Core Insights - MGM Resorts International reported strong first quarter results for 2025, with notable performance in EBITDA and share repurchases despite a decrease in overall revenues compared to the previous year [2][5][6]. Financial Performance - Consolidated net revenues for the first quarter of 2025 were $4.3 billion, a decrease of 2% from the prior year quarter, primarily due to lower revenues at Las Vegas Strip Resorts and MGM China [6]. - Net income attributable to MGM Resorts was $149 million, down from $217 million in the prior year quarter [6]. - Adjusted EBITDA for the quarter was $637 million, compared to $673 million in the prior year quarter [6][31]. - Diluted earnings per share (EPS) were $0.51, down from $0.67 in the prior year quarter, while adjusted diluted EPS was $0.69 compared to $0.74 in the prior year [4][6]. Segment Performance - Las Vegas Strip Resorts generated net revenues of $2.2 billion, a decrease of 3% year-over-year, attributed to lower non-gaming revenues and a decline in average daily rate (ADR) [6][31]. - Regional Operations reported net revenues of $900 million, down 1% from the previous year, while MGM China saw revenues of $1.0 billion, a decrease of 3% [6][31]. - MGM Digital, which includes LeoVegas, reported revenues of $128 million, slightly up from the previous year [6][31]. Share Repurchase and Capital Management - The company repurchased approximately 15 million shares for $494 million in the first quarter, reducing shares outstanding by 43% since the beginning of 2021 [2][5][12]. - A new $2 billion share repurchase program was authorized by the Board of Directors, in addition to the existing repurchase plan [2][13]. Operational Highlights - The BetMGM venture reported significant revenue growth and a positive EBITDA for the first quarter of 2025 [5]. - The MGM Rewards program surpassed 50 million members, indicating strong brand loyalty [5]. - April 2025 is projected to be a record month for hotel bookings on the Las Vegas Strip [2].