MGM Resorts International posted revenue of $4.4 billion in the second quarter of 2025, a 2% increase year-over-year. The operator stated that the increase was due primarily to an increase in net revenues at regional operations and MGM China.
“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,” said MGM Resorts CEO and President Bill Hornbuckle in a statement. “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.”
Net income was $49 million in the current quarter compared to $187 million in Q2 last year. The release stated the decrease was due to the pre-tax impact of a foreign currency transaction loss of $208 million, primarily related to USD-denominated debt held by a foreign subsidiary.
Adjusted EBITDA was $648 million, compared to $635 million in Q2 of 2024.
Las Vegas Strip properties generated revenue of $2.1 billion in the current quarter compared to $2.2 billion in 2024, a decrease of 4% due primarily to the impact from the room remodel and a decline in table games hold at MGM Grand Las Vegas. Adjusted EBITDAR was $710 million in Q2, compared to $782 million in the prior year, a decrease of 9%.
Regional properties yielded revenue of $965 million compared to $927 million in Q2 2024, an increase of 4%, due primarily to an increase in casino revenue, with increases in table games drop and slot handle. Adjusted EBITDAR was $309 million in 2Q25 compared to $288 million year-over year, an increase of 7%.
MGM China posted revenue of $1.1 billion in Q2, compared to $1.0 billion in the prior year quarter, a bump of 9%. The increase was due primarily to growth in casino revenue driven by an increase in main-floor table games drop compared to 2Q24, as well as an increase in VIP table games win percentage.
MGM Digital posted revenue of $164 million in the current quarter compared to $143 million 2Q24, an increase of 14% due primarily to brand expansion. Adjusted EBITDAR yielded a loss of $26 million in the current quarter compared to a loss of $14 million in the prior year quarter.
