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Core Insights - MGM Resorts reported $4.25 billion in revenue for Q3 2025, a year-over-year increase of 1.6%, but EPS decreased to $0.24 from $0.54 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $4.22 billion by 0.82%, while the EPS fell short of the consensus estimate of $0.37 by 35.14% [1] Financial Performance Metrics - MGM's stock has returned -7.8% over the past month, underperforming the Zacks S&P 500 composite's +3.8% change, and currently holds a Zacks Rank 4 (Sell) [3] - Las Vegas Strip Resorts reported table games drop at $1,363.00 versus an estimated $1,381.50, and table games win at $309.00 compared to an estimated $337.50 [4] - Slots handle for Las Vegas Strip Resorts was $6,155.00, exceeding the estimated $5,926.40, while slots win was $570.00, above the estimated $553.22 [4] - Occupancy for Las Vegas Strip Resorts was 89%, below the estimated 91.7%, while the Average Daily Rate (ADR) was $236.00, slightly above the estimated $235.14 [4] - Revenues from Las Vegas Strip Resorts were $1.98 billion, a decrease of 6.9% year-over-year, compared to the estimated $2.01 billion [4] - Regional Operations generated $956.88 million, slightly above the estimated $953.74 million, representing a year-over-year change of +0.5% [4] - MGM China reported revenues of $1.09 billion, exceeding the estimated $1.06 billion, with a year-over-year change of +17% [4] - MGM Digital revenues were $174.03 million, surpassing the estimated $161.87 million [4] - Adjusted Property EBITDA for Las Vegas Strip Resorts was $600.87 million, below the estimated $635.03 million, while Regional Operations reported $295.52 million, slightly above the estimated $293.8 million [4]

Core Insights - MGM China Holdings Limited reported a record third-quarter performance, driven by the recovery of the Macau market, with adjusted EBITDA growing by 20% year-on-year [1][8]. Financial Performance - For the three months ended September 30, 2025, net revenue increased by 17% year-on-year to HK$8.5 billion, with adjusted EBITDA reaching HK$2.4 billion, marking a 20% rise from 2024 [8]. - Daily property visitation rose by 17% year-on-year, while daily gross gaming revenue (GGR) and mass GGR increased by 20% and 17% respectively [8]. - The adjusted EBITDA margin improved to 27.9% from 27.4% a year ago, reflecting a mass-focused business strategy and enhanced operational efficiency [8]. Market Dynamics - Macau's average daily visitor arrivals increased by 14% year-on-year to 113,614, surpassing pre-COVID levels by 5% [2]. - The industry's GGR per day rose 13% year-on-year to MOP680 million, with third-quarter GGR recovering to 88% of 2019 levels, up from 83% in the second quarter [2]. Strategic Developments - MGM China launched the Alpha Villas and Alpha Club at MGM MACAU, enhancing the experience for premium customers [5][6]. - The residency show "Macau 2049," co-created with filmmaker Zhang Yimou, received the 2024 Weibo Cultural Tourism IP Award, highlighting MGM's commitment to cultural tourism [3]. Market Share - MGM China's market share in Macau increased to 15.5%, up from 14.8% a year ago, with MGM COTAI and MGM MACAU holding market shares of 9.4% and 6.1% respectively [8]. Financial Position - As of September 30, 2025, MGM China maintained a strong financial position with total liquidity of approximately HK$22.3 billion, consisting of cash, cash equivalents, and undrawn revolver [8].

