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MGM Resorts' Q2 Earnings Beat Estimates, Revenues Rise Y/Y

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Key Takeaways

  • MGM posted Q2 EPS of 79 cents and revenues of $4.41B, both topping consensus estimates.
  • Growth in BetMGM, Regional operations and MGM China boosted consolidated EBITDAR by 2% Y/Y.
  • MGM expects Las Vegas strength, new investments and digital growth to support future performance.

MGM Resorts International (MGM - Free Report) reported second-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, but the bottom line declined.

The company's quarterly results were supported by strong contributions from the BetMGM venture, Regional Operations and MGM China. Growth in EBITDA from these areas played a key role in overall performance.

The company expects continued strength in Las Vegas. Capital investments like the MGM Grand room remodel and solid convention bookings are likely to support growth in the fourth quarter of 2025 and 2026. The BetMGM venture is progressing toward its $500 million EBITDA goal. The MGM Digital segment is also expected to turn profitable in the coming years.

MGM Q2 Earnings & Revenue Details

MGM Resorts reported earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 58 cents. In the prior-year quarter, it reported an adjusted EPS of 86 cents. 

Quarterly revenues of $4.41 billion topped the consensus mark by 2.4%. The top line increased 1.8% on a year-over-year basis. The upside was backed by strong contributions from MGM China and Regional Operations.

MGM Resorts International Price, Consensus and EPS Surprise

MGM Resorts International Price, Consensus and EPS Surprise

MGM Resorts International price-consensus-eps-surprise-chart | MGM Resorts International Quote

In the second quarter, consolidated adjusted EBITDA increased 2% year over year to $647.5 million.

MGM China

During the second quarter, MGM China's net revenues increased 9% year over year to $1.11 billion. The upside was primarily attributed to higher casino revenues, resulting from an increase in the main floor table games drop year over year. Higher VIP table games win percentage also added to the positive. MGM China casino revenues were up 10% year over year to $977 million.

MGM China's adjusted property earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR) amounted to $301.3 million, up from $293.9 million reported in the prior-year quarter.

Domestic Operations

Net revenues at Las Vegas Strip Resorts were $2.11 billion, down 4% year over year. The decrease was caused by a room remodel and a decline in table games hold at MGM Grand Las Vegas.

Adjusted property EBITDAR declined 9% year over year to $710.5 million. Casino revenues were $457 million, down 6% year over year.

Net revenues from Regional Operations totaled $964.6 million, up from $927.1 million reported in the prior-year quarter. The upside was primarily driven by an increase in casino revenues, supported by higher table games drop and slot handle.

Adjusted property EBITDAR was approximately $308.7 million, up from $288.4 million reported in the prior-year quarter.

Net revenues from MGM Digital totaled $163.9 million, up from $143.3 million reported in the prior-year quarter. The rise was primarily driven by brand expansion.

Adjusted property EBITDAR loss was approximately $25.7 million compared with $13.9 million reported in the prior-year quarter.

MGM’s Balance Sheet & Share Repurchase

MGM Resorts ended the second quarter with cash and cash equivalents of $1.96 billion compared with $2.42 billion at 2024-end. Long-term debt at the end of the quarter was $6.21 billion, down from $6.36 billion at 2024-end.

In the second quarter of 2025, MGM repurchased nearly 8 million shares for an aggregate of $217 million. As of June 30, 2025, the company stated the availability of approximately $2.1 billion under its share repurchase program.

MGM’s Zacks Rank

MGM currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Consumer Discretionary Releases

Hilton Worldwide Holdings Inc. (HLT - Free Report) reported second-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.

Hilton delivered strong bottom-line performance in the quarter, underscoring the strength and resilience of its business model. However, top-line results were modestly impacted by unfavorable holiday and calendar shifts, reduced government spending, softer international inbound travel and broader economic uncertainty. 

Hasbro, Inc. (HAS - Free Report) reported second-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line declined year over year, while the bottom line advanced from the prior-year's quarter figure. The downside was mainly due to weaker contributions from the Consumer Products and Entertainment segments.

Nonetheless, Hasbro raised its full-year revenue and adjusted EBITDA guidance. The update was supported by strong performance in the Wizards segment, along with steady contributions from the games portfolio, licensing partnerships and digital initiatives. Despite ongoing macroeconomic challenges, Hasbro expects cost efficiency measures and business diversification to support its growth plans for 2025 and beyond.

Mattel, Inc. (MAT - Free Report) reported second-quarter 2025 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top line fell year over year, while the bottom line came in line with the prior-year quarter’s figure.

Mattel delivered a resilient second-quarter performance, underscoring its focus on operational execution amid a challenging macroeconomic backdrop. The company achieved significant gross margin expansion, international growth and continued momentum in its entertainment slate. While global trade dynamics and shifts in retailer ordering patterns weighed on its U.S. business, adjusted EPS held steady year over year.

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