MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Core Insights - MGM Resorts International reported strong financial results for Q4 and full year 2025, highlighting a diversified operational strategy that led to significant growth in key financial metrics [1][2]. Financial Performance - Q4 2025 consolidated net revenues reached $4.6 billion, with a net income attributable to MGM Resorts of $294 million, and Consolidated Adjusted EBITDA of $635 million, reflecting growth of 6%, 87%, and 20% respectively [1][3]. - For the full year 2025, consolidated net revenues were $17.5 billion, an increase of 2% compared to the previous year, with Adjusted EPS of $3.31, up from $2.59 in 2024 [1][2]. Segment Performance - Las Vegas Strip Resorts reported a segment Adjusted EBITDAR of $735 million in Q4 2025, down 4% from the prior year, with net revenues of $2.2 billion, a decrease of 3% [1][3]. - Regional Operations achieved a segment Adjusted EBITDAR of $280 million, nearly flat compared to the previous year, with net revenues increasing by 2% to $950 million [1][2]. - MGM China saw a significant increase in segment Adjusted EBITDAR of 30% to $332 million, with net revenues rising 21% to $1.2 billion [1][3]. Share Repurchase and Financial Stewardship - The company repurchased 15 million shares in Q4 2025 and 37.5 million shares throughout the year, reducing shares outstanding by approximately 48% since early 2021 [1][2]. - MGM Resorts generated $135 million in distributions from its BetMGM North America Venture in Q4 2025, returning over 20% of its cash investment [1][3]. Future Outlook - The company expressed optimism for 2026, driven by a solid base of group and convention business, completion of renovations at MGM Grand in Las Vegas, and continued growth in regional operations and BetMGM [1][2].