MGM Resorts Posts Strong Q4 and FY 2025 Results, Prepares for Further Growth

Global casino and hospitality giant MGM Resorts International has published its financial results for Q4 2025 and FY 2025, highlighting the continued strength of its portfolio. With the Osaka resort being built, MGM is even more optimistic about what the future might hold.

Q4 Was a Strong Quarter Despite the Vegas Setbacks

In its release, MGM Resorts highlighted Q4 2025 consolidated net revenues of $4.6 billion, marking an increase of 6% from Q4 2024. Net income attributable to MGM Resorts almost doubled to $294 million compared to $157 million in the prior year period.

In the meantime, the company reported adjusted EBITDA of $635 million for Q4 2025, up 20% from $528 million in Q4 2024.

MGM Resorts also reported diluted earnings per share of $1.11 in Q4, which marks an increase of over 100% from $0.52 in the prior year quarter. The company also reported adjusted diluted earnings per share of $1.60 in Q4 compared to $0.45 in the prior year quarter.

The company’s business on the famed Vegas Strip remained strong but experienced a slight decrease in net revenues and adjusted EBITDAR to $2.2 billion (-3%) and $735 million (-4%), respectively.  

MGM Resorts’ regional operations, on the other hand, drove net revenues of $950 million, up 2% year-one-year, as well as segment adjusted EBITDAR of $280 million, which was mostly consistent with the prior year period.

MGM China, on the other hand, experienced a stellar growth as net revenues increased by 21% to $1.2 billion compared to $1 billion in Q4 2024. The segment’s adjusted EBITDAR increased by 30% to 332 million from $255 million in Q4 2024.

Last but not least, MGM Digital reported net revenue growth of 35% to $188 million ($140 million in Q4 2024). The segment also reported segment adjusted EBITDAR loss of only $7 million, representing an improvement from a loss of $22 million in the prior year quarter.

In Q4, the company also repurchased 15 million shares of its common stock for $516 million, per its share buyback program. All repurchased shares have been retired, MGM added. It also noted that, as of December 31, its repurchase plan allowed it to buy an additional $1.6 billion of shares.

MGM Resorts Fared Well in 2025

In the meantime, MGM also reported its FY 2025 results, highlighting consolidated net revenues of $17.5 billion, up 2% year-on-year. Net income attributable to MGM Resorts was $206 million, representing a decrease from $747 million in 2024.

Consolidated adjusted EBITDA for 2025 was $2.4 billion, up 1% year-on-year. Diluted earnings per share, on the other hand, were $0.76, down from $2.4 in 2025. MGM reported adjusted EPS of $3.31 in 2025 compared to $2.59 in 2024.

The Las Vegas Strip segment saw its annual revenues decrease by 4% to $8.4 billion, with the segment’s adjusted EBITDAR decreasing by 8% to $2.9 billion.

The company’s regional operations recorded net revenues of $3.8 billion and segment adjusted EBITDAR of $1.2 billion, representing increases of 1% and 2% from 2024, respectively.

MGM China continued to experience double-digit growth with net revenues and segment adjusted EBITDAR both increasing by 11% to $4.5 billion and $1.2 billion, respectively.

MGM Digital also experienced double-digit growth in terms of net revenues, which increased by 19% to $1.2 billion. However, the segment reported adjusted EBITDAR loss of $90 million compared to a loss of $77 million in 2024.

MGM Resorts’ Leadership Hailed the Results

MGM Resorts’ CEO, Bill Hornbuckle, was pleased with the results, attributing them to the company’s diversified operational strategy. He added that he is very optimistic about the company’s future.

As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka.

Bill Hornbuckle, president & CEO, MGM Resorts

Jonathan Halkyard, MGM Resorts International’s chief financial officer, added that, in addition to the favorable results, 2025 was a year for “important financial stewardship initiatives.” Halkyard added that these initiatives armed MGM Resorts with the financial means to pursue further growth and generate shareholder value.

In the meantime, MGM also reported the financials of the BetMGM brand.