Q2 2025 MGM Resorts International Earnings Call Transcript

Jul 30, 2025 / 09:00PM GMT

Release Date Price: €32.27 (-2.95%)

Transcript 10-Q8-K

Key Points

Positve

MGM Resorts International (MGM) reported record highest ever consolidated net revenue results this quarter, driven by a diverse portfolio and global presence.
The BetMGM North America venture raised its full-year 2025 guidance, indicating a significant EBITDA turnaround of nearly $400 million compared to last year.
MGM China achieved record adjusted EBITDAR and market share, with a strong performance in premium mass segments.
The company's exclusive relationship with Marriott continues to drive performance, with a significant increase in room nights and higher spending per customer.
MGM's regional properties reported record high net revenues, with strong performance across gaming, hotel, and food and beverage segments.

Negative

Las Vegas experienced a choppy period, with adjusted EBITDAR decline primarily due to disruptions at the MGM Grand and midweek weakness at value-oriented properties.
The company is facing challenges with lower midweek visitation at value-oriented properties, impacting overall performance.
MGM Grand's room remodel and abnormal hold significantly impacted results, accounting for over 80% of the decline in Las Vegas.
International visitation, particularly from Canada and Southern California, has been lower than expected, affecting overall visitation numbers.
The company is cautious with share repurchases due to a focus on capital deployment for development projects, despite seeing meaningful value in the current share price.

Operator

Good afternoon, and welcome to the MGM Resorts International second-quarter 2025 earnings conference call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Mr. Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Mr. Hubert Wang, COO and President of MGM China Holdings; and Howard Wang, Vice President and Investor Relations. (Operator Instructions) Please note this conference call is being recorded.

Now I would like to turn the call over to Mr. Howard Wang. Please go ahead.

Howard Wang

MGM Resorts International - Vice President - Investor Relations

Thanks, Chuck. Welcome to the MGM Resorts International second-quarter 2025 earnings call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we have also furnished our press release on Form 8-K to the SEC.

On this call, we will make forward-looking statements

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