MGM Resorts' earnings call highlighted record revenue achievements and strong performances in various segments, including BetMGM, MGM China, and regional properties. However, challenges in the Las Vegas market, particularly due to disruptions at MGM Grand and weakness in the FIT segment, were noted, impacting the overall sentiment.

Company Guidance -

Q3 2025

During the MGM Resorts International Second Quarter 2025 Earnings Conference Call, the company provided a comprehensive update on its performance metrics and future guidance. MGM reported a record high in consolidated net revenue for the quarter, attributed to the diversification of its portfolio and accelerated digital growth. The company's BetMGM North America venture raised its full-year 2025 EBITDA guidance for the second time, indicating an expected turnaround of nearly $400 million compared to the previous year. Notably, MGM's Las Vegas resorts experienced a decline in adjusted EBITDAR, primarily due to disruptions at MGM Grand, yet maintained strong fundamentals with record table games and slot volumes. The company also highlighted significant growth in iGaming, an increase in average monthly actives, and a jump in incremental revenue flow-through to 66% year-to-date. Internationally, MGM China achieved record adjusted EBITDAR and market share gains, with plans for further expansion in Macau. The call emphasized MGM's strategic focus on leveraging its global presence, strong digital offerings, and significant development projects to drive future growth.

Record Highest Ever Consolidated Net Revenue

MGM Resorts achieved record highest ever consolidated net revenue in Q2 2025, driven by digital growth, record-setting results in China, and strong performance in regional properties.

BetMGM North America EBITDA Turnaround

BetMGM North America venture raised full year 2025 guidance, implying an EBITDA turnaround of nearly $400 million compared to last year, with a target to generate $500 million of annual reported EBITDA in the coming years.

Strong Las Vegas Table and Slot Volumes

Las Vegas resorts reported record 2Q table games volume and slot volumes at ultra-luxury properties, despite challenges at specific properties.

MGM China Record Performance

MGM China reported record adjusted EBITDAR and a market share of 16.6% in Q2 2025, with continuous monthly share increases.

Marriott Strategic Partnership Success

MGM's partnership with Marriott saw a 31% increase in room nights booked in Q2 2025 versus last year, with Marriott customers spending about $150 more per room night than others.

Successful Regional Operations

Regional properties achieved best second quarter results in both net revenue and slot win, with three properties reporting record high net revenues.

MGM Resorts (MGM) Earnings, Revenues Date & History

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MGM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.44 / -	0.54	―	―	―
Jul 30, 2025	2025 (Q2)	0.58 / 0.79	0.86	-8.14% (-0.07)
Apr 30, 2025	2025 (Q1)	0.47 / 0.69	0.74	-6.76% (-0.05)
Feb 12, 2025	2024 (Q4)	0.32 / 0.45	1.06	-57.55% (-0.61)
Oct 30, 2024	2024 (Q3)	0.55 / 0.54	0.64	-15.62% (-0.10)
Jul 31, 2024	2024 (Q2)	0.60 / 0.86	0.59	45.76% (+0.27)
May 01, 2024	2024 (Q1)	0.56 / 0.74	0.44	68.18% (+0.30)
Feb 13, 2024	2023 (Q4)	0.71 / 1.06	-1.53	169.28% (+2.59)
Nov 08, 2023	2023 (Q3)	0.52 / 0.64	-1.39	146.04% (+2.03)
Aug 02, 2023	2023 (Q2)	0.56 / 0.59	0.03	1866.67% (+0.56)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MGM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$37.88	$36.45	-3.78%
Apr 30, 2025	$31.46	$30.86	-1.91%
Feb 12, 2025	$34.37	$40.37	+17.46%
Oct 30, 2024	$41.41	$36.87	-10.96%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.