MGM Resorts International

MGM 10-Q · Q3 2025
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MGM Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 4,250,464 4,183,138 +1.6%
Show Product Lines breakouts
Casino 2,293,996 2,121,049 +8.2%
Casino · Las Vegas Strip Resorts 450,273 476,434 -5.5%
Casino · MGM China 947,483 800,208 +18.4%
Casino · MGM Digital 174,027 141,202 +23.2%
Casino · Regional Operations 695,938 692,654 +0.5%
Entertainment, retail and other 412,635 423,203 -2.5%
Entertainment, retail and other · Las Vegas Strip Resorts 326,578 337,931 -3.4%
Entertainment, retail and other · MGM China 9,567 12,863 -25.6%
Entertainment, retail and other · Regional Operations 55,569 54,841 +1.3%
Food And Beverage 748,597 755,322 -0.9%
Food And Beverage · Las Vegas Strip Resorts 547,298 574,587 -4.7%
Food And Beverage · MGM China 83,092 64,356 +29.1%
Food And Beverage · Regional Operations 118,206 116,378 +1.6%
Occupancy 795,236 883,564 -10.0%
Occupancy · Las Vegas Strip Resorts 660,488 743,261 -11.1%
Occupancy · MGM China 47,586 52,029 -8.5%
Occupancy · Regional Operations 87,162 88,275 -1.3%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 1,984,637 2,132,213 -6.9%
MGM China · Operating Segments 1,087,728 929,456 +17.0%
Regional Operations · Operating Segments 956,875 952,148 +0.5%
Show Consolidation Items breakouts
Corporate and other 47,197 28,119 +67.8%
Operating Segments 4,203,267 4,155,019 +1.2%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
Casino 1,321,774 1,205,286 +9.7%
Entertainment, retail and other 261,772 259,694 +0.8%
Food And Beverage 554,554 563,521 -1.6%
Occupancy 266,767 286,658 -6.9%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 126,193 132,001 -4.4%
MGM China · Operating Segments 30,284 23,729 +27.6%
Regional Operations · Operating Segments 41,101 42,131 -2.4%
Selling, General & Administrative 1,240,178 1,176,726 +5.4%
Corporate Income Expense 125,257 125,043 +0.2%
Preopening And Start Up Income Expense 31 519 -94.0%
Property Transactions Net 101,775 25,493 +299.2%
Goodwill Impairment Loss 256,133 — —
Show Reporting Unit breakouts
Empire City Reporting Unit 256 — —
Depreciation And Amortization 260,717 233,330 +11.7%
Total Costs & Expenses 4,388,958 3,876,270 +13.2%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 1,383,768 1,401,176 -1.2%
MGM China · Operating Segments 803,738 692,100 +16.1%
MGM Digital 197,275 164,027 +20.3%
Regional Operations · Operating Segments 661,354 652,163 +1.4%
Income Loss From Unconsolidated Affiliates 25,642 7,989 +221.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
BetMGM North America Venture 23,725 3,211 +638.9%
Other 1,917 4,778 -59.9%
Operating Income -112,852 314,857 -135.8%
Interest Expense -102,287 -111,873 +8.6%
Non Operating Expense Income From Unconsolidated Affiliates 5,942 417 +1324.9%
Other Non-Operating Income (Expense) -10,390 93,333 -111.1%
Non-Operating Income (Expense) -106,735 -18,123 -488.9%
Income Before Taxes -219,587 296,734 -174.0%
Income Tax Expense (Benefit) 12,858 -52,570 +124.5%
Net Income -206,729 244,164 -184.7%
Net Income Loss Attributable To Noncontrolling Interest -78,526 -59,586 -31.8%
Net Income -285,255 184,578 -254.5%
EPS (Basic) -1.05 0.61 -272.1%
EPS (Diluted) -1.05 0.61 -272.1%
Wtd Avg Shares (Basic) 272,517 300,499 -9.3%
Wtd Avg Shares (Diluted) 272,517 303,479 -10.2%
Comprehensive Income -298,931 338,770 -188.2%
Net Income Loss Available To Common Stockholders Basic -285,632 184,362 -254.9%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 639,265 669,279 -4.5%
MGM China · Operating Segments 157,782 142,249 +10.9%
MGM Digital · Operating Segments 34,803 25,394 +37.1%
Regional Operations · Operating Segments 237,540 235,157 +1.0%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 2,133,548 2,950,592 -27.7%
Accounts Receivable 932,133 964,741 -3.4%
Inventory 127,104 144,843 -12.2%
Income Taxes Receivable 164,621 212,578 -22.6%
Prepaid Expenses & Other Current Assets 574,371 559,699 +2.6%
Total Current Assets 3,931,777 4,832,453 -18.6%
Non-Current Assets
Property, Plant & Equipment 6,281,685 5,950,035 +5.6%
Goodwill 4,942,559 — —
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 2,707,009 — —
MGM China · Operating Segments 1,354,227 — —
