Rush Street Interactive, MGM Announce 1st Quarter Earnings for 2025

MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") on Wednesday reported financial results for the quarter ended March 31, 2025.

"MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year's Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. "We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year. MGM Resorts is strongly positioned with an outstanding team, globally recognized brands, and a diverse group of market leading operations that have benefited from significant capital investment. Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations."

"The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494 million," said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. "We continue to see significant value in our shares at current levels and our Board of Directors have authorized a new $2 billion share repurchase program."

Rush Street Interactive also reported earnings for the first quarter of 2025.

• Revenue was $262.4 million during the first quarter of 2025, an increase of 21%, compared to $217.4 million during the first quarter of 2024.
• Net income was $11.2 million during the first quarter of 2025, compared to a net loss of $2.2 million during the first quarter of 2024.
• Adjusted EBITDA1 was $33.2 million during the first quarter of 2025, an increase of 95%, compared to $17.1 million during the first quarter of 2024.
• Adjusted sales and marketing expense1 was $38.8 million during the first quarter of 2025, an increase of 3% compared to $37.8 million during the first quarter of 2024.
• Monthly Active Users (“MAU”) in the United States and Canada were approximately 203,000, up 17% year-over-year. MAUs in Latin America (which includes Mexico) were approximately 354,000, up 61% year-over-year.
• Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $368 during the first quarter of 2025, up 3% year-over-year. ARPMAU in Latin America was $36, compared to $44 last year.
• Repurchased $5.2 million of Class A common stock under the Company’s $50.0 million authorized buyback program

Richard Schwartz, Chief Executive Officer of RSI, said, “We have started 2025 with strong momentum, building on our success from recent years. Our first quarter revenue increased by 21% year-over-year to $262 million, and our Adjusted EBITDA reached a record $33 million, nearly double that of Q1 2024. These strong results are driven by our commitment to innovation and enhancing the quality of our player experience, alongside efficient acquisition and retention of high-value players. The consistency and durability of our business, particularly in online casino, is reflected in our execution and performance and is the foundation of the optimism we have for sustaining our momentum going forward.”