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MGM Resorts (NYSE: MGM) lifts Q2 profit as record revenue meets lower EBITDA

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MGM Resorts International reported record second-quarter consolidated revenue of $4.5 billion, up 1% from a year earlier. Net income attributable to MGM Resorts was $292 million, with diluted EPS of $1.11 versus $0.18. On a non‑GAAP basis, Adjusted EPS was $0.59, down from $0.79, and Consolidated Adjusted EBITDA was $610 million compared with $648 million.

Las Vegas Strip Resorts generated revenue of $2.2 billion and Segment Adjusted EBITDAR of $735 million, both up 3% year over year. Regional Operations revenue declined to $924 million, while same‑store revenue grew 3% and same‑store Segment Adjusted EBITDAR was flat at $271 million. MGM China revenue was stable at $1.1 billion, but Segment Adjusted EBITDAR decreased to $257 million from $301 million. MGM Digital revenue increased 20% to $196 million, with a Segment Adjusted EBITDAR loss of $31 million.

The company repurchased approximately 4 million shares for $164 million during the quarter, leaving about $1.4 billion available under its April 2025 stock repurchase plan.

Positive

  • Net income attributable to MGM Resorts rose to $292 million, with diluted EPS of $1.11 compared to $0.18 a year earlier.
  • Las Vegas Strip Resorts posted revenue of $2.2 billion and Segment Adjusted EBITDAR of $735 million, both up 3% year over year.
  • MGM Digital revenue increased 20% to $196 million, reflecting growth in the company’s interactive gaming operations.
  • MGM Resorts repurchased approximately 4 million shares for $164 million, with about $1.4 billion remaining under its April 2025 repurchase plan.

Negative

  • Adjusted EPS declined to $0.59 from $0.79 in the prior-year quarter.
  • MGM China Segment Adjusted EBITDAR decreased to $257 million from $301 million, a 15% decline year over year.

Filing Explained

By June 30, repurchased shares had been retired; MGM reported 251,586,206 shares outstanding, $2,547,380 thousand cash, and $6,068,442 thousand long-term debt.

This Form 8-K furnishes MGM Resorts' unaudited results for the quarter ended June 30, 2026; at that date, the disclosed holder structure was 251,586,206 common shares issued and outstanding, with $2,547,380 thousand of cash and $6,068,442 thousand of long-term debt.

All shares repurchased under the company’s plan have been retired, so the filing describes completed share retirement rather than merely an authorization to buy shares.

Adjusted EPS and Consolidated Adjusted EBITDA are supplemental non-GAAP measures; the release says they are not substitutes for GAAP earnings or net income, and Consolidated Adjusted EBITDA is not a measure of operating cash flow.

The balance sheet lists 258,323,143 common shares issued and outstanding at December 31, 2025, versus 251,586,206 at June 30, 2026.

The stated future milestone is MGM Osaka’s targeted 2030 opening; the release identifies the timing and costs of Japan expansion as risks.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Consolidated Revenue $4.5 billion Record revenue for the quarter ended June 30, 2026, up 1% year over year
Net Income Attributable to MGM Resorts $292 million Quarter ended June 30, 2026; compared with $49 million in prior-year quarter
Diluted EPS $1.11 Quarter ended June 30, 2026; prior-year quarter was $0.18
Adjusted EPS $0.59 Non-GAAP diluted EPS for Q2 2026; prior-year quarter was $0.79
Consolidated Adjusted EBITDA $610 million Quarter ended June 30, 2026; compared with $648 million in prior-year quarter
Las Vegas Strip Resorts Revenue $2.2 billion Q2 2026 revenue for Las Vegas Strip Resorts, a 3% increase year over year
MGM Digital Revenue $196 million Q2 2026 revenue for MGM Digital, a 20% increase over prior-year quarter
Share Repurchases $164 million Approx. 4 million shares repurchased in Q2 2026; $1.4 billion authorization remaining
Segment Adjusted EBITDAR financial
""Segment Adjusted EBITDAR" is our reportable segment GAAP measure"
A segment adjusted EBITDAR is a profitability measure for a particular business unit that starts with operating profit and then adds back interest, taxes, depreciation, amortization and rent, plus one-time or non-recurring items specific to that segment. It isolates the segment’s underlying cash-generating performance by removing financing, accounting and unusual effects, helping investors compare and value different parts of a company — like judging store performance by sales and running costs while ignoring differing lease or loan arrangements.
Same-Store Segment Adjusted EBITDAR financial
""Same-Store Segment Adjusted EBITDAR" is Segment Adjusted EBITDAR further adjusted"
Consolidated Adjusted EBITDA financial
""Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income"
Consolidated adjusted EBITDA is a company’s combined operating profit across all its units before interest, taxes, depreciation and amortization, further cleaned up by removing one‑time, noncash or unusual items so it shows the ongoing cash-generating performance. Think of it as the business’s engine power after stripping out financing, tax rules and one-off events—investors use it to compare operating health and value companies, but it’s not a formal accounting measure.
Adjusted EPS financial
""Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
RevPAR financial
"RevPAR is hotel revenue per available room"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
triple net lease rent expense financial
"Triple net lease rent expense is the expense for rent to landlords under triple net operating leases"
Consolidated revenue $4.5 billion increase of 1% compared to the prior year quarter
Net income attributable to MGM Resorts International $292 million compared to $49 million in the prior year quarter
Diluted EPS $1.11 compared to $0.18 in the prior year quarter
Adjusted EPS $0.59 compared to $0.79 in the prior year quarter
Consolidated Adjusted EBITDA $610 million compared to $648 million in the prior year quarter

