MGM Resorts International reported a solid set of results for Q4 2025, with revenue rising about 6% year-over-year to roughly $4.6 billion, while profitability improved much more sharply. Net income nearly doubled and adjusted EBITDA grew around 20%, reflecting meaningful margin expansion and strong operating leverage. The company also delivered a clear beat versus expectations on both revenue and earnings, supported by strength in higher-margin segments.
A key driver of the quarter was continued momentum in Macau, where demand in the premium mass segment remained robust and helped offset softer trends in Las Vegas. The domestic business saw some pressure, with Las Vegas revenue declining modestly due to weaker room rates and occupancy, highlighting a more normalized post-peak environment. Meanwhile, MGM’s digital segment, primarily through BetMGM, showed encouraging progress, with strong revenue growth and a cash distribution to the parent company, signaling improving unit economics and a path toward sustained profitability.
For 2026, the company expects a gradual improvement in overall profitability, with particular emphasis on a stronger second half. Management indicated that Las Vegas EBITDA should recover later in 2026, supported by better occupancy, group/convention demand, and a more favorable events calendar. At the same time, Macau is expected to remain a key growth driver, continuing its momentum from 2025, while digital operations are projected to materially improve.
MGM Resorts International is seeking a full commercial casino license in New York to expand its Empire City Casino property in Yonkers into a large-scale integrated resort. The proposed ~$2–2.3 billion development would add live table games, a BetMGM sportsbook, a sizable entertainment venue, and new food and beverage offerings, alongside broader infrastructure upgrades. If approved, the project could be completed toward the end of the decade and is expected to generate significant construction and permanent employment, as well as incremental tax revenue for local governments. The proposal also includes sustainability initiatives such as energy-efficient design and electric vehicle charging, although final specifications remain subject to regulatory approval.
Below are key drivers of MGM Resorts value that present opportunities for upside or downside to the current Trefis price estimate for MGM Resorts:
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MGM Resorts International (MGM) is a holding company engaged in gaming, hospitality, and entertainment. It primarily owns and operates casino resorts that include gaming, hotel, dining, entertainment, retail, and other resort amenities in the U.S. and Macau.
Its Las Vegas Strip operating properties consist of the following casino resorts: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas, MGM Grand Las Vegas, Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).
Regional Operations consists of the following casino properties: MGM Grand Detroit, Beau Rivage; Borgata, MGM National Harbor, MGM Springfield, Empire City, and MGM Northfield Park.
The company owns approximately 56% of MGM China, which owns MGM Grand Paradise, the Macau company that owns and operates the MGM Macau and MGM Cotai casino resorts.
Additionally, through a 50% ownership interest, the company is developing an integrated resort in Osaka, Japan. It also has global online gaming operations primarily through consolidated subsidiary LV Lion Holding Limited, “LeoVegas”, and through its 50% ownership interest in BetMGM, LLC, an unconsolidated affiliate.
Las Vegas Strip Resorts remain the most valuable segment for MGM due to their scale and profitability.
MGM operates several iconic properties on the Strip, giving it significant pricing power and scale advantages. High occupancy and premium room rates contribute to strong cash flow generation.
Beyond gaming, MGM generates substantial revenue from hotels, food and beverage, entertainment, and conventions, which helps stabilize earnings across economic cycles.
BetMGM provides exposure to the fast-growing online betting market in the U.S., offering long-term growth potential as legalization expands across states.
The continued rebound in travel demand, particularly in Las Vegas and Macau, is driving higher occupancy and gaming volumes. MGM is well-positioned to benefit from this trend given its premium asset base.
The expansion of online sports betting and iGaming in the U.S. is a major industry trend. MGM's investment in BetMGM positions it to capture a meaningful share of this growing market.
MGM has been pursuing an asset-light model through property sales and leasebacks, improving return on capital and allowing greater focus on operations and brand management.