MGM Digital · Operating Segments 476,516 — —
Regional Operations · Operating Segments 404,807 — —
Operating Lease Right-of-Use Assets 23,127,115 23,658,647 -2.2%
Show Lease Contractual Term breakouts
Bellagio 3.4 — —
Deferred Tax Assets 68,985 — —
Other Non-Current Assets 902,281 933,402 -3.3%
Total Assets 41,410,875 42,740,953 -3.1%
Other Assets
Investments In Affiliates Subsidiaries Associates And Joint Ventures 540,066 414,161 +30.4%
Intangible Assets Net Excluding Goodwill 1,616,407 1,776,503 -9.0%
Current Liabilities
Accounts Payable 421,119 391,836 +7.5%
Interest Payable Current 95,317 112,403 -15.2%
Other Liabilities Current 2,667,990 2,707,519 -1.5%
Total Current Liabilities 3,184,426 3,886,758 -18.1%
Deferred Revenue (Current) (Q) — — —
Show Product Lines breakouts
Customer Advances and Other 789,532 795,489 -0.7%
Loyalty Program 217,802 213,330 +2.1%
Outstanding Chip Liability 187,067 171,502 +9.1%
Non-Current Liabilities
Deferred Tax Liabilities 2,839,142 2,792,523 +1.7%
Long-Term Debt 6,163,574 — —
Operating Lease Liabilities 24,988,015 25,092,217 -0.4%
Show Lease Contractual Term breakouts
Bellagio 3.8 — —
Other Non-Current Liabilities 784,329 880,296 -10.9%
Total Liabilities 37,959,486 — —
Long-Term Debt 6,163,574 6,909,275 -10.8%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 31,464 33,343 -5.6%
Stockholders' Equity
Common Stock 2,722 2,969 -8.3%
Additional Paid In Capital Common Stock 1,127 — —
Retained Earnings 2,324,289 3,037,397 -23.5%
Accumulated Other Comprehensive Income 347,843 191,575 +81.6%
Total Stockholders' Equity 2,675,981 3,231,941 -17.2%
Minority Interest 743,944 589,600 +26.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,419,925 3,821,541 -10.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 347,843 191,575 +81.6%
Additional Paid In Capital 1,127 — —
Common Stock 2,722 2,969 -8.3%
Noncontrolling Interest 743,944 589,600 +26.2%
Parent 2,675,981 3,231,941 -17.2%
Retained Earnings 2,324,289 3,037,397 -23.5%
Total Liabilities & Equity 41,410,875 42,740,953 -3.1%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 20,250 20,396 -0.7%
Provision For Doubtful Accounts 39,364 49,693 -20.8%
Stock-Based Compensation 59,384 51,720 +14.8%
Foreign Currency Transaction Gain Loss Before Tax 285,452 28,303 +908.6%
Noncash Lease Expense 382,965 386,412 -0.9%
Gain Loss On Investments -35,275 -11,134 -216.8%
Income Loss From Equity Method Investments -40,755 49,276 -182.7%
Equity Method Investment Dividends Or Distributions 8,245 12,390 -33.5%
Deferred Income Taxes -2,850 -68,942 +95.9%
Change in Accounts Receivable 127,552 -40,244 +416.9%
Change in Inventory 13,410 -3,029 +542.7%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable 87,491 -69,203 +226.4%
Change in Prepaid & Other Assets -82,177 -33,577 -144.7%
Increase Decrease In Accounts Payable And Accrued Liabilities -204,858 -232,629 +11.9%
Other Operating Activities Cash Flow Statement -34,548 41,811 -182.6%
Net Cash from Operations 1,874,383 1,690,940 +10.8%
Investing Activities
Capital Expenditures -772,472 -746,572 -3.5%
Proceeds From Sale Of Property Plant And Equipment 613 3,472 -82.3%
Payments To Acquire Equity Method Investments -208,343 -182,078 -14.4%
Show Geography breakouts
JP · MGM Osaka -30.7 -25.2 -21.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 70,756 1,762 +3915.7%
Other Investing Activities -30,763 158,060 -119.5%
Net Cash from Investing -940,209 -879,238 -6.9%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less 289,543 -19,061 +1619.0%
Repayments Of Long Term Debt -500,000 -1,500,000 +66.7%
Debt Issuance Costs -40,839 -38,268 -6.7%
Payments Of Dividends Minority Interest -158,747 -103,569 -53.3%
Share Repurchases -717,175 -1,238,064 +42.1%
Proceeds From Payments For Other Financing Activities -105,182 25,163 -518.0%
Net Cash from Financing -1,232,400 -773,799 -59.3%
Supplemental
Interest Paid 269,489 262,023 +2.8%
Income Taxes Paid -34,389 225,280 -115.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 16,088 -14,736 +209.2%
Net Change in Cash -282,138 23,167 -1317.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,220,926 3,038,063 -26.9%

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

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