MGM Resorts reports profit growth in Q4 2025, despite Las Vegas concerns

MGM Resorts International reported solid financial results for the fourth quarter and full year 2025, driven by revenue increases across key business segments and strong cash returns from strategic investments. The company released its earnings after the market closed Thursday, detailing improved earnings and expanded performance in digital and international operations.

In the quarter ended December 31, 2025, MGM Resorts posted consolidated net revenues of $4.6 billion, up 6 % from the prior year, and net income attributable to the company of $294 million, an 87 % increase compared to the same quarter in 2024. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $635 million, a 20 % year-over-year rise. Diluted earnings per share for the quarter were $1.11, while adjusted earnings per share climbed to $1.60.

“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20 % in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, president and CEO of MGM Resorts International, in the company’s press release.

Full year performance highlights continued growth across segments

For the full year 2025, consolidated net revenues rose to $17.5 billion, a 2 % increase over the prior year, while consolidated adjusted EBITDA was $2.4 billion, 1 % higher than in 2024. Adjusted earnings per share for the year were reported at $3.31, above the $2.59 recorded in the prior year. Net income for 2025 was $206 million compared with $747 million in 2024.

MGM’s Las Vegas Strip resort operations generated $2.2 billion in quarterly revenues, a 3 % decline from the prior year. However, regional operations saw a modest 2 % increase in net revenues to $950 million. MGM China reported significant growth with $1.2 billion in net revenues, a 21 % increase, and segment adjusted EBITDAR up 30 %. MGM’s digital business, excluding the BetMGM venture, posted $188 million in quarterly revenues, representing a 35 % increase year-over-year.

Cash distributions from the BetMGM North America Venture contributed $135 million during the quarter to MGM Resorts, returning more than 20 % of the company’s cash investment in the joint venture, according to the press release. The company also repurchased 15 million shares in the fourth quarter and 37.5 million shares throughout 2025, reducing outstanding shares by nearly 48 % since 2021.

Financial executives emphasized the company’s ongoing focus on value creation for shareholders through disciplined capital allocation and operational execution. Jonathan Halkyard, CFO of MGM Resorts International, noted the impact of assets sales, debt refinancing and share repurchases that supported overall financial performance in the period.

MGM Resorts also hosted an earnings conference call Thursday (February 5) evening following the release of its results, offering additional insights into operations, performance drivers and strategic priorities for 2026.

Featured Image: Credit to Håkan Dahlström from Malmö, Sweden on Wikimedia Commons. CC2.0 license.

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