MGM Resorts International on Wednesday reported revenue for the first quarter of $4.3 billion, down 2% year-over-year. In a press release, the company attributed the decrease to declining revenues in net revenues at the Las Vegas Strip Resorts and MGM China.
“MGM Resorts achieved strong first-quarter results across our portfolio in the face of the well-anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture,” MGM Resorts CEO & President Bill Hornbuckle said in a statement. “We are well prepared for the remainder of 2025 and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year.”
Adjusted EBITDA was $637 million in first quarter compared to $673 million in the same period during 2024. Net income attributable to MGM Resorts was $149 million in the current quarter compared to $217 million in the prior year quarter, primarily because of the decrease in net revenues.
Revenue at Las Vegas Strip resorts was $2.2 billion, compared to $2.3 billion year-over-year, down 3% primarily because of a decrease in average daily rates and Las Vegas hosting the Super Bowl in 2024.
For the Strip, Adjusted EBITDAR was $811 million in the quarter compared to $828 million in the prior year’s quarter, a decrease of 2%.
Also, during the first quarter, MGM Resorts reported record revenue for Las Vegas Strip occupancy, with slot win up 7% year-over-year. And MGM Rewards program topped 50 million members.
For MGM’s regional operations, net revenues were $900 million compared to $909 million during the same time period in 2024, primarily because of a decrease in casino revenue. Segment Adjusted EBITDAR was $279 million in the current quarter compared to $274 million in the prior year’s quarter, up 2%.
Diluted earnings per share were $0.51 in the first quarter, compared to diluted earnings per share of $0.67 year-over-year. Adjusted diluted earnings per share were $0.69 in the current quarter compared to $0.74 in the prior year quarter.
The company repurchased 15 million shares in 1Q 2025, reducing shares outstanding by 43% since the beginning of 2021
“The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494 million,” said MGM Resorts International Chief Financial Officer & Treasurer Jonathan Halkyard. “We continue to see significant value in our shares at current levels and our Board of Directors have authorized a new $2 billion share repurchase program.”
