Core Insights - MGM Resorts International reported strong second-quarter 2025 results, with earnings and revenues exceeding expectations, although the bottom line saw a decline [1][10] - The company's performance was bolstered by significant contributions from the BetMGM venture, Regional Operations, and MGM China, with EBITDA growth from these segments being crucial [1][10] Financial Performance - Earnings per share (EPS) for the quarter was 79 cents, surpassing the Zacks Consensus Estimate of 58 cents, but down from 86 cents in the prior-year quarter [3][10] - Quarterly revenues reached $4.41 billion, exceeding the consensus mark by 2.4% and reflecting a year-over-year increase of 1.8% [3][10] - Consolidated adjusted EBITDA rose by 2% year over year to $647.5 million [4][10] Segment Performance - MGM China's net revenues increased by 9% year over year to $1.11 billion, driven by higher casino revenues and an increase in main floor table games drop [5] - Adjusted property EBITDAR for MGM China was $301.3 million, up from $293.9 million in the prior-year quarter [6] - Domestic operations on the Las Vegas Strip reported net revenues of $2.11 billion, a decline of 4% year over year, attributed to room remodels and decreased table games hold [7] - Regional Operations saw net revenues of $964.6 million, an increase from $927.1 million in the prior-year quarter, supported by higher casino revenues [8] - MGM Digital segment reported net revenues of $163.9 million, up from $143.3 million in the prior-year quarter, primarily due to brand expansion [9] Future Outlook - The company anticipates continued strength in Las Vegas, with capital investments and solid convention bookings expected to drive growth in the fourth quarter of 2025 and into 2026 [2] - The BetMGM venture is on track to achieve its $500 million EBITDA goal, and the MGM Digital segment is projected to become profitable in the coming years [2][10] Balance Sheet and Share Repurchase - MGM Resorts ended the second quarter with cash and cash equivalents of $1.96 billion, down from $2.42 billion at the end of 2024, while long-term debt decreased to $6.21 billion from $6.36 billion [12] - In Q2 2025, MGM repurchased nearly 8 million shares for a total of $217 million, with approximately $2.1 billion available under its share repurchase program as of June 30, 2025 [12]

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]

Core Insights - MGM Resorts International reported a 1.8% year-over-year revenue increase to $4.4 billion, exceeding market expectations of $4.33 billion [1] - Net profit decreased by 74% year-over-year to $49 million, primarily due to a foreign exchange loss of $208 million [1] - Adjusted earnings per share were $0.79, below market expectations of $0.86 [1] Revenue Breakdown - Las Vegas operations saw a 4% decline in revenue to $2.1 billion [1] - Revenue from U.S. operations outside of Las Vegas increased by 4% year-over-year to $964.6 million [1] - Revenue from China grew by 9% year-over-year to $1.11 billion [1]

Core Insights - MGM Resorts reported $4.4 billion in revenue for Q2 2025, a year-over-year increase of 1.8% and a surprise of +2.42% over the Zacks Consensus Estimate of $4.3 billion [1] - The EPS for the same period was $0.79, down from $0.86 a year ago, with an EPS surprise of +36.21% compared to the consensus estimate of $0.58 [1] Financial Performance Metrics - MGM's shares returned +1.4% over the past month, while the Zacks S&P 500 composite increased by +3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3] Las Vegas Strip Resorts Performance - Table Games Drop: $1,554.00 vs. $1,506.00 estimated [4] - Slots Win: $549.00 vs. $539.99 estimated [4] - Slots Handle: $5,886.00 vs. $5,775.24 estimated [4] - Table Games Win: $355.00 vs. $401.08 estimated [4] - Revenues for Las Vegas Strip Resorts: $2.11 billion vs. $2.15 billion estimated, representing a -4.1% change year-over-year [4] Regional Operations and MGM China - Revenues for Regional Operations: $964.61 million vs. $940.66 million estimated, a +4% year-over-year change [4] - Revenues for MGM China: $1.11 billion vs. $1.03 billion estimated, a +24.6% year-over-year change [4] Digital and Other Operations - Revenues for MGM Digital: $163.86 million vs. $172.4 million estimated [4] - Revenues for Management and Other Operations: $51.61 million vs. $173.2 million estimated, a -70.8% year-over-year change [4] Adjusted Property EBITDA - Adjusted Property EBITDA for Las Vegas Strip Resorts: $710.5 million vs. $740.76 million estimated [4] - Adjusted Property EBITDA for Regional Operations: $308.66 million vs. $288.97 million estimated [4] - Adjusted Property EBITDA for MGM China: $301.34 million vs. $270.26 million estimated [4]

Record High Quarterly Adjusted EBITDA Market Share Reached 16.6% HONG KONG, July 30, 2025 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for second quarter (the "Period"). The Group is pleased to see the Period Macau has posted growth from last year. Daily visitation reached 102,812, representing a year-on-year growth of 19%, having recovered to 94% of sam ...

