MGM Resorts International has reported its financial results for the fourth quarter of 2025 and full-year after previously releasing unaudited results for both periods on February 4. Total revenue for each period managed to increase 5.9% and 1.7%, respectively, for totals of $4.6bn and $17.5bn.
Many of the figures reported in the preliminary results match the official release distributed on February 5, which can be found on Global Gaming Insider here.
MGM Resorts’ financial 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.
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%.
MGM China reported a total casino revenue of nearly $1.1bn, representing an increase of 23% and primarily driven by a 20% increase in main floor table games win to $1.1bn for the fourth quarter of 2025. The vertical also reported an increase in adjusted EBITDAR during the period, which rose 30.5% to $332.3m.
MGM Resorts President and CEO Bill Hornbuckle spoke on the results, having said, "As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture and an international pipeline of long-term growth with MGM Osaka.”
MGM Resorts’ net income falls during FY 2025
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%.
MGM China managed to increase adjusted EBITDAR during FY2025 by 10.7% for a total of just over $1.2bn, representing the second highest of any MGM Resorts vertical for the full-year period.
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.
MGM Resorts began powering 100% of its daytime electricity needs on the Las Vegas Strip with solar energy after receiving 115 MW of energy and 400 MWh of battery storage from its Escape Solar and Storage Project