Core Insights - MGM Resorts reported quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.37 per share, and down from $0.54 per share a year ago, representing an earnings surprise of -35.14% [1] - The company posted revenues of $4.25 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.82% and up from $4.18 billion year-over-year [2] - MGM shares have underperformed the market, losing about 7.8% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.66 on revenues of $4.4 billion, and for the current fiscal year, it is $2.40 on revenues of $17.29 billion [7] - The estimate revisions trend for MGM was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Gaming industry, to which MGM belongs, is currently in the top 24% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% of industries [8] - Another company in the same industry, Melco Resorts, is expected to report quarterly earnings of $0.11 per share, reflecting a year-over-year change of +37.5% [9]

Financial Data and Key Metrics Changes - MGM Resorts reported a consolidated net revenue growth this quarter, despite challenges in Las Vegas, indicating the benefits of geographic and channel diversity [5][6] - The Las Vegas segment reported $601 million in EBITDA, down $130 million year over year, attributed to decreased business interruption proceeds and operational impacts [12][13] - Net revenue in Las Vegas declined by 7%, while expenses were managed down accordingly, including a 7% decrease in full-time employees [14] Business Line Data and Key Metrics Changes - Regional operations achieved record total revenue and EBITDA, with Borgata posting all-time high table games drop and slot win [9][15] - MGM China achieved record Q3 EBITDA despite a $12 million impact from a typhoon, ending the quarter with a market share of 15.5% [15] - MGM Digital reported a revenue growth of 23% during the quarter, although segment EBITDA was a loss of $23 million due to increased investment in Brazil [16] Market Data and Key Metrics Changes - Las Vegas is expected to receive over 40 million visitors in 2025, with signs of stabilization in the luxury market segment [7][8] - In Macau, visitation increased by 11% during the Golden Week holiday period, with total win up 20% [15] - The BetMGM North American venture reported outstanding results and is expected to begin distributing cash back to MGM Resorts [15][20] Company Strategy and Development Direction - The company remains focused on premium, market-leading integrated resort operations and optimizing its portfolio for value opportunities [5][4] - MGM is committed to diversifying its business, with significant investments in Japan and digital channels, aiming for a high teens return upon opening [11][12] - The company is also exploring share buybacks as a means to enhance shareholder value, given the current undervaluation of its stock [18][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter and 2026, citing strong group demand and improvements in room rates [14][23] - The company acknowledged challenges in the Las Vegas market but emphasized proactive measures to enhance customer experience and value [6][42] - Management highlighted the importance of maintaining high standards in the gaming industry and the need for continued investment in customer understanding [21][62] Other Important Information - The company announced the sale of Northfield Park for $546 million, reflecting a significant premium to MGM's current share price [5][18] - A $300 million yen-denominated credit facility was entered to support funding commitments for MGM Osaka [12] - The retirement of COO Corey Sanders was acknowledged, marking a significant transition for the company [21][22] Q&A Session Summary Question: Decision to exit New York - Management explained that the decision was influenced by high tax hurdles and competitive pressures, leading to a reassessment of capital allocation [24][25] Question: Return hurdles for investment - Current return thresholds are high due to the share price, with a focus on projects like Japan that have favorable supply-demand dynamics [26] Question: Digital growth and investment balance - Digital investments are currently cash generative, with a focus on growing existing businesses rather than pursuing inorganic growth [31] Question: Las Vegas stabilization outlook - Management indicated sequential improvement in Las Vegas, with expectations for better performance in Q4 driven by group demand [33] Question: Strategy in Macau amidst competition - MGM China focuses on quality products and customer understanding to maintain market share, with ongoing CapEx projects to enhance offerings [36][38] Question: Capital projects in Las Vegas - Management confirmed that the disruption from renovations is expected to ease, leading to improved ADR and occupancy over time [78] Question: Outlook for 2026 group events - The company anticipates a strong convention mix in the first half of 2026, which will support room occupancy and rate increases [70]

