Adjusted EBITDA margin increased to 46.7% for Las Vegas operations and 43.6% consolidated, up 47 and 212 basis points respectively.
Capital spend in Q2 was $78.2 million; full year 2025 capital spend expected between $325 million and $375 million, down $25 million from prior guidance.
Consolidated second quarter net revenue was $526.3 million, up 8.2%; adjusted EBITDA was $229.4 million, up 13.7%.
Las Vegas operations delivered highest quarterly net revenue and adjusted EBITDA in 49-year history with near record adjusted EBITDA margin.
Operating free cash flow was $124.3 million or $1.18 per share, converting 54% of adjusted EBITDA; year-to-date free cash flow $217.3 million or $2.06 per share.
Second quarter Las Vegas net revenue was $513.3 million, up 6.2% year-over-year; adjusted EBITDA was $239.4 million, up 7.3%.
Strong performance across gaming, hotel, food and beverage, and group sales and catering segments with near record revenue and profitability.
Adjusted EBITDA was $211 million, up 21.6%, with margin improvement of 170 basis points to 27.7%.
Adjusted net income, excluding sale leaseback impacts, was $84.1 million, up 60.5% year-over-year.
Comparable center revenue grew 11.2%, leading to a raised full year comparable center revenue guidance of 9.5% to 10%.
Net cash provided by operating activities rose 15% to $196 million; free cash flow was $112 million, marking the fifth consecutive positive free cash flow quarter.
Net income for the quarter was $72.1 million, up 36.5%, including $9 million of tax-affected losses on sale leaseback.
Sale leaseback of 3 properties generated net proceeds of approximately $149 million.
Total revenue increased 14% to $761 million, driven by a 14% increase in membership dues and enrollment fees and a 14.4% increase in in-center revenue.
Dafinchi
