Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
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MGM Resorts International reported mixed third-quarter 2025 performance, highlighted by a decline in Vegas, along with record results from Macau, steady regional gains, and a profitable BetMGM business. Executives acknowledged the summer softness on the Strip but insisted that “Las Vegas is stabilizing” as it heads into 2026.
The company also used its earnings call to defend traditional gaming regulation and push back against prediction market platforms.
Net Loss Tied to New York Withdrawal
MGM posted a net loss of $285 million, compared with $185 million in profit a year earlier. That was primarily due to a $256 million impairment resulting from its withdrawal from the New York casino licensing process, as well as approximately $93 million in other non-cash write-offs related to Empire City.
During the earnings call, CEO Bill Hornbuckle called it “the challenging decision to withdraw our application for a commercial license in Yonkers,” saying MGM “dedicated significant time and resources,” but the economics “tightened.”
He said MGM will continue operating Empire City “in its current format.” Horbnuckle highlighted the $546 million sale of MGM Northfield Park, adding: “The sale multiple of 6.6 times represents a significant premium to MGM’s current share price, which values the opco business at less than three times.”
CFO Jonathan Halkyard said the valuation gap implies “a share price of approximately $60” if MGM’s physical assets traded at the same multiple.
Las Vegas: ‘We Lost Control of the Narrative Over the Summer’
The Las Vegas Strip segment generated $2 billion in revenue, down 7% year over year. Adjusted EBITDAR fell to $601 million, down $130 million year-over-year.
Halkyard said the decline reflected $27 million fewer insurance proceeds, $25 million in room renovation disruptions, and $78 million in lower occupancy and ADR, “roughly half” of which came from the Luxor and Excalibur properties.
Hornbuckle said the company was addressing value concerns after guest backlash: “We lost control of the narrative over the summer… You can’t have a $29 room and a $12 coffee. We’ve gone through the organization and price-corrected.”
He cited headwinds from extreme heat, the Spirit Airlines bankruptcy, and weaker drive traffic from Southern California. Still, he once again rejected the idea of structural weakness and that the future is bright:
“Vegas is fine fundamentally. We feel good about the fourth quarter and particularly going into 2026.”
Hornbuckle added that luxury resorts generated record slot wins, while convention demand remains strong. Moreover, over 90% of MGM’s 2026 group bookings are contracted, and October is shaping up to be “the strongest room night month ever” from Marriott-linked reservations.
Halkyard added, “Room rates are improving… We’re seeing strong group demand in November and December, driving stabilization in our business.”
Regional & Macau Growth
Hornbuckle said, “Several regional properties achieved record total revenue and EBITDA, and the regional operations as a whole generated a record slot win this quarter.” He cited Borgata‘s all-time highs in both table-game drop and slot win.
In Macau, “even a brief closure caused by a typhoon wasn’t enough to stop the positive momentum.” MGM China achieved a record Q3 EBITDA and a 15.5% market share. That resulted in an $85 million dividend to MGM Resorts.
Hornbuckle said the company is “leading Macau’s evolution into an entertainment destination” with the MGM 2049 show, the new Poly Museum, and the recently opened Alpha Gaming Club. He added, “We anticipate one of the strongest months in our company’s history.”
BetMGM: Profitability, Guidance, and Cash Return
Hornbuckle said BetMGM delivered “strong three-quarter results” and raised its full-year 2025 EBITDA guidance to about $200 million, “an increase of roughly $450 million in just one year without any new jurisdictions.”
“Importantly, BetMGM will start returning capital to MGM Resorts International with an expected initial cash distribution of at least $100 million in the fourth quarter,” Hornbuckle said.
Halkyard called BetMGM “a business generating ample cash capable of funding growth and distributions,” while Hornbuckle said retention “is exceeding even some of our healthy, mature markets.”
Internationally, MGM’s digital arm reached “a new all-time revenue high in Q3.” That was driven by Europe and Brazil, where its partnership with Grupo Globo continues to expand. Hornbuckle said the venture could reach “$1 billion in revenue with double-digit returns.”
‘Not the Time to Back Away’ From Regulation
Hornbuckle also weighed in on the ongoing debate over prediction markets and gaming oversight. He shared Caesars Entertainment CEO Tom Reeg‘s cautious approach: “For decades, the gaming industry has been highly regulated at the state level… This intense scrutiny has been essential to ensuring integrity. This is not the time to back away from these high standards.“
He said gaming “should continue to be a highly regulated industry with safeguards in place to protect consumers and promote integrity.”
Future Outlook
Hornbuckle closed by emphasizing MGM’s diversification: “We are the only global operator across physical and digital channels… We see stabilization in the fourth quarter and growth in 2026 and beyond.”
He reiterated that MGM remains “very bullish on Las Vegas.”
