MGM Resorts International has reported its financial results throughout the third quarter of 2025, as the operator increased net revenue 2% to $4.3bn, but also recorded a net loss of $285m for the period. For Q3 2025, MGM Resorts' consolidated adjusted EBITDA was reported to be $506m, equating to a decrease of 11.8% from the prior year period.
The $285m net loss, which represents a steep fall from the $185m net income reported for Q3 2024, was primarily attributed to a $256m charge after MGM Resorts withdrew its commercial gaming license application in New York, as well as $93m in non-cash write-offs related to the Empire City project.
Casino revenue accounted for $2.3bn of the operator's total revenue for Q3 2025 and increased 8.2%, while rooms and food & beverage operations produced quarterly revenues of $795.2m and $748.6m, respectively, equating to decreases of 10% and 0.9%. Entertainment, retail and other drove $412.6m of revenue for Q3 2025, but fell 2.5%.
Total operating expenses for MGM Resorts throughout Q3 2025 were reported to be nearly $4.4bn, equating to an increase of 13.2%, and may also have led the operator to recording a $112.9m operating loss for the period, compared to a $314.9m operating income for Q3 2024.
Las Vegas operations
Given the recent tourism declines witnessed across Las Vegas, showcased by the recent 9% decrease in September visitation year-over-year, it comes as little surprise MGM Resorts witnessed a decrease in revenue from such operations of 7% to $2bn. Las Vegas operations also recorded an adjusted EBITDAR of $601m for Q3 2025, representing a fall of 18%.
The sector generated $450m in casino revenue throughout the third quarter of 2025, equating to a 5% decrease, while revenue produced from rooms fell 11% for a total of $660m. MGM Resorts reported its occupancy rate for Q3 2025 was 89%, compared to a 94% rate witnessed for the third quarter of 2024.
Slots accounted for $570m of the sector's total revenue for Q3 2025 and increased 3% from the prior year period, but table game win was reported to be $309m throughout the period, equating to a fall of 6%.
"We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel," MGM Resorts CFO & Treasurer Joanthan Halkyard said.
"MGM's strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price."
Despite the tourism decline witnessed by many Strip properties, MGM Resorts President and CEO Bill Hornbuckle remained confident in the long-term outlook of Las Vegas during the Global Gaming Expo, stating the next 16 months would be the "best the city has ever seen."
Regional operations and MGM Digital
MGM Resorts regional operations generated a Q3 2025 revenue of $957m, only witnessing a slight fall of 0.5% year-over-year, as well as an adjusted EBITDAR fall of 1% for a total of $284m throughout the period.
The operator agreed to sell its MGM Northfield Park business to Clairvest Group for $546m in cash in October 2025, having originally acquired the former Hard Rock International property in 2019 for $275m prior to rebranding the site.
MGM Digital, consisting of the operator's interactive businesses, reported a Q3 2025 revenue of $174m, which equates to an increase of 23%, but still witnessed an adjusted EBITDAR loss of $23m, falling 2% from the prior year period.
BetMGM, which reported its own financial results for Q3 2025 on October 14, increased revenue 23% to $667m, and recorded an adjusted EBITDA of $41m after generating a $16m loss for the third quarter of 2024.
MGM China
MGM China operations managed to report an increase in revenue of 17% for a total of $1.1bn, primarily attributed to an increase in main floor table games drop, according to MGM Resorts. The sector's adjusted EBITDAR for the third quarter of 2025 was reported to be $284m, having increased 20% from the prior year period.
The adjusted EBITDAR figure represents a quarterly high for the vertical, which also recorded an all-time high in market share for Q3 2025 at 15.5%.
Casino operations accounted for $947m of MGM China's total revenue for Q3 2025 and increased 18%, with main floor table game win having produced just over $1bn for growth of 17%.
As part of a new employment contract signed on May 8, Hornbuckle will begin serving in an advisory role in 2029 to assist with the operator's integrated resort project in Osaka, Japan until opening.
MGM Osaka officially broke ground in April 2025, and is expected to launch full operations by 2030. The $8.9bn venture will also represent the first casino to be located in Japan and was first imagined by the operator over 20 years prior to ground-breaking.
Silver Point Capital unveiled it will be providing financial support for Clairvest Group's $546m acquisition of MGM Northfield Park on October 23, an MGM Resorts-owned and operated property which also represents the largest gaming facility in Ohio by revenue
