second quarter 2026
Filed Jul 29, 2026MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS
Record second quarter consolidated revenue and growth at Las Vegas Strip Resorts and MGM Digital were offset by lower Consolidated Adjusted EBITDA, lower Adjusted EPS, Regional Operations Segment Adjusted EBITDAR declines, and MGM China Segment Adjusted EBITDAR declines.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenueGAAP | $4.5B | – | 1% |
| Net income attributable to MGM ResortsGAAP | $292M | – | – |
| Consolidated Adjusted EBITDAnon-GAAP | $610M | – | – |
| Diluted earnings per shareGAAP | $1.11 | – | – |
| Adjusted diluted earnings per share (“Adjusted EPS”)non-GAAP | $0.59 | – | – |
| Las Vegas Strip Resorts Segment Adjusted EBITDARGAAP | $735M | – | 3% |
| Regional Operations Segment Adjusted EBITDARGAAP | $280M | – | (9)% |
| Regional Operations Same-Store Segment Adjusted EBITDARnon-GAAP | $271M | – | flat compared to the prior year quarter |
| MGM China Segment Adjusted EBITDARGAAP | $257M | – | (15)% |
| MGM Digital Segment Adjusted EBITDAR lossGAAP | $31M | – | – |
| Las Vegas Strip Resorts casino revenueother | $536M | – | 17% |
| Las Vegas Strip Resorts table games dropother | $1.52B | – | (2) % |
| Las Vegas Strip Resorts table games winother | $451M | – | 27 % |
| Las Vegas Strip Resorts table games win %other | 29.6 % | – | – |
| Las Vegas Strip Resorts slot handleother | $5.92B | – | — % |
| Las Vegas Strip Resorts slot winother | $566M | – | 3 % |
| Las Vegas Strip Resorts slot win %other | 9.6 % | – | – |
| Las Vegas Strip Resorts room revenueother | $717M | – | (2) % |
| Las Vegas Strip Resorts occupancyother | 93 % | – | – |
| Las Vegas Strip Resorts average daily rate (ADR)other | $242 | – | (4) % |
| Las Vegas Strip Resorts revenue per available room (RevPAR)other | $224 | – | (4) % |
| Regional Operations casino revenueother | $668M | – | (6) % |
| Regional Operations table games dropother | $1.02B | – | 4 % |
| Regional Operations table games winother | $222M | – | 4 % |
| Regional Operations table games win %other | 21.8 % | – | – |
| Regional Operations slot handleother | $6.35B | – | (7) % |
| Regional Operations slot winother | $634M | – | (9) % |
| Regional Operations slot win %other | 10.0 % | – | – |
| MGM China casino revenueother | $956M | – | (2) % |
| MGM China main floor table games dropother | $3.81B | – | (7) % |
| MGM China main floor table games winother | $1.04B | – | 2 % |
| MGM China main floor table games win %other | 27.2 % | – | – |
| Intercompany branding license fee expense for MGM Chinaother | $40M | – | – |
| BetMGM North America Venture share of operating income from unconsolidated affiliatesother | $23,097 | – | – |
| Other share of operating income from unconsolidated affiliatesother | $2,741 | – | – |
| Share of operating income from unconsolidated affiliatesother | $25,838 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas Strip ResortsSecond consecutive quarter of year-over-year revenue growth; casino revenue increased 17 % while room revenue declined (2) %. | $2.2B | – | 3% |
| Regional OperationsSame-store revenue (adjusted for dispositions) increased 3% to $904 million and was described as all-time best Regional Operations same-store quarterly revenue. | $924M | – | (4)% |
| MGM ChinaIntercompany branding license fee expense increased by $21 million over the prior year quarter. | $1.1B | – | relatively flat compared to the prior year quarter |
| MGM DigitalMGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America Venture. | $196M | – | 20% |
Capital returns
- During the second quarter of 2026, the Company repurchased approximately 4 million shares of its common stock for an aggregate amount of $164 million, pursuant to its repurchase plan.
- The remaining availability under the April 2025 stock repurchase plan was approximately $1.4 billion as of June 30, 2026.
- All shares repurchased under the Company's repurchase plan have been retired.
What drove it
- Record 2Q consolidated revenue.