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did MGM (MGM) perform financially in Q2 2026?
MGM reported record Q2 2026 consolidated revenue of $4.5 billion, up 1% year over year, and net income attributable to MGM of $292 million. Diluted EPS was $1.11, while Adjusted EPS was $0.59, down from $0.79.

What were MGM (MGM) segment results for Las Vegas Strip, Regional Operations, and MGM China?
Las Vegas Strip Resorts delivered $2.2 billion revenue and $735 million Segment Adjusted EBITDAR, both up 3%. Regional Operations revenue was $924 million, with flat same‑store EBITDAR of $271 million. MGM China revenue was $1.1 billion and Segment Adjusted EBITDAR $257 million.

How did MGM (MGM) Adjusted EBITDA and Adjusted EPS trend in Q2 2026?
Consolidated Adjusted EBITDA was $610 million, compared with $648 million a year earlier. Adjusted EPS came in at $0.59, down from $0.79, reflecting non‑GAAP adjustments including property transactions, goodwill impairment, and foreign currency items.

What growth did MGM Digital and BetMGM contribute for MGM (MGM) in Q2 2026?
MGM Digital posted revenue of $196 million, up 20% year over year, with a Segment Adjusted EBITDAR loss of $31 million. MGM’s share of operating income from unconsolidated affiliates, including BetMGM North America Venture, was $25.8 million, roughly flat year over year.

How much stock did MGM (MGM) repurchase in Q2 2026 and what capacity remains?
MGM repurchased about 4 million shares of common stock for an aggregate $164 million under its repurchase plan. As of June 30, 2026, approximately $1.4 billion of capacity remained available under the April 2025 stock repurchase authorization.

What non-GAAP metrics does MGM (MGM) emphasize in its Q2 2026 results?
MGM highlights Segment Adjusted EBITDAR, Same-Store Segment Adjusted EBITDAR, Consolidated Adjusted EBITDA, and Adjusted EPS. Management uses these to assess operating performance across segments and over time, alongside GAAP measures like net income and diluted EPS.
0000789570FALSE00007895702026-07-292026-07-29

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 29, 2026
MGM Resorts International
(Exact name of Registrant as Specified in Its Charter)


Delaware001-1036288-0215232
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada  89109
(Address of principal executive offices – Zip Code)

Registrant’s Telephone Number, Including Area Code: (702) 693-7120
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class 
Trading
Symbol(s)
 Name of each exchange on which registered
Common Stock (Par Value $0.01) MGM New York Stock ExchangeNYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CRF § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CRF § 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This current report on Form 8-K is being furnished to disclose the press release issued by the Registrant on July 29, 2026. The purpose of the press release, furnished as Exhibit 99.1, was to announce the Registrant’s results of operations for the quarter ended June 30, 2026. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits:
Exhibit
Number
Description
99.1
Press release of the Registrant dated July 29, 2026, announcing financial results for the quarter ended June 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 MGM Resorts International
   
Date: July 29, 2026By:/s/ Todd Meinert
  Todd Meinert
  Title: Senior Vice President and Chief Accounting Officer
 
 

mgmlogo.jpg
Exhibit 99.1

MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS

•Record 2Q consolidated revenue
•Second consecutive quarter of Las Vegas Strip Resorts year-over-year revenue growth
•All-time best Regional Operations same-store quarterly revenue

 Las Vegas, Nevada, July 29, 2026 – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended June 30, 2026.

“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,” said Bill Hornbuckle, President and CEO of MGM Resorts International. “Alongside this momentum in our existing operations, we continue to build for the future with investment in the largest integrated resort in the world, MGM Osaka, on track for 2030 opening, as well as returns on our digital businesses.”

“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,” said Jonathan Halkyard, CFO of MGM Resorts International. “We will continue to allocate growth capital to drive significant returns on investment with meaningful opportunities at our Las Vegas luxury offerings.”

