Strong Q2 earnings for MGM Resorts at $4.4 billion, fueled by regional and Chinese market growth
In a recent financial report, MGM Resorts International announced a 2% year-over-year increase in revenue for Q2 2025. This growth was primarily driven by strong performance in the Regional Operations segment and record results at MGM China, combined with accelerating EBITDA growth at the BetMGM digital sportsbook venture.
Despite a 4% revenue decline in Las Vegas due to a room remodel and lower table games hold at MGM Grand, the overall consolidated net revenues for the company reached a record $4.4 billion in Q2 2025.
Regional Operations delivered record net revenues in Q2 2025, with MGM China achieving an all-time record Segment Adjusted EBITDAR and a market share of 16.6%. The BetMGM venture also reported strong revenue and EBITDA growth, upgrading its guidance for full-year 2025.
The increase in revenue for MGM China was primarily due to growth in casino revenue. This growth was driven by an increase in main-floor table games drop compared to 2Q24, as well as an increase in VIP table games win percentage.
Meanwhile, the regional properties yielded revenue of $965 million compared to $927 million in Q2 2024, an increase of 4%. This increase was due primarily to an increase in casino revenue, with increases in table games drop and slot handle.
However, the decrease in net income was due to the pre-tax impact of a foreign currency transaction loss of $208 million. Adjusted EBITDAR for Las Vegas Strip properties was $710 million in Q2, compared to $782 million in the prior year, a decrease of 9%. Adjusted EBITDA for Q2 2025 was $648 million, compared to $635 million in Q2 2024.
MGM Resorts CEO and President Bill Hornbuckle stated that the performance was driven by the accelerating EBITDA growth at the BetMGM venture and record results out of regional operations as well as MGM China. The company expects strong convention bookings and the completion of the MGM Grand room remodel to benefit 4Q 2025 and full year 2026, particularly in Las Vegas.
It's important to note that this report does not provide information about the overall gambling industry or economic conditions, nor does it provide details about the performance of casinos other than those owned by MGM Resorts. Additionally, Adjusted EBITDAR for MGM Digital yielded a loss of $26 million in the current quarter compared to a loss of $14 million in the prior year quarter.
Despite these challenges, MGM Resorts International continues to demonstrate resilience and adaptability in the face of changing market conditions. With strong growth in its Regional Operations segment, exceptional performance at MGM China, and the expansion of the BetMGM digital sportsbook venture, the company is well-positioned for continued success in the future.
- The growth in revenue for MGM Resorts International's BetMGM digital sportsbook venture was one of the key drivers for the company's EBITDA growth in Q2 2025.
- The increase in revenue at MGM China was attributed mainly to a surge in casino revenue, fueled by an uptick in main-floor and VIP table games.
- The casino-and-gambling sector of MGM Resorts' regional properties brought in $965 million in Q2 2025, marking a 4% increase compared to the same period in 2024.
- While the company's net income decreased due to a foreign currency transaction loss, the success of its casino-culture initiatives, including the record results at MGM China and the BetMGM venture, have placed MGM Resorts well in the banking-and-insurance sector's competitive landscape.