- Las Vegas Strip Resorts casino revenue increased 17 % and table games win increased 27 %.
- Las Vegas Strip Resorts table games win % was 29.6 % compared to 22.9 %.
- Regional Operations same-store revenue (adjusted for dispositions) increased 3%.
- MGM China main floor table games win increased 2 % and main floor table games win % was 27.2 % compared to 25.0 %.
- MGM Digital revenue increased 20%.
Concerns
- Consolidated Adjusted EBITDA was $610 million compared to $648 million in the prior year quarter.
- Adjusted EPS was $0.59 compared to $0.79 in the prior year quarter.
- Regional Operations revenue decreased 4% and Segment Adjusted EBITDAR decreased 9%.
- MGM China Segment Adjusted EBITDAR decreased 15%.
- Las Vegas Strip Resorts room revenue decreased (2) %, ADR decreased (4) %, and RevPAR decreased (4) %.
- MGM Digital Segment Adjusted EBITDAR loss was $31 million compared to a loss of $26 million in the prior year quarter.
What to watch
- MGM Osaka is on track for 2030 opening.
- Returns on MGM Digital businesses.
- Meaningful opportunities at Las Vegas luxury offerings.
- The impact of MGM China intercompany branding license fee expense, which was $40 million in the current quarter and $19 million in the prior year quarter.
- The remaining availability under the April 2025 stock repurchase plan.
Analysis
MGM Resorts reported record second quarter consolidated revenue of $4.5 billion, an increase of 1% compared to the prior year quarter. Net income attributable to MGM Resorts increased to $292 million from $49 million, and diluted earnings per share increased to $1.11 from $0.18. However, Consolidated Adjusted EBITDA declined to $610 million from $648 million, while Adjusted EPS declined to $0.59 from $0.79, making the period mixed on the company’s reported profitability measures.
Las Vegas Strip Resorts supplied the clearest operating growth. Revenue increased 3% to $2.2 billion and Segment Adjusted EBITDAR increased 3% to $735 million. Casino revenue increased 17%, table games win increased 27%, and table games win % increased to 29.6 % from 22.9 %. Hotel indicators weakened, with room revenue down (2) %, ADR down (4) %, and RevPAR down (4) %, while occupancy was 93 % in both periods.
Regional Operations reported revenue of $924 million, down 4%, and Segment Adjusted EBITDAR of $280 million, down 9%. The reported same-store view was stronger: same-store revenue increased 3% to $904 million and Same-Store Segment Adjusted EBITDAR of $271 million was flat compared to the prior year quarter. MGM China revenue of $1.1 billion was relatively flat compared to the prior year quarter, but Segment Adjusted EBITDAR declined 15% to $257 million. The release identifies a $21 million increase in intercompany branding license fee expense over the prior year quarter.
Digital growth remained rapid, as MGM Digital revenue increased 20% to $196 million, although its Segment Adjusted EBITDAR loss increased to $31 million from a loss of $26 million. MGM also reported $23,097 of share of operating income from the BetMGM North America Venture. Capital allocation included repurchases of approximately 4 million shares for an aggregate amount of $164 million, with approximately $1.4 billion remaining under the April 2025 stock repurchase plan as of June 30, 2026. Management also highlighted MGM Osaka, on track for 2030 opening, and investment in Las Vegas luxury offerings.
Management, verbatim
MGM Resorts once again demonstrated the strength of our diversified portfolio with record second quarter consolidated revenue driven by a second consecutive quarter of year-over-year revenue growth for Las Vegas Strip Resorts, all-time best Regional Operations same-store quarterly revenue, and 20% year-over-year revenue growth at MGM Digital.
Bill Hornbuckle, President and CEO of MGM Resorts International
Our disciplined and targeted capital allocation strategy fueled Segment Adjusted EBITDAR growth across our Las Vegas Strip Resorts, record setting results at several of our Regional Operations, and market share gains at MGM China.
Jonathan Halkyard, CFO of MGM Resorts International
Not in the filing
stated, not guessed- Prior-year consolidated revenue amount
- Prior-quarter comparisons for reported metrics
- Total net income
- Gross profit and gross margin
- Operating income
- Operating expenses
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Dividend information
- Forward guidance
- Previous-period outlook or prior guidance
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.