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MGM Resorts

MGM · Consumer Discretionary

Last earnings Oct 28, 2026

Key results

Revenuequarter

2%

revenues increased 2% year over year MGM China achieved both record 3Q Segment Adjusted EBITDAR and market share of 15.5% BetMGM North American venture reported strong revenue and EBITDA growth in 3Q25

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

revenues of $4.3 billion, an increase of 2% compared to the prior year quarter, due primarily to an increase in net revenues at MGM China Net loss attributable to MGM Resorts was $285 million in the current quarter compared to net income attributable to MGM Resorts of $185 million in the prior year quarter due primaril

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

EPSquarter

$0.61

earnings per share of $0.61 in the prior year quarter and Adjusted diluted earnings per share ( Adjusted EPS ) of $0.24 in the current quarter compared to $0.54 in the prior year quarter.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Strip Resorts Net revenuequarter

$2.0 billion

Vegas Strip Resorts Net revenues of $2.0 billion in the current quarter compared to $2.1 billion in the prior year quarter, a decrease of 7% due primarily to the room remodel at MGM Grand Las Vegas, as well as a decrease in RevPAR, a decrease in table games win percentage

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Regional Operations Net revenuequarter

$957 million

Page 1 of 9 Regional Operations Net revenues of $957 million in the current quarter, up slightly compared to $952 million in the prior year quarter and Segment Adjusted EBITDAR of $296 million in the current quarter compared to $300 million in the prior year quarter, a decrease of 1% .

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

MGM China Net revenuequarter

$1.1 billion

MGM China Net revenues of $1.1 billion in the current quarter compared to $929 million in the prior year quarter, an increase of 17% due primarily to an increase in main floor table games drop and Segment Adjusted EBITDAR of $284 million in the current quarter compared to $237 million in the prior year quarter

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net revenuequarter

$174 million

MGM Digital (1) Net revenues of $174 million in the current quarter compared to $141 million in the prior year quarter, an increase of 23% due primarily to organic growth and brand expansion and Segment Adjusted EBITDAR loss of $23 million in the current quarter, a decrease of 2% compared to the prior year quarter.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Operating incomequarter

$(112,852) thousand

Operating income (loss) (112,852) 314,857 676,770 1,198,891

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net incomequarter

$(206,729) thousand

Net income (loss) (206,729) 244,164 138,096 826,692

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

AI analysis

Q3 2025 · reported Oct 29, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Net revenue · Q3 2025
$174M
+23.4% +$33M vs year ago computed from stated figures
EX-99 · Oct 29, 2025
EPS · Q3 2025
$0.61
+13.0% vs year ago computed from stated figures
EX-99 · Oct 29, 2025
Net income · Q3 2025
$(206,729) thousand
EX-99 · Oct 29, 2025
Operating income · Q3 2025
$(112,852) thousand
EX-99 · Oct 29, 2025

The quarter in charts

Revenue — quarterly

As stated

066.7133200$141MSame quarter last year$174MQ3 2025

EX-99 · Oct 29, 2025 Statement values as stated in the release.

Diluted EPS — GAAP

Per diluted share, as stated

00.250.50.75$0.54Same quarter last year$0.61Q3 2025 (quarter)

EX-99 · Oct 29, 2025 EPS values as stated in the release.

Segment mix

Business-unit revenue, as stated

00.831.672.5$2.0BStrip Resorts Net$1.1BMGM China Net$957MRegional Operations Net

Segment revenue figures as stated in the event record.

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue2%——
EPS$0.61—$0.54
Strip Resorts Net revenue$2.0 billion—$2.1 billion
Regional Operations Net revenue$957 million—$952 million
MGM China Net revenue$1.1 billion—$929 million
Net revenue$174 million—$141 million
Operating income$(112,852) thousand——
Net income$(206,729) thousand——

EX-99 · Oct 29, 2025

Guidance · company-stated

Direction: Raised

Company outlook

“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.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

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.

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.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

MGM Resorts Q3 2025 — revenues increased 2% year over year MGM China achieved both record 3Q Segment Adjusted EBITDAR and market share of 15.5% BetMGM North American venture reported strong revenue and EBITDA growth in 3Q2…

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Company outlook: “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.”

Company outlook — Raised (“increasing”)
“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.”

Classified from the release's primary full-year outlook statement.

Capital allocation

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.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

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.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The Company used the following inputs in its fair value measurements: Level 1 inputs when measuring its equity investments recorded at fair value; Level 2 inputs for its long-term debt fair value disclosures.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

See Note 5; Level 3 inputs when measuring the fair value of reporting units using a discounted cash flow model; Level 2 inputs for its derivatives; and Level 1 and Level 2 inputs for its debt investments.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

The Company s investments in debt securities are classified as trading securities and recorded at fair value.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within Prepaid expenses and other since the investment of cash is available for current operations.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

Strategy & priorities

MGM's strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

MGM Digital (1) Net revenues of $174 million in the current quarter compared to $141 million in the prior year quarter, an increase of 23% due primarily to organic growth and brand expansion and Segment Adjusted EBITDAR loss of $23 million in the current quarter, a decrease of 2% compared to the prior year quarter.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

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).

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

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.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Risks & headwinds

These forward-looking statements involve a number of risks and uncertainties.

SEC original ↗MGM Resorts — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Legal Proceedings 35 Item 1A.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

Management s Discussion and Analysis of Financial Condition and Results of Operations This management s discussion and analysis of financial condition and results of operations contain forward-looking statements that involve risks and uncertainties.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

Please see Cautionary Statement Concerning Forward-Looking Statements for a discussion of the uncertainties, risks and assumptions that may cause our actual results to differ materially from those discussed in the forward-looking statements.

SEC original ↗MGM Resorts — 10-Q Quarterly report10-QOct 28, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Amazon (AMZN) Consumer DiscretionaryTesla, Inc. (TSLA) Consumer DiscretionaryAlibaba Group (BABA) Consumer DiscretionaryeBay Inc. (EBAY) Consumer DiscretionaryToyota Motor (TM) Consumer DiscretionaryO'Reilly Automotive (ORLY) Consumer DiscretionaryLi Auto Inc. (LI) Consumer DiscretionaryV F Corp (VFC) Consumer Discretionary
Documents

Filings

34 documents

Earnings releases

56 documents

Presentations

0 documents

No presentations for MGM Resorts are held in this edition of the library.

Transcripts

0 documents

No transcripts for MGM Resorts are held in this edition of the library.

Mentioned by

8 companies

Other tracked companies whose held documents mention MGM Resorts by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.