MGM Resorts Posts $4.5B in Q1 Revenue, With Macau Bolstering Its Quarterly Results

(AsiaGameHub) –   MGM Resorts announced an increase in first-quarter revenue, driven by strong performance in Macau and accelerated digital growth—though profits and adjusted EBITDAR declined across most of its operations.

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Key Highlights

• MGM Resorts’ Q1 net revenue rose 4% year-over-year to $4.5 billion.
• Net income decreased 16% to $125 million, while adjusted EBITDAR fell 9% to $580 million.
• MGM China’s revenue grew 9% to $1.1 billion, and digital revenue surged 43% to $183 million.

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Macau and Digital Segments Boost MGM’s Performance

MGM Resorts saw revenue growth across all core segments in Q1, but only the digital division improved in terms of reducing its adjusted EBITDAR loss. The company reported $4.5 billion in net revenue, with adjusted EBITDAR dropping to $580 million and net income sliding to $125 million.

Macau delivered one of MGM’s stronger results. MGM China’s revenue climbed 9% to $1.1 billion during the quarter, which included the Chinese New Year period. Table game winnings in Macau exceeded $1 billion—an 18% rise from the prior year—though adjusted EBITDAR still fell 4% to $273 million.

Bill Hornbuckle, CEO of MGM Resorts, said: “It’s always difficult to say Macau is ‘stable’, but I feel good about it, I feel very good about our market position and what we’re doing and how we’re doing it.”

He also noted that MGM remains “under-suited” in Macau and plans to expand hotel capacity there.

The digital segment also made positive progress. Revenue from LeoVegas (not BetMGM) increased 43% to $183 million. The digital division’s adjusted EBITDAR loss narrowed from $34 million to $26 million. MGM expects this loss to continue shrinking, though tax and regulatory changes in Brazil may add extra costs.

Gary Fritz, MGM Chief Commercial Officer and president of digital, said: “We’ve indicated in that past that we would see the loss this year for the digital segment halving relative to last year, we might see a little bit more investment this year than that, given some of the regulatory changes and tax changes in Brazil, but we’re definitely anticipating the loss to materially narrow…which then sets us up in 2027 for close to a break-even year, if not 100% getting there.”

Las Vegas delivered a mixed performance for MGM. Revenue reached $2.2 billion—just $4 million above last year—while adjusted EBITDAR fell 8% to $749 million. Hotel revenue stayed nearly flat at $751 million, but casino revenue dropped 5%, table game winnings slipped 1%, and slot machine winnings also declined 1%.

Hornbuckle said: “The market’s changed, the consumer has changed. Luckily for us we have a lot of luxury product and brands that can cater to that, and it’s going to continue.”

He added: “Despite many headwinds, we have yet to see a slowdown. That doesn’t mean over the summer that can’t happen, because booking cycles still remain short.”

MGM has tested all-inclusive Las Vegas packages at Luxor and Excalibur as operators aim to attract back value-driven and first-time travelers. COO Ayesha Molino said: “We’ve been really pleased with the response to the all-inclusive package, we’ve seen really steady momentum since we first deployed that and the customer response has been really good.”

She noted a “significant portion” of demand came from new customers.

Apart from quarterly results, discussions about an NBA team in Las Vegas drew attention. MGM co-owns T-Mobile Arena, the primary current option for a potential NBA team in the city. Hornbuckle said he was “already under three NDAs” and added: “T-Mobile is part of that conversation, whether it’s short-term or long-term, all roads lead to it for now…so we’re intimately involved in those conversations.”

MGM Osaka remains on schedule. Hornbuckle stated the Japan integrated resort is progressing “on time and on budget for a 2030 opening.”

MGM reported total liabilities of around $38 billion, roughly flat from last year. The company also repurchased $90 million in stock during Q1. Shares closed Wednesday down 1% at $39.27—still up about 24% over 12 months but below 2023 highs near $50.