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MGM Resorts International reported a net loss of $285m in Q3 2025, with its decision to withdraw from the New York casino licence process and related write-downs weighing heavily on results.
Despite modest revenue growth and record earnings in Macau, the US-based operator faced softer performance in Las Vegas and a dip in overall profitability.
A tough quarter shaped by tough calls
Sometimes, growth means stepping back to move forward.
MGM’s total net revenues rose 2% year on year to $4.3bn, supported by a strong rebound in Macau through MGM China, which captured a 15.5% market share during the quarter.
However, the company booked $256m in goodwill impairment and $93m in other write-offs linked to the withdrawal of its Empire City licence bid, swinging the business from a $185m profit last year to a $285m loss this quarter.
Adjusted EBITDA dropped to $506m, down from $574m a year earlier, while adjusted diluted EPS fell to $0.24 from $0.54.
The results underline a quarter where MGM focused less on chasing licences and more on protecting long-term value.
Las Vegas slows while luxury holds steady
Even on the Strip, momentum can shift fast.
MGM’s Las Vegas resorts saw a softer quarter, with revenue falling 7% to $2.0bn and EBITDAR down 18% to $601m.
The company pointed to lower table game win rates, weaker food and beverage spend, and temporary disruption from room renovations at the MGM Grand.
Analyst Jordan Bender of Citizens said performance was uneven across the portfolio. MGM’s high-end properties continue to hold steady, but value-focused resorts such as Luxor and Excalibur reportedly saw a $40m EBITDAR drop.
He added that softness at the lower end of the market could continue into early 2026, despite a solid event pipeline and stable travel conditions.
Macau carries the quarter
When one market slows, another shines.
MGM China delivered its best quarter since the pandemic, with net revenue up 17% to $1.1bn and EBITDAR climbing 20% to $284m.
The results cement MGM’s position as one of Macau’s top performers, driven by sustained recovery in premium gaming and rising tourism demand. The strong showing helped offset weaker US results and reaffirmed the company’s focus on global diversification.
Digital growth and strategic moves
While physical resorts faced headwinds, digital growth told a different story.
MGM’s online revenue (excluding BetMGM) jumped 23% to $174m, reflecting stronger cross-market brand engagement. Meanwhile, BetMGM, its joint venture with Entain, delivered another quarter of top-line and EBITDA growth, prompting the company to raise full-year guidance again.
MGM expects its first BetMGM cash distribution of at least $100m by the end of 2025, a milestone signalling the JV’s growing profitability.
Elsewhere, MGM sold its Northfield Park operations for $546m, a move it said highlights “the value gap in our stock,” and secured a ¥300m (US$2m) credit facility at 2.5% interest to fund progress on its $10bn Osaka integrated resort.
Analysts see turbulence, but optimism remains
Short-term pain, long-term positioning, that’s the game MGM is playing.
Barry Jonas of Truist maintained a Buy rating on MGM shares, citing confidence in the company’s Las Vegas calendar, the Marriott partnership, and international expansion in Macau and Osaka.
He acknowledged continued uncertainty over whether MGM will move to acquire Entain’s 50% stake in BetMGM, noting that “the path to 100% ownership isn’t as clear as some once thought.”
Even so, Jonas described MGM as “pragmatically positioned for global growth,” pointing to a long-term vision built on brand strength, digital scaling, and a disciplined investment strategy.
MGM’s Q3 paints a story of recalibration, stepping back from one race to strengthen its hand elsewhere. The losses may sting, but the strategy looks designed for the long game.
Source: NEXT.io