Core Viewpoint - MGM Resorts reported quarterly earnings of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, but down from $0.86 per share a year ago, indicating an earnings surprise of +36.21% [1] - The company generated revenues of $4.4 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.42% and showing a slight increase from $4.33 billion year-over-year [2] Financial Performance - Over the last four quarters, MGM has surpassed consensus EPS estimates three times and topped revenue estimates three times as well [2] - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $4.17 billion, and for the current fiscal year, it is $2.15 on revenues of $17.09 billion [7] Market Position - MGM shares have increased by about 8% since the beginning of the year, which is slightly below the S&P 500's gain of 8.3% [3] - The Zacks Industry Rank indicates that the Gaming industry is currently in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] Future Outlook - The sustainability of MGM's stock price movement will largely depend on management's commentary during the earnings call and the revisions of earnings estimates in the near future [3][4] - The estimate revisions trend for MGM was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Data and Key Metrics Changes - The company reported record highest ever consolidated net revenue results in the second quarter of 2025, driven by a diverse portfolio and global presence [6][7][17] - BetMGM North America raised full year 2025 guidance for the second time, implying an EBITDA turnaround of nearly $400 million compared to last year [8][19] - Adjusted EBITDAR in Las Vegas declined by $72 million, primarily due to the MGM Grand's room remodel and midweek performance issues [21][22] Business Line Data and Key Metrics Changes - BetMGM North America saw a 36% increase in revenue from operations, with iGaming growing 29% and sports betting top line growing 56% [18][19] - MGM Digital, excluding BetMGM North America, grew its top line by 14%, with expectations of over $150 million in EBITDA enhancements in 2025 [24][25] - MGM China achieved record adjusted EBITDAR and market share of 16.6%, with a focus on premium mass players [11][12][23] Market Data and Key Metrics Changes - Las Vegas experienced record table games and slot volumes, but the adjusted EBITDAR decline was isolated to specific properties [9][20] - MGM China reported a 3% increase in adjusted EBITDAR, with strong performance across all business segments [23] - Regional properties achieved record high net revenues, demonstrating stability during volatile times [12] Company Strategy and Development Direction - The company aims to be the world's premier gaming entertainment company, leveraging its unmatched portfolio diversity to drive growth [6][7][27] - MGM is focused on capitalizing on significant near-term catalysts in BetMGM and Las Vegas, as well as mid to long-term catalysts in MGM Digital and development projects [7][8][14] - The company is positioned to benefit from major events in Las Vegas, including the new MLB stadium and ongoing renovations at the Las Vegas Convention Center [9][10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about restoring growth in Las Vegas during the fourth quarter, supported by positive bookings and convention activity [22][50] - The company remains confident in its ability to attract premium customers despite challenges in the value-oriented segment [91][92] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities in international markets [17][29] Other Important Information - The company repurchased 8 million shares for $217 million, with board approval for an additional $2 billion in share repurchases [25][26] - MGM's exclusive relationship with Marriott is driving higher quality customer bookings, with a significant increase in room nights booked [10][44] - The company is actively working on legislative issues related to tax impacts on the gaming community [65][66] Q&A Session Summary Question: Impact of MGM Grand disruption - The estimated impact remains at $65 million, with about $40 million experienced in the first six months [34] Question: Pricing and value concerns in Vegas - Luxury products are performing well, with ADR up 4%, while value-oriented properties are facing challenges [36][37] Question: Digital business cross benefits - Significant growth in Nevada monthly actives and strong player engagement are noted, with a focus on omnichannel advantages [41] Question: Update on Bonvoy arrangement - The partnership is on track, with over 900,000 room nights expected this year and positive customer spending trends [43] Question: Visitation decline on the Strip - International visitation has been an issue, but premium customer attraction remains strong [90][91] Question: Dividend policy at MGM China - A new dividend policy of 50% of distributable net income has been approved, providing substantial cash flow for MGM Resorts [60][61] Question: Buyback strategy amidst growth pipeline - The company is cautious with share repurchases due to its development pipeline but remains within leverage targets [70][71]

