May 1, 01:59 PM

MGM Resorts Q1 Revenue Down to $149M Net Income; BetMGM, Rewards Growth; Macau Revenue Exceeds Estimates; Las Vegas April Record Expected

MGM Resorts International reported a 2.4% decline in first-quarter 2025 revenue compared to the previous year, with net income falling to $149 million from $217 million in Q1 2024. Despite this, MGM's BetMGM segment showed strong growth, with net revenue increasing by 34% and EBITDA reaching $22 million, a $150 million improvement. The MGM Rewards program expanded to 50 million members, a growth of over 50% since 2020. MGM Resorts CEO Bill Hornbuckle described the company as being on "solid footing" through 2025, attributing resilience to strong Las Vegas Strip performance, a robust events calendar, and strategic partnerships such as with Marriott. Las Vegas resorts under MGM reported a solid first quarter, and April was expected to set a record, though there are concerns about a potential lag in Las Vegas tourism. Executives from MGM, Caesars Entertainment, and Red Rock Resorts expressed optimism and stated they are well positioned to withstand a recession if it occurs. In Macau, casino gaming revenue rose 1.7% year-over-year in April, surpassing analyst estimates of a 1.3% decline, with total gaming revenue reaching $2.6 billion. However, the growth for the first four months of 2025 in Macau remains under 1% compared to 2024. MGM Resorts is also reportedly exploring expansion opportunities in Dubai. Additionally, MGM has increased efforts to prevent money laundering at its Las Vegas casinos following an investigation into illegal bookmakers laundering money at two of its properties.

#MGM Resorts International #MGM #BetMGM #EBITDA #MGM Rewards #MGM Resorts #Bill Hornbuckle #Las Vegas Strip #Marriott #Las Vegas #Caesars Entertainment #Red Rock Resorts #Macau #Dubai

Written with ChatGPT (GPT-4).

MGM Resorts Q1 Revenue Down to $149M Net Income; BetMGM, Rewards Growth; Macau Revenue Exceeds Estimates; Las Vegas April Record Expected

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