MGM Resorts Hits Record Q2 Revenue as Digital and International Growth Masks Vegas Dip
MGM Resorts International achieved its highest-ever consolidated net revenues in the second quarter of 2025, driven by a booming digital business and record results from its properties in China. The powerful performance from these segments successfully offset a temporary decline in its flagship Las Vegas Strip operations.
BetMGM’s Breakout Quarter
The star of the quarter was undoubtedly the company’s digital arm, BetMGM. The joint venture posted a staggering 36% year-over-year increase in net revenue to $692 million.
More impressively, its profitability skyrocketed, with EBITDA jumping from just $9 million in Q2 2024 to a robust $86 million in the same period this year.
The company attributed the surge to strong player engagement in its iGaming division, which saw revenue climb 29%, and successful new initiatives in online sports betting, where revenue soared 56%. This powerful digital performance led MGM to raise its full-year 2025 revenue and EBITDA forecast for BetMGM.
Land-Based Diversification Pays Off
MGM’s brick-and-mortar portfolio showed the power of its geographic diversification. The company’s Regional Operations set a new Q2 record with a 4% revenue increase to $965 million.
In Macau, MGM China also delivered an all-time record for adjusted EBITDA at $301 million, with revenue climbing 9% to $1.11 billion.
This international and regional strength helped mask a rare slowdown on the Las Vegas Strip. The segment saw a 4% decline in net revenue to $2.12 billion and a 9% drop in adjusted EBITDA.
The company attributed the dip primarily to the impact of ongoing room renovations at the MGM Grand, suggesting the weakness may be temporary.
A Focus on Profitability and Shareholder Returns
Beyond the top-line numbers, MGM is focused on improving its bottom line. The company confirmed its EBITDA improvement initiatives are on track to deliver $200 million in gains, with over $150 million of that expected to be implemented in 2025.
The global casino giant also continued its aggressive capital return program, repurchasing 8 million shares for $217 million during the quarter. This brings the total number of shares bought back since the beginning of 2021 to nearly 45% of the company’s outstanding stock, a clear sign of management’s confidence in its long-term value.
The quarter’s results paint a clear picture of a company in transition. While the iconic Las Vegas Strip remains a core component, MGM’s future growth is increasingly being powered by its digital prowess and its expanding international and regional footprint. The strong performance from these diverse segments allowed the company to post a net income of $49 million and deliver a record-breaking quarter for its consolidated business.
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