MGM Resorts reported a 3% decline in revenues to US$1.03 billion at its two Macau integrated resorts in the three months to 31 March 2025, citing lower mass floor table drop for the quarter.
While the company did not break down performance by property, it did reveal a similar 3% decline in casino revenue to US$896 million at MGM Macau and MGM Cotai combined, with main floor table games drop down 5% year-on-year to US$3.63 billion. Main floor win rate of 25.2% was slightly higher than the 24.9% achieved a year earlier.
Adjusted Segment EBITDAR also fell by 5% year-on-year to US$285.6 million, with EBITDAR margin dropping from 28.5% to 27.8%. MGM noted that its Segment EBITDAR in Macau was still 46% higher in 1Q25 than in the same period in 2019.
The result was also improved on the December quarter, with total revenues up 4% from US$990 million in 4Q24 and Adjusted Segment EBITDAR up almost 8% from US$266 million.
Group-wide MGM Resorts reported a 2% decline in net revenues to US$4.28 billion on lower revenues in Macau and on the Las Vegas Strip, with Adjusted EBITDAR down 5% to US$637.1 million. Net income attributable to MGM Resorts was US$149 million, down from US$217 million in 1Q24.
“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, said MGM’s CEO and President, Bill Hornbuckle.
“We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of US$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.”
As reported by Inside Asian Gaming, MGM China is one of four Macau concessionaires to have resumed then payment of dividends post-COVID and recently declared a final dividend of HK$0.251 per share for the year ended 31 December 2024, amounting to a total payout to shareholders of HK$953.8 million (US$119 million). The company also announced in March update to its official dividend policy under which it may pay “a regular dividend of up to 50% payout, plus special dividends if any” – enhanced from its previous policy of a regular dividend up to 35%.
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