MGM Resorts International

MGM 10-Q · Q2 2025
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MGM Q2 2025 request

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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 4,404,870 4,327,375 +1.8%
Show Product Lines breakouts
Casino 2,329,798 2,212,759 +5.3%
Casino · Las Vegas Strip Resorts 456,581 484,739 -5.8%
Casino · MGM China 977,397 891,241 +9.7%
Casino · MGM Digital 163,861 143,347 +14.3%
Casino · Regional Operations 710,115 684,037 +3.8%
Entertainment, retail and other 436,492 413,480 +5.6%
Entertainment, retail and other · Las Vegas Strip Resorts 338,313 329,188 +2.8%
Entertainment, retail and other · MGM China 9,302 7,788 +19.4%
Entertainment, retail and other · Regional Operations 59,109 52,663 +12.2%
Food And Beverage 778,179 802,138 -3.0%
Food And Beverage · Las Vegas Strip Resorts 584,948 624,241 -6.3%
Food And Beverage · MGM China 77,656 65,991 +17.7%
Food And Beverage · Regional Operations 115,575 111,906 +3.3%
Occupancy 860,401 898,998 -4.3%
Occupancy · Las Vegas Strip Resorts 734,850 767,294 -4.2%
Occupancy · MGM China 45,738 53,171 -14.0%
Occupancy · Regional Operations 79,813 78,532 +1.6%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 2,114,692 2,205,462 -4.1%
MGM China · Operating Segments 1,110,093 1,018,191 +9.0%
Regional Operations · Operating Segments 964,612 927,138 +4.0%
Show Consolidation Items breakouts
Corporate and other 51,612 33,237 +55.3%
Operating Segments 4,353,258 4,294,138 +1.4%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
Casino 1,333,850 1,221,755 +9.2%
Entertainment, retail and other 262,880 252,147 +4.3%
Food And Beverage 576,633 571,430 +0.9%
Occupancy 272,066 277,849 -2.1%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 129,926 134,154 -3.2%
MGM China · Operating Segments 27,350 23,624 +15.8%
Regional Operations · Operating Segments 40,847 40,707 +0.3%
Selling, General & Administrative 1,213,691 1,210,968 +0.2%
Corporate Income Expense 124,096 124,078 0.0%
Preopening And Start Up Income Expense 849 855 -0.7%
Property Transactions Net 125 16,477 -99.2%
Depreciation And Amortization 241,975 191,976 +26.0%
Total Costs & Expenses 4,026,165 3,867,535 +4.1%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 1,404,196 1,423,173 -1.3%
MGM China · Operating Segments 808,751 724,328 +11.7%
MGM Digital 189,559 157,283 +20.5%
Regional Operations · Operating Segments 655,956 638,760 +2.7%
Income Loss From Unconsolidated Affiliates 25,860 -34,184 +175.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
BetMGM LLC 21,770 -38,391 +156.7%
Other 4,090 4,207 -2.8%
Operating Income 404,565 425,656 -5.0%
Interest Expense -105,584 -112,739 +6.3%
Non Operating Expense Income From Unconsolidated Affiliates -4,055 1,762 -330.1%
Other Non-Operating Income (Expense) -161,170 -43,431 -271.1%
Non-Operating Income (Expense) -270,809 -154,408 -75.4%
Income Before Taxes 133,756 271,248 -50.7%
Income Tax Expense (Benefit) -15,662 11,554 -235.6%
Net Income 118,094 282,802 -58.2%
Net Income Loss Attributable To Noncontrolling Interest -69,143 -95,730 +27.8%
Net Income 48,951 187,072 -73.8%
EPS (Basic) 0.18 0.6 -70.0%
EPS (Diluted) 0.18 0.6 -70.0%
Wtd Avg Shares (Basic) 273,329 311,179 -12.2%
Wtd Avg Shares (Diluted) 275,615 314,420 -12.3%
Comprehensive Income 322,445 164,645 +95.8%
Net Income Loss Available To Common Stockholders Basic 48,982 187,170 -73.8%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 666,550 658,503 +1.2%
MGM China · Operating Segments 154,776 140,744 +10.0%
MGM Digital · Operating Segments 32,854 19,122 +71.8%
Regional Operations · Operating Segments 232,239 228,127 +1.8%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,958,020 2,414,195 -18.9%
Accounts Receivable 1,043,734 1,016,898 +2.6%
Inventory 126,704 147,863 -14.3%
Income Taxes Receivable 227,304 207,601 +9.5%
Prepaid Expenses & Other Current Assets 502,705 622,579 -19.3%
Total Current Assets 3,858,467 4,409,136 -12.5%
Non-Current Assets
Property, Plant & Equipment 6,250,677 5,715,638 +9.4%
Goodwill 5,188,903 — —
