Earnings Exceed Expectations in Key Markets
MGM Resorts International has announced its Q1 2025 financial results, surpassing analyst expectations and posting solid gains across both its U.S. operations and Macau properties. The company reported total revenues of $4.27 billion for the quarter, reflecting a 9% year-over-year increase, fueled by strong Las Vegas Strip performance, continued regional casino growth, and a robust rebound in Macau gaming.
Net income attributable to MGM Resorts rose to $422 million, a significant improvement compared to $332 million in the same quarter last year. The company’s adjusted EBITDA climbed to $1.48 billion, topping Wall Street consensus estimates and prompting a modest uptick in MGM’s share price during after-hours trading.
Las Vegas and Regional Casinos Sustain Growth
MGM’s flagship Las Vegas properties, including Bellagio, MGM Grand, and Aria, generated $2.1 billion in revenue, buoyed by resilient consumer spending, steady tourism inflows, and high-profile events. Regional U.S. casinos, particularly properties in Michigan, Maryland, and Mississippi, also posted healthy growth, with combined revenues increasing by 6% year-on-year.
CEO Bill Hornbuckle highlighted strong visitation levels, robust hotel occupancy, and continued momentum in conventions and entertainment segments as key contributors to the company’s domestic strength. “Our broad portfolio and focus on guest experiences continue to drive exceptional results,” Hornbuckle said in the earnings call.
Macau Rebound Accelerates International Recovery
MGM China, the company’s Macau subsidiary, delivered a notable performance as well, with revenues surging 31% year-over-year to $835 million. Macau’s continued tourism recovery, bolstered by eased travel restrictions and pent-up demand from mainland Chinese visitors, contributed significantly to gaming and hospitality revenues.
Hornbuckle noted that premium mass-market gaming and VIP segments in Macau have shown encouraging resilience, positioning MGM China to capitalize further in 2025.
Positive Outlook with Strategic Focus on Digital Expansion
MGM reiterated its commitment to growing its BetMGM joint venture — the company’s online sports betting and iGaming platform — which remains a leader in key U.S. markets. BetMGM generated $653 million in net revenue during Q1, driven by sportsbook expansion and online casino growth, particularly in New Jersey, Michigan, and Pennsylvania.
The company reaffirmed its 2025 full-year guidance, projecting sustained growth across core verticals while maintaining focus on digital innovation, international expansion, and operational efficiencies.
With solid Q1 momentum, MGM’s leadership expressed confidence in achieving continued top- and bottom-line improvements in the quarters ahead.
