MGM Resorts Reports Robust Q4 and Full Year 2025 Performance, Sets Sights on Growth
Strong Q4 Performance Amidst Vegas Challenges
MGM Resorts International, a leading global name in casino and hospitality, announced its financial outcomes for the fourth quarter and full year of 2025. Despite some setbacks in Las Vegas, the company showcased impressive growth and remains confident about future prospects, especially with advancements on the Osaka resort project.
For Q4 2025, MGM Resorts recorded consolidated net revenues of $4.6 billion, a 6% increase compared to the same quarter in 2024. Net income attributable to the company nearly doubled, hitting $294 million up from $157 million the previous year.
The quarter also saw a rise in adjusted EBITDA, which reached $635 million — a 20% increase from $528 million a year earlier. Diluted earnings per share surged to $1.11, more than doubling from $0.52 in Q4 2024, while adjusted diluted earnings per share improved significantly to $1.60 from $0.45.
The Las Vegas Strip operations remained strong overall, though experiencing slight dips with net revenues and adjusted EBITDAR coming in at $2.2 billion (down 3%) and $735 million (down 4%) respectively. In contrast, the company’s regional divisions pushed net revenues to $950 million, a 2% rise year-over-year, while maintaining segment adjusted EBITDAR at $280 million.
Notably, MGM China posted remarkable growth with net revenues climbing 21% to $1.2 billion, and adjusted EBITDAR increasing by 30% to $332 million. MGM Digital stood out as well, with net revenue jumping 35% to $188 million and narrowing its segment adjusted EBITDAR loss to $7 million from $22 million the prior year.
During Q4, MGM Resorts repurchased 15 million shares of its common stock for $516 million under its ongoing buyback program. All shares acquired have been retired, with additional authorization to purchase $1.6 billion more in shares as of December 31.
Full Year 2025 Overview: Growth and Challenges
For the full fiscal year of 2025, MGM Resorts reported consolidated net revenues of $17.5 billion, a 2% increase compared to 2024. However, net income attributable to the company decreased to $206 million from $747 million the previous year.
Adjusted EBITDA for the year stood at $2.4 billion, growing slightly by 1%. Diluted earnings per share, however, declined to $0.76 from $2.4 in 2024, even as adjusted earnings per share rose to $3.31 from $2.59.
The Las Vegas Strip segment experienced a 4% revenue drop to $8.4 billion and an 8% decrease in adjusted EBITDAR to $2.9 billion. The regional operations showed modest gains with net revenues climbing 1% to $3.8 billion and segment adjusted EBITDAR increasing 2% to $1.2 billion.
MGM China continued to thrive with double-digit increases in both net revenues and adjusted EBITDAR, each reaching $4.5 billion and $1.2 billion respectively. MGM Digital also saw growth in net revenues which rose 19% to $1.2 billion, although its adjusted EBITDAR loss widened to $90 million from $77 million.
Leadership Comments and Future Outlook
Bill Hornbuckle, President and CEO of MGM Resorts, expressed satisfaction with the company’s 2025 results, attributing success to a versatile business strategy. He conveyed optimism for the year ahead, highlighting upcoming opportunities including the completion of renovations at MGM Grand Las Vegas and continued strength across various segments.
“Entering 2026, we are encouraged by a strong foundation in group and convention business, the finishing touches at MGM Grand Las Vegas, consistent performance in regional operations, leading position in premium mass at MGM China, solid growth from BetMGM in North America, and a promising international growth trajectory with MGM Osaka.”
Bill Hornbuckle, President & CEO, MGM Resorts
Jonathan Halkyard, Chief Financial Officer, emphasized that 2025 was not only marked by financial success but also by strategic initiatives aimed at strengthening MGM Resorts’ financial position. These efforts are designed to support future expansion and enhance value for shareholders.
