Overview
- MGM reported $4.6 billion in fourth-quarter revenue versus $4.44 billion expected and delivered adjusted earnings of $1.60 per share.
- MGM Digital revenue rose 34.6% year over year to $188.24 million, while the BetMGM joint venture returned $135 million in cash distributions.
- Fourth-quarter lodging revenue fell nearly 9% due to lower room prices and occupancy at Las Vegas resorts, and retail and entertainment sales declined more than 4%.
- Las Vegas Strip net revenue slipped 4% for 2025 and 3% in Q4, with core operating earnings also down for the segment.
- Executives said Las Vegas is stabilizing and projected mid-single-digit Strip revenue growth in 2026, citing completed renovations, technology upgrades and stronger group and convention bookings.