MGM Resorts International : Q1 2025 Earnings Call Earnings Presentation
MGM
Published on 05/01/2025 at 02:45
MGM Resorts International
INVESTOR
PRESENTATION
04.30.2025
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY
Operator of 18 properties
in the United States and Macau
Development underway with an integrated resort in Japan and resort in Dubai
Sports betting and gaming entertainment company in 29 North American jurisdictions
MGM Digital
Online sports betting and iGaming operator in 11 jurisdictions in Europe, Canada, and South America1
Includes all active jurisdictions
Brick and Mortar Properties Digital Markets Future Development 2
FIRST QUARTER 2025 HIGHLIGHTS
Digital Operations
BetMGM venture reported $22 million of positive EBITDA, representing YoY growth of $154 million1
MGM Digital launched in Brazil2
Market Expansion
MGM Osaka groundbreaking ceremony held on April 24
New York RFA to be submitted June 2025
Repurchased 15 million shares for $494 million in the first quarter
Source: BetMGM press release
MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include BetMGM venture
3
Integrated Resorts
Las Vegas grew casino revenue Regional properties increased slot win
MGM China maintained mid-teens market
share amid new supply
EBITDA Enhancement
EBITDA enhancement initiatives remain on pace to reach $200 million
Expect to implement $150 million+ in 2025
FIRST QUARTER 2025 OPERATING SEGMENT PERFORMANCE
$ in millions
LAS VEGAS STRIP RESORTS
REGIONAL OPERATIONS
Net Revenues
$2,255
1Q24
$2,176
Segment Adjusted EBITDAR1
$828
1Q25
-2% vs 1Q24
1Q24
$811
Margin %
1Q25
+60 bps vs. 1Q24
1Q24
37.3% 36.7%
Net Revenues
1Q25
-1% vs 1Q24
1Q24
$900 $909
Segment Adjusted EBITDAR1
1Q25
+2% vs 1Q24
1Q24
$279 $274
Margin %
31.0%
1Q25
+90 bps vs. 1Q24
30.1%
1Q25
-3% vs 1Q24
1Q24
MGM CHINA MGM DIGITAL
(consolidated digital business does not included BetMGM venture)
Net Revenues
$1,056
1Q24
$1,027
Segment Adjusted EBITDAR
$301
1Q24
$286
Margin %
28.5%
1Q24
27.8%
Net Revenues
$128 $128
Segment Adjusted EBITDAR
1Q24
1Q25
($34) ($19)
Margin %
1Q24
1Q25
-1,220
bps vs. 1Q24
-14.7%
1Q25
-70 bps vs. 1Q24
1Q25
-5% vs 1Q24
1Q25
0% vs 1Q24
1Q25
-3% vs 1Q24
-83% vs 1Q24
1Q24
-26.9%
Inclusive of business interruption insurance proceeds of $37 million and $12 million for the Las Vegas Strip Resorts and Regional Operations, respectively. 4
BetMGM KPIs
Q1 2025 Update1
2025
2024
YoY Change
Net Revenue from operations 2
$657
$489
34%
iGaming
$443
$348
27%
Online Sports
$194
$116
68%
Retail / Other
$20
$26
(22%)
EBITDA 2
$22
($132)
$154
Average Monthly Actives (thousands) 3
1,067
1,009
6%
$ in millions Three months ending Mar 31,
Source: BetMGM press release
Note: Totals may not sum due to rounding.
Q1 2025 delivers positive EBITDA $22 million, which represents year over year growth of $154 million. Reaffirmed FY 2025 expectations.
iGaming Contribution of $133 million and positive contribution from Online Sports in the quarter.
Market leading iGaming offering:
Active Player Days up +39% YoY driven by unique and exclusive content across both real-money and free-to-play engagement games 4
Strengthened Online Sports product coupled with focus on premium mass players and improved engagement
Broader market range, improved pricing and enhanced parlay offering contributed to strong gains in player economics and activity metrics, with Bets per Active +28% YoY 5
$150 million undrawn revolver 6
- 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.
- Net Revenue and EBITDA are based on how BetMGM management analyzes the performance of the business, which are not prepared in accordance with GAAP.
- 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.
- Active player days are equal to the sum of the total player monthly days over the period divided by the sum of total monthly actives over the same period.
- Bets per Active are equal to total bets over the period divided by the sum of the total monthly actives over the same period. 5
- Undrawn as of 03.31.25. MGM guarantees 50% of the revolving credit facility.
Disclaimer
MGM Resorts International published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 06:44 UTC.