MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

LAS VEGAS, Oct. 29, 2025 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2025.

"MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. "The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business."

"We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel," said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. "MGM's strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price."

Third Quarter 2025 Financial Highlights:

Consolidated Results

Las Vegas Strip Resorts

Regional Operations

MGM China

MGM Digital (1)

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America venture

Adjusted EPS

The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):

Three Months Ended September 30,

2025

2024

Diluted earnings per share

$ (1.05)

$ 0.61

Property transactions, net

0.37

0.08

Goodwill impairment

0.94

—

Non-operating items:

Loss (gain) related to debt and equity investments

0.01

(0.18)

Foreign currency transaction loss (gain)

(0.06)

0.23

Change in the fair value of foreign currency contracts

0.15

(0.29)

Income tax impact on net income adjustments (1)

(0.12)

0.09

Adjusted EPS

$ 0.24

$ 0.54

(1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.

Las Vegas Strip Resorts

The following table shows key gaming statistics for Las Vegas Strip Resorts:

Three Months Ended September 30,

2025

2024

% Change

(Dollars in millions)

Casino revenue

$ 450

$ 476

(5) %

Table games drop

$ 1,363

$ 1,386

(2) %

Table games win

$ 309

$ 328

(6) %

Table games win %

22.6 %

23.7 %

Slot handle

$ 6,155

$ 5,920

4 %

Slot win

$ 570

$ 554

3 %

Slot win %

9.3 %

The following table shows key hotel statistics for Las Vegas Strip Resorts:

Three Months Ended September 30,

2025

2024

% Change

Room revenue (in millions)

$ 660

$ 743

(11) %

Occupancy

89 %

94 %

Average daily rate (ADR)

$ 236

$ 243

(3) %

Revenue per available room (RevPAR)

$ 210

$ 229

(8) %

Regional Operations

The following table shows key gaming statistics for Regional Operations:

Three Months Ended September 30,

2025

2024

% Change

(Dollars in millions)

Casino revenue

$ 696

$ 693

0 %

Table games drop

$ 1,061

$ 1,023

4 %

Table games win

$ 205

$ 209

(2) %

Table games win %

19.4 %

20.5 %

Slot handle

$ 6,969

$ 6,952

0 %

Slot win

$ 706

$ 693

2 %

Slot win %

10.1 %

10.0 %

MGM China

The following table shows key gaming statistics for MGM China:

Three Months Ended September 30,

2025

2024

% Change

(Dollars in millions)

Casino revenue

$ 947

$ 800

18 %

Main floor table games drop

$ 4,072

$ 3,443

18 %

Main floor table games win

$ 1,006

$ 858

17 %

Main floor table games win %

24.7 %

24.9 %

Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $19 million in the current quarter and $16 million in the prior year quarter.

Unconsolidated Affiliates

The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates:

Three Months Ended September 30,

2025

2024

(In thousands)

BetMGM North America Venture

$ 23,725

$ 3,211

Other

1,917

4,778

$ 25,642

$ 7,989

Conference Call Details

MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com.

The call will be accessible via the internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 5910227.

A replay of the call will be available through November 5, 2025. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 2219902.

"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

"Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release.

"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, goodwill impairment, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, and change in the fair value of foreign currency contracts.

Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.

RevPAR is hotel revenue per available room.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding any benefits expected to be received from the Company's transactions and capital investments, including the sale of MGM Northfield Park; future results of the Company, and its unconsolidated affiliates, including the BetMGM North American venture; expectations regarding the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace (including with respect to convention bookings), liquidity position and the size and timing of future investments; the Company's ability to execute on its strategic plans, including implementation of EBITDA enhancements, our development projects, expansion of the MGM Digital brand and positioning BetMGM as a leader in sports betting and iGaming; expectations regarding the performance of MGM China; expectations regarding the amount and frequency of any distributions from the BetMGM North American venture; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion and capital investment projects; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber-attacks, such as the Company's September 2023 cybersecurity issue, or otherwise, which could adversely impact the Company's ability to service its customers and affect its sales and the results of operations; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS CONTACTS:

