MGM reports its best ever Strip occupancy and slot win
MGM Resorts International generated record first quarter Las Vegas Strip occupancy and slot win, with slot win up seven per cent year over year for the quarter ended March 31, 2025, although overall MGM fell by two per cent to $4.3bn.
“MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year’s Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture,” said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. “We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year. MGM Resorts is strongly positioned with an outstanding team, globally recognized brands, and a diverse group of market leading operations that have benefited from significant capital investment. Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations.”
“The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494m,” said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. “We continue to see significant value in our shares at current levels and our Board of Directors have authorized a new $2 billion share repurchase program.”
In Las Vegas, revenues came in at $2.2bn in the current quarter compared to $2.3 billion in the prior year quarter, a decrease of three per cent due primarily to a decrease in non-gaming revenues, primarily resulting from a decrease in ADR as a result of the Super Bowl being hosted in Las Vegas in the prior year quarter, partially offset by an increase in casino revenue.
In its regional domestic markets, revenues of $900m in the current quarter, compared to $909m in the prior year quarter, a decrease of one per cent, due primarily to a decrease in casino revenue.
In Macau, revenues of $1bn in the current quarter compared to $1.1bn in the prior year quarter, a decrease of three per cent due primarily to a decrease in casino revenue driven by a decline in main floor table games drop compared to the prior year quarter.
