MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

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]