MGM Resorts International has reported its financial and operational results for the first quarter of 2025, reflecting mixed performance across its business segments alongside continued momentum from its BetMGM venture.
Consolidated net revenues reached $4.3 billion, representing a 2% year-on-year decline attributed primarily to lower non-gaming revenues on the Las Vegas Strip and softer performance at MGM China. Net income attributable to MGM Resorts was $149 million, down from $217 million in Q1 2024, while consolidated adjusted EBITDA fell to $637 million from $673 million.
Las Vegas Strip operations generated $2.2 billion in net revenues, a 3% decrease, largely due to a drop in average daily rate (ADR) following the prior year’s Super Bowl-related uplift. Despite the decline, casino revenue on the Strip increased, with slot win rising 7% year-over-year and occupancy reaching 94%. Segment adjusted EBITDAR came in at $811 million, supported in part by $37 million in insurance proceeds linked to the 2023 cybersecurity incident.
In regional operations, net revenues declined slightly to $900 million, while adjusted EBITDAR rose 2% to $279 million, also bolstered by $12 million in insurance proceeds. MGM China posted $1 billion in net revenue, a 3% decrease driven by reduced table games drop on the main floor. Segment adjusted EBITDAR was $286 million, down 5% from the prior year.
MGM Digital, which includes LeoVegas and other online gaming businesses (excluding BetMGM), reported flat revenue at $128 million and an adjusted EBITDAR loss of $34 million.
Notably, MGM’s stake in the BetMGM joint venture delivered significant improvement. The company reported a reduced share of loss at $15.2 million, compared to $32.6 million in Q1 2024, reflecting positive EBITDA and revenue growth for the sportsbook and igaming platform.
MGM also repurchased 15 million shares during the quarter, contributing to a 43% reduction in outstanding shares since 2021. The board approved a new $2 billion share repurchase programme.
The MGM Rewards programme surpassed 50 million members, underscoring continued engagement across the brand’s digital and land-based channels. While non-gaming metrics softened compared to the prior year’s exceptional quarter, MGM’s digital growth and continued strength in core gaming segments remain central to its long-term strategy.
“MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. “We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year. MGM Resorts is strongly positioned with an outstanding team, globally recognized brands, and a diverse group of market leading operations that have benefited from significant capital investment. Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations.”
“The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494 million,” said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. “We continue to see significant value in our shares at current levels and our Board of Directors have authorized a new $2 billion share repurchase program.”
