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LAS VEGAS - MGM Resorts International (NYSE:MGM) reported second-quarter 2025 adjusted earnings of $0.79 per share, significantly exceeding analyst expectations of $0.55, while revenue reached $4.4 billion, surpassing the consensus estimate of $4.31 billion.
The casino operator delivered record consolidated net revenues with particularly strong performance from its Regional Operations segment, which hit an all-time high. MGM China (OTC:MCHVY) achieved record Segment Adjusted EBITDAR and increased its market share to 16.6%. The company’s shares dipped slightly by 0.4% following the announcement.
"MGM Resorts’ operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing YoY," said Bill Hornbuckle, CEO and President of MGM Resorts International. "This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations as well as MGM China."
Consolidated Adjusted EBITDA rose to $648 million from $635 million in the same quarter last year. Regional Operations saw net revenues increase 4% to $965 million, while MGM China’s revenue grew 9% to $1.1 billion compared to the prior year quarter. However, Las Vegas Strip Resorts experienced a 4% decline in revenue to $2.1 billion, primarily due to room remodeling at MGM Grand Las Vegas and lower table games hold.
The company continued its aggressive share repurchase program, buying back 8 million shares for $217 million during the quarter. Since the beginning of 2021, MGM has reduced its outstanding shares by 45%.
"MGM Resorts remains on track to implement over $150 million of EBITDA enhancements within the year," said Jonathan Halkyard, CFO and Treasurer. "We still have approximately $2.1 billion in our authorized share repurchase program and continue to see significant value in our stock at current prices."
Looking ahead, management expressed optimism about the Las Vegas market, noting that the fourth quarter of 2025 and full year 2026 will benefit from capital investments, including the completion of the MGM Grand room remodel, along with strong convention bookings.
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