• MGM Resorts International has identified Brazil as the primary focus for its international digital investment following an encouraging Q2 performance in the newly regulated market.
• The company significantly increased marketing spend for its BetMGM Brazil brand in Q2, citing strong early player values and the strategic advantage of its partnership with media giant Grupo Globo.
• Overall, MGM Resorts reported record Q2 consolidated net revenues of $4.4 billion, driven by growth in its Regional US and MGM China operations.
• The MGM Digital segment, which includes international operations, saw revenues grow to $164m but posted an adjusted EBITDA loss of $26m as it invests heavily in growth markets like Brazil.
• MGM also highlighted its successful US omnichannel strategy, where its Las Vegas properties are effectively funnelling customers to its BetMGM online platform.

Global gaming operator MGM Resorts International has pinpointed Brazil as the main focus of its digital investment strategy outside of North America, following a successful ramp-up in the newly regulated market during the second quarter.

Speaking on the company’s Q2 2025 earnings call, Gary Fritz, President of MGM Resorts International Interactive, confirmed that the company had accelerated its investment in the country. “We really took flight with respect to our investments in Brazil in Q2,” Fritz stated. “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.”

Fritz expressed confidence in the market’s fundamentals, adding, “Player values are strong down there. We see nothing to give us any concern about the TAM [Total Addressable Market] and the long-term health of the market in Brazil.”

Globo Partnership Provides Strategic Advantage

A key component of MGM’s strategy in Brazil is its exclusive partnership with local media powerhouse Grupo Globo. Fritz emphasised that this relationship provides a significant competitive advantage in the crowded market.

“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,” he noted. This integrated media approach is central to BetMGM’s plans to build market share in the country.

Record Group Revenues Provide Foundation for Investment

MGM’s focused investment in Brazil is supported by a strong performance across the wider group. The company reported record consolidated net revenues of $4.4 billion for the second quarter, a 2% year-on-year increase. This was driven by solid results from its US Regional Operations and continued strength at MGM China, which posted net revenues of $965 million and $1.1 billion respectively.

The MGM Digital segment, which houses the company’s international online brands, reported Q2 net revenues of $164 million, up from $143 million in the prior year. However, reflecting the heavy investment in marketing and expansion in Brazil, the division posted an adjusted EBITDA loss of $26 million for the quarter.

US Omnichannel Strategy Proving Successful

MGM also highlighted the success of its omnichannel strategy in the US, where its land-based properties are acting as a powerful customer acquisition channel for the BetMGM joint venture. Fritz noted that the “power of our Vegas funnel” has led to a 30% growth in monthly actives and a fourfold increase in the number of Las Vegas visitors who continue to play on BetMGM after returning home.

Looking ahead, MGM Resorts CEO Bill Hornbuckle stated that the company’s outlook “remains bright.” The results show a company leveraging the strength of its established land-based operations to fund an aggressive and highly targeted digital expansion into key emerging markets like Brazil.