BETMGM FY 2025 BUSINESS UPDATE
Successful strategic execution delivered stronger than expected 2025 performance and EBITDA inflection
-
FY 2025 performance exceeded expectations, reflecting benefit of a full year of strategic initiatives driving strong underlying growth in both iGaming and
Online Sports 1-
Net Revenue of
$2.8 billion , up +33% YoY - iGaming Net Revenue up +24% YoY and Online Sports Net Revenue up +63% YoY
-
EBITDA of
$220 million , up+$464 million YoY -
Cash distribution of
$270 million returned to parents in Q4 2025
-
Net Revenue of
- Ongoing successful execution of BetMGM's refined player engagement strategy supported by enhanced product and user experiences driving continued growth in player activity and retention
-
Expect FY 2026 Net Revenue between
$3.1 -$3.2 billion and Adjusted EBITDA$300 -$350 million 1 -
Confidence in pathway to achieving
$500 million Adjusted EBITDA in FY 20271
"2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. Q4 2025 saw record performances, completing a year where both iGaming and
FY 2025 Key Financial Highlights
|
FY 2025 BetMGM Financial Summary 1,2,3 |
||||||||||
|
$ millions, unless otherwise noted |
FY |
YoY Change |
Q4 |
YoY Change |
H2 |
YoY Change |
||||
|
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
||||
|
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
iGaming |
|
|
+24 % |
|
|
+18 % |
|
|
+19 % |
|
|
|
|
|
+63 % |
|
|
+93 % |
|
|
+65 % |
|
|
Handle4 |
|
|
+16 % |
|
|
+3 % |
|
|
+7 % |
|
|
GGR Hold % |
9.5 % |
8.6 % |
+90 bps |
10.2 % |
7.4 % |
+280 bps |
10.1 % |
8.3 % |
+180 bps |
|
|
NGR Hold % |
5.9 % |
4.2 % |
+170bps |
6.2 % |
3.3 % |
+290bps |
6.3 % |
4.1 % |
+220bps |
|
|
Retail / Other |
|
|
(5 %) |
|
|
+161 % |
|
|
+10 % |
|
|
Total Net Revenue |
|
|
+33 % |
|
|
+39 % |
|
|
+31 % |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Contribution |
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|
( |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Net Income |
|
( |
|
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
( |
|
|
( |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Distributions |
|
-- |
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Monthly Actives (thousands) 5 |
979 |
946 |
+4 % |
1,048 |
1,078 |
(3 %) |
975 |
966 |
+1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 Financial Highlights1
-
FY 2025 Net Revenue of
$2.8 billion , up +33% YoY, with record performance in Q4- iGaming Net Revenue up +24% YoY underpinned by our leading iGaming offering and enhanced player acquisition and retention approach
- Online Sports Net Revenue up +63% YoY driven by our refined player engagement strategy, strengthened product offering, and return to normalized sports hold levels
- Average Monthly Actives up +4%5 YoY in line with expectations, reflecting our refined player targeting and management capabilities
-
FY 2025 EBITDA of
$220 million (up+$464 million YoY), supported by greater than$500 million and greater than$200 million of Contribution from iGaming andOnline Sports , respectively -
Q4 2025 Net Revenue of
$780 million , up +39% YoY- Particularly strong December with increased player engagement as well as favorable sports results lapping a soft prior year comparator saw Q4 Online Sports Net Revenue up +93%
-
Cash distribution of
$270 million returned to parents in Q4 2025 -
Podium position with 13% GGR market share in active markets, including iGaming (21%) and
Online Sports (8%)6,7
Operational Highlights
-
Market-leading iGaming offering
-
Strength of iGaming offering and improved player management driving player acquisition and retention
- FY 2025 Average Monthly Actives +24% YoY5
-
FY 2025 Active
Player Days +14% YoY8
-
Best-in-class and exclusive content providing players with engaging and differentiated experiences
- Latest releases from exclusive game franchises, including the Wizard of Oz, The Price Is Right and Friends
- Expanding live dealer strategy with more dedicated studios and content
-
Focused cross-sell initiatives and sports-branded IP games driving
Online Sports players to iGaming offering
-
Strength of iGaming offering and improved player management driving player acquisition and retention
-
Transformative year for
Online Sports -
Refined approach to player management and tailored marketing underpinning improvements to player retention, economics and activity metrics
- FY 2025 NGR margin improvement of +170 bps YoY
- FY 2025 Handle per Active +26% YoY9
- FY 2025 NGR per Active +77% YoY9
-
Significantly improved product throughout FY 2025, delivering our fastest, smoothest and most intuitive app experience to date
- Enhanced market discovery and trackers for reward points
- Launched live SGPs and live SGP cashouts, along with Quickbet and betslip improvements, for a richer parlay and in play experience
