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MGM Resorts' Q2 earnings top $4.4 billion, fueled by robust performance in local markets and China.

MGM Resorts International reported a revenue surge of $4.4 billion in Q2 2025, marking a 2% growth compared to the previous year. The company attributed this success primarily to enhanced net revenues at their regional operations and MGM China, leading to a notable boost in EBITDA.

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MGM Resorts' Q2 earnings top $4.4 billion, propelled by robust performance in local and Chinese...
MGM Resorts' Q2 earnings top $4.4 billion, propelled by robust performance in local and Chinese markets.

MGM Resorts' Q2 earnings top $4.4 billion, fueled by robust performance in local markets and China.

MGM Resorts International has announced its Q2 2025 financial results, revealing a 2% increase in revenue to $4.4 billion compared to Q2 2024. This growth was driven by strong performance in the digital gaming segment (BetMGM), regional operations, and MGM China, despite a sharp decline in net income due to a foreign currency transaction loss.

Key factors contributing to the revenue increase include:

  1. Digital Growth (BetMGM): BetMGM showed robust revenue and EBITDA growth, contributing significantly to overall revenue and driving a raised full-year 2025 guidance to at least $2.7 billion in net revenue. BetMGM is on track to generate positive EBITDA in 2025 and targets $500 million EBITDA going forward. Digital gaming now accounts for 21% of the U.S. online market, enhancing MGM’s exposure to the $50+ billion U.S. iGaming sector.
  2. Regional Operations: Regional casino operations saw a 4% revenue increase to $965 million with a 7% rise in adjusted EBITDAR to $309 million, supported by higher casino volumes.
  3. MGM China: Revenue from MGM China increased 9% year-over-year to $1.1 billion, driven by growth in main-floor table games drop and VIP win percentages, achieving all-time record Segment Adjusted EBITDAR and a market share of 16.6%.

However, revenue from MGM’s Las Vegas Strip properties fell 4% to $2.1 billion, with adjusted EBITDAR declining 9% to $710 million due to room remodel disruptions and lower table games hold at MGM Grand.

Earnings per share (EPS) were $0.79, beating estimates by 43.6%, but GAAP net income dropped due to the pre-tax impact of a foreign currency transaction loss of $208 million.

In summary, MGM's Q2 2025 revenue growth was led by digital expansion, regional casino gains, and strong China market performance, while the company faced headwinds in Las Vegas Strip earnings and foreign exchange losses compared to Q2 2024.

Additional highlights from the Q2 2025 results include:

  • MGM Digital posted $164 million in revenue, a 14% increase from 2Q24.
  • Adjusted EBITDA for Q2 2025 was $648 million, compared to $635 million in Q2 2024.
  • Regional properties yielded $965 million in revenue, a 4% increase from the previous year.
  • The loss was primarily related to USD-denominated debt held by a foreign subsidiary.
  • The increase in revenue at MGM China was primarily due to growth in casino revenue.

Looking ahead, MGM Resorts CEO and President Bill Hornbuckle expressed optimism about the outlook on the business, particularly in Las Vegas, and anticipates strong convention bookings. He also noted that 4Q25 and full year 2026 are expected to benefit from meaningful capital investment, including the completion of the MGM Grand room remodel.

  1. The robust growth in MGM Digital's revenue, which posted $164 million, a 14% increase from 2Q24, can be attributed to its foray into digital gaming segment.
  2. Despite a decline in net income due to a foreign currency transaction loss, the casino-and-gambling sector in MGM China recorded a 9% year-over-year revenue increase, highlighting the potential for growth in the casino-games segment.

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