MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATING RESULTS
Rhea-AI Summary
MGM Resorts (NYSE: MGM) reported 1Q 2026 results: consolidated net revenues of $4.5 billion (+4%), net income attributable to MGM Resorts of $125 million, and Consolidated Adjusted EBITDA of $580 million. The company closed the sale of MGM Northfield Park operations for $546 million and repurchased ~2 million shares for $90 million.
Notable segment performance included MGM Digital revenue of $183 million (+43%) and BetMGM showing positive operating income in the quarter. Remaining repurchase availability was approximately $1.5 billion as of March 31, 2026.
Positive
- MGM Digital net revenues +43% to $183 million
- BetMGM operating income turned positive to $7.36 million
- Closed sale of MGM Northfield Park operations for $546 million
- Repurchased ~2 million shares for $90 million; ~$1.5 billion repurchase capacity remaining
Negative
- Adjusted EPS declined to $0.49 from $0.69 (approx. 29% decrease)
- Net income attributable to MGM Resorts fell to $125 million from $149 million (approx. 16% decline)
News Market Reaction – MGM
In the Apr 30 session, MGM declined 0.84%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 05 | Quarterly earnings | Positive | +3.3% | 4Q25 revenue, net income, and Adjusted EBITDA all grew strongly year-over-year. |
| Oct 30 | Peer earnings | Positive | +4.3% | VICI posted higher revenues, net income, AFFO, and increased its quarterly dividend. |
| Oct 29 | Quarterly earnings | Negative | -1.6% | 3Q25 included a large goodwill impairment and a net loss despite MGM China growth. |
| Jul 30 | Subsidiary earnings | Positive | -3.8% | MGM China reported record Q2 2025 performance and stronger market share metrics. |
| Jul 30 | Quarterly earnings | Positive | -3.8% | Record 2Q25 revenues and strong MGM China results but lower net income from FX. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent earnings-related news often produced modest moves, with some positive fundamental updates met by negative price reactions.
Over the past several quarters, MGM-related earnings news has highlighted record or growing consolidated revenues, strong MGM China performance, and active capital returns via share repurchases. Some reports also featured items like goodwill impairments or foreign currency impacts that weighed on net income or EPS. Price reactions have been mixed, including both gains and declines on generally positive fundamentals. Today’s 1Q26 earnings, with record net revenues but lower EPS and Adjusted EBITDA year-over-year, fit this pattern of nuanced fundamentals and non-uniform market responses.
Key Terms
segment adjusted ebitdar financial
consolidated adjusted ebitda financial
adjusted eps financial
revpar financial
triple net lease financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Record 1Q consolidated net revenues
- Las Vegas Strip Resorts' quarterly net revenues increased year-over-year for the first time since 3Q24
- BetMGM North America Venture reported year-over-year increases in net revenue and Adjusted EBITDA
- Closed on the sale of the operations of MGM Northfield Park for
$546 million
"We are pleased to report record 1Q consolidated net revenues driven primarily by MGM China and MGM Digital, as well as growth at our BetMGM North America Venture," said Bill Hornbuckle, President and CEO of MGM Resorts International. "MGM Resorts' Las Vegas Strip Resorts delivered comparable period quarterly top line growth for the first time in over a year and monthly net revenues that strengthened into March. Looking into the second quarter and beyond, we are seeing signs of strength driven by solid convention bookings, our newly launched all-inclusive promotion, and our recently refreshed rooms at the MGM Grand Las Vegas."
"This month we closed on the sale of the operations of MGM Northfield Park for
First Quarter 2026 Financial Highlights:
Consolidated Results
- Consolidated net revenues of
$4.5 billion 4% compared to the prior year quarter - Net income attributable to MGM Resorts was
$125 million $149 million - Consolidated Adjusted EBITDA of
$580 million $637 million - Diluted earnings per share of
$0.48 $0.51 - Adjusted diluted earnings per share ("Adjusted EPS") of
$0.49 $0.69
Las Vegas Strip Resorts
- Net revenues of
$2.2 billion - Segment Adjusted EBITDAR of
$749 million $811 million 8% .