Operating Lease Right-of-Use Assets 23,251,222 23,785,252 -2.2%
Show Lease Contractual Term breakouts
Bellagio 3.4 — —
Deferred Tax Assets 55,881 — —
Other Non-Current Assets 907,247 855,765 +6.0%
Total Assets 41,699,395 41,815,461 -0.3%
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 484,187 237,821 +103.6%
Intangible Assets Net Excluding Goodwill 1,702,811 1,658,403 +2.7%
Current Liabilities
Accounts Payable 383,466 401,924 -4.6%
Interest Payable Current 71,467 57,506 +24.3%
Other Liabilities Current 2,712,152 2,540,743 +6.7%
Total Current Liabilities 3,167,085 3,000,173 +5.6%
Deferred Revenue (Current) (Q) — — —
Show Product Lines breakouts
Customer Advances and Other 764,446 799,658 -4.4%
Loyalty Program 213,502 203,099 +5.1%
Outstanding Chip Liability 222,259 213,685 +4.0%
Non-Current Liabilities
Deferred Tax Liabilities 2,801,424 2,797,378 +0.1%
Long-Term Debt 6,205,142 6,292,676 -1.4%
Operating Lease Liabilities 25,012,186 25,110,920 -0.4%
Show Lease Contractual Term breakouts
Bellagio 3.8 — —
Other Non-Current Liabilities 770,690 768,001 +0.4%
Total Liabilities 37,956,527 — —
Long-Term Debt 6,205,142 6,292,676 -1.4%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 31,681 32,168 -1.5%
Stockholders' Equity
Common Stock 2,722 3,050 -10.8%
Retained Earnings 2,609,529 3,172,243 -17.7%
Accumulated Other Comprehensive Income 361,519 37,383 +867.1%
Total Stockholders' Equity 2,973,770 3,212,676 -7.4%
Minority Interest 737,417 601,469 +22.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,711,187 3,814,145 -2.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 361,519 37,383 +867.1%
Common Stock 2,722 3,050 -10.8%
Noncontrolling Interest 737,417 601,469 +22.6%
Parent 2,973,770 3,212,676 -7.4%
Retained Earnings 2,609,529 3,172,243 -17.7%
Total Liabilities & Equity 41,699,395 41,815,461 -0.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 13,862 13,708 +1.1%
Provision For Doubtful Accounts 29,757 29,838 -0.3%
Stock-Based Compensation 45,109 39,325 +14.7%
Foreign Currency Transaction Gain Loss Before Tax 308,454 -37,166 +929.9%
Noncash Lease Expense 257,052 257,430 -0.1%
Gain Loss On Investments -38,226 43,760 -187.4%
Income Loss From Equity Method Investments -9,171 57,682 -115.9%
Equity Method Investment Dividends Or Distributions 6,825 11,088 -38.4%
Deferred Income Taxes -27,997 -59,747 +53.1%
Change in Accounts Receivable 24,733 -74,066 +133.4%
Change in Inventory 13,557 -6,178 +319.4%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 29,074 -70,944 +141.0%
Change in Prepaid & Other Assets -11,392 -3,996 -185.1%
Increase Decrease In Accounts Payable And Accrued Liabilities -194,910 -286,246 +31.9%
Other Operating Activities Cash Flow Statement -92,615 102,311 -190.5%
Net Cash from Operations 1,192,949 1,023,509 +16.6%
Investing Activities
Capital Expenditures -496,483 -410,322 -21.0%
Proceeds From Sale Of Property Plant And Equipment 91 1,681 -94.6%
Payments To Acquire Equity Method Investments -85,487 -41,198 -107.5%
Show Geography breakouts
JP · MGM Osaka -12.3 -3 -310.0%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 1,089 1,202 -9.4%
Other Investing Activities -24,540 63,719 -138.5%
Net Cash from Investing -605,330 -385,409 -57.1%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 339,382 207,749 +63.4%
Repayments Of Long Term Debt -500,000 -1,500,000 +66.7%
Debt Issuance Costs -40,839 -25,323 -61.3%
Payments Of Dividends Minority Interest -80,037 -94,936 +15.7%
Share Repurchases -717,163 -915,337 +21.7%
Proceeds From Payments For Other Financing Activities -61,248 -45,605 -34.3%
Net Cash from Financing -1,059,905 -1,123,452 +5.7%
Supplemental
Interest Paid 197,440 211,735 -6.8%
Income Taxes Paid 63,243 165,936 -61.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 13,867 -28,269 +149.1%
Net Change in Cash -458,419 -513,621 +10.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,044,645 2,501,275 -18.3%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

This table is rendered from the same JSON returned by /api/financials.

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