A day after inadvertently released some of its 4Q25 and FY25 financials, MGM Resorts officially published its full results on Friday morning (Asia time) – having brought forward the release date in the wake of the earlier error.
As reported by Inside Asian Gaming on Thursday, the 4Q25 results show another quarter of outperformance by Macau subsidiary MGM China, which generated net revenues of US$1.24 billion, up 21.4% year-on-year, and Adjusted EBITDAR of US$332.3 million, up 30.5%. Casino revenue grew by 23% to US$1.09 billion.
MGM China’s net revenues for the 12 months to 31 December 2025 reached US$4.5 billion, up 11% year-on-year, with Adjusted EBITDAR also up 11% to US$1.2 billion.
The company’s flagship Macau resort, MGM COTAI, was again the star performer in the fourth quarter, reporting a 34.1% increase in total revenue to HK$6.14 billion (US$786 million) and a 55.0% increase in Adjusted EBITDAR to HK$1.88 billion (US$241 million).
Peninsula property MGM MACAU generated total revenue of HK$3.48 billion (US$445 million), up 4.1% year-on-year, although Adjusted EBITDAR of HK$868 million (US$111 million) was down 4.7%.
Group-wide, MGM Resorts reported a 6% increase in net revenues of US$4.6 billion in 4Q25 with net income attributable to MGM Resorts up 87% to US$294 million. Consolidated Adjusted EBITDA of US$635 million was up 20%.
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, President and CEO of MGM Resorts International.
“As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka.”
