MGM Resorts International (MGM) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the 2025 VET MGM Q1 2025 Financial Update. Joining from the company today are Adam Greenblatt, Chief Executive Officer, and Gary Deutsch, Chief Financial Officer. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a 30-minute question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. You will then hear an automated message advising you that your hand is raised. To withdraw your question, press star 1 again. Please be advised that today's conference is being recorded. I would now like to turn the call over to Adam Greenblatt. Please go ahead. Good morning, everyone. Thank you for joining us today. 2025 is off to a strong start for BetMGM as our financial performance followed the course we had charted coming into the year. The strategy Gary and I outlined during our 2024 fiscal year results in February was the blueprint for achieving profitable and sustainable growth. As you'll remember, we started to deploy the strategy in the second half of 2024. To summarize the key elements, in iGaming, we will continue to invest assertively, and in sports, we're taking a more targeted and capital efficient approach to player acquisition and management. We are pleased to report that momentum coming out of 2024 has continued into 2025, with Q1 growth accelerating from Q4 levels, as well as delivering significant profitability. Q1 net revenue grew 34% year over year, reaching $657 million, and importantly, delivered EBITDA of $22 million, up approximately $154 million from the prior year. While Q1 2024 EBITDA was impacted by a number of headwinds, Our Q1 2025 result highlights the strength of our current strategy. The business is as healthy as it's e...