MGM Resorts International (NYSE:MGM) reported stronger-than-expected first-quarter earnings, fueled by improved profitability and a solid performance from its BetMGM venture.
The company posted adjusted earnings per share of $0.69, beating analyst expectations of $0.49. Revenue came in slightly below forecasts at $4.28 billion, just under the $4.29 billion consensus and down 2% year-over-year from $4.38 billion.
Despite the revenue decline, MGM highlighted positive trends across its operations. Las Vegas Strip properties generated $2.2 billion in revenue, down 3% from the prior year, largely due to a difficult comparison with the 2024 Super Bowl quarter. Regional operations revenue slipped 1% to $900 million, while MGM China reported a 3% decline to $1.0 billion.
The company achieved a record first-quarter occupancy rate of 94% on the Las Vegas Strip, with slot win rising 7% year-over-year. Meanwhile, BetMGM delivered strong revenue growth and turned EBITDA positive for the first time in a quarter—an encouraging milestone for the joint venture.
