MGM Resorts International (MGM) Company Report

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

Press Release

MGM Resorts reports Q3 2025 results

MGM

Earnings

Management Change

M&A

Las Vegas segment EBITDA was $601 million, down $130 million year-over-year; net revenue declined 7% with a 7% reduction in FTEs amid renovation disruption, lower occupancy and ADR headwinds.
Regional operations delivered an all-time record slot win, while MGM China achieved record Q3 EBITDA and a 15.5% market share over the first three quarters of 2025.
BetMGM raised its 2025 EBITDA guidance to $200 million and will initiate at least $100 million in cash distributions to MGM Resorts in Q4; MGM Digital revenue grew 23% with a Q3 EBITDA loss of $23 million and full-year digital EBITDA losses expected to approach $100 million due to Brazil investments.
The company withdrew its commercial license application in Yonkers and sold Northfield Park for $546 million in cash at a 6.6× multiple; it expects business stabilization in Q4 and growth in 2026, supported by 90% of group and convention bookings already contracted and strong F1 presales.

Oct 29, 2025, 9:00 PM

Transcript

MGM Resorts International reports Q3 2025 results

MGM

Earnings

Guidance Update

Management Change

MGM Digital reported 23% revenue growth in Q3 and an EBITDA loss of $23 million; full-year digital EBITDA losses could approach $100 million due to increased investment in Brazil.
BetMGM North America venture raised full-year 2025 EBITDA guidance to ~$200 million (an increase of ~$450 million YoY) and will begin returning capital with an expected ≥$100 million cash distribution in Q4.
Regional and Macau operations delivered record Q3 performance: regional properties set all-time slot win records, Borgata posted all-time high table games drop and slot win, and MGM China achieved record Q3 EBITDA with segment top-line growth of 23%.
Raised a yen-denominated $300 million term loan for MGM Osaka equity contributions; emphasized disciplined capital allocation with share repurchases (implied valuation at <3× trailing EBITDA) and planned Aria room renovations starting November 2026.
COO Corey Sanders will retire at year-end, making this Q3 call his final participation.

Oct 29, 2025, 9:00 PM

Transcript

MGM Resorts reports Q3 2025 earnings call highlights

MGM

Earnings

Management Change

Debt Issuance

MGM withdraws its commercial license application in Yonkers, NY, and sells Northfield Park for $546 million in cash—acquired in 2019 for $275 million, realizing a 6.6× multiple.
Las Vegas segment Q3 EBITDA was $601 million, down $130 million year-over-year; net revenue declined 7% with FTEs reduced by 7%.
MGM China achieved a record Q3 EBITDA with a 15.5% market share; October pacing at 16.5% share and over $100 million in EBITDA.
BetMGM raised its 2025 EBITDA guidance to approximately $200 million and plans at least $100 million in Q4 cash distributions to MGM Resorts.
COO Corey Sanders will retire at year-end; MGM Resorts issued a ¥ denominated term loan equivalent to $300 million at ~2.5% to fund MGM Osaka equity contributions through summer 2026.

Oct 29, 2025, 9:00 PM

Transcript

MGM Resorts reports Q3 2025 results

MGM

Earnings

Debt Issuance

M&A

Consolidated net revenues were $4.3 billion, up 2% year-over-year; net loss attributable to MGM Resorts was $285 million versus net income of $185 million in Q3 2024.
Consolidated Adjusted EBITDA was $506 million, down from $574 million in the prior year quarter; Adjusted EPS was $0.24 versus $0.54 in Q3 2024.
Segment highlights included record Q3 Segment Adjusted EBITDAR at MGM China and strong growth at the BetMGM North American venture, which raised its FY 2025 guidance and will distribute at least $100 million to MGM Resorts in 4Q 2025.
Announced the sale of MGM Northfield Park operations for $546 million and entry into a $300 million USD-equivalent yen-denominated credit facility to fund MGM Osaka.

