MGM Resorts International reported revenue of $4.3 billion for the third quarter of 2025, an increase of 2% year-over-year. The operator, in a release, attributed the revenue increase to improved prospects at MGM China.
“MGM Resorts 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, CEO and president, in a statement. “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 $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business.”
Net loss in 3Q25 was $285 million compared to net income attributable to MGM Resorts of $185 million year-over-year, primarily due to the pre-tax impacts of a non-cash goodwill impairment charge of $256 million related to the decision to withdraw the application for a commercial gaming license for Empire City in New York, and approximately $93 million of other non-cash write-offs related to Empire City.
Consolidated Adjusted EBITDA was $506 million in the current quarter compared to $574 million the 3Q24.
MGM’s Las Vegas Strip resorts had revenue of $2.0 billion in 3Q25, compared to $2.1 billion in the third quarter of 2024. The decrease was attributed to the room remodel at MGM Grand Las Vegas, as well as a decrease in revenue per available room, a decrease in table games win percentage, and a decrease in food and beverage revenue. Segment Adjusted EBITDAR was $601 million in the current quarter compared to $731 million in 3Q24, down 18%, primarily related to the decrease in net revenue, as well as a decrease in business interruption proceeds of $14 million and an increase in general liability and workers’ compensation insurance expense of $13 million.
MGM Regional Operations posted revenue of $957 million in 3Q25 compared to $952 million in the same quarter of 2024. Segment Adjusted EBITDAR was $296 million compared to $300 million in the prior-year quarter, a decrease of 1%.
For MGM China, 3Q25 revenue reached $1.1 billion, an increase of 17% compared to the $929 million in 3Q24. The increase was attributed to growth in main-floor table-games drop. Segment Adjusted EBITDAR was $284 million compared to $237 in 3Q24, an increase of 20%.
MGM Digital posted revenue of $174 million in 3Q25 compared to $141 million in 3Q24, an increase of 23%, due primarily to organic growth and brand expansion; segment Adjusted EBITDAR experienced a loss of $23 million a decrease of 2% compared to the prior-year quarter.
MGM stock closed at $31.24 on the Nasdaq, down $0.71 or 2.2%.