-
Day-one OSB launch in
Missouri onDecember 1 , bringing BetMGM's footprint to 30 legalized states
-
Refined approach to player management and tailored marketing underpinning improvements to player retention, economics and activity metrics
-
Omnichannel advantage in
Nevada a key differentiator in FY 2025-
Strong performance driven by best-in-market digital product offering, improved CRM and promotional capabilities and deepest collaboration to date with
MGM Resorts -
Strategic and competitive advantage with "always on" flywheel that drives more play, loyalty and rewards, and omnichannel products and experiences for players both during and post
Nevada visit- FY 2025 Nevada Average Monthly Actives +19% YoY5
- FY 2025 Nevada Handle +26% YoY10
- FY 2025 increase in Nevada First-Time Depositors (FTDs) continuing gameplay +2.1x YoY11 post-visit
-
Strong performance driven by best-in-market digital product offering, improved CRM and promotional capabilities and deepest collaboration to date with
Cash to Parents
-
From
Q1 2026 onwards, total cash to parents will consist of two components: Parent Fees12 and excess cash generated by the business
-
As per the joint venture agreement that formed BetMGM, having reached sustainable profitability, BetMGM commences payment of Parent Fees for the provisioning of licenses and services
by
MGM andEntain to BetMGM 12 - The Parent Fees are a BetMGM operating expense; therefore, in 2026 and forward, BetMGM will report 'Adjusted EBITDA' (representing EBITDA prior to deducting the Parent Fee), to provide clarity on the cash going to the parents as a result of BetMGM operations, as well as comparability to reported EBITDA in 2025 and prior periods 12
-
As per the joint venture agreement that formed BetMGM, having reached sustainable profitability, BetMGM commences payment of Parent Fees for the provisioning of licenses and services
by
- Adjusted EBITDA less CapEx continues to be a reasonable proxy for total cash to parents
Outlook
-
BetMGM's FY 2026 expectations of Net Revenue between
$3.1 -$3.2 billion and Adjusted EBITDA between$300 -$350 million -
Confidence in pathway to
$500 million Adjusted EBITDA in FY 2027 -
BetMGM's policy of maintaining minimum unrestricted cash of
$100 -$125 million provides sufficient liquidity alongside its$150 million undrawn revolving credit facility13
FY 2025 Results Webcast and Q&A
-
An audio webcast call with accompanying presentation slides will be held today,
Wednesday, February 4, 2026 at9:00AM EST (2:00PM UK ), with participants able to join via webcast- Webcast registration link: BetMGM FY 2025 webcast
-
Following the webcast, there will be a 30 minute Q&A session for analysts and investors
-
Those wishing to ask a question should use the dial ins below and register via the following link:
Investor Registration for Q&A
US Toll free + 1 888 500 3691
US + 1 646 307 1951
UK Toll free +44 800 358 0970
UK +44 20 3433 3846
International dial-in numbers
Access Code: 70035
-
Those wishing to ask a question should use the dial ins below and register via the following link:
Investor Registration for Q&A
|
Contacts:
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Investment Community
News Media
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Investor Relations investors@entaingroup.com Media media@entaingroup.com |
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BetMGM |
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Notes:
1: Net Revenue, Contribution, EBITDA, and Adjusted EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. EBITDA reflects the impact of employee long-term incentive compensation programs. Refer to "Non-GAAP Financial Information" section below for additional detail.
2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
3: Totals may not sum due to rounding.
4: Handle reflects the total
5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.
6: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 25 markets.
7: Gross Gaming Revenue (GGR) market share consists of last three months ending December, November, or
8: Active
9: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.
10: Includes both
11: Represents the increase in
12: Parent Fees is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of
13: Minimum unrestricted cash balance of
Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the
Non-GAAP Financial Information
In this press release we provide certain financial measures, including Net Revenue, Contribution, EBITDA, and Adjusted EBITDA, from operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its
About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between
About
About
The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US.