Financial Data and Key Metrics Changes - The company reported record highest ever consolidated net revenue results in Q2 2025, driven by a diverse portfolio and global presence [6][18] - BetMGM North America raised full year 2025 guidance for the second time, implying an EBITDA turnaround of nearly $400 million compared to last year [7][20] - Adjusted EBITDAR decline in Las Vegas was primarily due to the MGM Grand, which accounted for over 80% of the decline, with a total impact of $60 million [10][22] Business Line Data and Key Metrics Changes - BetMGM North America saw revenue from operations up 36% in Q2, with EBITDA of $86 million and iGaming growing 29% [19] - Las Vegas resorts reported record table games and slot volumes, with adjusted EBITDAR decline isolated to specific properties [9][21] - MGM Digital grew its top line by 14%, with expectations of over $150 million in EBITDA enhancements in 2025 [25] Market Data and Key Metrics Changes - MGM China achieved record adjusted EBITDAR and market share of 16.6%, with share increasing every month of the quarter [13] - Regional properties reported record high net revenues and strong performance across gaming, hotel, and food and beverage segments [14] - The Las Vegas Convention Center is undergoing a $1.6 billion renovation, expected to enhance convention attendance [11] Company Strategy and Development Direction - The company aims to be the world's premier gaming entertainment company, leveraging its unmatched portfolio diversity to drive growth [6][28] - MGM is positioned to capitalize on significant near-term catalysts in BetMGM and Las Vegas, as well as mid to long-term catalysts in digital and development projects [7][18] - The company is focused on premium and luxury offerings, particularly in Macau and Las Vegas, to capture market share [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about restoring growth in Las Vegas during Q4 2025, supported by positive bookings and upcoming events [22][32] - The company remains confident in its ability to attract premium customers despite challenges in the value-oriented segment [92] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities in various markets [18][72] Other Important Information - The company repurchased 8 million shares for $217 million in April, with board approval for an additional $2 billion in share repurchases [26] - MGM's exclusive relationship with Marriott is driving performance, with a significant increase in room nights booked [12][45] - The company is actively pursuing development projects in Japan and New York, with expectations of substantial revenue generation [17][18] Q&A Session Summary Question: Impact of MGM Grand disruption - The estimated impact remains at $65 million, with about $40 million experienced in the first half of the year [35][36] Question: Pricing and value concerns in Vegas - Luxury products have seen an increase in average daily rate (ADR), while value-oriented properties are facing challenges [38][39] Question: Digital business cross-benefits - There has been a 30% growth in Nevada monthly actives, showcasing the effectiveness of the omnichannel strategy [41][43] Question: Update on MGM China dividend policy - The board approved a dividend policy of 50% of distributable net income, providing substantial cash flow for the company [61][62] Question: Share buyback strategy - The company is cautious about share repurchases due to its development pipeline but remains within leverage targets [72][73] Question: Visitation decline in Las Vegas - International visitation has been an issue, but the company is confident in attracting premium customers [90][91]

Financial Performance - MGM Resorts achieved record consolidated net revenues in Q2 2025[14] - Net income attributable to MGM Resorts was $49 million in 2Q 2025[16] - BetMGM's Q2 2025 net revenue from operations increased by 36% year-over-year to $692 million[37] - BetMGM's EBITDA increased by $78 million year-over-year to $86 million in Q2 2025[37] Segment Performance - Las Vegas Strip Resorts reported net revenues of $1.11 billion in 2Q 2025, a 9% increase compared to 2Q 2024[29] - Regional Operations reported net revenues of $965 million in 2Q 2025, a 4% increase compared to 2Q 2024[31] - MGM China achieved record Segment Adjusted EBITDAR[20] - MGM Digital reported net revenues of $164 million in 2Q 2025, a 14% increase compared to 2Q 2024[33] Future Development & Market Expansion - BetMGM's full-year 2025 outlook increased to at least $2.7 billion in net revenue from operations and at least $150 million in EBITDA[40] - MGM Digital is targeting a 10%+ market share in Brazil[43] - MGM Resorts expects approximately $750 - $800 million in domestic capital expenditures in 2025[60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-10362 MGM Resorts International (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...