Q4 2025 MGM Resorts International Earnings Call Transcript
Key Points
- MGM Resorts International (MGM) achieved record fourth quarter and full-year EBITDAR in Macau, maintaining strong margins and market share.
- The company reported a nearly $470 million EBITDA turnaround at BetMGM North America, which began distributions to its parent companies in the fourth quarter.
- MGM Resorts International (MGM) broke ground on MGM Osaka, expected to be the world's largest integrated resort upon opening.
- The company saw a 7% increase in EBITDAR at its top luxury offerings, Bellagio and ARIA, in 2025.
- MGM Resorts International (MGM) continues to invest in technology, resulting in an 18% increase in digital check-ins and improved guest engagement through AI.
- Las Vegas EBITDAR declined 4% year-over-year in the fourth quarter, although it showed signs of stabilization.
- Luxor and Excalibur properties had a disproportionate negative impact on Las Vegas EBITDAR, representing about 6% of the segment's adjusted EBITDAR.
- The company faced challenges with room renovations at MGM Grand, resulting in approximately $65 million in EBITDA impact during 2025.
- There are concerns about the impact of the 90% gaming loss tax deductibility on MGM Resorts International (MGM)'s business.
- The company is experiencing some cost pressures in Macau, although it has managed to maintain strong margins.
Good afternoon, and welcome to the MGM Resorts International fourth quarter and full-year 2025 earnings conference call.
Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Ayesha Molino, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer; Gary Fritz, Chief Commercial Officer and President of MGM Digital; Kenneth Feng, Chief Executive Officer of MGM China Holdings; and Howard Wang, Vice President, Investor Relations.
(Operator Instructions) Please note, this conference is being recorded.
Now I would like to turn the call over to Howard Wang. Please go ahead.
Thanks, Marco. Welcome to the MGM Resorts International fourth quarter and full-year 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 under the safe harbor provisions
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