MGM Resorts International
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
MGM$32.34-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0000789570-25-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0000789570-25-000074
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 145 previous paragraphs and 152 current paragraphs.
96 unchanged; 45 reworded; 10 added; 2 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 12 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Updates to Strategic Business Developments
Current report
In the third quarter of 2025, the competitive and economic assumptions underpinning our return expectations on our investment in a commercial gaming facility changed, which led us to determine we would withdraw our application for a commercial gaming license for Empire City. As such, in the third quarter of 2025, we recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $256 million and charges for write-downs and impairments within “Property transactions, net” of $93 million, of which charges primarily consist of the impairment of $52 million relating to Empire City’s existing gaming license. We will instead continue to operate Empire City in its current format.
Current report
In October 2025, we entered into an agreement to sell the operations of MGM Northfield Park for $546 million in cash, subject to customary purchase price adjustments. Upon closing, the master lease between us and VICI will be amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, subject to a 2% escalator on May 1, 2026. The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.
Current report
Consolidated operating loss was $113 million for the three months ended September 30, 2025 compared to operating income of $315 million in the prior year quarter. The decrease was due primarily to $256 million of goodwill impairment related to Empire City, $93 million of write-offs and impairments related to Empire City recorded within property transactions, net, and an increase in gaming taxes incurred primarily at MGM China, partially offset by an increase in net revenues discussed above.
Current report
MGM China Segment Adjusted EBITDAR increased 5% for the nine months ended September 30, 2025, compared to the prior year period. MGM China Segment Adjusted EBITDAR margin was 27.0% for the nine months ended September 30, 2025, compared to 27.7% in the prior year period due primarily to a decrease resulting from lower margins in non-gaming operations.
Current report
In August 2025, MGM China’s Board of Directors declared an interim dividend of $153 million, which was paid in September 2025, of which we received approximately $85 million and noncontrolling interests received approximately $68 million.
Current report
In October 2025, BetMGM North America Venture announced its expectation to distribute at least $200 million of cash in the fourth quarter of 2025 and to distribute cash on a quarterly basis thereafter, of which we would expect to receive our 50% share.
Current report
In October 2025, we entered into a JPY45.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY67.8 billion, as further discussed in Note 5, which we expect to use to support the funding of our cash commitments to MGM Osaka.
Current report
Impairment of Long-lived Assets, Goodwill, and Indefinite-lived Intangible Assets
Current report
As previously disclosed within our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the value of our Empire City reporting unit has been dependent upon us obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility. In the third quarter of 2025, the competitive and economic assumptions underpinning our return expectations on our investment in a commercial gaming facility changed, which led us to determine we would withdraw our application for a commercial gaming license for Empire City. Accordingly, we performed an interim impairment test of the goodwill related to the Empire City reporting unit using a discounted cash flow model to estimate fair value. As a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value. As such, we recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $256 million. See Note 4 to the accompanying consolidated financial statements for further discussion of goodwill and other intangible assets.
Removed paragraphs (2)
Previous report
MGM China casino revenues increased 3% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in VIP table games win percentage.
Previous report
Regional Operations Segment Adjusted EBITDAR increased 4% for the six months ended June 30, 2025, compared to the prior year period. Regional Operations Segment Adjusted EBITDAR margin was 31.5% for the six months ended June 30, 2025, compared to 30.6% in the prior year period due primarily to an increase in casino revenues as discussed above and the receipt of $14 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.
Reworded paragraphs (45)
Previous wording
Consolidated net revenues increased 2% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to MGM China increasing 9%, Regional Operations increasing 4% and MGM Digital increasing 14%, partially offset by Las Vegas Strip Resorts decreasing 4%, each as compared to the prior year quarter and as discussed below.
Current wording
Consolidated net revenues increased 2% for the three months ended September 30, 2025 compared to the prior year quarter due primarily to MGM China increasing 17% and MGM Digital increasing 23%, partially offset by Las Vegas Strip Resorts decreasing 7%, and Regional Operations flat, each as compared to the prior year quarter and as discussed below.
Previous wording
Consolidated net revenues for the six months ended June 30, 2025 were flat compared to the prior year period due primarily to Las Vegas Strip Resorts decreasing 4%, offset by MGM China increasing 3%, Regional Operations increasing 2%, and MGM Digital increasing 8%, each as compared to the period year period.
