MGM
MGM Resorts International36.84
-0.54-1.44%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
LV stabilization details reaffirmed
Q&A drilled into Las Vegas stabilization, citing improving ADR cadence into Q1, Q4 RevPOR up despite RevPAR drops, and $65 million EBITDA boost from MGM Grand remodel completion. Management flagged $20 million Q4 table hold benefit, very low single-digit 2026 expense growth, and minimal ARIA disruption starting mid-Q4. Macau execs touted CNY waitlists for top tiers amid stable mid-20s margins. Resilient gaming traced to high-40s baccarat share; no Strip-to-regional trade-down seen. RevPOR rose despite RevPAR weakness. Steady tone; watch Q1 traction.
Key Stats
Market Cap
10.08BP/E (TTM)
184.20Basic EPS (TTM)
0.20Dividend Yield
0%Recent Filings
10-K
FY2025 results
MGM Resorts posted FY2025 net revenues of $17.5B, up 2% y/y, with MGM China surging 11% on 15% higher Macau arrivals and main floor table games drop climbing to $15.8B from $14.7B, while MGM Digital grew 19% via organic gains; yet Las Vegas Strip dipped 4% as RevPAR fell 7% to $229 amid room remodels, dragging operating income down 33% to $1.0B amid $279M goodwill impairments and higher depreciation. Q4 momentum shone in Regional Operations with slots handle up to $27.2B y/y and margins ticking to 30.8%, plus BetMGM flipping to profits. Share repurchases hit $1.2B, leaving $1.6B capacity, atop $2.1B cash. Empire City impairments flagged no gaming license pursuit. Substantial lease obligations strain liquidity.
8-K
Q4 EBITDA up 20%
MGM Resorts reported Q4 2025 net revenues of $4.6B, up 6%, with net income of $294M and Consolidated Adjusted EBITDA of $635M, surging 20% despite Las Vegas Strip declines. MGM China and digital revenues jumped 21% and 35%, while BetMGM distributed $135M. Shares repurchased: 15M in Q4. Full-year Adjusted EBITDA grew 1%.
8-K
Preliminary 2025 results out
MGM Resorts inadvertently released preliminary Q4 and full-year 2025 results on February 4, 2026, showing casino revenues up to $2.6B from $2.2B while rooms dipped. Full-year net income attributable to MGM plunged to $206M from $747M, hit by $279M goodwill impairment and higher other expenses. Adjusted EBITDA edged higher to $2.43B. Numbers pending audit.
8-K
McManus employment deal signed
MGM Resorts locked in Chief Legal and Administrative Officer John McManus with a new employment agreement effective January 1, 2026, running through December 31, 2029. It guarantees $1M base salary, 150% target bonus, and $2.5M annual equity grants. Non-compete binds him 12 months post-term. Locks legal leadership through 2029.
8-K
JPY45.2B term loan secured
MGM Resorts locked in a JPY45.2 billion term loan on October 23, 2025, expandable to JPY67.8 billion, maturing October 2030 (or earlier if existing revolvers extend beyond February 2029). TIBOR plus 1.75% initially, stepping to 1.50%-2.25% via leverage grid; secured by domestic property equity pledges pending gaming nods. Covenants curb debt, liens, and payouts while mandating leverage tests—bolsters Japan funding firepower.
IPO
Website
Employees
Sector
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