Regional Operations
- Net revenues of
$918 million $900 million 2% - Segment Adjusted EBITDAR of
$259 million $279 million 7% .
MGM China
- Net revenues of
$1.1 billion $1.0 billion 9% - Segment Adjusted EBITDAR of
$273 million $286 million 4% - Intercompany branding license fee expense increased by
$23 million
MGM Digital (1)
- Net revenues of
$183 million $128 million 43% - Segment Adjusted EBITDAR loss of
$26 million $34 million
(1) | MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America Venture. |
Adjusted EPS
The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Three Months Ended March 31, | 2026 | 2025 | |
Diluted earnings per share | $ 0.48 | $ 0.51 | |
Property transactions, net | 0.04 | 0.05 | |
Non-operating items: | |||
Loss (gain) related to debt and equity investments | 0.05 | (0.12) | |
Foreign currency transaction (gain) loss | (0.11) | 0.34 | |
Change in the fair value of foreign currency contracts | 0.07 | (0.14) | |
Income tax impact on net income adjustments(1) | (0.04) | 0.05 | |
Adjusted EPS | $ 0.49 | $ 0.69 |
(1) | The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. |
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended March 31, | 2026 | 2025 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 513 | $ 538 | (5) % | |
Table games drop | $ 1,460 | $ 1,511 | (3) % | |
Table games win | $ 399 | $ 404 | (1) % | |
Table games win % | 27.3 % | 26.7 % | ||
Slot handle | $ 5,692 | $ 5,682 | — % | |
Slot win | $ 539 | $ 545 | (1) % | |
Slot win % | 9.5 % | 9.6 % | ||
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Three Months Ended March 31, | 2026 | 2025 | % Change | |
Room revenue (in millions) | $ 751 | $ 750 | — % | |
Occupancy | 92 % | 94 % | ||
Average daily rate (ADR) | $ 257 | $ 257 | — % | |
Revenue per available room (RevPAR) | $ 238 | $ 242 | (2) % |
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended March 31, | 2026 | 2025 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 684 | $ 672 | 2 % | |
Table games drop | $ 1,005 | $ 947 | 6 % | |
Table games win | $ 205 | $ 196 | 5 % | |
Table games win % | 20.4 % | 20.7 % | ||
Slot handle | $ 6,619 | $ 6,567 | 1 % | |
Slot win | $ 668 | $ 649 | 3 % | |
Slot win % | 10.1 % | 9.9 % | ||
MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended March 31, | 2026 | 2025 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 977 | $ 896 | 9 % | |
Main floor table games drop | $ 3,973 | $ 3,627 | 10 % | |
Main floor table games win | $ 1,077 | $ 913 | 18 % | |
Main floor table games win % | 27.1 % | 25.2 % | ||
Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating income (loss) from unconsolidated affiliates:
Three Months Ended March 31, | 2026 | 2025 | |
(In thousands) | |||
BetMGM North America Venture | $ 7,360 | $ (15,201) | |
Other | 2,666 | 2,305 | |
$ 10,026 | $ (12,896) | ||
MGM Resorts Share Repurchases
During the first quarter of 2026, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com.
The call will be accessible via the internet through http://investors.mgmresorts.com/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 4005154.
A replay of the call will be available through May 6, 2026. The replay may be accessed by dialing 1-855-669-9658 or 1-412-317-0088. The replay access code is 9288406.
"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
"Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release.
"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, and change in the fair value of foreign currency contracts.
Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.
