A week before it was due to formally release its 4Q25 and FY25 financial results, MGM Resorts confirmed early today that it had inadvertently released those results while earlier publishing financials for its online arm BetMGM.
The preliminary results include revenue and EBITDAR figures for the company’s Macau-based subsidiary, MGM China, which saw revenue rise by 21.4% year-on-year to US$1.24 billion – also around 12.4% higher than the third quarter.
Adjusted EBITDAR of US$332.3 million was up by 30.5% year-on-year, suggesting yet another record performance for MGM China.
The preliminary result also show group-wide MGM Resorts revenues climbing 16.5% to US$2.58 billion and net income by 86.5% to US$293.6 million.
MGM confirmed in a filing that the results had been “inadvertently posted” and expressed that the numbers remain subject to completion of the company’s financial closing procedures.
“This preliminary financial information has not been audited or reviewed by the company’s independent registered public accounting firm” and “shall not be deemed ‘filed’ for purposes of Section 18 of the Securities Act of 1934,” it said.
The company also revealed it would bring forward its official results release, which will now be published tomorrow (Friday) morning Asia time.
In an investor note, Seaport Research Partners analyst Vitaly Umansky said he could not be sure that the numbers are accurate but observed that they nevertheless appear in MGM’s public press release and that its stock price has reacted on this information.
He added that, based on this information, MGM outperformed in Las Vegas and Macau, with Macau’s revenue result beating Seaport forecasts by 3% and consensus by 13%.
“There is no clarity as to what drove the beats, but we expect high hold in Macau, and likely in Las Vegas contributed to the stronger than expected results,” Umansky wrote.
