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MGM Resorts kicked off 2025 with a mix of challenges and steady moves. While some segments recorded lower revenue compared to early 2024, the company stayed focused on its long-term strategy. CEO Bill Hornbuckle highlighted positive developments at BetMGM and confirmed that the operator remains on track with its cost efficiency goals for the year.
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The Las Vegas Strip Resorts segment recorded $2.2 billion in revenue, a 3 percent drop from the same period in 2024. The company linked this decline to the Super Bowl boost that occurred in Las Vegas last year, which set a high comparison base. Adjusted EBITDA for the Strip operations fell by 2 percent to $811 million.
MGM China also reported lower numbers, bringing in $1 billion in revenue for Q1 2025, down 3 percent year-over-year. EBITDA in the region dropped 5 percent to $286 million.
Hornbuckle acknowledged the revenue pressure but maintained a confident outlook. “MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture,” he said.
He also pointed to the company’s cost-saving strategy. “We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200m EBITDA enhancements that launched last year, and expect to exceed $150m in implementation in the year.”
While Strip and China operations faced year-over-year declines, MGM’s Regional properties delivered a small EBITDA increase of 2 percent to $279 million. Revenue in that segment dropped by 1 percent to $900 million.
The digital segment pulled in $128.1 million in revenue, up 0.4 percent from Q1 2024. However, BetMGM posted an operating loss of $15.2 million for the period.
Casino operations remained the biggest revenue contributor, reaching $2.3 billion, which marked a modest 0.5 percent increase. Rooms brought in $863.4 million but fell nearly 10 percent from the previous year. Food and beverage held steady with a slight 0.1 percent gain to $770.2 million. Meanwhile, entertainment, retail, and other revenue streams pulled in $391.4 million, down over $25 million compared to the same quarter last year.
On the shareholder side, MGM Resorts repurchased 15 million shares for $494 million during the quarter. Then on April 30, the Board of Directors approved a new $2 billion stock buyback plan, adding to the November 2023 program still in effect.