RevPAR is hotel revenue per available room.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of
Cautionary Statement Concerning Forward-Looking Statements
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding its financial outlook (including expectations regarding booking pace and the Company's liquidity position); any benefits expected to be received from the Company's transactions and capital investments; the Company's ability to execute on its strategic plans, including the Company's development projects in
MGM RESORTS CONTACTS:
Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance & Treasurer
srogers@mgmresorts.com
HOWARD WANG
Vice President of Investor Relations
hwang@mgmresorts.com
News Media
BRIAN AHERN
Executive Director of Communications
media@mgmresorts.com
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | March 31, | ||||||||||||||
2026 | 2025 | ||||||||||||||
Revenues | |||||||||||||||
Casino | $ | 2,378,855 | $ | 2,252,148 | |||||||||||
Rooms | 867,854 | 863,408 | |||||||||||||
Food and beverage | 804,840 | 770,173 | |||||||||||||
Entertainment, retail and other | 403,169 | 391,353 | |||||||||||||
4,454,718 | 4,277,082 | ||||||||||||||
Expenses | |||||||||||||||
Casino | 1,349,552 | 1,244,310 | |||||||||||||
Rooms | 285,276 | 280,849 | |||||||||||||
Food and beverage | 576,280 | 560,295 | |||||||||||||
Entertainment, retail and other | 253,420 | 234,429 | |||||||||||||
General and administrative | 1,282,832 | 1,164,898 | |||||||||||||
Corporate expense | 137,220 | 142,351 | |||||||||||||
Preopening and start-up expenses | 977 | 85 | |||||||||||||
Property transactions, net | 14,220 | 15,468 | |||||||||||||
Depreciation and amortization | 263,725 | 236,444 | |||||||||||||
4,163,502 | 3,879,129 | ||||||||||||||
Income (loss) from unconsolidated affiliates | 10,026 | (12,896) | |||||||||||||
Operating income | 301,242 | 385,057 | |||||||||||||
Non-operating income (expense) | |||||||||||||||
Interest expense, net of amounts capitalized | (100,689) | (107,269) | |||||||||||||
Non-operating items from unconsolidated affiliates | (2,507) | 262 | |||||||||||||
Other, net | 4,203 | (11,266) | |||||||||||||
(98,993) | (118,273) | ||||||||||||||
Income before income taxes | 202,249 | 266,784 | |||||||||||||
Provision for income taxes | (27,457) | (40,053) | |||||||||||||
Net income | 174,792 | 226,731 | |||||||||||||
Less: Net income attributable to noncontrolling interests | (49,656) | (78,177) | |||||||||||||
Net income attributable to MGM Resorts International | $ | 125,136 | $ | 148,554 | |||||||||||
Earnings per share | |||||||||||||||
Basic | $ | 0.49 | $ | 0.52 | |||||||||||
Diluted | $ | 0.48 | $ | 0.51 | |||||||||||
Weighted average common share outstanding | |||||||||||||||
Basic | 256,348 | 287,125 | |||||||||||||
Diluted | 258,877 | 289,096 | |||||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands, except share data) | ||||||||||
(Unaudited) | ||||||||||
March 31, | December 31, | |||||||||
2026 | 2025 | |||||||||
ASSETS | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 2,292,830 | $ | 2,062,994 | ||||||
Accounts receivable, net | 1,127,143 | 1,122,940 | ||||||||
Inventories | 123,158 | 124,535 | ||||||||
Income tax receivable | 100,380 | 220,154 | ||||||||
Prepaid expenses and other | 571,335 | 486,419 | ||||||||
Assets held for sale | 313,917 | 315,382 | ||||||||
Total current assets | 4,528,763 | 4,332,424 | ||||||||
Property and equipment, net | 6,201,736 | 6,305,614 | ||||||||
Investments in and advances to unconsolidated affiliates | 660,360 | 536,066 | ||||||||
Goodwill | 4,885,382 | 4,901,960 | ||||||||
Other intangible assets, net | 1,309,252 | 1,356,676 | ||||||||
Operating lease right-of-use assets, net | 22,877,266 | 23,002,707 | ||||||||
Deferred income taxes | 98,673 | 89,792 | ||||||||
Other long-term assets, net | 840,726 | 848,547 | ||||||||