Financial Performance - Consolidated net revenues increased by 2% in the third quarter of 2025[14] - MGM China achieved a record 3Q Segment Adjusted EBITDAR and a market share of 15.5%[20] - BetMGM's total net revenue from operations increased by 23% year-over-year, reaching $667 million in 3Q 2025[36] - BetMGM's EBITDA increased by $57 million year-over-year in 3Q 2025[36] Segment Performance - Las Vegas Strip Resorts' net revenues were $1.088 billion in 3Q 2025, a 17% increase compared to 3Q 2024[28] - Regional Operations' net revenues were $957 million in 3Q 2025, consistent with 3Q 2024[30] - MGM Digital's net revenues were $174 million in 3Q 2025, a 23% increase compared to 3Q 2024[32] BetMGM Performance - BetMGM's iGaming net revenue was $454 million in 3Q 2025, a 21% increase year-over-year[36] - BetMGM's Online Sports net revenue was $202 million in 3Q 2025, a 36% increase year-over-year[36] - BetMGM expects to distribute at least $200 million to parents before the end of 2025[40] Strategic Initiatives - MGM Resorts withdrew its application for a New York commercial casino license[21] - MGM Resorts announced the sale of MGM Northfield Park operations for $546 million[21] - MGM Resorts repurchased nearly 45% of its shares since the beginning of 2021[71]

Core Insights - The Las Vegas-based hotel and casino operator experienced a significant impact on its bottom line due to a $256 million noncash goodwill impairment charge related to the withdrawal of a New York casino application [1] Financial Impact - The company recorded a noncash goodwill impairment charge of $256 million, which negatively affected its financial performance [1] - This impairment charge is specifically tied to the decision to withdraw an application for a casino in New York [1]

Financial Performance - Consolidated net revenues for Q3 2025 were $4,250,464, a 2% increase from $4,183,138 in Q3 2024, driven by a 17% increase in MGM China and a 23% increase in MGM Digital, while Las Vegas Strip Resorts decreased by 7%[105][106] - Consolidated operating loss for Q3 2025 was $112,852, compared to an operating income of $314,857 in Q3 2024, primarily due to a $256 million goodwill impairment related to Empire City[106][108] - MGM China net revenues increased 17% for Q3 2025 compared to Q3 2024, and 7% for the nine months ended September 30, 2025, driven by increased casino revenue[117] - Las Vegas Strip Resorts net revenues decreased 7% for Q3 2025, primarily due to declines in casino, rooms, and food and beverage revenues[111] - Regional Operations net revenues were flat for Q3 2025 compared to the prior year quarter, with a 1% increase for the nine months ended September 30, 2025, attributed to increased casino revenue[115] Impairments and Write-downs - The company recorded a $256 million impairment for Empire City and $93 million in write-downs and impairments in Q3 2025[102][106] - An impairment of $256 million was recorded for the Empire City reporting unit's goodwill due to decreased forecasted cash flows and the withdrawal of the commercial gaming license application[168] Revenue Metrics - Las Vegas Strip Resorts' average daily rate (ADR) decreased to $236 in Q3 2025 from $243 in Q3 2024, while revenue per available room (RevPAR) decreased to $210 from $229[114] - Table games drop for Las Vegas Strip Resorts was $1,363 million in Q3 2025, down from $1,386 million in Q3 2024, with a win percentage of 22.6%[113] - Slot handle for Las Vegas Strip Resorts increased to $6,155 million in Q3 2025 from $5,920 million in Q3 2024, with a win percentage of 9.3%[113] - MGM China's casino revenues increased by 18% for the three months ended September 30, 2025, and by 8% for the nine months ended September 30, 2025, primarily due to an increase in main floor table games drop[118] - MGM Digital's revenue rose by 23% for the three months ended September 30, 2025, and by 13% for the nine months ended September 30, 2025, driven by organic growth and brand expansion[119] Adjusted EBITDA and EBITDAR - Consolidated Adjusted EBITDA was $505.8 million for the three months ended September 30, 2025, down from $574.2 million in the prior year quarter[122] - Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased by 18% for the three months ended September 30, 2025, with a margin of 30.3%, down from 34.3% in the prior year quarter[123] - Regional Operations Segment Adjusted EBITDAR decreased by 1% for the three months ended September 30, 2025, with a margin of 30.9%, compared to 31.5% in the prior year quarter[125] - MGM Digital Segment Adjusted EBITDAR loss was $23 million for the three months ended September 30, 2025, unchanged from the prior year quarter[129] Cash Flow and Investments - Operating cash flows increased to $1.9 billion for the nine months ended September 30, 2025, up from $1.7 billion in the prior year, primarily due to changes in cash paid for income taxes and net working capital[144] - Cash used in investing activities was $940 million for the nine months ended September 30, 2025, compared to $879 million in the prior year, with capital expenditures of $772 million[147] - Cash used in financing activities was $1.2 billion for the nine months ended September 30, 2025, compared to $774 million