MGM Resorts International has reported its financial results for the fourth quarter and full year ended 31 December 2025, highlighting revenue growth across its global portfolio and continued expansion of its digital and igaming operations.
For the fourth quarter, MGM Resorts generated consolidated net revenues of $4.6bn, representing a 6% year-on-year increase. Net income attributable to MGM Resorts was $294m, compared with $157m in the prior-year quarter, while consolidated adjusted EBITDA reached $635m, up 20%. Diluted earnings per share for the quarter were $1.11, rising to adjusted diluted earnings per share of $1.60 after adjustments.
Within digital operations, MGM Digital reported fourth-quarter net revenues of $188m, up 35% year-on-year, and a segment adjusted EBITDAR loss of $7m, an improvement from a $22m loss in Q4 2024. MGM Digital comprises LeoVegas and other consolidated subsidiaries offering interactive gaming, and does not include the BetMGM North America joint venture.
MGM Resorts also confirmed that the BetMGM venture distributed $135m to MGM Resorts during the fourth quarter. The company stated that these distributions represent a return of more than 20% of MGM Resorts’ cash investment in the joint venture, with further distributions expected over time.
For the full year 2025, MGM Resorts reported consolidated net revenues of $17.5bn, up 2% compared with 2024. Consolidated adjusted EBITDA totalled $2.4bn, representing a 1% increase year-on-year. Net income attributable to MGM Resorts was $206m, compared with $747m in 2024, reflecting the impact of impairment charges and foreign currency movements. Diluted earnings per share for the year were $0.76, while adjusted EPS reached $3.31.
Regionally, MGM China recorded full-year net revenues of $4.5bn, an 11% increase, with segment adjusted EBITDAR also rising 11% to $1.2bn. Regional operations in the US reported full-year net revenues of $3.8bn, up 1%, and segment adjusted EBITDAR of $1.2bn, up 2%. Las Vegas Strip Resorts reported full-year net revenues of $8.4bn, down 4%, with segment adjusted EBITDAR of $2.9bn, an 8% decrease.
MGM Resorts continued its capital return strategy during 2025, repurchasing 37.5 million shares across the year, including 15 million shares in the fourth quarter alone. Since the beginning of 2021, share repurchases have reduced shares outstanding by approximately 48%.
The results underline the growing contribution of igaming and interactive gaming to MGM Resorts’ overall business, alongside its established land-based casino operations in the US and Macau. The performance of MGM Digital and distributions from BetMGM reflect the company’s ongoing focus on building scale within regulated igaming markets while maintaining a diversified global portfolio.
“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.”