LEI: 213800GNI3K45LQR8L28
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(In thousands, except per share data) |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended |
|
Twelve Months Ended |
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|
|
|
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|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Casino |
|
|
$ |
2,574,945 |
|
$ |
2,210,746 |
|
$ |
9,450,887 |
|
$ |
8,785,649 |
|
|
|
Rooms |
|
|
|
858,355 |
|
|
942,654 |
|
|
3,377,400 |
|
|
3,681,617 |
|
|
|
Food and beverage |
|
749,016 |
|
|
751,868 |
|
|
3,045,965 |
|
|
3,078,731 |
|||
|
|
Entertainment, retail and other |
|
422,951 |
|
|
441,294 |
|
|
1,663,431 |
|
|
1,694,548 |
|||
|
|
|
|
|
|
|
4,605,267 |
|
|
4,346,562 |
|
|
17,537,683 |
|
|
17,240,545 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Casino |
|
|
|
1,440,163 |
|
|
1,259,135 |
|
|
5,340,097 |
|
|
4,958,020 |
|
|
|
Rooms |
|
|
|
281,379 |
|
|
280,193 |
|
|
1,101,061 |
|
|
1,119,108 |
|
|
|
Food and beverage |
|
570,952 |
|
|
560,000 |
|
|
2,262,434 |
|
|
2,253,031 |
|||
|
|
Entertainment, retail and other |
|
284,879 |
|
|
295,064 |
|
|
1,043,960 |
|
|
1,063,382 |
|||
|
|
General and administrative |
|
1,258,771 |
|
|
1,242,937 |
|
|
4,877,538 |
|
|
4,825,313 |
|||
|
|
Corporate expense |
|
165,248 |
|
|
141,410 |
|
|
556,952 |
|
|
520,197 |
|||
|
|
Preopening and start-up expenses |
|
121 |
|
|
5,503 |
|
|
1,086 |
|
|
7,972 |
|||
|
|
Property transactions, net |
|
8,668 |
|
|
22,192 |
|
|
126,036 |
|
|
81,316 |
|||
|
|
|
|
22,794 |
|
|
- |
|
|
278,927 |
|
|
- |
|||
|
|
Depreciation and amortization |
|
278,658 |
|
|
209,229 |
|
|
1,017,794 |
|
|
831,097 |
|||
|
|
|
|
|
|
|
4,311,633 |
|
|
4,015,663 |
|
|
16,605,885 |
|
|
15,659,436 |
|
Income (loss) from unconsolidated affiliates |
|
31,376 |
|
|
(39,334) |
|
|
69,982 |
|
|
(90,653) |
||||
|
Operating income |
|
|
325,010 |
|
|
291,565 |
|
|
1,001,780 |
|
|
1,490,456 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Interest expense, net of amounts capitalized |
|
(103,902) |
|
|
(108,581) |
|
|
(419,042) |
|
|
(443,230) |
|||
|
|
Non-operating items from unconsolidated affiliates |
|
(1,014) |
|
|
(2,777) |
|
|
1,135 |
|
|
(734) |
|||
|
|
Other, net |
|
|
(120,268) |
|
|
25,477 |
|
|
(303,094) |
|
|
70,573 |
||
|
|
|
|
|
|
|
(225,184) |
|
|
(85,881) |
|
|
(721,001) |
|
|
(373,391) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
99,826 |
|
|
205,684 |
|
|
280,779 |
|
|
1,117,065 |
||||
|
|
Benefit (provision) for income taxes |
|
282,950 |
|
|
32,232 |
|
|
240,093 |
|
|
(52,457) |
|||
|
Net income |
|
|
|
382,776 |
|
|
237,916 |
|
|
520,872 |
|
|
1,064,608 |
||
|
|
Less: Net income attributable to noncontrolling interests |
|
(89,164) |
|
|
(80,484) |
|
|
(315,010) |
|
|
(318,050) |
|||
|
Net income attributable to |
$ |
293,612 |
|
$ |
157,432 |
|
$ |
205,862 |
|
$ |
746,558 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Basic |
|
|
$ |
1.12 |
|
$ |
0.52 |
|
$ |
0.77 |
|
$ |
2.42 |
|
|
|
Diluted |
|
|
$ |
1.11 |
|
$ |
0.52 |
|
$ |
0.76 |
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Basic |
|
|
|
267,438 |
|
|
297,642 |
|
|
275,046 |
|
|
307,408 |
|
|
|
Diluted |
|
|
|