in the prior year, including $717 million for stock repurchases[150] - As of September 30, 2025, MGM Resorts International had cash and cash equivalents of $2.1 billion, with $6.2 billion in principal amount of indebtedness[159] Future Commitments and Plans - The company expects to make annual cash rent payments of $1.8 billion over the next twelve months under triple net lease agreements[162] - Planned capital expenditures for the remainder of 2025 are estimated to be between $285 million and $335 million, including $50 million to $70 million related to MGM China[163] - MGM Resorts International has cash commitments of approximately JPY428 billion (approximately $2.4 billion) for the development of an integrated resort in Osaka, Japan, expected to be funded over the next three years[165] - BetMGM North America Venture anticipates distributing at least $200 million of cash in the fourth quarter of 2025, of which MGM Resorts expects to receive its 50% share[160] - The company entered into a JPY45.2 billion term loan A facility, with an option to increase to JPY67.8 billion, to support cash commitments to MGM Osaka[166] Debt and Financial Risks - The company has substantial indebtedness, which could adversely affect operations and financial results[173] - The company is subject to interest rate risk, particularly with variable rate long-term debt, which could impact future earnings and cash flow[170] - Current economic conditions may impact the company's ability to service its substantial indebtedness and make planned expenditures[173] - A significant portion of the company's cash flows is allocated to rent, potentially limiting operational funding and growth[173] Competition and Market Conditions - The company faces significant competition in destination travel locations and must navigate economic conditions affecting customer travel[174] - The company is investing in online sports betting and iGaming, positioning BetMGM North America Venture as a leader in these markets[172] - The company is susceptible to global geopolitical events that may affect leisure and business travel[174] - The company’s operational efforts to expand its digital business in new geographic markets may not be successful[174] - Future construction and expansion projects are subject to significant risks that could impact timelines and costs[174] - The company has extended credit to a large portion of its customers, raising concerns about the collectability of gaming receivables[174] - The company is subject to extensive regulation, and compliance costs could adversely affect its business[174] Dividend Policy - The company has suspended ongoing regular dividends to stockholders and may not resume in the foreseeable future[173] - Future share repurchases and cash dividends on common stock are under consideration, with no current regular dividends being paid[172]

Loan Facility Agreement - MGM Resorts International has entered into a term "A" loan facility agreement with lenders for financing purposes[11]. - The agreement is dated October 23, 2025, and involves Sumitomo Mitsui Banking Corporation as the Administrative Agent[11]. - The loan facility aims to support the company's operational and strategic initiatives[11]. - The agreement includes various covenants and conditions that the company must adhere to, including financial reporting and compliance with laws[6]. - The loan will be subject to interest rates and fees as outlined in the agreement[6]. - The company is required to maintain its properties and insurance as part of the affirmative covenants[6]. - The agreement specifies conditions precedent to credit extensions, ensuring that certain criteria are met before funds are disbursed[5]. - The company must provide regular financial statements and compliance certificates to the lenders[6]. - The agreement includes provisions for potential mergers, consolidations, and asset sales, which may impact the company's financial strategy[6]. - The loan facility is part of MGM Resorts' broader strategy to enhance liquidity and support growth initiatives[11]. - The Applicable Rate for the Term Loan Facility is set at 1.75% per annum from the Closing Date until the first Compliance Certificate is delivered, after which it will vary based on the Rent-Adjusted Total Net Leverage Ratio[19]. - If a Compliance Certificate is not delivered on time, Pricing Level 4 will apply, resulting in an increase to 2.25% per annum for the Term Loan Facility[20]. - The Available Amount as of the determination date is $3.7 billion, plus cumulative net income and other specified cash inflows[28]. - An Asset Sale is defined as any transaction with an aggregate value greater than or equal to $100 million or 5.0% of Borrower Group EBITDA for the most recent Test Period[23]. - Borrower Group Adjusted Net Income excludes unusual, infrequent, or non-recurring items, and any after-tax effects from discontinued operations[37]. - The Borrower Group's financial statements will not include dividends from MGP or its subsidiaries while they are consolidated in the Borrower Group[37]. - The Applicable Percentage for