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MGM posts $4.6B group net revenue in Q4
MGM’s Q4 report shows that earnings were mostly driven by the digital and China segments, while Las Vegas and overall U.S. regional businesses were declining.
The group posted a 6% increase year-on-year in Q4, reaching net revenue of $4.6 billion, while net income doubled from $157 million to $293 million. On the other hand, the full-year net income was down from $746.5 million in 2024 to $205 million in 2025.
MGM CEO Bill Hornbuckle stated:
“2024 was an amazing year in Las Vegas, and so 2025 was difficult. Yeah, we need to solve problems for Canada and leisure travel, but generally speaking, we feel very positive. Positive enough to think we’re going to exit 2026 on the up.”
Net revenue and adjusted EBITDA dropped for Las Vegas operations, with revenue declining 3% year-on-year in Q4, reaching $2.2 billion, and segment EBITDA down 4%.
Turning to MGM China, Q4 revenue increased by 21% to $1.2 billion, and its adjusted EBITDA jumped 30% to $332 million. Meanwhile, the digital segment saw a 35% year-on-year increase, generating $188 million.
BetMGM reported a 33% net revenue increase in Q4, recording strong performance and distributing $135 million to MGM during the quarter.
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