MGM Resorts International has released preliminary unaudited results for the fourth quarter of 2025 and full-year, as revenue for each period grew 5.9% and 1.7%, respectively, for totals of $4.6bn and $17.5bn.
The figures are still subject to the completion of MGM Resorts’ financial closing procedures and have yet to be reviewed by the operator’s independent registered public accounting firm.
MGM Resorts performance for Q4 2025
Over the three-month period, MGM Resorts also managed to increase net income by 86.5% to $293.6m, while the operator's total adjusted EBITDA rose 20.2% to nearly $635.3m. MGM Resorts reported an increase in operating income of 11.5% to just over $325m, despite operating expenses growing 7.4% to $4.3bn for Q4 2025.
Casino operations generated the highest revenue of any sector for MGM Resorts during Q4 2025, having increased 16.5% to $2.6bn. Rooms and food & beverage operations accounted for $858.4m and $749m of Q4 2025 revenue, respectively, but decreased 8.9% and 0.4% from the prior year period.
MGM Resorts’ entertainment, retail and other sectors also witnessed a decrease in revenue for Q4 2025, falling 4.2% to $423m.
Las Vegas Strip resorts generated nearly $2.2bn of revenue during Q4 2025, the most of any MGM Resorts vertical, but reported a decrease of 2.6% year-over-year. Each of the operator’s fellow verticals managed to generate increases in revenue for Q4 2025, including MGM Digital which grew 34.6% to $188.2m.
Regional operations and MGM China produced Q4 2025 revenues of $950.4m and $1.2bn, respectively, representing increases of 2% and 21.4%.
How did MGM Resorts fare during FY2025?
Despite reporting an increase in total revenue for FY2025, MGM Resorts’ net income fell 72.4% year-over-year to $205.9m. The operator’s adjusted EBITDA for FY2025 still managed to increase from the prior year period, however, totaling $2.4bn for growth of 0.6%.
Las Vegas Strip resorts was still the only MGM Resorts vertical to witness a decrease in revenue for FY2025, having fallen 4.2% to just over $8.4bn. MGM China represented the second highest revenue of any vertical for the full-year period, generating nearly $4.5bn for an increase of 10.9%.
Regional operations and MGM Digital accounted for FY2025 revenues of $3.8bn and $654.2m, respectively, equating to increases of 1.4% and 18.5%. According to a business update also released on February 4, BetMGM managed to increase its net income from a $291m loss during 2024 to $175m for FY 2025.
Casino operations produced $9.5bn of the operator’s total revenue during FY2025, representing growth of 7.6%. Rooms and food & beverage operations fared similarly to its Q4 2025 results, though, reporting respective decreases of 8.3% and 1.1% for totals of $3.4bn and just over $3bn.
Entertainment, retail and other revenue fell 1.8% to $1.7bn during FY2025, while MGM Resorts’ operating income for the period decreased 32.8% to $1bn.
MGM Resorts International finalized a long-term branding agreement with MGM China Holdings on December 23 that extends naming rights through the end of the current gaming concession in 2032
