 million resulting from a decrease in the valuation allowance on foreign tax credit carryforwards. The prior quarter includes a non-cash income tax benefit of $13 million resulting from a decrease in the valuation allowance on Macau deferred tax assets.
Full Year 2025 Financial Highlights:
Consolidated Results
Consolidated net revenues of $17.5 billion in the current year compared to $17.2 billion in the prior year, an increase of 2%;
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% 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; and
Adjusted EPS of $3.31 in the current year compared to $2.59 in 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%; and
Segment Adjusted EBITDAR of $2.9 billion in the current year compared to $3.1 billion in the prior year, a decrease of 8%.
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%; and
Segment Adjusted EBITDAR of $1.2 billion in the current year compared to $1.1 billion in the prior year, an increase of 2%.
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%; and
Segment Adjusted EBITDAR of $1.2 billion in the current year compared to $1.1 billion in the prior year, an increase of 11%.
MGM Digital
Net revenues of $654 million in the current year compared to $552 million in the prior year, an increase of 19%; and
Segment Adjusted EBITDAR loss of $90 million in the current year compared to a loss of $77 million in the prior year.
Adjusted EPS
The following table reconciles EPS to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Twelve Months Ended December 31,
2025
2024
Diluted earnings per share
$ 0.76
$ 2.40
Property transactions, net
0.44
0.25
Preopening and start-up expenses
—
0.02
Goodwill impairment
1.01
—
Non-operating items:
Loss related to debt and equity investments
0.08
0.10
Foreign currency transaction loss (gain)
1.03
(0.40)
Change in fair value of foreign currency contracts
0.13
0.37
Loss on early retirement of debt
—
0.02
Income tax impact on net income adjustments(1)
(0.14)
(0.17)
Adjusted EPS
$ 3.31
$ 2.59
(1)
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.
The current year includes a non-cash income tax benefit of $274 million resulting from a decrease in the valuation allowance on foreign tax credit carryforwards. The prior year includes a non-cash income tax benefit of $39 million resulting from a decrease in the valuation allowance on Macau deferred tax assets.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended December 31,
2025
2024
% Change
(Dollars in millions)
Casino revenue
$ 569
$ 501
13 %
Table games drop
$ 1,698
$ 1,599
6 %
Table games win
$ 473
$ 392
21 %
Table games win %
27.9 %
24.5 %
Slot handle
$ 6,842
$ 6,841
0 %
Slot win
$ 642
$ 648
(1) %
Slot win %
9.4 %
9.5 %
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Three Months Ended December 31,
2025
2024
% Change
Rooms revenue (in millions)
$ 735
$ 822
(11) %
Occupancy
91 %
94 %
Average daily rate (ADR)
$ 251
$ 271
(7) %
Revenue per available room (RevPAR)
$ 228
$ 254
(10) %
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended December 31,
2025
2024
% Change
(Dollars in millions)
Casino revenue
$ 695
$ 676
3 %
Table games drop
$ 1,009
$ 972
4 %
Table games win
$ 204
$ 196
4 %
Table games win %
20.2 %
20.1 %
Slot handle
$ 6,756
$ 6,641
2 %
Slot win
$ 688
$ 664
4 %
Slot win %
10.2 %
10.0 %
MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended December 31,
2025
2024
% Change
(Dollars in millions)
Casino revenue
$ 1,089
$ 885
23 %
Main floor table games drop
$ 4,052
$ 3,582
13 %
Main floor table games win
$ 1,101
$ 918
20 %
Main floor table games win %
27.2 %
25.6 %
Intercompany branding license fee expense, which eliminates in consolidation, was $22 million in the current quarter and
