Q3 2025 MGM Resorts International Earnings Call Transcript
Key Points
- MGM Resorts International (MGM) reported consolidated net revenue growth this quarter, driven by geographic and channel diversity.
- The company achieved record third-quarter EBITDAR in Macau despite a brief closure due to a typhoon.
- MGM's luxury properties in Las Vegas generated record third-quarter slot wins, indicating strong performance in the high-end market segment.
- BetMGM reached a new all-time revenue high in the third quarter, with improved profitability driven by customer growth and market share gains.
- MGM's digital business is expected to generate $1 billion in revenue with significant margins, driving double-digit returns on investments.
- Las Vegas segment reported a $130 million year-over-year decline in EBITDAR, impacted by decreased business interruption proceeds and increased insurance expenses.
- MGM faced challenges with occupancy and ADRs, particularly affecting properties like Luxor and Excalibur.
- The company withdrew its application for a commercial license in Yonkers, New York, due to concerns over investment sizing and competitive pressures.
- MGM Digital reported a segment EBITDA loss of $23 million for the quarter, with full-year losses expected to approach $100 million due to increased investment in Brazil.
- The company experienced a decrease in net revenue in Las Vegas by 7%, with a corresponding decrease in FTEs by 7% as part of cost containment efforts.
Good afternoon and welcome to the MGM Resorts International third-quarter 2025 earnings conference call. Joining the call from the company today are Mr. Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Hubert Wang, COO and President of MGM China Holdings; and Howard Wang, Vice President, Investor Relations.
(Operator Instructions) Please in this conference call is being recorded.
Now, I would like to turn the call over to Mr. Howard Wang. Please go ahead.
Thanks. Welcome to the MGM Resorts International third-quarter 2025 earnings call. This call is being broadcast live on the Internet at investors.mgemresorts.com. And we've also furnished our press release on Form 8-K to the SEC.
On this call, we will make forward-looking statements under the
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