MGM Resorts Posts Modest Revenue Growth in 2025 as Las Vegas Pressures Weigh on Q4
Total revenue for the year rose to $17.5bn, up from $17.2bn in 2024, while net income declined sharply from $747m to $206m. Adjusted EBITDA edged up one per cent year-on-year to $2.4bn.
MGM Resorts reported a two per cent increase in full-year revenue for 2025, although softer performance on the Las Vegas Strip weighed on fourth-quarter results.
Total revenue for the year rose to $17.5bn, up from $17.2bn in 2024, while net income declined sharply from $747m to $206m. Adjusted EBITDA edged up one per cent year-on-year to $2.4bn.
Las Vegas remained a drag on performance. Net revenues in the market fell four per cent for the full year to $8.4bn, with Q4 revenue down three per cent to $2.2bn. Adjusted EBITDA in Las Vegas declined four per cent year-on-year in the fourth quarter to $735m and fell eight per cent across 2025 to $2.9bn.
Despite those pressures, MGM president and CEO Bill Hornbuckle highlighted the group’s diversification as a key strength.
“MGM Resorts once again benefited from a diversified operating model, delivering 20 per cent consolidated adjusted EBITDA growth in the fourth quarter despite continued headwinds in Las Vegas,” Hornbuckle said.
Looking ahead, he said the group remained confident entering 2026, citing a solid base of group and convention business, the completion of renovations at MGM Grand in Las Vegas, steady regional performance, a leading premium mass position at MGM China, double-digit revenue growth at BetMGM in North America, and a long-term international growth pipeline led by MGM Osaka.
MGM’s regional operations delivered modest top-line growth, with full-year revenue up one per cent to $3.8bn. Adjusted EBITDA in the segment increased 11 per cent to $1.2bn.
MGM Digital, which includes LeoVegas and other online assets, recorded 19 per cent revenue growth to $654m in 2025, although its adjusted EBITDA loss widened to $90m from $77m the previous year.
Earlier on Thursday, MGM released results for its China business ahead of its broader earnings announcement. MGM China reported Q4 net revenue of $1.24bn, up from $1.01bn a year earlier, while full-year revenue increased from $4.02bn to $4.46bn.
BetMGM also delivered strong growth, posting full-year net revenue of $2.8bn, representing a 33 per cent increase year-on-year.
Related News:
