Earnings summaries and quarterly performance for MGM Resorts International.
Executive leadership at MGM Resorts International.
William J. Hornbuckle
Detailed
Chief Executive Officer and President
CEO
CI
Corey I. Sanders
Detailed
Chief Operating Officer
GF
Gary Fritz
Detailed
Chief Commercial Officer and President, MGM Digital
JM
John M. McManus
Detailed
Chief Legal and Administrative Officer and Secretary
JS
Jonathan S. Halkyard
Detailed
Chief Financial Officer and Treasurer
Board of directors at MGM Resorts International.
AM
Alexis M. Herman
Detailed
Director
BD
Barry Diller
Detailed
Director
BW
Ben Winston
Detailed
Director
DJ
Daniel J. Taylor
Detailed
Director
DL
Donna Langley
Detailed
Director
JG
Jan G. Swartz
Detailed
Director
JL
Joey Levin
Detailed
Director
KA
Keith A. Meister
Detailed
Director
KB
Keith Barr
Detailed
Director
MC
Mary Chris Jammet
Detailed
Director
PS
Paul Salem
Detailed
Chair of the Board
RM
Rose McKinney-James
Detailed
Director
Research analysts who have asked questions during MGM Resorts International earnings calls.
Barry Jonas
Truist Securities
6 questions for MGM
Also covers: BALY, BRSL, BYD +17 more
Brandt Montour
Barclays PLC
6 questions for MGM
Also covers: BALY, BYD, CCL +23 more
CB
Chad Beynon
Macquarie
6 questions for MGM
Also covers: ACEL, AGS, AMC +31 more
John DeCree
CBRE
6 questions for MGM
Also covers: BYD, CZR, FLL +10 more
SK
Shaun Kelley
Bank of America Merrill Lynch
6 questions for MGM
Also covers: BYD, CHDN, CHH +17 more
Stephen Grambling
Morgan Stanley
6 questions for MGM
Also covers: BC, BYD, CHH +23 more
DK
David Katz
Jefferies Financial Group Inc.
4 questions for MGM
Also covers: AGS, BALY, BYD +36 more
CS
Carlo Santarelli
Deutsche Bank
3 questions for MGM
Also covers: BYD, CZR, DKNG +6 more
DP
Daniel Politzer
Wells Fargo
3 questions for MGM
Also covers: BYD, CCL, CHDN +20 more
SW
Steven Wieczynski
Stifel
2 questions for MGM
Also covers: BYD, CCL, CUK +11 more
Steve Pizzella
Deutsche Bank
2 questions for MGM
Also covers: ACEL, BYD, CZR +7 more
DP
Dan Politzer
Wells Fargo
1 question for MGM
Also covers: BYD, CHDN, CHH +10 more
JG
Joseph Greff
JPMorgan Chase & Co.
1 question for MGM
Also covers: BYD, CHH, CZR +10 more
RF
Robin Farley
UBS
1 question for MGM
Also covers: CCL, CHH, CUK +17 more
Recent press releases and 8-K filings for MGM.
Clairvest Reports Q3 Fiscal 2026 Results
MGM
Earnings
M&A
Share Buyback
- Book value rose 9% sequentially to $1,255M (CAD) or $91.66/share as at December 31, 2025
- Q3 net income was $105.1M or $7.65/share, driven by two investment realizations
- Realized a 4.6x multiple on F12.net (Clairvest proceeds $44.1M) and 3.0x on Acera Insurance (proceeds $87.9M cash + $22.1M promissory note)
- Entered agreement to acquire MGM Northfield Park for US$546M, with Clairvest’s equity commitment ~25% (US$41M escrowed)
- Repurchased 60,500 common shares for $4.3M, boosting book value by $0.09/share
Feb 11, 2026, 10:05 PM
MGM Resorts reports Q4 2025 results
MGM
Earnings
Share Buyback
New Projects/Investments
- MGM Resorts achieved record Q4 and full-year EBITDA in Macau while maintaining margins and a 16.5% market share, Las Vegas EBITDA stabilized with a 4% YoY decline, and regional operations recorded their best-ever slot win for Q4 and full year 2025.
- MGM China’s Q4 net revenues rose 21% and segment adjusted EBITDA grew 31% to a record high, sustaining a 16.5% market share for the quarter.
- BetMGM delivered a nearly $470 million EBITDA turnaround in Q4, commenced distributions to its parents, and guided 2026 adjusted EBITDA of $300–$350 million.
- The company repurchased $500 million of shares in Q4—bringing total 2025 buybacks to $37.2 billion at an average price of $32.43—reducing its share count by almost 50% over five years.
- Major 2025 capital projects, including the MGM Grand room renovation, are now complete and will contribute fully in 2026, and the company broke ground on the MGM Osaka integrated resort.
Feb 5, 2026, 10:00 PM
MGM Resorts reports Q4 2025 results
MGM
Earnings
Share Buyback
New Projects/Investments
- MGM achieved record Q4 and full-year EBITDA in Macau, supporting consolidated EBITDA growth of 20% in Q4 2025.
- BetMGM delivered a $135 million distribution after a $470 million annual EBITDA turnaround in 2025 and reaffirmed a $500 million Adjusted EBITDA target for 2027.
- MGM China posted 21% net revenue growth and 31% segment adjusted EBITDA growth in Q4, and raised branding fees from 1.75% to 3.5%, adding over $50 million in annual cash flow.
- The company repurchased $500 million of shares in Q4, bringing 2025 buybacks to $37.2 billion, and has cut share count by almost 50% over five years.
- Capital projects, including the MGM Grand room renovation, are now fully operational for 2026, and developments in Dubai (3Q 2028) and MGM Osaka (2030) remain on schedule.
Feb 5, 2026, 10:00 PM
MGM Resorts International reports Q4 and full-year 2025 results
MGM
Earnings
Management Change
Share Buyback
- Management update: Ayesha Molino appointed COO; Kenneth Feng named CEO of MGM China; Tian Han promoted to COO.
- Achieved record Q4 and full-year 2025 EBITDA in Macau, maintaining margins and outsized market share.
- BetMGM delivered a $470 million EBITDA turnaround in 2025, with a $135 million distribution to MGM in Q4; monthly player volumes +24% and active player days +14%.
- Capital allocation: $37.2 billion of share repurchases in 2025 at an average price of $32.43, reducing share count by ~50% over five years.
- 2026 outlook underpinned by stabilizing Las Vegas trends, mid-single-digit group/convention revenue growth, full-year benefit from completed capital projects, and on-schedule developments in Dubai (3Q 2028) and Osaka (2030).
Feb 5, 2026, 10:00 PM
MGM Resorts reports Q4 and full year 2025 results
MGM
Earnings
Share Buyback
- Consolidated Q4 2025 net revenues of $4.6 billion (+6%), net income attributable of $294 million (+87%) and consolidated Adjusted EBITDA of $635 million (+20%).
- Full year 2025 net revenues of $17.5 billion (+2%), net income attributable of $206 million (vs $747 million in 2024) and consolidated Adjusted EBITDA of $2.4 billion (+1%).
- MGM China segment delivered Q4 net revenues of $1.2 billion (+21%) and segment Adjusted EBITDAR of $332 million (+30%).
- BetMGM North America Venture distributed $135 million to MGM Resorts in Q4 2025, returning over 20% of MGM’s cash investment.
- Repurchased 15 million shares in Q4 2025 (and 37.5 million shares in 2025), reducing shares outstanding by ~48% since 2021.
Feb 5, 2026, 9:15 PM
MGM Resorts reports Q4 2025 results
MGM
Earnings
Share Buyback
- In Q4 2025, MGM Resorts achieved $4.6 billion in consolidated net revenues (up 6%), net income attributable to MGM Resorts of $294 million (up 87%), and Consolidated Adjusted EBITDA of $635 million (up 20%), with diluted EPS of $1.11 and Adjusted EPS of $1.60.
- Segment performance included Las Vegas Strip revenues of $2.2 billion (down 3%), Regional Operations revenues of $950 million (up 2%), and MGM China revenues of $1.2 billion (up 21%).
- The BetMGM North America Venture distributed $135 million to MGM Resorts during the quarter, returning over 20% of MGM’s cash investment.
- MGM Resorts repurchased 15 million shares in Q4 and 37.5 million shares in 2025, reducing outstanding share count by approximately 48% since 2021.
Feb 5, 2026, 9:14 PM
MGM Resorts posts preliminary Q4 and full-year 2025 results
MGM
Earnings
- On February 4, 2026, MGM Resorts International inadvertently published preliminary, unaudited financial results for Q4 and FY 2025, subject to completion of closing procedures and not deemed filed with the SEC.
- Q4 2025 revenues were $4.605 billion, with net income attributable to MGM Resorts International of $293.6 million, up from $157.4 million in Q4 2024.
- Q4 2025 Consolidated Adjusted EBITDA was $635.3 million, compared to $528.5 million in Q4 2024; FY 2025 Adjusted EBITDA totaled $2.426 billion.
Feb 4, 2026, 5:20 PM
MGM Resorts updates BetMGM FY 2025 results
MGM
Earnings
Guidance Update
- BetMGM delivered $2.8 billion in FY 2025 net revenue, up 33% YoY, driven by 24% growth in iGaming and 63% growth in online sports.
- FY 2025 EBITDA was $220 million, up $464 million YoY, enabling a $270 million cash distribution to MGM and Entain in Q4 2025.
- Average monthly actives rose 4% YoY, reflecting stronger player engagement and retention.
- For FY 2026, BetMGM expects net revenue of $3.1–$3.2 billion and Adjusted EBITDA of $300–$350 million, with a path to $500 million Adjusted EBITDA in FY 2027.
Feb 4, 2026, 12:00 PM
MGM Resorts announces long-term branding agreement with MGM China
MGM
New Projects/Investments
- MGM Resorts and MGM China signed a new branding agreement effective January 1, 2026, extending the right to use the “MGM” name through the end of the 2032 concession term, with an automatic extension until the earlier of a new concession’s expiration or December 31, 2045.
- The monthly license fee rate doubles from 1.75% to 3.5% of MGM China’s adjusted consolidated net monthly revenues, subject to an annual cap, with MGM Resorts receiving approximately 66.6% of the fee.
- The agreement removes the need for triennial renegotiations, securing MGM China’s key intangible asset and providing stable compensation to MGM Resorts.
- Since the end of the pandemic, MGM China’s market share has grown from about 9% to approximately 16% as of September 30, 2025, underscoring the value of the MGM brand.
Dec 23, 2025, 2:25 PM
VICI Properties announces Q3 2025 results
MGM
Earnings
Dividends
Guidance Update
- Total revenues rose 4.4% year-over-year to $1.0 billion in Q3 2025.
- Net income attributable to common stockholders increased 4.0% to $762.0 million (EPS $0.71), while AFFO grew 7.4% to $637.6 million (AFFO per share $0.60).
- Declared a $0.45 quarterly dividend (4.0% increase year-over-year).
- Updated full-year 2025 AFFO guidance to $2,510 million–$2,520 million or $2.36–$2.37 per diluted share.
- Agreed to a new triple-net lease with Clairvest on the MGM Northfield Park property, marking the company’s 14th tenant.
Oct 30, 2025, 8:15 PM
Quarterly earnings call transcripts for MGM Resorts International.
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