MGM Resorts International has reported Q2 revenue of $4.5bn, a 1% year-over-year rise, which represents a similar increase to this time last year.
Net income attributable to MGM Resorts, however, shot up from $49m in the corresponding period to $292m.
Conversely, consolidated adjusted EBITDA fell 6% to $610m, setting the tone for a somewhat mixed quarterly report.
How did MGM Resorts perform across different regions?
By segment, Las Vegas Strip Resorts saw revenue grow 3% to $2.2bn, with adjusted EBITDAR also up 3% to $735m.
Regional revenue was down 4% to $924m, while MGM China revenue was flat at $1.1bn. Adjusted EBITDAR fell 9% for regional properties, to $280m, and 15% for MGM China, to $257m.
But the mixed fortunes continued for MGM Digital, which saw revenue rise 20% to $196m, yet saw an adjusted EBITDAR loss of $31m – a worse performance year-over-year.
Overall, H1 revenue was up 3% for MGM Resorts, to $8.9bn.
MGM through the years
Since exiting the Covid-19 pandemic, MGM Resorts – aided by the acquisition of LeoVegas – has seen steady growth in its Q2 net revenue totals.
In 2022, MGM's Q2 revenue stood at $3.3bn, which rose to $3.9bn a year later, and then to $4.3bn for Q2 2024.
Growth was only marginal from Q2 2024 to Q2 2025, with that figure sitting at $4.4bn and suggesting MGM had reached a plateau.
This year's Q2 figures may support that suggestion, with another minimal rise to $4.5bn.
How BetMGM fared the day before...
On July 28, BetMGM, the 50/50 joint venture owned by MGM Resorts and Entain, reported its Q2 and H1 results, as Q2 revenue rose 3% to $711m and H1 revenue grew 4% to $1.41bn.
One of the highlight takeaways, though, were BetMGM's specialization in iGaming.
Indeed, its Q2 iGaming revenue ($483m) alone outnumbered BetMGM's whole revenue for H1 sports betting revenue (a period covering twice as long); this figure came to $431m.
However, of equal note was BetMGM's retail sports betting revenue – a resounding zero. The operator stated that this figure was "impacted by larger staking bets won by premium players."
The above infographic was first published on Global Gaming Insider's LinkedIn account
How has MGM Resorts' stock performed recently?
MGM's shares have fallen a little since the reporting of the results, although there has been no significant immediate reaction.
May to June was a significant time for MGM stock, with shares jumping from $36.02 all the way up to $50.69 within the space of less than two weeks.
This coincided with the aforementioned reports of Barry Diller looking to acquire MGM and take the company private.
MGM's stock had steadied since, sitting at around $45.61 in the hours leading up to its Q2 report.
Caesars Entertainment. a chief competitor, posted Q2 net revenue of $2.99bn yesterday, a rise of 3%