$ | 41,402,158 | $ | 41,373,786 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities | ||||||||||
Accounts and construction payable | $ | 404,489 | $ | 421,502 | ||||||
Accrued interest on long-term debt | 95,497 | 71,845 | ||||||||
Other accrued liabilities | 2,867,531 | 2,993,179 | ||||||||
Liabilities related to assets held for sale | 26,057 | 25,581 | ||||||||
Total current liabilities | 3,393,574 | 3,512,107 | ||||||||
Deferred income taxes | 2,614,529 | 2,617,067 | ||||||||
Long-term debt, net | 6,403,265 | 6,230,141 | ||||||||
Operating lease liabilities | 24,933,161 | 24,962,742 | ||||||||
Other long-term obligations | 725,625 | 775,411 | ||||||||
Total liabilities | 38,070,154 | 38,097,468 | ||||||||
Redeemable noncontrolling interests | 20,452 | 21,777 | ||||||||
Stockholders' equity | ||||||||||
Common stock, | ||||||||||
issued and outstanding 255,846,644 and 258,323,143 shares | 2,558 | 2,583 | ||||||||
Capital in excess of par value | - | - | ||||||||
Retained earnings | 2,173,529 | 2,106,836 | ||||||||
Accumulated other comprehensive income | 257,335 | 320,498 | ||||||||
Total MGM Resorts International stockholders' equity | 2,433,422 | 2,429,917 | ||||||||
Noncontrolling interests | 878,130 | 824,624 | ||||||||
Total stockholders' equity | 3,311,552 | 3,254,541 | ||||||||
$ | 41,402,158 | $ | 41,373,786 | |||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||
SUPPLEMENTAL DATA - NET REVENUES | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 31, | March 31, | ||||
2026 | 2025 | ||||
Las Vegas Strip Resorts | $ | 2,180,430 | $ | 2,176,120 | |
Regional Operations | 917,910 | 900,419 | |||
MGM China | 1,122,035 | 1,027,472 | |||
MGM Digital | 182,741 | 128,058 | |||
Management and other operations | 51,602 | 45,013 | |||
$ | 4,454,718 | $ | 4,277,082 | ||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||
SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR AND CONSOLIDATED ADJUSTED EBITDA | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 31, | March 31, | ||||
2026 | 2025 | ||||
Las Vegas Strip Resorts | $ | 749,207 | $ | 811,160 | |
Regional Operations | 259,437 | 279,042 | |||
MGM China | 273,474 | 285,565 | |||
MGM Digital (1) | (25,602) | (34,393) | |||
Unconsolidated affiliates - BetMGM and other (2) | 10,026 | (12,896) | |||
Management and other operations | 26,546 | 21,764 | |||
Stock compensation | (35,102) | (28,622) | |||
Triple net lease rent expense | (564,627) | (564,475) | |||
Corporate (3) | (113,195) | (120,091) | |||
Consolidated Adjusted EBITDA | $ | 580,164 | $ | 637,054 | |
Additional Information: | |||||
Non-cash rent (4) | $ | 102,347 | $ | 111,137 | |
(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming. |
(2) Represents the Company's share of operating income (loss) of unconsolidated affiliates. |
(3) Includes amounts related to MGM China of |
(4) Represents the excess of expense over cash paid related to triple net operating and ground leases. |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 31, | March 31, | ||||
2026 | 2025 | ||||
Net income attributable to MGM Resorts International | $ | 125,136 | $ | 148,554 | |
Plus: Net income attributable to noncontrolling interests | 49,656 | 78,177 | |||
Net income | 174,792 | 226,731 | |||
Provision for income taxes | 27,457 | 40,053 | |||
Income before income taxes | 202,249 | 266,784 | |||
Non-operating (income) expense: | |||||
Interest expense, net of amounts capitalized | 100,689 | 107,269 | |||
Other, net | (1,696) | 11,004 | |||
98,993 | 118,273 | ||||
Operating income | 301,242 | 385,057 | |||
Preopening and start-up expenses | 977 | 85 | |||
Property transactions, net | 14,220 | 15,468 | |||
Depreciation and amortization | 263,725 | 236,444 | |||
Consolidated Adjusted EBITDA | $ | 580,164 | $ | 637,054 | |
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SOURCE MGM Resorts International