MGM Resorts International reported a consolidated net revenue of $17.54 billion for the fiscal year ending December 31, 2025, marking a 2% increase from $17.24 billion in 2024. The company's operating income, however, saw a significant decline of 33%, dropping to $1.00 billion from $1.49 billion in the previous year. This decrease was primarily attributed to a $279 million goodwill impairment charge, with $256 million related to the Empire City reporting unit, alongside increased gaming taxes and depreciation expenses. Net income attributable to MGM Resorts International was $205.86 million, down from $746.56 million in 2024.
In terms of operational performance, MGM China experienced an 11% increase in revenue, driven by a rise in main floor table games drop, while MGM Digital reported a 19% revenue increase, reflecting organic growth and brand expansion. Conversely, the Las Vegas Strip Resorts segment reported a 4% decrease in revenue, primarily due to a decline in room and food and beverage revenues, despite a 3% increase in casino revenue. The total number of visitors to Las Vegas decreased by 8% in 2025, which impacted the overall performance of the Las Vegas Strip Resorts.
Strategically, MGM Resorts has continued to implement its asset-light business model, focusing on divesting real estate assets and investing in growth areas such as online gaming and sports betting. The company completed the sale of Gold Strike Tunica for $450 million and is in the process of selling MGM Northfield Park for $546 million, which is expected to close in the first half of 2026. Additionally, MGM Resorts is developing an integrated resort in Osaka, Japan, with preliminary construction having begun in 2024.
As of December 31, 2025, MGM Resorts employed approximately 44,000 full-time and 18,000 part-time employees in the U.S., with an additional 16,000 employees internationally. The company has also suspended its regular dividend payments since February 2023, opting instead to focus on share repurchases, having repurchased approximately 37 million shares for $1.2 billion in 2025. The remaining availability under its stock repurchase plan was $1.6 billion as of year-end.
Looking ahead, MGM Resorts anticipates continued growth in its digital segment and is focused on expanding its international footprint, particularly in Japan and through its BetMGM North America Venture. The company remains cautious about potential economic downturns and competitive pressures in the gaming and hospitality sectors, which could impact future performance.
About MGM Resorts International
MGM Resorts International is a global gaming and entertainment company operating luxury hotels, casinos, and resorts in the U.S. and Macau. It offers gaming, hospitality, live entertainment, and digital online gaming services. The company focuses on premium customer experiences, brand development, and strategic international expansion, leveraging a mix of owned and leased properties, digital platforms, and loyalty programs to drive growth and competitive advantage.
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