MGM Resorts’ third-quarter financial report is in, with China seeing a rise

MGM China is soaring, while stability is being seen in Vegas, according to MGM Resorts International’s third quarter financial and operating results of 2025.

The company released the report on Wednesday (October 29), with the consolidated net revenues being $4.3 billion which represents an increase of 2% compared to the prior year quarter. This slight rise is primarily due to an increase in net revenues at MGM China.

This area achieved both record Q3 segment adjusted EBITDAR and market share of 15.5%.

For the company overall, the consolidated adjusted EBITDA stood at $506 million in the current quarter which is lower than the $574 million seen in the prior year quarter.

“MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International.

“The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business.”

Signs of stability seen in Las Vegas, MGM reports

Las Vegas has had a lot of attention recently, as some suggest there has been a slump in Sin City. “We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel,” said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International.

The net revenues across the Las Vegas strip resorts were $2 billion in the current quarter, compared to $2.1 billion in the prior year quarter. According to the report, a decrease of 7% has been due primarily to the room remodel at MGM Grand Las Vegas, as well as a decrease in RevPAR, a decrease in table games win percentage, and a decrease in food and beverage revenue.

The same cannot be said about Caesars Entertainment, which reported a loss of $110 million for the quarter on the same day.

Featured Image: Credit to Håkan Dahlström from Malmö, Sweden on Wikimedia Commons. CC2.0 license.

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