Investment Community

SARAH ROGERS

Senior Vice President of Corporate Finance

srogers@mgmresorts.com

HOWARD WANG

Vice President of Investor Relations

hwang@mgmresorts.com

News Media

BRIAN AHERN

Executive Director of Communications

media@mgmresorts.com

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues

Casino

2,293,996

2,121,049

6,875,942

6,574,903

Rooms

795,236

883,564

2,519,045

2,738,963

Food and beverage

748,597

755,322

2,296,949

2,326,863

Entertainment, retail and other

412,635

423,203

1,240,480

1,253,254

4,250,464

4,183,138

12,932,416

12,893,983

Expenses

Casino

1,321,774

1,205,286

3,899,934

3,698,885

Rooms

266,767

286,658

819,682

838,915

Food and beverage

554,554

563,521

1,691,482

1,693,031

Entertainment, retail and other

261,772

259,694

759,081

768,318

General and administrative

1,240,178

1,176,726

3,618,767

3,582,376

Corporate expense

125,257

125,043

391,704

378,787

Preopening and start-up expenses

519

965

2,469

Property transactions, net

101,775

25,493

117,368

59,124

Goodwill impairment

256,133

Depreciation and amortization

260,717

233,330

739,136

621,868

4,388,958

3,876,270

12,294,252

11,643,773

Income (loss) from unconsolidated affiliates

25,642

7,989

38,606

(51,319)

Operating income (loss)

(112,852)

314,857

676,770

1,198,891

Non-operating income (expense)

Interest expense, net of amounts capitalized

(102,287)

(111,873)

(315,140)

(334,649)

Non-operating items from unconsolidated affiliates

5,942

417

2,149

2,043

Other, net

(10,390)

93,333

(182,826)

45,096

(106,735)

(18,123)

(495,817)

(287,510)

Income (loss) before income taxes

(219,587)

296,734

180,953

911,381

Benefit (provision) for income taxes

12,858

(52,570)

(42,857)

(84,689)

Net income (loss)

(206,729)

244,164

138,096

826,692

Less: Net income attributable to noncontrolling interests

(78,526)

(59,586)

(225,846)

(237,566)

Net income (loss) attributable to MGM Resorts International

(285,255)

184,578

(87,750)

589,126

Earnings (loss) per share

Basic

(1.05)

0.61

(0.32)

1.90

Diluted

(1.05)

0.61

(0.32)

1.88

Weighted average common share outstanding

Basic

272,517

300,499

277,610

310,688

Diluted

272,517

303,479

277,610

313,852

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

September 30,

December 31,

2025

2024

ASSETS

Current assets

Cash and cash equivalents

2,133,548

2,415,532

Accounts receivable, net

932,133

1,071,412

Inventories

127,104

140,559

Income tax receivable

164,621

257,514

Prepaid expenses and other

574,371

478,582

Total current assets

3,931,777

4,363,599

Property and equipment, net

6,281,685

6,196,159

Investments in and advances to unconsolidated affiliates

540,066

380,626

Goodwill

4,942,559

5,145,004

Other intangible assets, net

1,616,407

1,715,381

Operating lease right-of-use assets, net

23,127,115

23,532,287

Deferred income taxes

68,985

39,591

Other long-term assets, net

902,281

858,980

41,410,875

42,231,627

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts and construction payable

421,119

412,662

Accrued interest on long-term debt

95,317

69,916

Other accrued liabilities

2,667,990

2,869,105

Total current liabilities

3,184,426

3,351,683

Deferred income taxes

2,839,142

2,811,663

Long-term debt, net

6,163,574

6,362,098

Operating lease liabilities

24,988,015

25,076,139

Other long-term obligations

784,329

910,088

Total liabilities

37,959,486

38,511,671

Redeemable noncontrolling interests

31,464

34,805

Stockholders' equity

Common stock, $0.01 par value: authorized 1,000,000,000 shares,

issued and outstanding 272,213,345 and 294,374,189 shares

2,722

2,944

Capital in excess of par value

1,127

Retained earnings

2,324,289

3,081,753

Accumulated other comprehensive income (loss)

