The leading gaming, hospitality and entertainment company, MGM Resorts International, released its latest financial and operating results covering the quarter ended March 31, 2025.
While the company reported a slight decrease in its consolidated net revenues for the period, it observed a record slot win and Las Vegas Strip occupancy.
Revenue dips, Las Vegas occupancy and slot win rise
MGM Resorts revealed that its consolidated net revenues in Q1 this year halted at $4.3bn.
A year-over-year comparison pointed to a 2% decrease when compared to the corresponding quarter in 2024. The company attributed the dip to the decrease in revenues at MGM China and its properties on the Las Vegas Strip.
On the other hand, net income attributable to MGM Resorts halted at $149m, a figure that pointed to a decrease when compared to the $217m result reported in Q1 2024.
MGM Resorts reported net revenues of $2.2bn in Q1 this year for its Las Vegas Strip resorts.
The latest result, compared to the $2.3bn reported for the same period in 2024, shows a slight dip of 3% with the company explaining it was primarily due to a "decrease in non-gaming revenues, primarily resulting from a decrease in ADR as a result of the Super Bowl being hosted in Las Vegas in the prior year quarter, partially offset by an increase in casino revenue."
Focusing on regional operations, MGM Resorts reported net revenues of $900m for Q1 this year.
Compared to the first quarter last year, when regional revenue hit $909m, the latest result points to a decrease of 1%.
MGM China's net revenue for Q1 this year was $1.0bn, a figure that represents a slight dip of 3% when compared to the $1.1bn result from the same period in 2024.
MGM Digital's net revenue for the first quarter this year was $128m, a result that was on par with the figure posted last year.
Notably, MGM Resorts reported a record $545m slot win for its Las Vegas Strip resorts. The figure points to a solid 7% increase year-over-year.
Equally as good was the 94% record occupancy for Las Vegas Strip resorts recorded during the three months ended March 31, 2025.
A strong first quarter
Bill Hornbuckle, MGM Resorts International's Chief Executive Officer and President, commented on the topic.
"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 explained.
Hornbuckle added: "We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year."
Last but not least, the executive praised the company's outstanding team, brands that are recognized across the globe and diverse market portfolio, all factors that position MGM Resorts well for future growth.
Back in March, MGM Resorts expanded its Board of Directors with Donna Langley from NBCUniversal.