Current wording
Consolidated net revenues for the nine months ended September 30, 2025 were flat compared to the prior year period due primarily to MGM China increasing 7%, MGM Digital increasing 13%, and Regional Operations increasing 1%, offset by Las Vegas Strip Resorts decreasing 5%, each as compared to the period year period.
Previous wording
Consolidated operating income decreased 11% for the six months ended June 30, 2025 compared to the prior year period. The decrease was due primarily to an increase in depreciation and amortization expense, gaming taxes, and payroll related expenses, partially offset by the increase in income from unconsolidated affiliates and the receipt of $56 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue. Depreciation and amortization expense increased $90 million compared to the prior year period due primarily to recently completed capital projects.
Current wording
Consolidated operating income decreased 44% for the nine months ended September 30, 2025 compared to the prior year period. The decrease was due primarily to $256 million of goodwill impairment related to Empire City, $93 million of write-offs and impairments related to Empire City recorded within property transactions, net, an increase in gaming taxes incurred primarily at MGM China, and depreciation and amortization expense. Depreciation and amortization expense increased $117 million compared to the prior year period due primarily to recently completed capital projects.
Previous wording
Las Vegas Strip Resorts net revenues decreased 4% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to a decrease in casino revenue, rooms revenue, and food and beverage revenue.
Current wording
Las Vegas Strip Resorts net revenues decreased 7% for the three months ended September 30, 2025 compared to the prior year quarter due primarily to a decrease in casino revenue, rooms revenue, and food and beverage revenue.
Previous wording
Las Vegas Strip Resorts net revenues decreased 4% for the six months ended June 30, 2025 compared to the prior year period due primarily to a decrease in rooms revenue and food and beverage revenue, partially offset by an increase in casino revenue, each discussed below.
Current wording
Las Vegas Strip Resorts net revenues decreased 5% for the nine months ended September 30, 2025 compared to the prior year period due primarily to a decrease in rooms revenue and food and beverage revenue.
Previous wording
Las Vegas Strip Resorts casino revenue decreased 6% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to the decrease in table games win percentage at MGM Grand Las Vegas compared to the prior year quarter. Las Vegas Strip Resorts casino revenue increased 1% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in slot handle.
Current wording
Las Vegas Strip Resorts casino revenue decreased 5% for the three months ended September 30, 2025 compared to the prior year quarter due primarily to disruption from the room remodel at MGM Grand Las Vegas and a decrease in table games win percentage.
Previous wording
Las Vegas Strip Resorts rooms revenue decreased 4% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to the impact from the room remodel at MGM Grand Las Vegas and a decrease in occupancy, and decreased 7% for the six months ended June 30, 2025 compared to the prior year period due primarily to the impact from the room remodel at MGM Grand Las Vegas and a decrease in RevPAR.
Current wording
Las Vegas Strip Resorts rooms revenue decreased 11% for the three months ended September 30, 2025 compared to the prior year quarter, and decreased 8% for the nine months ended September 30, 2025 compared to the prior year period due primarily to the impact from the room remodel at MGM Grand Las Vegas and a decrease in RevPAR.
Previous wording
Las Vegas Strip Resorts food and beverage revenue decreased 6% for the three months ended June 30, 2025 compared to the prior year quarter and decreased 4% for the six months ended June 30, 2025 compared to the prior year period due primarily to a decrease in restaurant covers and a decrease in catering and banquet revenue.
Current wording
Las Vegas Strip Resorts food and beverage revenue decreased 5% for the three months ended September 30, 2025 compared to the prior year quarter and decreased 4% for the nine months ended September 30, 2025 compared to the prior year period due primarily to a decrease in restaurant covers.
Previous wording
Regional Operations net revenues increased 4% for the three months ended June 30, 2025 compared to the prior year quarter and increased 2% for the six months ended June 30, 2025 compared to the prior year period due primarily to the increase in casino revenue, discussed below.
Current wording
Regional Operations net revenues for the three months ended September 30, 2025 were flat compared to the prior year quarter and increased 1% for the nine months ended September 30, 2025 compared to the prior year period due primarily to the increase in casino revenue, discussed below.
Previous wording
Regional Operations casino revenue increased 4% for the three months ended June 30, 2025 compared to the prior year quarter and increased 1% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in slot handle and table games drop.
