MGM Resorts Reports Q1 2025 Revenue Decline to $4.28 Billion

MGM Resorts International reported its financial results for the first quarter of 2025, revealing a consolidated revenue of $4.28 billion, a decrease of 2% from $4.38 billion in the same period last year. The decline was attributed primarily to a 3% drop in revenue from both the Las Vegas Strip Resorts and MGM China segments, alongside a 1% decrease in Regional Operations. The company’s operating income also fell by 16% to $385 million, down from $458 million in the prior year, while net income attributable to MGM Resorts International decreased to $148.6 million, compared to $217.5 million in the previous year.

In terms of operational metrics, the Las Vegas Strip Resorts segment saw a mixed performance, with casino revenue increasing by 8% to $538.3 million, driven by higher slot handle and improved table games win percentage. However, room revenue decreased by 9% to $750 million, largely due to a lower average daily rate (ADR) following the Super Bowl event in the prior year. The occupancy rate for Las Vegas Strip Resorts improved slightly to 94% from 93%. MGM China also experienced a 3% decline in revenue, with casino revenue falling to $895.9 million, reflecting a decrease in main floor table games drop.

MGM Resorts continued its strategic focus on share repurchases, spending approximately $494 million to repurchase around 15 million shares during the quarter. The company has authorized a total of $2 billion in stock repurchase plans, with $337 million remaining under the November 2023 plan as of March 31, 2025. Additionally, MGM Resorts reported capital expenditures of $228 million for the quarter, up from $172 million in the same period last year, with investments primarily directed towards room remodels and information technology.

The company’s balance sheet as of March 31, 2025, showed total assets of $41.9 billion, a slight decrease from $42.2 billion at the end of 2024. Total liabilities also decreased to $38.3 billion from $38.5 billion. MGM Resorts reported cash and cash equivalents of $2.3 billion, with $815 million held by MGM China. The company’s long-term debt stood at $6.4 billion, reflecting a net increase due to borrowings under MGM China’s credit facilities.

Looking ahead, MGM Resorts expressed optimism about its growth prospects, particularly in expanding its digital gaming operations and pursuing new development opportunities, including a commercial gaming facility in New York and an integrated resort in Osaka, Japan. The company anticipates ongoing investments in its properties and digital platforms, while also managing its substantial debt and lease obligations.