MGM Resorts International is concentrating digital investments into its BetMGM Brazil brand alongside its partner in the market, Grupo Globo.
Speaking on the operator’s earnings call for the second quarter, Gary Fritz, President of MGM Resorts International Interactive, noted that the digital investment in Brazil follows the strong returns in other markets internationally that utilise the BetMGM brand, in hopes of replicating the success.
MGM Resorts’ digital operations consist of LeoVegas and BetMGM-branded operations in international markets, excluding its BetMGM North America operations.
Fritz stated that Brazil operations turned a corner in Q2 following the launch of the regulated iGaming market in Q1, and that the operator has strong promise about its future in the country.
“The investment is concentrated in Brazil. We really took flight with respect to our investments in Brazil in Q2,” said Fritz.
“We got the product in good shape in Q1. Q2, we turned on the marketing with a reasonable level of aggression, and we’re very happy about what we’re seeing. Player values are strong down there. We see nothing to give us any concern about the TAM and the long-term health of the market in Brazil.
“Our relationship with Globo couldn’t be better, and that relationship affords us a tremendous amount of operating flexibility that our competitors do not have.”
Fritz added that the total performance on the bottom line in MGM Digital in 2025 should mimic what it looked like last year, and that MGM Resorts is moving into 2026 with optimism.
Within its Q2 results, MGM Resorts stated that its digital operations are on a trajectory to become profitable over the coming years.
When asked about omnichannel’s impact on digital, Fritz proclaimed that Nevada is having a big impact, achieving about a 30% growth in monthly actives and a four times increase in the number of Nevada actives that continue to play on BetMGM once they return home.
“The power of our Vegas funnel, if you will, and turning that into real customers for BetMGM is really a hallmark part of the omnichannel program. We are also aggressively investing in activating players during tentpole events here in Las Vegas,” stated Fritz.
“Then on the content side, we’re also seeing the ability to leverage things like our MGM live studio and being able to begin to provision exclusive and proprietary content for players out of that. That’s another advantage of what we uniquely can do as an omnichannel operator.”
Earlier this week, BetMGM published its Q2 financials, noting that its positive momentum to begin 2025 continued throughout the first half of the year, with iGaming being a supporting factor behind its growth.
The operator’s CEO, Adam Greenblatt, stated that BetMGM is “healthier than it has ever been” with new records for iGaming, while strong engagement and player KPIs in online sports betting were helped by refined player targeting and management capabilities.
MGM Resorts’ consolidated net revenues in Q2 came in at $4.4bn, a record for the quarter and a 2% increase in comparison to the same period last year, following growth for MGM China and Regional verticals, which both benefited from an uptick in casino revenue.
The operator’s net income was $49m, down from $187m during the same period last year due to “the current quarter pre-tax impact of foreign currency transaction loss of $208m primarily related to USD-denominated debt held by a foreign subsidiary”.
Adjusted EBITDA came in at $648m (Q2 2024: $635m), diluted earnings per share were $0.18 (Q2 2024: $0.60), while adjusted diluted earnings per share were $0.79 (Q2 2024: $0.86).
Approximately eight million common stock shares were repurchased by the operator in Q2 for an aggregate amount of $217m, under MGM Resorts’ repurchase plan. As of 30 June, the remaining availability under the November 2023 and April 2025 stock repurchase plan was approximately $2.1bn.
MGM Resorts Q2 figures per vertical were as follows:
Las Vegas
Regional
MGM China
MGM Digital
Bill Hornbuckle, CEO & President of MGM Resorts, stated: “MGM Resorts’ operational scale and diversity delivered solid growth in the second quarter, with consolidated results increasing year over year. This performance was driven by accelerating EBITDA growth at the BetMGM venture and record results out of our Regional Operations, as well as MGM China.
“Our outlook on the business remains bright, particularly in Las Vegas, as 4Q25 and full year 2026 will benefit from meaningful capital investment, including the completion of the MGM Grand room remodel, combined with strong convention bookings.
“Looking beyond 2025, our BetMGM venture continues towards its goal of $500m in EBITDA, and our MGM Digital segment is on target to become profitable in the coming years.”
Jonathan Halkyard, CFO & Treasurer of MGM Resorts International, added: “MGM Resorts remains on track to implement over $150m of EBITDA enhancements within the year.
“During the quarter, we repurchased eight million shares for $217m. We still have approximately $2.1bn in our authorised share repurchase program and continue to see significant value in our stock at current prices.”
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