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MGM Resorts Posts Strong Q4 and FY 2025 Results, Prepares for Further Growth

Steve Tyler Exec Content

MGM Resorts Posts Strong Q4 and FY 2025 Results, Prepares for Further Growth

Summary

MGM Resorts reported robust Q4 2025 results and modest full-year gains, driven by strength in MGM China, regional operations and digital revenue growth. Q4 consolidated net revenue reached $4.6 billion (up 6% year‑on‑year) with net income attributable to MGM of $294 million (roughly double the prior year). Adjusted EBITDA for Q4 was $635 million, a 20% increase year‑on‑year. The company also completed a $516 million share buyback (15 million shares) and retains capacity to repurchase more.

For FY 2025, consolidated net revenue was $17.5 billion (up 2% year‑on‑year) and consolidated adjusted EBITDA was $2.4 billion (up 1%). Net income attributable to MGM was $206 million, down from $747 million in 2024, while adjusted EPS improved to $3.31 from $2.59 the year before. The Las Vegas Strip showed slight declines over the year, while MGM China and BetMGM delivered notable top‑line growth.

Key Points

  1. Q4 2025 consolidated net revenues: $4.6 billion (+6% YoY).
  2. Q4 net income attributable to MGM: $294 million (vs $157 million a year earlier).
  3. Q4 adjusted EBITDA: $635 million (+20% YoY); diluted EPS $1.11 (Q4 prior: $0.52); adjusted diluted EPS $1.60 (prior: $0.45).
  4. Las Vegas Strip Q4 net revenues and adjusted EBITDAR dipped slightly (-3% and -4% respectively), while regional operations were steady and MGM China surged.
  5. MGM China Q4 net revenues: $1.2 billion (+21% YoY); adjusted EBITDAR up 30% to $332 million.
  6. MGM Digital Q4 net revenue: $188 million (+35% YoY) and operating losses narrowed (adjusted EBITDAR loss $7 million vs $22 million prior).
  7. Share repurchase: 15 million shares bought for $516 million and retired; $1.6 billion remaining capacity under the plan (as of 31 Dec 2025).
  8. FY 2025 consolidated net revenues: $17.5 billion (+2% YoY); consolidated adjusted EBITDA: $2.4 billion (+1%).
  9. FY 2025 net income attributable: $206 million (down from $747 million in 2024); adjusted EPS rose to $3.31 from $2.59.
  10. Strategic outlook: CEO Bill Hornbuckle highlighted convention/group demand, MGM Grand renovations, BetMGM growth, MGM China premium mass position, and the MGM Osaka pipeline as growth drivers.

Why should I read this?

Short version: if you follow casino stocks, travel & leisure recovery or the broader gaming market, this is worth a quick skim. MGM not only posted stronger quarterly margins and earnings, it also shows where growth is actually coming from (China, digital and regional ops) and has cash/authorised buybacks to back shareholder returns. We read the numbers so you don’t have to — quick facts, clear takeaways, no fluff.

Source

Source: https://www.gamblingnews.com/news/mgm-resorts-posts-strong-q4-and-fy-2025-results-prepares-for-further-growth/