Current wording
Regional Operations casino revenue increased 1% for the nine months ended September 30, 2025 compared to the prior year period due primarily to an increase in slot handle and win.
Previous wording
MGM China net revenues increased 9% for the three months ended June 30, 2025 compared to the prior year quarter and increased 3% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in casino revenue in the current year periods, discussed below.
Current wording
MGM China net revenues increased 17% for the three months ended September 30, 2025 compared to the prior year quarter and increased 7% for the nine months ended September 30, 2025 compared to the prior year period due primarily to an increase in casino revenue in the current year periods, discussed below.
Previous wording
MGM China casino revenues increased 10% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to an increase in main floor table games drop as well as an increase in VIP table games win percentage.
Current wording
MGM China casino revenues increased 18% for the three months ended September 30, 2025 compared to the prior year quarter and increased 8% for the nine months ended September 30, 2025 compared to the prior year period due primarily to an increase in main floor table games drop compared to the prior year period.
Previous wording
MGM Digital’s revenue increased 14% for the three months ended June 30, 2025 compared to the prior year quarter and increased 8% for the six months ended June 30, 2025 compared to the prior year period due primarily to brand expansion.
Current wording
MGM Digital’s revenue increased 23% for the three months ended September 30, 2025 compared to the prior year quarter and increased 13% for the nine months ended September 30, 2025 compared to the prior year period due primarily to organic growth and brand expansion.
Previous wording
(1) Includes triple net lease rent expense of $564 million for each of the three month periods ended June 30, 2025 and 2024 and $1.1 billion for each of the six month periods ended June 30, 2025 and 2024.
Current wording
(1) Includes triple net lease rent expense of $565 million and $564 million for the three month periods ended September 30, 2025 and 2024, respectively and $1.7 billion for each of the nine month periods ended September 30, 2025 and 2024.
Previous wording
Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 9% for the three months ended June 30, 2025 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 33.6% for the three months ended June 30, 2025, compared to 35.5% in the prior year quarter due primarily to the decline in revenue as discussed above.
Current wording
Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 18% for the three months ended September 30, 2025 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 30.3% for the three months ended September 30, 2025, compared to 34.3% in the prior year quarter due primarily to the decrease in net revenues, as discussed above.
Previous wording
Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 5% for the six months ended June 30, 2025 compared to the prior year period. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 35.5% for the six months ended June 30, 2025, compared to 36.1% in the prior year period due primarily to the decline in revenue as discussed above, partially offset by the receipt of $42 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.
Current wording
Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 9% for the nine months ended September 30, 2025 compared to the prior year period. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 33.8% for the nine months ended September 30, 2025, compared to 35.5% in the prior year period due primarily to the decrease in net revenues, as discussed above.
Previous wording
MGM China Segment Adjusted EBITDAR decreased 1% for the six months ended June 30, 2025, compared to the prior year period. MGM China Segment Adjusted EBITDAR margin was 27.5% for the six months ended June 30, 2025, compared to 28.7% in the prior year period due primarily to the increase in payroll related expenses, partially offset by the increase in casino revenue.
Current wording
Regional Operations Segment Adjusted EBITDAR decreased 1% for the three months ended September 30, 2025, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 30.9% for the three months ended September 30, 2025 compared to 31.5% in the prior year quarter due primarily to the increase in payroll related expenses and other miscellaneous expenses.
Previous wording
Regional Operations Segment Adjusted EBITDAR increased 7% for the three months ended June 30, 2025, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 32.0% for the three months ended June 30, 2025 compared to 31.1% in the prior year quarter due primarily to an increase in casino revenue as discussed above.
Current wording
Regional Operations Segment Adjusted EBITDAR increased 2% for the nine months ended September 30, 2025, compared to the prior year period. Regional Operations Segment Adjusted EBITDAR margin was 31.3% for the nine months ended September 30, 2025, compared to 30.9% in the prior year period due primarily to an increase in casino revenues, as discussed above.
Previous wording
MGM China Segment Adjusted EBITDAR increased 3% for the three months ended June 30, 2025 compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 27.1% for the three months ended June 30, 2025 compared to 28.9% in the prior year quarter due primarily to the increase in gaming taxes, partially offset by the increase in casino revenue.
Current wording
MGM China Segment Adjusted EBITDAR increased 20% for the three months ended September 30, 2025 compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 26.1% for the three months ended September 30, 2025 compared to 25.5% in the prior year quarter due primarily to an increase in casino revenues, as discussed above.
