CEO and president of MGM Resorts, Bill Hornbuckle, described the company’s Q1 financial results as “strong” despite a dip in comparison to the previous year’s figures.
Consolidated net revenue for the quarter ending March 31, 2025, came to US$4.3bn, a decrease of two per cent year-on-year. Net income was $149m, down from $217m year-on-year.
Adjusted EBITDA was $637m, down from $673m.
"We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200m EBITDA enhancements that launched last year, and expect to exceed $150m in implementation in the year,” said Hornbuckle. “Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations."
"The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15m shares for $494m," said Jonathan Halkyard, chief financial officer and treasurer of MGM Resorts International.
"We continue to see significant value in our shares at current levels and our board of directors have authorised a new $2bn share repurchase programme."
