It has been about a month since the last earnings report for MGM Resorts (MGM Quick QuoteMGM - Free Report) . Shares have added about 13.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is MGM due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

MGM Resorts Q3 Earnings Miss Estimates, Revenues Rise Y/Y

MGM Resorts reported third-quarter 2025 results, with earnings missing the Zacks Consensus Estimate but revenues beating the same by a slight margin. The top line increased year over year, but the bottom line declined. 
 
The company’s quarterly results were driven by portfolio diversification, strategic partnerships and strong contributions from the BetMGM venture, regional operations and robust performance in Macau, which led to record third-quarter EBITDAR for the MGM China segment. BetMGM has raised its guidance twice this year, underscoring solid momentum. Growth in EBITDA across these areas was a key driver of overall performance, and MGM Resorts remains highly optimistic about future growth opportunities in Brazil and Dubai.
 
However, Las Vegas continues to face challenges, though management remains focused on controllable factors and is well positioned to adapt, supported by the range and diversity of its luxury offerings. Over the long term, the company maintains a positive outlook, citing a balanced supply environment, a growing local population, expanding entertainment infrastructure and increasing demand for live entertainment and luxury experiences.

MGM Q3 Earnings & Revenue Details

MGM Resorts reported earnings per share (EPS) of 24 cents, missing the Zacks Consensus Estimate of 37 cents. In the prior-year quarter, it reported an adjusted EPS of 54 cents.

Quarterly revenues of $4.25 billion topped the consensus mark of $4.22 billion by 0.8%. The top line increased 1.6% on a year-over-year basis. The upside was backed by strong contributions from MGM China, Regional Operations and MGM Digital.
 
In the third quarter, consolidated adjusted EBITDA decreased 12% year over year to $505.8 million.

MGM China

During the third quarter, MGM China's net revenues increased 17% year over year to $1.1 billion. The upside was primarily driven by higher casino revenues, stemming from an increase in the main floor table games drop year over year. MGM China casino revenues were up 18% year over year to $947 million.
 
MGM China's adjusted property earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR) amounted to $284 million, up from $237.4 million reported in the prior-year quarter.

Domestic Operations

Net revenues at Las Vegas Strip Resorts were $2 billion, down 7% year over year. The decrease was caused by a room remodel as well as a decrease in RevPAR, a decrease in table games win percentage, and a decrease in food and beverage revenues.
 
Adjusted property EBITDAR declined 18% year over year to $610 million. Casino revenues were $450 million, down 5% year over year.
 
Net revenues from Regional Operations totaled $956.9 million, up from $952.1 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 $295.5 million, down from $300 million reported in the prior-year quarter.
 
Net revenues from MGM Digital totaled $174 million, up from $141.2 million reported in the prior-year quarter. The rise was primarily driven by organic growth and brand expansion.

Adjusted property EBITDAR loss was approximately $23.2 million compared with $22.8 million reported in the prior-year quarter.

MGM’s Balance Sheet & Share Repurchase

MGM Resorts ended the third quarter with cash and cash equivalents of $2.13 billion compared with $2.42 billion at 2024-end. Long-term debt at the end of the quarter was $6.16 billion, down from $6.36 billion at 2024-end.
 
In the third quarter of 2025, MGM Resorts took a loan of $300 million at a current interest rate of approximately 2.5%. The borrowed money will be used to support the MGM Osaka project.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -24.79% due to these changes.

VGM Scores

At this time, MGM has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise MGM has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

MGM is part of the Zacks Gaming industry. Over the past month, Electronic Arts (EA Quick QuoteEA - Free Report) , a stock from the same industry, has gained 1%. The company reported its results for the quarter ended September 2025 more than a month ago.

Electronic Arts reported revenues of $1.82 billion in the last reported quarter, representing a year-over-year change of -12.6%. EPS of $1.21 for the same period compares with $2.15 a year ago.

Electronic Arts is expected to post earnings of $4.73 per share for the current quarter, representing a year-over-year change of +67.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.8%.

Electronic Arts has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.