269,098 |
|
|
299,447 |
|
|
277,275 |
|
|
310,232 |
|
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
||||||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||||
|
(In thousands, except share data) |
||||||||||
|
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
2025 |
|
2024 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
||||||||||
|
Current assets |
|
|
|
|
|
|
|
|||
|
|
Cash and cash equivalents |
$ |
2,062,994 |
|
$ |
2,415,532 |
||||
|
|
Accounts receivable, net |
|
|
1,122,940 |
|
|
1,071,412 |
|||
|
|
Inventories |
|
|
|
124,535 |
|
|
140,559 |
||
|
|
Income tax receivable |
|
|
220,154 |
|
|
257,514 |
|||
|
|
Prepaid expenses and other |
|
486,419 |
|
|
478,582 |
||||
|
|
Assets held for sale |
|
|
315,382 |
|
|
- |
|||
|
|
|
Total current assets |
|
|
4,332,424 |
|
|
4,363,599 |
||
|
Property and equipment, net |
|
|
6,305,614 |
|
|
6,196,159 |
||||
|
Investments in and advances to unconsolidated affiliates |
|
536,066 |
|
|
380,626 |
|||||
|
Goodwill |
|
|
|
|
4,901,960 |
|
|
5,145,004 |
||
|
Other intangible assets, net |
|
|
1,356,676 |
|
|
1,715,381 |
||||
|
Operating lease right-of-use assets, net |
|
23,002,707 |
|
|
23,532,287 |
|||||
|
Deferred income taxes |
|
|
89,792 |
|
|
39,591 |
||||
|
Other long-term assets, net |
|
|
848,547 |
|
|
858,980 |
||||
|
|
|
|
|
|
|
$ |
41,373,786 |
|
$ |
42,231,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|||
|
|
Accounts and construction payable |
$ |
421,502 |
|
$ |
412,662 |
||||
|
|
Accrued interest on long-term debt |
|
71,845 |
|
|
69,916 |
||||
|
|
Other accrued liabilities |
|
|
2,993,179 |
|
|
2,869,105 |
|||
|
|
Liabilities related to assets held for sale |
|
25,581 |
|
|
- |
||||
|
|
|
Total current liabilities |
|
|
3,512,107 |
|
|
3,351,683 |
||
|
Deferred income taxes |
|
|
2,617,067 |
|
|
2,811,663 |
||||
|
Long-term debt, net |
|
|
6,230,141 |
|
|
6,362,098 |
||||
|
Operating lease liabilities |
|
|
24,962,742 |
|
|
25,076,139 |
||||
|
Other long-term obligations |
|
|
775,411 |
|
|
910,088 |
||||
|
|
|
Total liabilities |
|
|
38,097,468 |
|
|
38,511,671 |
||
|
Redeemable noncontrolling interests |
|
21,777 |
|
|
34,805 |
|||||
|
Stockholders' equity |
|
|
|
|
|
|
||||
|
|
Common stock, |
|
|
|
|
|
||||
|
|
issued and outstanding 258,323,143 and 294,374,189 shares |
|
2,583 |
|
|
2,944 |
||||
|
|
Capital in excess of par value |
|
- |
|
|
- |
||||
|
|
Retained earnings |
|
|
2,106,836 |
|
|
3,081,753 |
|||
|
|
Accumulated other comprehensive income (loss) |
|
320,498 |
|
|
(61,216) |
||||
|
|
|
|
|
2,429,917 |
|
|
3,023,481 |
|||
|
|
Noncontrolling interests |
|
|
824,624 |
|
|
661,670 |
|||
|
|
|
Total stockholders' equity |
|
3,254,541 |
|
|
3,685,151 |
|||
|
|
|
|
|
|
|
$ |
41,373,786 |
|
$ |
42,231,627 |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
||||||||||||||||
|
SUPPLEMENTAL DATA - NET REVENUES |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
$ |
2,166,054 |
|
$ |
2,223,409 |
|
$ |
8,441,503 |
|
$ |
8,816,113 |
|
|
Regional Operations |
|
|
|
|
|
|
950,427 |
|
|
931,557 |
|
|
3,772,333 |
|
|
3,720,322 |
|
|
|
|
|
|
|
|
1,236,450 |
|
|
1,018,720 |
|
|
4,461,743 |
|
|
4,022,384 |
|
|
|
|
|
|
|
|
188,244 |
|
|
139,855 |
