MGM Resorts’ Q1 revenue drops 2% to $4.3bn

Key points:

– MGM Resorts has posted a revenue decrease of 2% to $4.3bn for Q1 2025

– Income and EBITDA has also dropped by 37% and 5.5%, respectively

– Casino operations on the Las Vegas Strip accounted for the bulk of the company’s quarterly revenue – decreasing $0.1bn year-on-year

MGM Resorts International has reported its Q1 2025 financial results, with revenue settling at a figure of $4.3bn – down 2% year-on-year.

Elsewhere, company net income fell by a more notable 37.5% in comparison to results from the year prior, settling at $149m and paired with an adjusted EBITDA decrease of 5.5% to $637m. The operator has attributed the slight drop of in overall revenues to a quarterly underperformance in net revenues at its Las Vegas Strip resorts and MGM China.

Q1 revenue by location

Regionally, MGM Resorts’ most lucrative location was by far its Las Vegas Strip resorts, which generated a revenue figure of $2.2bn during Q1 2024, down $0.1bn year-on-year due to a fall in non-gaming revenues which – according to the company – can be partly accounted for by the fact the Super Bowl was held in Las Vegas during Q1 2024.

Following was MGM China, which reported a net revenue of $1bn, also down $0.1bn. Indeed, MGM Resorts has attributed this loss to declining casino revenues due to a main floor table engagement drop off in comparison to the year prior. Regional operations reported a revenue of $900m, down from the $909m reported during Q1 2024, with MGM Digital’s revenues remaining flat at $128m.

Q1 revenue by sector

Unsurprisingly, it was casino operations that acted as MGM Resorts’ primary revenue driver during the first quarter of the year this year, churning out $2.25bn in revenue, up from the $2.24bn reported during last year’s first quarter. This increase was juxtaposed by a fall of 10.2% in room revenues, which settled at $863m during the quarter.

Elsewhere, food & beverage revenues remained flat at $770.2m, with the remaining $391.4m being attributable to entertainment and retail – down 6% year-on-year. Further, regarding expenses, this latest report highlights that both casino and entertainment & retail expenses fell compared to Q1 2024, with room and food & beverage expenses rising.

Good to know: MGM Resorts’ joint venture subsidiary with Entain, BetMGM, also reported its Q1 results this week – posting a revenue of $657m

Q1 highlights

2025’s first quarter saw the appointment of Donna Langley to the MGM Resorts International Board of Directors, a move which closely followed the operator’s FY 2024 report, in which the company posted a revenue of $17.2bn.

Elsewhere, MGM Resorts’ BOD also initiated a $2bn share repurchase program, with the company repurchasing a total of 15 million shares during Q1 2025.

CEO’s comments

Speaking on these latest financials, MGM Resorts International CEO & President, Bill Hornbuckle, said: “MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture.

“We are well prepared for the remainder of 2025 and are making excellent progress on the implementation of $200m EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year. MGM Resorts is strongly positioned with an outstanding team, globally recognised brands, and a diverse group of market leading operations that have benefited from significant capital investment. Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations.”

Jonathan Halkyard, CFO & Treasurer of MGM Resorts International, said: “The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494m.

“We continue to see significant value in our shares at current levels and our Board of Directors have authorised a new $2bn share repurchase program.”