MGM Resorts International reported a GAAP net loss of $285.3 million for the nine‑month period ended September 30 2025, while adjusted earnings per share rose to $0.24. Revenue for the same period increased 1.6% year‑over‑year to $4.25 billion, and the third‑quarter revenue was $4.3 billion, a 2% rise from the prior year.
The GAAP loss was driven by a $256 million goodwill impairment related to the withdrawal of the Empire City license application, plus approximately $93 million in other non‑cash write‑offs. These one‑time charges explain the negative GAAP earnings while the adjusted figures reflect ongoing operational performance.
Las Vegas Strip net revenues fell 7% year‑over‑year, a decline attributed to pricing missteps, reduced visitation from Canada and Southern California, and the impact of Spirit Airlines’ bankruptcy. CEO Bill Hornbuckle acknowledged that the company had “gotten things wrong” with pricing and value perception during the summer season.
Segment performance showed MGM China revenue at $1.1 billion, up 17% year‑over‑year, while Regional Operations net revenues were slightly higher than the prior year. MGM Digital revenue grew, but its EBITDAR loss widened, reflecting continued investment in the digital platform.
BetMGM accelerated growth in Q3 and raised its full‑year guidance for the second consecutive quarter. The company will begin cash distributions to MGM Resorts in Q4, with an initial payout of at least $100 million, marking a transition from a cash drain to a cash‑generating business.
MGM Northfield Park operations were sold for $546 million, representing a 6.6× multiple on trailing‑12‑month adjusted EBITDA. The sale is part of the company’s portfolio optimization strategy to focus capital on higher‑return opportunities.
The completion of the MGM Grand room remodel was highlighted as a key factor in improving guest experience and supporting revenue growth in the Las Vegas Strip.
Management emphasized strong digital growth, acknowledged the Las Vegas pricing issues, and underscored the company’s focus on high‑return opportunities and capital allocation to optimize the portfolio.
The company expects continued improvement in Las Vegas Strip performance, anticipates BetMGM to generate cash, and will maintain its portfolio optimization and capital allocation strategy.
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