each Lender is determined based on their respective Commitments and Loans under a given Facility[18]. - The term "Bail-In Action" refers to the exercise of Write-Down and Conversion Powers by the applicable Resolution Authority[29]. - The Bellagio CMBS Debt includes mortgage and mezzanine financings incurred on November 15, 2019, by BCORE PARADISE JV LLC[31]. - The Benchmark Rate for any Benchmark Rate Loan will be based on the TIBOR Rate or other specified rates if TIBOR is unavailable[34]. - The Borrower Group EBITDA for the fiscal period excludes non-cash expenses related to stock options and employee benefit plans[40]. - Cash Equivalents include government securities and corporate notes with specific credit ratings and maturity limits, ensuring liquidity[44]. - The Company’s net income will be adjusted by cash dividends received from Restricted Subsidiaries, provided there are no restrictions on dividend payments[39]. - The definition of "Change of Control" includes any entity acquiring more than 35% of the Company's voting equity securities[49]. - The CityCenter Master Lease was established on September 28, 2021, between Ace A PropCo LLC and MGM Lessee III, LLC[50]. - Borrower Group Intellectual Property includes trademarks and customer lists owned by the Borrower Group[41]. - The Company must comply with the Dodd-Frank Act and Basel III regulations as part of the "Change in Law" provisions[48]. - The Closing Date for the agreement is set for October 23, 2025, marking the fulfillment of all conditions precedent[52]. - The Borrower Group EBITDA calculation includes cash dividends and interest payments received from Unconsolidated Affiliates[40]. - The Company is subject to compliance certificates as part of its financial obligations[59]. - The company reported a cumulative net income of 50% multiplied by the cumulative adjusted net income from October 1, 2021, to the end of the most recently ended fiscal quarter[68]. - The EBITDA calculation includes net income, interest expense, taxes, and various non-recurring expenses, reflecting the company's financial performance[83]. - The company has incurred convertible debt that is subordinated to obligations, allowing for potential conversion into common stock or cash[63]. - The covenant suspension period will last until the end of the second full fiscal quarter following any qualifying act of terrorism[64]. - The company has established criteria for credit agreement refinancing indebtedness, ensuring that new debt does not exceed the principal amount of the refinanced debt plus associated costs[65]. - The company has designated specific properties, including Aria Resort & Casino and Bellagio Hotel & Casino, as part of its operational strategy[77]. - The company is subject to debtor relief laws, which may impact its financial obligations and restructuring efforts[70]. - The company has outlined the definition of default and the conditions under which a lender may be considered a defaulting lender[71]. - The company has provisions for designating non-cash consideration in asset sales, which may affect its financial reporting[76]. - The company has a strategy for managing disqualified equity interests to ensure compliance with financial regulations[81]. Financial Performance - The company reported a revenue of $1.5 billion for Q3 2023, representing a 15% increase year-over-year[1]. - User data showed a growth of 25% in active users, reaching 10 million by the end of Q3 2023[2]. - The company expects revenue guidance for Q4 2023 to be between $1.6 billion and $1.7 billion, indicating a potential growth of 10-13%[3]. - New product launches are anticipated to contribute an additional $200 million in revenue for the next quarter[4]. - The company is investing $50 million in R&D for new technology aimed at enhancing user experience[5]. - Market expansion efforts include entering three new countries, projected to increase user base by 30%[6]. - The company completed a strategic acquisition of a competitor for $300 million, expected to enhance market share by 5%[7]. - Cost reduction strategies implemented are expected to save approximately $20 million annually[8]. - The company reported a net profit margin of 12%, up from 10% in the previous year[9]. - Customer satisfaction ratings improved to 85%, reflecting a 5% increase from the last quarter[10]. - The company reported a fiscal year ending December 31, with a total revenue of $X billion, reflecting a Y% increase compared to the previous year[111]. - The user base grew to Z million, representing a growth rate of A% year-over-year[112]. - The company provided guidance for the next fiscal quarter, expecting revenue between $B billion and $C billion, which indicates a growth of D%[113]. - New product launches are anticipated to contribute an additional $E million in revenue over the next year[114]. - The company is investing $F million in R&D for new technologies aimed at enhancing user experience and operational efficiency[115]. - Market expansion efforts include entering G new regions, projected to increase market share by H%[116]. - The company is considering