MGM Resorts International achieved its highest-ever consolidated net revenues for the second quarter of 2025, driven by strong international performances and an expansion in various key sectors. The company’s consolidated net revenues reached an impressive $4.4 billion, marking a 2% increase compared to the previous year. The exceptional growth in net revenues came primarily from MGM China and Regional Operations, signaling a period of strong performance for MGM Resorts across its global portfolio.
Expansion of BetMGM and Regional Operations
The company’s international operations, particularly MGM China, played a pivotal role in achieving these results. MGM China recorded its best-ever segment adjusted EBITDAR, reaching $319.77 million for the quarter, an increase of 2.78% from the previous year. The revenue for the division grew by 8.9%, bringing in $1.1 billion. Notably, the group’s flagship resort, MGM Cotai, showed substantial growth, with revenues rising 12.43% to $672.66 million, boosting adjusted EBITDA by 5.25% to $194.9 million.
Meanwhile, MGM Macau’s performance was more mixed, with total revenue increasing by 3.78%. However, VIP table games turnover significantly declined, leading to a drop in EBITDA by nearly 1%. Despite this, the main floor revenue remained strong, with a year-on-year increase in both table games and slot machine revenue.
Beyond MGM China, MGM Resorts’ BetMGM venture also played a crucial part in the company’s record financial performance. BetMGM saw substantial growth in both revenue and EBITDA, and the company has now upgraded its guidance for the 2025 fiscal year. The performance of the BetMGM joint venture demonstrates continued expansion and profitability, which is expected to continue moving towards its target of $500 million in EBITDA.
MGM Resorts’ regional operations also posted impressive results, generating $965 million in net revenues, marking a 4% increase from the same period in the previous year. Adjusted EBITDAR for the segment increased by 7%, totaling $309 million. This growth was mainly driven by improvements in casino revenue, particularly from table games and slot handles.
The Las Vegas Strip, however, showed signs of softness, with net revenues of $2.1 billion—down 4% from the previous year. The drop was primarily attributed to a room remodel project and lower table game hold at MGM Grand Las Vegas. Segment adjusted EBITDAR for Las Vegas Strip Resorts decreased by 9%, totaling $710 million. Despite the decline, the overall performance was solid, driven by high occupancy and increases in slot win.
MGM Resorts’ Share Repurchase Program and Future Outlook
In addition to the record financial results, MGM Resorts also demonstrated its confidence in its future performance with a significant share repurchase program. During the second quarter of 2025, the company repurchased 8 million shares for $217 million, reducing shares outstanding by 45% since the start of 2021. MGM Resorts still has approximately $2.1 billion remaining in its authorized share repurchase program.
Looking ahead, CEO Bill Hornbuckle expressed optimism about the company’s future, particularly in Las Vegas. As stated in the company’s press release [pdf], the upcoming quarter and full year 2026 are expected to benefit from major capital investments, including the completion of the MGM Grand room remodel and strong convention bookings. The company also aims to enhance its EBITDA by over $150 million within the year, maintaining a bright outlook for continued growth.
MGM Resorts continues to focus on expanding its digital and interactive gaming segments, particularly BetMGM, which remains a cornerstone of its growth strategy. As part of its long-term goals, the company has set its sights on achieving $500 million in EBITDA from BetMGM. Meanwhile, MGM Digital, which includes subsidiaries like LeoVegas, is projected to become profitable in the coming years.
