MGM Resorts, China Report Q1 Revenue Decline

MGM Resorts International reported a 2% year-on-year decline in consolidated net revenue to about $4.3 billion for the first quarter of 2025, with adjusted EBITDA and net income also seeing decreases. The decline was attributed primarily to lower casino revenues in Macau and reduced non-gaming revenues in Las Vegas, as room rates were lower than during last year's Super Bowl period. Despite the dip, CEO Bill Hornbuckle described the results as 'strong,' highlighting solid forward bookings and projecting April to be a record month for Las Vegas hotel operations. MGM China, which contributed 23% of MGM Resorts' total net revenue, saw its EBITDA fall 5% compared to the previous year due to a drop in main floor table games, though results improved compared to the previous quarter. MGM Cotai outperformed MGM Macau, accounting for 61% of the group's Macau revenue, even as overall Macau casino revenues declined 3% year-on-year. The company also announced significant share repurchases and growth in its MGM Rewards program, reaching 50 million members.