Oct 29, 2025, 8:15 PM

8-K

MGM Resorts reports Q3 2025 results

MGM

Earnings

Guidance Update

Debt Issuance

Consolidated net revenues of $4.3 billion, up 2% year-over-year; Consolidated Adjusted EBITDA of $506 million, down from $574 million in Q3 2024.
Net loss attributable to MGM Resorts of $285 million (diluted loss per share $1.05) vs. net income of $185 million (EPS $0.61) in Q3 2024; Adjusted EPS of $0.24 vs. $0.54 prior.
BetMGM North American venture delivered strong revenue and EBITDA growth, raised FY 2025 guidance and announced a cash distribution to MGM Resorts of at least $100 million starting in Q4 2025.
MGM China achieved record Q3 Segment Adjusted EBITDAR of $284 million on net revenues of $1.1 billion (up 17%), capturing a 15.5% market share.
Announced sale of MGM Northfield Park operations for $546 million and secured a ¥300 million credit facility at ~2.5% to support MGM Osaka development.

Oct 29, 2025, 8:15 PM

Press Release

MGM Resorts to sell Northfield Park operations to Clairvest

MGM

M&A

New Projects/Investments

Clairvest Group Inc. and Clairvest Equity Partners VII will acquire the operations of MGM Northfield Park from MGM Resorts International for US$546 million in cash, subject to customary purchase price adjustments.
The transaction entails approximately US$165 million of equity investment, with Clairvest’s direct exposure representing 4–5% of book value.
Northfield Park is a regional racino in Northfield, Ohio, featuring 74,000 sq ft of gaming space, about 1,600 video lottery terminals, a half-mile harness racetrack, 10 food and beverage outlets, and an 1,820-seat entertainment venue.
Closing is subject to Ohio gaming and racing regulatory approvals and antitrust clearance, with completion expected in the first half of 2026.

Oct 16, 2025, 11:35 AM

Press Release

MGM Resorts International to sell operations of MGM Northfield Park for $546 million

MGM

M&A

MGM Resorts agreed to sell the operations of MGM Northfield Park to Clairvest-managed private equity funds for $546 million in cash.
The transaction values the property at an approximate 6.6x multiple on trailing twelve-month Adjusted EBITDA ended June 30, 2025.
Estimated net cash proceeds after taxes and transaction costs are $420 million, and annual rent under the VICI master lease will be reduced by $54 million at closing.
Originally acquired in 2019 for $275 million, the deal is expected to close in H1 2026, subject to customary regulatory approvals.

Oct 16, 2025, 11:30 AM

Press Release

MGM Resorts International amends master lease amid Northfield Park lease transfer

MGM

M&A

New Projects/Investments

VICI Properties will lease the real property of MGM Northfield Park in Ohio to a Clairvest affiliate under a new 25-year lease (with three 10-year renewal options), featuring an initial annual base rent of $53.0 million (rising to $54.0 million if closing occurs after May 1, 2026) and 2.0 % annual escalations.
VICI will amend its Master Lease with MGM Resorts, reducing MGM’s annual base rent by $53.0 million (or $54.0 million if post-May 1, 2026) to reflect MGM’s divestiture of Northfield Park operations.
The Northfield Park lease includes escalation equal to the greater of 2.0 % per annum or CPI (capped at 3.0 %) starting in 2032, and a minimum capital expenditure requirement of 1.0 % of annual net revenue.
Both the new lease and the master lease amendment are expected to close in H1 2026, subject to customary closing conditions and regulatory approvals.

Oct 16, 2025, 11:30 AM

Press Release

MGM Resorts withdraws bid for Yonkers casino license

MGM

New Projects/Investments

MGM Resorts withdrew its bid for a full-scale Yonkers casino license after state guidance cut license terms to 15 years (from 30) and a crowded field of four nearby proposals undermined returns on its $2.3 billion investment.
The exit leaves three contenders for up to three downstate New York licenses, including proposals near Citi Field, the former Trump golf course in the Bronx, and a Resorts World expansion in Queens.
MGM will continue operating Empire City Casino, which has contributed over $5 billion to New York education funding—$1.6 billion since 2019—under its ownership.
The decision reshapes the competitive landscape of one of the last untapped U.S. casino markets; Empire City was last year the sixth highest-grossing commercial casino property outside Nevada and Mississippi.

Oct 14, 2025, 10:36 PM

Bloomberg

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