Weakness in Vegas at MGM Resorts offset by strong second quarter from BetMGM

Summary

MGM Resorts beat analysts’ expectations in Q2 2025 despite a marked slowdown on the Las Vegas Strip. The company posted net revenue of $4.4bn (vs $4.31bn forecast) and earnings per share of $0.79 (consensus $0.58). MGM Grand renovations caused a meaningful hit to Vegas results, while regional operations and MGM China helped lift consolidated performance.

BetMGM — the joint venture with Entain — delivered a strong quarter, with first-half EBITDA of $109m, swinging to profit from a $123m loss in H1 2024. Management credits improved player targeting and analytics, including AI-driven cohort valuation, for better retention and lower reinvestment in low-value customers. BetMGM still trails Fanatics in Q2 market share (6.2% vs 7.6% in 14 analysed states).

MGM is also lobbying to reverse a change in federal gambling tax deductions due to take effect in 2026. MGM China reported record adjusted EBITDAR, driven by growth in the premium-mass segment.

Article metadata

Article Date: Thu, 31 Jul 2025 18:03:45 +0000
Article URL: https://igamingbusiness.com/finance/quarterly-results/mgm-resorts-bolstered-betmgm-q2-2025/
Article Title: Weakness in Vegas at MGM Resorts offset by strong second quarter from BetMGM
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Source

Source: https://igamingbusiness.com/finance/quarterly-results/mgm-resorts-bolstered-betmgm-q2-2025/

Key Points

• MGM reported Q2 net revenue of $4.4bn, beating forecasts of $4.31bn and recording its highest-ever consolidated net revenues.
• EPS came in at $0.79, above consensus of $0.58, despite an 11% plunge in Las Vegas visitation in June.
• MGM Grand renovations caused a roughly $40m negative impact in H1 and were a major factor in Vegas underperformance; Vegas EBITDAR fell to $711m, down $72m year-on-year for the quarter.
• BetMGM swung to profitability with H1 EBITDA of $109m (from a $123m loss in H1 2024), helped by improved player targeting and analytics.
• BetMGM is using AI/analytical tools to identify player value earlier, right-size reinvestment and avoid spending on unprofitable cohorts.
• Despite gains, BetMGM’s Q2 market share across 14 states was 6.2%, trailing Fanatics at 7.6%.
• MGM China posted record adjusted EBITDAR, with growth in the premium-mass customer segment.
• MGM executives are lobbying to repeal a federal tax change capping gambling deductions, meeting with lawmakers alongside rivals.

Why should I read this?

Short version: Vegas looked shaky, but BetMGM saved the day this quarter. If you follow casino operators, sports-betting trends or investment signals, this is useful — it shows how digital growth and smarter player analytics can offset brick-and-mortar pain. We read the detail so you don’t have to: the headline is that MGM’s diversified model kept it ahead of estimates, and BetMGM’s move to tighter, AI-led marketing is starting to pay off.

Author’s punchy take

Management kept it tight and blunt — Las Vegas is fine long-term, it just caught a renovation-led cold. The real story is BetMGM becoming a near-term earnings driver: profitable, smarter about reinvestment, and a key part of MGM’s upside. Worth watching if you care about operator strategy or market-share shifts in US sports betting.