MGM Reports $285 Million Net Loss in Q3 Despite Record China and BetMGM Results
MGM Resorts International reported $4.3 billion in consolidated net revenue for the third quarter (Q3) of 2025, a 2% increase year-over-year. Despite the revenue growth, the company posted a $285 million net loss attributable to MGM Resorts, compared to a net income of $185 million in the prior year.
The significant loss was primarily due to a pre-tax $256 million goodwill impairment charge. This non-cash write-down was linked to the company’s decision to withdraw its application for a commercial casino license for the Empire City property in New York. The quarter’s Consolidated Adjusted EBITDA fell to $506 million from $574 million in Q3 2024.
Segment Performance Highlights
Segment results showed a stark contrast, with international operations offsetting struggles in the domestic market.
The MGM China segment was the quarter’s strongest performer, with net revenues growing 17% to $1.088 billion. The segment’s Adjusted EBITDAR increased by 20% to $284 million, setting a new record. This performance was driven by strong table game turnover on the main casino floor, leading to a record-high market share of 15.5%. The segment’s success came despite an estimated $12 million hit from a typhoon.
The Las Vegas Strip Resorts segment reported a decline in both revenue and profit.
- Net Revenues fell 7% to $1.985 billion.
- Segment Adjusted EBITDAR dropped 18% to $601 million.
This decline was attributed to several factors, including room renovations at MGM Grand Las Vegas, a lower RevPAR rate, a decrease in the table games win percentage, and increased insurance costs. However, the company noted record slot win at several Las Vegas Strip resorts.
The Regional Operations segment remained largely stable, reporting $957 million in net revenues and $296 million in Segment Adjusted EBITDAR. This segment also achieved an all-time high slot win.
BetMGM North America Posts Strong Growth and Cash Distribution
The non-consolidated BetMGM North America joint venture reported strong growth and reached a key profitability milestone.
- Total Net Revenue from Operations grew 23% to $667 million.
- The venture swung to a positive EBITDA of $41 million in Q3 2025, a significant $57 million improvement from a $16 million loss in the prior year.
The performance was fueled by a 36% increase in online sports revenue and a 21% increase in iGaming revenue. Average Monthly Actives grew 6% to 902,000 users.
BetMGM raised its full-year 2025 revenue forecast to at least $2.75 billion and its EBITDA forecast to approximately $200 million.
Crucially, the venture announced it would begin returning cash to its parent companies. MGM Resorts expects to receive its first anticipated cash distribution of at least $100 million in Q4 2025. The company expects total distributions of at least $200 million by the end of the year.
Portfolio Optimization and Future Outlook
MGM made several strategic moves in the quarter to optimize its portfolio. Besides the New York license withdrawal, the company announced the sale of MGM Northfield Park for $546 million.
Looking ahead, MGM is confident in its large-scale international projects. Development work is proceeding on the integrated resort in Osaka, Japan, which is expected to open in 2030. The company secured a $300 million-equivalent yen-denominated credit facility to fund its equity contribution for the Osaka project. The Dubai resort project is also moving forward, with an expected opening in the second half of 2028.
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