MGM Resorts International reported a 2% year-over-year revenue increase to $4.4 billion in Q2, 2025, with strong performance from MGM China. However, MGM’s net income declined to $49 million from $187 million a year earlier, because of a $208 million pre-tax loss related to US dollar-denominated debt held by a foreign subsidiary. EBITDA rose to
MGM Resorts International reported a 2% year-over-year revenue increase to $4.4 billion in Q2, 2025, with strong performance from MGM China.
However, MGM’s net income declined to $49 million from $187 million a year earlier, because of a $208 million pre-tax loss related to US dollar-denominated debt held by a foreign subsidiary. EBITDA rose to $648 million from $635 million.
Bill Hornbuckle, President and CEO at MGM, shared in a statement:
“This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our regional operations, as well as MGM China. Our outlook on the business remains bright, particularly in Las Vegas, as 4Q25 and full year 2026 will benefit from meaningful capital investment, including the completion of the MGM Grand room remodel, combined with strong convention bookings.”
MGM Las Vegas revenue fell 4% to $2.1 billion, while adjusted EBITDAR declined 9% to $710 million. The company believes the losses are due to room remodel disruptions and lower table games held at the MGM Grand.
Regional operations had a revenue increase to $965 million, up 4%. Adjusted EBITDAR increased 7% to $309 million, supported by high casino volumes. MGM China reported a 9% year-over-year revenue increase to $1.1 billion, due to growth in main-floor table games and VIP win percentages.
MGM Digital included a 14% revenue growth to $164 million, though adjusted EBIDAR declined to $26 million.
MGM also reported a loss in Las Vegas visitation, with citywide numbers falling 11.3% in June and conference attendance falling 10.7%.
Hornbuckle commented:
“We saw, starting in May, about a nine-week decline in bookings… For the last four weeks in a row, we’ve seen an increase in bookings. That gives confidence, as we think about August, September, and into October, remembering that the booking cycle here is short.”
He also mentioned a drop in international visitors and flagged soft airport traffic as an additional issue.