Previous wording
MGM Digital Segment Adjusted EBITDAR loss was $26 million for the three months ended June 30, 2025 compared to a loss of $14 million the prior year quarter. The change was due primarily to the increase in costs related to brand expansion partially offset by improved profitability in existing markets.
Current wording
MGM Digital Segment Adjusted EBITDAR loss was $23 million for the three months ended September 30, 2025 compared to a loss of $23 million the prior year quarter.
Previous wording
MGM Digital Segment Adjusted EBITDAR loss was $60 million for the six months ended June 30, 2025 compared to a loss of $33 million the prior year period. The changes were due primarily to the increase in costs related to brand expansion.
Current wording
MGM Digital Segment Adjusted EBITDAR loss was $83 million for the nine months ended September 30, 2025 compared to a loss of $56 million the prior year period. The change was due primarily to an increase in payroll related costs.
Previous wording
Gross interest expense was $106 million and $113 million for the three months ended June 30, 2025 and 2024, and $214 million and $224 million for the six months ended June 30, 2025 and 2024, respectively. The decrease for the three and six months ended June 30, 2025 is due primarily to a decrease in weighted average interest rate. See Note 4 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt.
Current wording
Gross interest expense was $103 million and $112 million for the three months ended September 30, 2025 and 2024, and $317 million and $336 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease for the three and nine months ended September 30, 2025 is due primarily to a decrease in weighted average outstanding debt. See Note 5 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt.
Previous wording
Other, net was expense of $161 million and $43 million for the three months ended June 30, 2025 and 2024, respectively. Other, net for the three months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $208 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $34 million and dividend and interest income of $10 million. Other, net for the three months ended June 30, 2024 was primarily comprised of a net loss related to derivatives of $62 million, a loss related to debt and equity investments of $23 million, partially offset by interest and dividend income of $22 million.
Current wording
Other, net was expense of $10 million and income of $93 million for the three months ended September 30, 2025 and 2024, respectively. Other expense, net for the three months ended September 30, 2025 was primarily comprised of a net loss related to derivatives of $41 million, partially offset by a foreign currency transaction gain of $23 million primarily related to USD denominated debt held by a foreign subsidiary. Other income, net for the three months ended September 30, 2024 was primarily comprised of a net gain related to derivatives of $87 million, a gain related to debt and equity investments of $55 million, interest and dividend income of $18 million, partially offset by foreign currency transaction loss of $65 million.
Previous wording
Other, net was expense of $172 million and $48 million for the six months ended June 30, 2025 and 2024, respectively. Other expense, net for the six months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $308 million partially offset by a net gain related to derivatives of $75 million, a gain related to debt and equity investments of $38 million, and interest and dividend income of $25 million. Other expense, net for the six months ended June 30, 2024 was primarily comprised of a net loss related to derivatives of $100 million, a loss related to debt and equity investments of $44 million, partially offset by a foreign currency transaction gain of $37 million and interest and dividend income of $44 million.
Current wording
Other, net was expense of $183 million and income of $45 million for the nine months ended September 30, 2025 and 2024, respectively. Other expense, net for the nine months ended September 30, 2025 was primarily comprised of a foreign currency transaction loss of $285 million, partially offset by interest and dividend income of $37 million, a net gain related to debt and equity investments of $35 million, and a net gain related to derivatives of $34 million. Other income, net for the nine months ended September 30, 2024 was primarily comprised of a interest and dividend income of $62 million and a gain related to debt and equity investments of $11 million, partially offset by a foreign currency transaction loss of $28 million and a net loss related to derivatives of $13 million.
Previous wording
Our effective income tax rate was 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively, compared to (4.3%) and 5.2% for the three and six months ended June 30, 2024, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign incomes including Macau gaming profits which are exempt from complementary tax. The effective rate for the three months ended June 30, 2024 was also impacted by a decrease in the valuation allowance for Macau deferred tax assets.
Current wording
Our effective income tax rate was a benefit of 5.9% on loss before income taxes and a provision of 23.7% on income before income taxes for the three and nine months ended September 30, 2025, respectively, compared to a provision of 17.7% and 9.3% for the three and nine months ended September 30, 2024, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign incomes including Macau gaming profits which are exempt from complementary tax. The effective tax rate for the three and nine months ended September 30, 2025 was unfavorably impacted by the non-tax deductible Empire City goodwill impairment recorded during the current quarter. The effective rate for the nine months ended September 30, 2024 was also favorably impacted by a decrease in the valuation allowance for Macau deferred tax assets.
