MGM Resorts reports Q4 2025 revenue growth, despite Las Vegas concerns

Outside the MGM Grand hotel in Las Vegas, a green light shines on the building. Palm trees lined the front. MGM Resorts third quarter financial report is in, with China seeing an increase. MGM Resorts reports revenue growth in Q4 2025

MGM Resorts International reported strong financial results for the fourth quarter and full year 2025, driven by increased revenue in its core business segments and strong cash returns from strategic investments. The company released its earnings after the market closed Thursday, detailing improved earnings and expanded performance in digital and international operations.

In the quarter ended December 31, 2025, MGM Resorts posted consolidated net revenues of $4.6 billion, up 6% from last year, and net income attributable to the company of $294 million, an 87% increase compared to the same quarter in 2024. Adjusted earnings before interest, taxes, depreciation and $30 million% year-over-year increase. Diluted earnings per share for the quarter were $1.11, while adjusted earnings per share increased to $1.60.

“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, president and CEO of MGM Resorts International, of the company. press release.

Analysis of MGM Resorts Q4

Even with results ahead of expectations, the stock still fell after the announcement, suggesting investors remain cautious. Some analysts stuck with hold ratings instead of upgrading the shares, pointing to lingering concerns about slower performance on the Las Vegas Strip, broader macro pressures, and whether the stock is sufficiently valued. On a full-year basis, revenue was slightly higher than in 2024, but revenue told a different story: net income fell sharply to $206 million from $747 million last year, although EBITDA slightly increased. Taken together, the numbers show continued growth but weaker overall profits, likely influenced by tough comparisons last year and some other factors. Meanwhile, the digital gambling business, excluding the BetMGM joint venture, posted a strong 35% increase in revenue but continued to operate at a loss, although losses narrowed from last year.

The full-year performance highlights the continued growth of the segments

For the full year 2025, consolidated net income increased to $17.5 billion, a 2% increase over last year, while consolidated adjusted EBITDA was $2.4 billion, 1% higher than in 2024. Adjusted earnings per share for the year were reported at $3.31, more than $2.59 recorded last year. Net income for 2025 was $206 million compared to $747 million in 2024.

MGM’s Las Vegas Strip resort operations generated $2.2 billion in quarterly revenue, a 3% decline from last year. However, regional operations saw a slight 2% increase in net revenues to $950 million. MGM China reported significant growth with $1.2 billion in net income, a 21% increase, and segment adjusted EBITDAR up 30%. MGM’s digital business, excluding the BetMGM tradingposted $188 million in quarterly revenue, representing a 35% year-over-year increase.

Cash distributions from BetMGM North America Venture contributed $135 million in the quarter to MGM Resorts, returning more than 20% of the company’s cash investment in the joint venture, according to a news release. The company also bought back 15 million shares in the fourth quarter and 37.5 million shares in all of 2025, reducing outstanding shares by nearly 48% since 2021.

Financial executives emphasized the company’s continued focus on creating value for shareholders through disciplined capital allocation and operational execution. Jonathan Halkyard, CFO of MGM Resorts International, noted the impact of asset sales, debt refinancing and buybacks that supported overall financial performance during the period.

MGM Resorts also hosted an earnings conference call Thursday (February 5) evening after releasing its results, offering additional insights into operations, performance drivers and strategic priorities for 2026.

Featured Image: Credit to Håkan Dahlström from Malmö, Sweden on Wikimedia Commons. CC2.0 license.

The post MGM Resorts reports Q4 2025 revenue growth, despite Las Vegas concerns first appeared in ReadWrite.

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