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MGM Resorts International
MGM Resorts International (MGM) investor relations material
MGM Resorts International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record fourth quarter and full year EBITDA in Macau, maintaining strong margins and market share, with premium mass customers driving results.
Consolidated net revenues grew 6% year-over-year in Q4 2025 to $4.6B, with net income up 87% to $294M and Adjusted EBITDA up 20% to $635M.
BetMGM North America delivered a $470M EBITDA turnaround, distributed $135M in Q4, and began cash distributions to parent companies.
Over 15M shares repurchased in Q4, totaling $1.2B in 2025 and reducing shares outstanding by 48% since 2021.
Broke ground on MGM Osaka, set to be the world's largest integrated resort upon opening.
Financial highlights
Las Vegas Strip Resorts Q4 2025 net revenues: $2.2B, Segment Adjusted EBITDAR: $735M, margin 43.9%.
Regional Operations Q4 2025 net revenues: $950M, Segment Adjusted EBITDAR: $280M, margin 30.2%.
MGM China Q4 2025 net revenues: $1.2B (up 21% YoY), Segment Adjusted EBITDAR: $334M (up 30% YoY), margin 27.0%.
MGM Digital Q4 2025 net revenues: $188M (up 35% YoY), Segment Adjusted EBITDAR: $140M, margin 74.5%.
BetMGM FY 2025 EBITDA: $220M, up $466M YoY; Q4 EBITDA: $71M, up $176M YoY.
Outlook and guidance
FY 2026 BetMGM net revenue guidance: $3.1–$3.2B; Adjusted EBITDA: $300–$350M, with a pathway to $500M in 2027.
2026 capital expenditures: $685–$735M domestically, $350–$400M for MGM Osaka, funded by a yen-denominated facility.
Expecting mid-single-digit revenue growth in group and convention channels for 2026.
2026 corporate expense forecast: $450–$485M (excluding stock-based comp).
Anticipate further stabilization and growth in Las Vegas, with easier comparisons in the second half of 2026.
Las Vegas Strip RevPAR decline drivers
BetMGM's path to sustained profitability
Capital allocation: share buybacks vs. Osaka funding
How to close MGM China's valuation discount?
Detail value customer marketing concepts in Vegas.
Key drivers for BetMGM's $500M EBITDA target?
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Next MGM Resorts International earnings date
Q1 202629 Apr, 2026
MGM Resorts International
Next MGM Resorts International earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
MGM Resorts International is an entertainment company. The Company owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The Company operates 19 properties in the United States and one property in Macau, including 14 properties on the Las Vegas Strip. In addition, the Company owned its 50 percent limited partnership interest in MGM Macau LLC (MGM Macau). Through its Regional Operations segment, the Company provides casino management services through its interest in a joint venture which operates a resort in Tunica County, Mississippi under a management agreement with Antilley Gaming LLC. Through its smaller markets segment, the Company provides casino management services through its interest on ownership interests in four small markets properties: Beau Rivage Casino & Resort in Biloxi, Mississippi; Gold Strike Hotel & Gambling Hall in Tunica Resorts, Louisiana; Kewadin Casinos & Entertainment Corporation d/b/a Hotel-Casino Sault Ste. Marie and Little Rapids Casino & Hotel in Sault Ste. Marie, Ontario; and three Ontario casinos operated by Gateway Casinos & Entertainment Limited Partnership and leased to CLLC Leisure Properties. The Company conducts its business under the following brands: Bellagio
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