MGM Resorts International reported flatlining net revenues of US$4.3 billion (£3.26m) for the third quarter of 2025, up only two percent, year-on-year, driven primarily by growth at MGM China.
Net loss attributable to MGM Resorts was US$285 million (£216.21m), compared with net income of US$185 million (£140.32m) a year earlier.
Adjusted EBITDA was US$506 million (£383.79m), down from US$574 million (£435.36m) in Q3 2024.
Las Vegas Strip Resorts posted net revenues of US$2 billion (£1.51bn), down seven percent, y-o-y, impacted by room remodels at MGM Grand Las Vegas and lower RevPAR.
China
MGM China generated US$1.1 billion (£838.8m) in net revenues, up 17 percent and achieved record Segment Adjusted EBITDAR of US$284 million (£215.52m), up 20 percent, alongside a 15.5 percent market share.
Meantime, MGM Digital, which includes LeoVegas and other iGaming entities, recorded net revenues of US$174 million (£132.08m), up 23 percent, with a segment EBITDAR loss of US$23 million (£17.45m).
The company highlighted growth in its BetMGM North America joint-venture with Britain’s entain.
BetMGM reported strong revenue and EBITDA growth, and has raised its full-year 2025 guidance to Net Revenue of at least US$2.75 billion (£2.09bn) and EBITDA of approximately US$200 million (£152m) — and expects to make a cash distribution to MGM Resorts by year-end.
MGM also announced the sale of the operations of MGM Northfield Park for US$546 million (£414.46m) and entered a US$300 million, yen-denominated, credit facility to support MGM Osaka, at a current interest rate of approximately 2.5 percent.
MGM Resorts stated it remains focused on long-term strategic expansion in Asia and digital growth through its iGaming and online betting segments while maintaining capital discipline across its core U.S. operations.
Strategic Focus
“[We] delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International.
“The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25.
“The initial distribution to MGM is expected to be at least US$100 million (£75.95m), proving significant progress on the growth, profitability, and free cash flow generation of the business.”
Added Jonathan Halkyard, MGM CFO & Treasurer: “We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel.
“[Our] strategic focus on premium, market-leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park.
“The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price.”
