MGM Resorts International stock rises on strong BetMGM Q1 Results

Takeaways

• MGM Resorts International said BetMGM's Online Sports and iGaming revenue soared in the first quarter.
• The BetMGM joint enterprise with Entain plc announced a 34% growth in total revenue from the previous year.
• BetMGM has confirmed its revenue forecast for the full year of $2.4 to $2.5 billion.

MGM Resorts International shares rose Monday after the casino and resort operator reported strong demand from its BetMGM online gaming and sports betting platform.

The company reported that BetMGM (jointly owned with Isle of Man based Entain plc) posted first-quarter revenues of $657.8 million, which was 34% higher than the previous year. It was driven mainly by a 68% rise in Online Sports revenue to $194 millions and a 27% growth to $443,000,000 in iGaming. It also said that BetMGM’s Q1 EBITDA was positive, and that “underlying trends reaffirm the confidence that FY2025 will be EBITDA-positive.”

BetMGM CEO Adam Greenblatt said that the year "is off to an encouraging start," building on momentum from the second half of 2024 even with "unfavorable sports outcomes during key moments in the quarter."  

BetMGM said that the performance so far in 2025 "provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year." It reaffirmed its outlook that full–year revenue will come in at $2.4 billion to $2.5 billion.

MGM Resort International’s shares, which reported results on Wednesday, rose by more than 2 percent, but are down 7% over the past year.