Previous wording
“Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at
Current wording
“Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China. “Segment Adjusted EBITDAR margin” is Segment Adjusted EBITDAR divided by related segment net revenues.
Previous wording
“Consolidated Adjusted EBITDA” is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net.
Current wording
“Consolidated Adjusted EBITDA” is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment.
Previous wording
Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $1.2 billion in the six months ended June 30, 2025 compared to $1.0 billion in the prior year period. The increase from the prior year period was due primarily to a decrease in cash paid for income taxes and changes in net working capital, partially offset by a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts discussed within the Results of Operations section above.
Current wording
Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $1.9 billion in the nine months ended September 30, 2025 compared to $1.7 billion in the prior year period. The increase from the prior year period was due primarily to the change in cash paid (refunded) for income taxes and changes in net working capital, partially offset by a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts discussed within the Results of Operations section above.
Previous wording
Cash used in investing activities was $605 million in the six months ended June 30, 2025 compared to $385 million in the prior year period. In the six months ended June 30, 2025, we made payments of $496 million in capital expenditures, as further discussed below, and contributed $85 million to unconsolidated affiliates. In comparison, in the prior year period we made payments of $410 million in capital expenditures, as further discussed below, contributed $41 million to unconsolidated affiliates, and received $122 million in net short-term investments in debt securities.
Current wording
Cash used in investing activities was $940 million in the nine months ended September 30, 2025 compared to $879 million in the prior year period. In the nine months ended September 30, 2025, we made payments of $772 million in capital expenditures, as further discussed below, contributed $208 million to unconsolidated affiliates, and received $71 million in distributions from unconsolidated affiliates. In comparison, in the prior year period we made payments of $747 million in capital expenditures, as further discussed below, contributed $182 million to unconsolidated affiliates, paid $114 million related to acquisitions, net of cash acquired, and received $224 million in net short-term investments in debt securities.
Previous wording
We made capital expenditures of $496 million in the six months ended June 30, 2025, of which $111 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.
Current wording
We made capital expenditures of $772 million in the nine months ended September 30, 2025, of which $158 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.
Previous wording
We made capital expenditures of $410 million in the six months ended June 30, 2024, of which $40 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to information technology and room remodels.
Current wording
We made capital expenditures of $747 million in the nine months ended September 30, 2024, of which $98 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to information technology and room remodels.
Previous wording
Financing activities. Cash used in financing activities was $1.1 billion in the six months ended June 30, 2025 compared to $1.1 billion in the prior year period. In the six months ended June 30, 2025, we had net repayments of debt of $161 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $80 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $42 million, as further discussed below, paid $915 million for repurchases of our common stock, and distributed $95 million to noncontrolling interest owners.
Current wording
Financing activities. Cash used in financing activities was $1.2 billion in the nine months ended September 30, 2025 compared to $774 million in the prior year period. In the nine months ended September 30, 2025, we had net repayments of debt of $210 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $159 million to noncontrolling interest owners. In comparison, in the prior year period, we had net borrowings of debt of $581 million, as further discussed below, paid $1.2 billion for repurchases of our common stock, and distributed $104 million to noncontrolling interest owners.
Previous wording
During the six months ended June 30, 2025, we had net repayments of debt of $161 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 upon maturity, partially offset by net borrowings of $339 million on MGM China’s revolving credit facility, which were used to fund the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025.
Current wording
During the nine months ended September 30, 2025, we had net repayments of debt of $210 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 upon maturity, partially offset by net borrowings of $290 million on MGM China’s revolving credit facility.
Previous wording
During the six months ended June 30, 2024, we had net repayments of debt of $42 million, which primarily consisted of our issuance of $750 million of aggregate principal amount of 6.5% notes due 2032 and the issuance of MGM China’s $500 million of aggregate principal amount of 7.125% notes due 2031, net draws of $208 million on MGM China’s first revolving credit facility, the repayment of $750 million of aggregate principal amount of our 6.75% notes due 2025, and the repayment of MGM China’s $750 million of aggregate principal amount of 5.375% notes due 2024 upon maturity.
