MGM Resorts International has posted another impressive set of financial results for the third quarter of 2025, showcasing growth across various business segments, notably MGM China. The company’s consolidated net revenues reached $4.3 billion, a 2% increase from the previous year. This result was largely driven by MGM China’s record earnings, further bolstered by the strong performance of BetMGM in North America and the sale of MGM Northfield Park operations. Despite some challenges, including a goodwill impairment charge, MGM Resorts remains optimistic about its future prospects.

MGM China Drives Revenue Growth in Q3

As published in the company’s official report, one of the standout performances in MGM Resorts’ third-quarter results came from MGM China. The company reported a 17% year-over-year increase in net revenues, reaching $1.1 billion, primarily due to an 18% boost in main floor table games drop. MGM China’s segment adjusted EBITDAR surged 20% to $284 million, marking a record for the third quarter. This growth was fueled by solid gains in both mass and VIP gaming at MGM Cotai and MGM Macau.

At MGM Cotai, the company reported a 21.5% rise in revenue to $657.6 million, with adjusted EBITDAR climbing 23.3% to $186.6 million. Notably, VIP turnover at MGM Cotai saw a 44% increase, indicating strong demand from high-roller customers. Despite a decrease in VIP performance at MGM Macau, the property still saw a healthy 12% increase in revenue, supported by a robust performance in mass gaming.

MGM Cotai has emerged as a leader for the company in Macau, recording a 23% increase in adjusted EBITDAR year-over-year. VIP table games turnover at the property was up significantly, with the average win per table increasing as well. The casino saw growth in both mass and VIP segments, contributing to a strong overall performance.

Despite a slight dip in VIP performance at MGM Macau, the mass market segment showed resilience. MGM Macau achieved a revenue increase of 11.7% compared to the previous year, while adjusted EBITDAR rose by 13.7%. The performance of MGM Macau’s mass gaming area was particularly impressive, with the main floor table games drop showing steady growth.

MGM Resorts CEO Bill Hornbuckle highlighted the continued strength of the company’s premium-focused strategy. “MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third-quarter results from MGM China,” said Hornbuckle. This premium approach has proven successful in catering to high-end customers in key markets such as Macau, and the company continues to see encouraging signs of stability, particularly in Las Vegas.

BetMGM Accelerates Growth in North America

MGM Resorts’ North American sports betting venture, BetMGM, also saw impressive growth in Q3, with strong revenue and EBITDA increases. BetMGM raised its full-year guidance for 2025, underscoring the venture’s expanding profitability. The company is set to announce cash distributions to MGM Resorts, beginning in Q4 2025, with an initial payout expected to exceed $100 million. BetMGM’s performance reflects the growing momentum in North America’s regulated sports betting market, further enhancing MGM Resorts’ diversified portfolio.

MGM Resorts made significant strategic moves in Q3, including the sale of the operations of MGM Northfield Park for $546 million. This move reflects the company’s focus on integrated resort operations and its decision to exit certain regional markets to sharpen its core offerings. Additionally, the company entered into a $300 million yen-denominated credit facility to support its ongoing development of MGM Osaka, Japan’s first integrated resort, slated to open in 2030.

For the third quarter of 2025, MGM Resorts posted net revenues of $4.3 billion, up 2% year-over-year, though net income was impacted by a non-cash goodwill impairment charge. The company’s Adjusted EBITDA for the quarter was $506 million, slightly down from $574 million in the previous year. Despite the challenges, MGM Resorts remains confident in its long-term strategy, with an Adjusted EPS of $0.24, down from $0.54 in Q3 2024.

MGM’s Las Vegas Strip resorts faced some challenges during the quarter, with net revenues decreasing by 7% to $2.0 billion. This decline was largely attributed to the ongoing room remodels at MGM Grand Las Vegas, which affected overall revenues. However, the completion of the room remodels is expected to bring more stability as the group and convention season picks up. MGM’s regional operations remained relatively stable, with slight increases in revenue despite a small dip in adjusted EBITDAR.