MGM Resorts Reports Q3 Revenue Growth Despite Net Loss

MGM Resorts has reported consolidated net revenue of US$4.3bn for the quarter ending 30 September, marking a two per cent year-on-year increase.

President and CEO Bill Hornbuckle attributed the result to the company’s “operational scale and diversity.”

Despite revenue growth, the company posted a net loss of $285m, largely driven by a non-cash goodwill impairment charge. This compares with a net income of $185m in the same period last year. Consolidated adjusted EBITDA stood at $506m, down from $574m year-on-year.

“The BetMGM North American venture reported accelerated growth in Q3 2025, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in Q4 2025,” said Hornbuckle. “The initial distribution to MGM is expected to be at least $100m, proving significant progress on the growth, profitability and free cash flow generation of the business.”

Chief Financial Officer and Treasurer Jonathan Halkyard added:

“We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel.”

He continued:

“MGM’s strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price.”

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