New York, February 4, 2026, 14:56 EST — Regular session
- MGM shares climbed sharply mid-session after BetMGM raised its outlook and reported a cash payout to its owners
- A same-day SEC filing showed MGM had inadvertently posted preliminary results ahead of its scheduled earnings
- Traders now look to MGM’s Feb. 11 earnings for final figures and updated demand signals
MGM Resorts International shares rose about 9% to $37.30 in afternoon trading, outpacing most casino peers after an upbeat BetMGM update and an unexpected SEC filing that surfaced MGM’s preliminary quarterly figures ahead of schedule.
Why it matters now: MGM’s online betting joint venture has been watched as a growth engine that has also burned cash. Wednesday’s numbers suggest it is starting to throw off meaningful profit — and real money back to owners.
The timing is awkward, too. MGM is due to report results next week, and investors just got an early look at some key lines, including how the Las Vegas Strip and Macau-linked MGM China finished the year.
BetMGM said fiscal 2025 net revenue rose 33% to $2.8 billion and EBITDA hit $220 million, and it returned $270 million to its parent companies in the fourth quarter. It forecast 2026 net revenue of $3.1 billion to $3.2 billion and adjusted EBITDA of $300 million to $350 million. Adam Greenblatt, BetMGM’s chief executive, called 2025 “a record year for BetMGM.” (MGM Resorts Investor Relations)
Reuters reported BetMGM has been pushing deeper across North America as more U.S. states legalise online betting, even as operators face tighter regulatory scrutiny and higher state taxes. (Reuters)
MGM also filed an 8-K on Wednesday saying it had “inadvertently posted” certain preliminary financial information for the fourth quarter and full year ended Dec. 31, 2025. The company said the figures were subject to completion of closing procedures and had not been audited or reviewed. (SEC)
In that preliminary release, MGM showed fourth-quarter revenue of about $4.61 billion, up from about $4.35 billion a year earlier, and consolidated adjusted EBITDA — a widely used operating profit metric that strips out interest, taxes and depreciation — of $635 million, up from $528 million. Net revenue at its Las Vegas Strip Resorts segment slipped to about $2.17 billion, while MGM China’s net revenue rose to about $1.24 billion. (SEC)
Casino and gaming stocks were broadly higher, with Caesars Entertainment up about 6%, Wynn Resorts up about 4% and Las Vegas Sands up nearly 1%, while sports-betting operator DraftKings rose nearly 2%. The S&P 500 ETF SPY was down about 0.4% at the time of writing.
But there are risks around the move. BetMGM’s business still sits in a crowded market where marketing intensity, shifting state tax rates and changing rules can dent margins fast, and MGM’s own filing stressed the early figures could still change before the official release.
Investors’ next hard catalyst is MGM’s scheduled fourth-quarter and full-year 2025 earnings on Feb. 11 after the market closes, followed by a conference call at 5 p.m. Eastern. Traders will be listening for final segment results and any update on 2026 demand and capital returns. (MGM Resorts Investor Relations)