347,843

(61,216)

Total MGM Resorts International stockholders' equity

2,675,981

3,023,481

Noncontrolling interests

743,944

661,670

Total stockholders' equity

3,419,925

3,685,151

41,410,875

42,231,627

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Las Vegas Strip Resorts

1,984,637

2,132,213

6,275,449

6,592,704

Regional Operations

956,875

952,148

2,821,906

2,788,765

MGM China

1,087,728

929,456

3,225,293

3,003,664

MGM Digital

174,027

141,202

465,946

412,157

Management and other operations

47,197

28,119

143,822

96,693

4,250,464

4,183,138

12,932,416

12,893,983

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Las Vegas Strip Resorts

600,869

731,037

2,122,525

2,341,114

Regional Operations

295,521

299,985

883,219

862,465

MGM China

283,990

237,356

870,897

832,405

MGM Digital (1)

(23,248)

(22,825)

(83,339)

(55,551)

Unconsolidated affiliates - BetMGM and other (2)

25,642

7,989

38,606

(51,319)

Management and other operations

16,273

13,806

58,267

40,293

Stock compensation

(14,274)

(12,388)

(59,350)

(51,686)

Triple net lease rent expense

(564,658)

(564,436)

(1,693,549)

(1,692,961)

Corporate (3)

(114,311)

(116,325)

(346,904)

(342,408)

Consolidated Adjusted EBITDA

505,804

574,199

1,790,372

1,882,352

Additional Information:

Non-cash rent (4)

104,011

112,955

321,360

347,927

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming. Current quarter includes expense for management incentive plans established in connection with acquisitions ("MIP") of $2 million and intercompany royalty expense of $1 million. Current year includes MIP expense of $7 million and intercompany royalty expense of $3 million. Prior year quarter includes MIP expense of $4 million and intercompany royalty expense of $1 million. Prior year includes MIP expense of $7 million and intercompany royalty expense of $1 million. Intercompany royalty expense eliminates in consolidation.

(2) Represents the Company's share of operating income (loss) of unconsolidated affiliates.

(3) Current quarter includes amounts related to MGM China of $13 million, global development of $3 million, and transaction costs of $1 million. Current year includes amounts related to MGM China of $36 million, global development of $10 million, and transaction costs of $6 million. Prior year quarter includes amounts related to MGM China of $17 million, global development of $3 million, and transaction costs of $3 million. Prior year includes amounts related to MGM China of $41 million, global development of $7 million, and transaction costs of $7 million.

(4) Represents the excess of expense over cash paid related to triple net operating and ground leases.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income (loss) attributable to MGM Resorts International

(285,255)

184,578

(87,750)

589,126

Plus: Net income attributable to noncontrolling interests

78,526

59,586

225,846

237,566

Net income (loss)

(206,729)

244,164

138,096

826,692

Provision (benefit) for income taxes

(12,858)

52,570

42,857

84,689

Income (loss) before income taxes

(219,587)

296,734

180,953

911,381

Non-operating (income) expense:

Interest expense, net of amounts capitalized

102,287

111,873

315,140

334,649

Other, net

4,448

(93,750)

180,677

(47,139)

106,735

18,123

495,817

287,510

Operating income (loss)

(112,852)

314,857

676,770

1,198,891

Preopening and start-up expenses

519

965

2,469

Property transactions, net

101,775

25,493

117,368

59,124

Goodwill impairment

256,133

Depreciation and amortization

260,717

233,330

739,136

621,868

Consolidated Adjusted EBITDA

505,804

574,199

1,790,372

1,882,352

SOURCE MGM Resorts International