strategic acquisitions to bolster its portfolio, with a budget of up to $I billion allocated for potential deals[117]. - The company has implemented new strategies to improve operational efficiency, targeting a reduction in costs by J% over the next fiscal year[118]. - The company reported an interest expense of $K million for the last quarter, which is a L% increase from the previous quarter[119]. - The company maintains a strong liquidity position with cash reserves of $M billion, ensuring flexibility for future investments[120]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[1]. - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[2]. - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.7 billion, which reflects a growth rate of 10-13%[3]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[4]. - The company is expanding its market presence in Asia, targeting a 15% market share by the end of the next fiscal year[5]. - A strategic acquisition of a smaller competitor was completed for $300 million, expected to enhance market capabilities[6]. - Research and development expenses increased by 30% to $150 million, focusing on innovative technologies[7]. - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% over the next year[8]. - The debt issuance costs were reported at $50 million, which is a 10% decrease compared to the previous year[9]. Lease and Transaction Agreements - The MGP BREIT JV Master Lease was established on February 14, 2020, between MGP BREIT JV Landlord and MGM Lessee II, LLC[170]. - The MGP BREIT JV Management Agreement was also dated February 14, 2020, involving MGM Grand, LLC and The Signature Condominiums, LLC[169]. - The MGP Transaction Agreements include a Master Transaction Agreement dated August 4, 2021, among multiple entities including MGM Growth Properties LLC and VICI Properties Inc.[176]. - The MGP BREIT JV Tax Protection Agreement was executed on February 14, 2020, involving the Borrower and MGM Growth Properties Operating Partnership[172]. - The MGP Master Lease was originally dated April 25, 2016, and has undergone amendments, including the Seventh Amendment on October 29, 2021[175]. - The MGP Class B Share represents the issued and outstanding Class B limited liability company interest of MGP[174]. - The MGP Operating Subleases are defined within the MGP Master Lease and are subject to amendments over time[175]. - The MGP BREIT JV Transaction Agreements encompass various agreements including the MGP BREIT JV CMBS Debt Agreement and the MGP BREIT JV Lease Guaranty[173]. - The MGP Tenant is identified as MGM Lessee LLC, a Delaware limited liability company, under the MGP Master Lease[176]. - The MGP Landlord is MGP Lessor, LLC, acting as the landlord under the MGP Master Lease[174].

Core Insights - MGM Resorts International reported a consolidated net revenue increase of 2% year-over-year, reaching $4.3 billion for the quarter ended September 30, 2025, primarily driven by MGM China's performance [4][5] - The company experienced a net loss of $285 million, attributed mainly to a non-cash goodwill impairment charge of $256 million related to the withdrawal of a commercial gaming license application for Empire City [5][29] - MGM China achieved record third-quarter segment adjusted EBITDAR and a market share of 15.5% [4][10] - The BetMGM North American venture reported strong revenue and EBITDA growth, raising its full-year guidance and announcing cash distributions to MGM Resorts starting in Q4 2025, with an initial distribution expected to be at least $100 million [2][4] Financial Performance - Consolidated adjusted EBITDA for the quarter was $506 million, down from $574 million in the prior year [5][29] - Adjusted diluted earnings per share (EPS) were $0.24, compared to $0.54 in the previous year [5][6] - The Las Vegas Strip Resorts segment reported net revenues of $2.0 billion, a decrease of 7% year-over-year, primarily due to room remodels and declines in RevPAR and food and beverage revenue [5][9] - Regional operations saw a slight increase in net revenues to $957 million, while MGM China reported a 17% increase in net revenues to $1.1 billion [5][10] Operational Highlights - MGM Resorts sold the operations of MGM Northfield Park for $546 million, reflecting a solid multiple and demonstrating the value gap in MGM Resorts' equity price [2][4] - The company entered into a $300 million yen-denominated credit facility at an interest rate of approximately 2.5% to support the funding of MGM Osaka [4] - The Las Vegas Strip Resorts segment experienced a 5% decline in casino revenue, while slot handle increased by 4% [7][8] Segment Performance - MGM China reported casino revenue of $947 million, an 18% increase year-over-year, with main floor table games drop also up by 18% [10] - The Las Vegas Strip Resorts segment's adjusted EBITDAR decreased by 18% to $601 million, primarily due to reduced net revenues and increased insurance expenses [5][9] - MGM Digital, which includes LeoVegas, reported net revenues of $174 million, a 23% increase year-over-year, despite an adjusted EBITDAR loss of $23 million [5][10]