|
|
654,190 |
|
|
552,012 |
|
Management and other operations |
|
|
|
|
64,092 |
|
|
33,021 |
|
|
207,914 |
|
|
129,714 |
||
|
|
|
|
|
|
|
$ |
4,605,267 |
|
$ |
4,346,562 |
|
$ |
17,537,683 |
|
$ |
17,240,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
||||||||||||||||
|
SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
$ |
735,348 |
|
$ |
765,429 |
|
$ |
2,857,873 |
|
$ |
3,106,543 |
|
|
Regional Operations |
|
|
|
|
|
|
280,008 |
|
|
281,091 |
|
|
1,163,227 |
|
|
1,143,556 |
|
|
|
|
|
|
|
|
332,297 |
|
|
254,721 |
|
|
1,203,194 |
|
|
1,087,126 |
|
|
|
|
|
|
|
|
(6,968) |
|
|
(21,676) |
|
|
(90,307) |
|
|
(77,227) |
|
Unconsolidated affiliates - BetMGM and other (2) |
|
|
|
31,376 |
|
|
(39,334) |
|
|
69,982 |
|
|
(90,653) |
|||
|
Management and other operations |
|
|
|
|
(253) |
|
|
965 |
|
|
58,014 |
|
|
41,258 |
||
|
Stock compensation |
|
|
|
|
|
|
(31,054) |
|
|
(28,471) |
|
|
(90,404) |
|
|
(80,157) |
|
Triple net lease rent expense |
|
|
|
|
|
(564,856) |
|
|
(565,096) |
|
|
(2,258,405) |
|
|
(2,258,057) |
|
|
Corporate (3) |
|
|
|
|
|
|
(140,647) |
|
|
(119,140) |
|
|
(487,551) |
|
|
(461,548) |
|
Consolidated Adjusted EBITDA |
|
|
|
|
$ |
635,251 |
|
|
528,489 |
|
$ |
2,425,623 |
|
|
2,410,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash rent (4) |
|
|
|
|
|
$ |
104,060 |
|
$ |
113,445 |
|
$ |
425,420 |
|
$ |
461,372 |
|
(1) MGM Digital consists of |
|
|
(2) Represents the Company's share of operating income (loss) of unconsolidated affiliates. |
|
|
(3) Includes amounts related to MGM China of |
|
|
(4) Represents the excess of expense over cash paid related to triple net operating and ground leases. |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
||||||||||||||||
|
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
Net income attributable to |
|
|
$ |
293,612 |
|
$ |
157,432 |
|
$ |
205,862 |
|
$ |
746,558 |
|||
|
Plus: Net income attributable to noncontrolling interests |
|
|
89,164 |
|
|
80,484 |
|
|
315,010 |
|
|
318,050 |
||||
|
Net income |
|
|
|
|
|
|
382,776 |
|
|
237,916 |
|
|
520,872 |
|
|
1,064,608 |
|
Provision (benefit) for income taxes |
|
|
|
|
(282,950) |
|
|
(32,232) |
|
|
(240,093) |
|
|
52,457 |
||
|
Income before income taxes |
|
|
|
|
|
99,826 |
|
|
205,684 |
|
|
280,779 |
|
|
1,117,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Interest expense, net of amounts capitalized |
|
|
|
103,902 |
|
|
108,581 |
|
|
419,042 |
|
|
443,230 |
|||
|
Other, net |
|
|
|
|
|
|
121,282 |
|
|
(22,700) |
|
|
301,959 |
|
|
(69,839) |
|
|
|
|
|
|
|
|
225,184 |
|
|
85,881 |
|
|
721,001 |
|
|
373,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
325,010 |
|
|
291,565 |
|
|
1,001,780 |
|
|
1,490,456 |
|
Preopening and start-up expenses |
|
|
|
|
121 |
|
|
5,503 |
|
|
1,086 |
|
|
7,972 |
||
|
Property transactions, net |
|
|
|
|
|
8,668 |
|
|
22,192 |
|
|
126,036 |
|
|
81,316 |
|
|
|
|
|
|
|
|
22,794 |
|
|
- |
|
|
278,927 |
|
|
- |
|
|
Depreciation and amortization |
|
|
|
|
|
278,658 |
|
|
209,229 |
|
|
1,017,794 |
|
|
831,097 |
|
|
Consolidated Adjusted EBITDA |
|
|
|
|
$ |
635,251 |
|
$ |
528,489 |
|
$ |
2,425,623 |
|
$ |
2,410,841 |
|
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