MGM Resorts Reports Q2 2025 Revenue of $4.40 Billion, Net Income Declines

MGM Resorts International reported its financial results for the second quarter of 2025, revealing a consolidated revenue of $4.40 billion, a 2% increase from $4.33 billion in the same quarter of the previous year. The company's net income for the quarter was $118.1 million, down from $282.8 million in the prior year, resulting in earnings per share of $0.18 compared to $0.60. For the first half of 2025, total revenues remained flat at $8.68 billion, while net income decreased to $344.8 million from $582.5 million in the first half of 2024.

The financial performance reflects a mixed landscape across its segments. MGM China saw a 9% increase in revenue, while Regional Operations grew by 4%. However, the Las Vegas Strip Resorts segment experienced a 4% decline in revenue, primarily due to decreased casino and room revenues. The company attributed the overall decrease in net income to increased gaming taxes and depreciation expenses, which rose by $50 million compared to the previous year, largely due to completed capital projects.

In terms of strategic developments, MGM Resorts has continued to focus on its digital expansion, with MGM Digital reporting a 14% revenue increase for the quarter. The company is also actively pursuing a commercial gaming facility in New York, for which it submitted a license application in June 2025. Additionally, MGM Resorts has committed to funding the development of an integrated resort in Osaka, Japan, with an estimated remaining investment of approximately $2.6 billion.

Operationally, MGM Resorts reported a decrease in customer engagement metrics, with Las Vegas Strip Resorts experiencing a drop in occupancy rates to 93% from 97% year-over-year. The average daily rate (ADR) for hotel rooms also fell to $252 from $248. The company’s total employee headcount remained stable, with no significant changes reported in staffing levels. As of June 30, 2025, MGM Resorts had cash and cash equivalents of $2.0 billion, providing a solid liquidity position to support ongoing operations and strategic initiatives.

Looking ahead, MGM Resorts anticipates continued challenges in the Las Vegas market, particularly with rising operational costs and competitive pressures. The company remains focused on enhancing its digital offerings and expanding its international footprint, while also managing its substantial debt obligations and lease commitments. The outlook for the remainder of 2025 includes planned capital expenditures of approximately $540 million to $640 million, which will be directed towards property improvements and strategic growth initiatives.