Current wording
During the nine months ended September 30, 2024, we had net borrowings of debt of $581 million, which primarily consisted of our issuance of $850 million of aggregate principal amount of 6.125% notes due 2029, our issuance of $750 million of aggregate principal amount of 6.5% notes due 2032, and the issuance of MGM China’s $500 million of aggregate principal amount of 7.125% notes due 2031, partially offset by the repayment of $750 million of aggregate principal amount of our 6.75% notes due 2025, the repayment of MGM China’s $750 million of aggregate principal amount of 5.375% notes due 2024 upon maturity, and net repayments of $19 million on MGM China’s first revolving credit facility.
Previous wording
The net proceeds from the issuance of the $750 million 6.5% notes due 2032 were used to fund the early redemption our $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024. The repayment of MGM China’s $750 million 5.375% notes due 2024 was funded with draws on its first revolving credit facility, which were partially repaid with the proceeds from the issuance of its $500 million 7.125% notes due 2031.
Current wording
The net proceeds from the issuance of the $850 million 6.125% notes due 2029 were used to fund the early redemption of our $675 million in aggregate principal amount of 5.75% notes due 2025 at a redemption price of 100.607% in October 2024, with the remainder primarily used for general corporate purposes. The net proceeds from the issuance of the $750 million 6.5% notes due 2032 were used to fund the early redemption of our $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024. The repayment of MGM China’s $750 million 5.375% notes due 2024 was funded with draws on its first revolving credit facility, which were partially repaid with the proceeds from the issuance of its $500 million 7.125% notes due 2031.
Previous wording
During the six months ended June 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 9 for further information on the stock repurchases. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $122 million and the remaining availability under the April 2025 $2.0 billion stock repurchase plan was $2.0 billion as of June 30, 2025.
Current wording
During the nine months ended September 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 10 for further information on the stock repurchases. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $122 million and the remaining availability under the April 2025 $2.0 billion stock repurchase plan was $2.0 billion as of September 30, 2025.
Previous wording
During the six months ended June 30, 2024, we paid $915 million relating to repurchases of our common stock pursuant to our stock repurchase plans. In connection with those repurchases, the February 2023 $2.0 billion stock repurchase plan was completed.
Current wording
During the nine months ended September 30, 2024, we paid $1.2 billion relating to repurchases of our common stock pursuant to our stock repurchase plans. In connection with those repurchases, the February 2023 $2.0 billion stock repurchase plan was completed.
Previous wording
As of June 30, 2025, we had cash and cash equivalents of $2.0 billion, of which MGM China held $703 million, and we had $6.2 billion in principal amount of indebtedness, including $2.8 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of June 30, 2025, there was $815 million outstanding under MGM China’s revolving credit facility.
Current wording
As of September 30, 2025, we had cash and cash equivalents of $2.1 billion, of which MGM China held $635 million, and we had $6.2 billion in principal amount of indebtedness, including $2.8 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of September 30, 2025, there was $771 million outstanding under MGM China’s revolving credit facility.
Previous wording
Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of June 30, 2025, are approximately $190 million to $210 million, excluding MGM China, and approximately $340 million to $360 million on a consolidated basis, which includes MGM China.
Current wording
Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of September 30, 2025, are approximately $190 million to $210 million, excluding MGM China, and approximately $370 million to $390 million on a consolidated basis, which includes MGM China.
Previous wording
We are also required, as of June 30, 2025, to make annual cash rent payments of $1.8 billion to our landlords over the next twelve months under triple net lease agreements, which triple net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance (with each lease obligating us to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent.
Current wording
We are also required, as of September 30, 2025, to make annual cash rent payments of $1.8 billion to our landlords over the next twelve months under triple net lease agreements, which triple net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance (with each lease obligating us to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent. Refer to Note 1 for discussion of the pending MGM Northfield Park transaction.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence, which may require cash commitments in the future.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Consolidated operating income decreased 5% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to an increase in gaming taxes and depreciation and amortization expense, partially offset by the increase in net revenues, discussed above. Depreciation and amortization expense increased $50 million compared to the prior year quarter due primarily to recently completed capital projects.
Previous report — wording carried elsewhere
MGM China. “Segment Adjusted EBITDAR margin” is Segment Adjusted EBITDAR divided by related segment net revenues.