MGM Resorts said in Q3 2025 it withdrew its application for a commercial gaming license for Empire City, and 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.

10-QQuarterly reportFiled Oct 29, 2025Period of report Sep 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

MGM Resorts said in Q3 2025 it withdrew its application for a commercial gaming license for Empire City, and 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.
The company said consolidated operating loss for the 3 months ended September 30, 2025 was $113 million, compared to operating income of $315 million in the prior year period. Consolidated net revenues for the same period increased 2%, with MGM China increasing 17% and Las Vegas Strip Resorts decreasing 7%.
MGM Resorts said cash provided by operating activities for the 9 months ended September 30, 2025 was $1.9 billion, compared to $1.7 billion in the prior year period, cash used in investing activities was $940 million, and cash used in financing activities was $1.2 billion. It paid $717 million for repurchases of its common stock.
The company said in October 2025 it entered into an agreement to sell the operations of MGM Northfield Park for $546 million in cash, with the transaction expected to close in the first half of 2026. It added it expects to fund the remaining investment in MGM Osaka of approximately JPY361 billion, or about $2.4 billion, over 3 years.

Key figures

Quarter ended September 30, 2025

Revenue: $4.3B
Operating income: −$113M
Net income: −$285M
EPS: −$1.05

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Empire City License Application Withdrawal and Impairment Charges

MGM Resorts said in Q3 2025 it withdrew its application for a commercial gaming license for Empire City, and 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.

Source · Based on the MD&A text of the filing

Q3 Consolidated Operating Loss of $113 million and Net Revenue Increase of 2%

The company said consolidated operating loss for the 3 months ended September 30, 2025 was $113 million, compared to operating income of $315 million in the prior year period. Consolidated net revenues for the same period increased 2%, with MGM China increasing 17% and Las Vegas Strip Resorts decreasing 7%.

Source · Based on the MD&A text of the filing

9-Month Operating, Investing and Financing Cash Flows

MGM Resorts said cash provided by operating activities for the 9 months ended September 30, 2025 was $1.9 billion, compared to $1.7 billion in the prior year period, cash used in investing activities was $940 million, and cash used in financing activities was $1.2 billion. It paid $717 million for repurchases of its common stock.

Source · Based on the MD&A text of the filing

MGM Northfield Park Sale Agreement and MGM Osaka Funding Commitment

The company said in October 2025 it entered into an agreement to sell the operations of MGM Northfield Park for $546 million in cash, with the transaction expected to close in the first half of 2026. It added it expects to fund the remaining investment in MGM Osaka of approximately JPY361 billion, or about $2.4 billion, over 3 years.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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