Second Quarter 2026 Financial Highlights:
Consolidated Results
•Consolidated revenue of $4.5 billion, an increase of 1% compared to the prior year quarter
•Net income attributable to MGM Resorts was $292 million in the current quarter compared to $49 million in the prior year quarter
•Consolidated Adjusted EBITDA of $610 million in the current quarter compared to $648 million in the prior year quarter
•Diluted earnings per share of $1.11 in the current quarter compared to $0.18 in the prior year quarter
•Adjusted diluted earnings per share (“Adjusted EPS”) of $0.59 in the current quarter compared to $0.79 in the prior year quarter

Las Vegas Strip Resorts
•Revenue of $2.2 billion in the current quarter compared to $2.1 billion in the prior year quarter, an increase of 3%
•Segment Adjusted EBITDAR of $735 million in the current quarter compared to $710 million in the prior year quarter, an increase of 3%

Regional Operations
•Revenue of $924 million in the current quarter compared to $965 million in the prior year quarter, a decrease of 4%
•Same-store revenue (adjusted for dispositions) of $904 million in the current quarter compared to $879 million in the prior year quarter, an increase of 3%
•Segment Adjusted EBITDAR of $280 million in the current quarter compared to $309 million in the prior year quarter, a decrease of 9%
•Same-Store Segment Adjusted EBITDAR of $271 million in the current quarter, which was flat compared to the prior year quarter







Page 1 of 11

MGM China
•Revenue of $1.1 billion in the current quarter, which was relatively flat compared to the prior year quarter
•Segment Adjusted EBITDAR of $257 million in the current quarter compared to $301 million in the prior year quarter, a decrease of 15%
•Intercompany branding license fee expense increased by $21 million over the prior year quarter

MGM Digital (1)
•Revenue of $196 million in the current quarter compared to $164 million in the prior year quarter, an increase of 20%
•Segment Adjusted EBITDAR loss of $31 million in the current quarter compared to a loss of $26 million in the prior year quarter

(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 June 30,20262025
Diluted earnings per share$1.11 $0.18 
Property transactions, net(1.13)(0.01)
Goodwill impairment0.37 — 
Non-operating items:
Loss (gain) related to debt and equity investments0.03 (0.01)
Foreign currency transaction (gain) loss(0.12)0.72 
Change in the fair value of foreign currency contracts0.10 (0.12)
Income tax impact on net income adjustments(1)
0.23 0.03 
Adjusted EPS
$0.59 $0.79 
 
(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.
The current year quarter includes an income tax expense of $14 million resulting from an increase in the valuation allowance on foreign tax credits.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended June 30,20262025% Change
 (Dollars in millions)
Casino revenue$536 $457 17 %
Table games drop$1,523 $1,554 (2)%
Table games win$451 $355 27 %
Table games win %29.6 %22.9 %
Slot handle$5,915 $5,886 — %
Slot win$566 $549 3 %
Slot win %9.6 %9.3 %
The following table shows key hotel statistics for Las Vegas Strip Resorts:
 
 
Three Months Ended June 30,20262025% Change
Room revenue (in millions)
$717 $735 (2)%
Occupancy93 %93 %
Average daily rate (ADR)$242 $252 (4)%
Revenue per available room (RevPAR)
$224 $235 (4)%





Page 2 of 11

Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended June 30,20262025% Change
 (Dollars in millions)
Casino revenue$668 $710 (6)%
Table games drop$1,020 $985 4 %
Table games win$222 $213 4 %
Table games win %21.8 %21.6 %
Slot handle$6,353 $6,868 (7)%
Slot win$634 $694 (9)%
Slot win %10.0 %10.1 %

MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended June 30,20262025% Change
 (Dollars in millions)
Casino revenue$956 $977 (2)%
Main floor table games drop$3,815 $4,085 (7)%
Main floor table games win$1,038 $1,021 2 %
Main floor table games win %27.2 %25.0 %
Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $40 million in the current quarter and $19 million in the prior year quarter.

Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates:
Three Months Ended June 30,20262025
 (In thousands)
BetMGM North America Venture
$23,097 $21,770 
Other2,741 4,090 
 $25,838 $25,860 

MGM Resorts Share Repurchases

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.





Page 3 of 11

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 3854404.
 
A replay of the call will be available through August 5, 2026. The replay may be accessed by dialing 1-855-669-9658 or 1-412-317-0088. The replay access code is 6498752.
 
"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 from unconsolidated affiliates, goodwill impairment, 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.

“Same-Store Segment Adjusted EBITDAR” is Segment Adjusted EBITDAR further adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Regional Operations, we have excluded the Segment Adjusted EBITDAR of MGM Northfield Park for the periods prior to its disposition on April 21, 2026, as applicable.

Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Segment Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Segment Adjusted EBITDAR 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, and such differences may be material. A reconciliation of the Company's reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store Segment Adjusted EBITDAR is included in the financial schedules in this release.

"Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. 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.






Page 4 of 11

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.





Page 5 of 11

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 Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

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 group and convention bookings); the Company’s expectations regarding its consideration of any acquisition proposal from People Incorporated and any actions taken by the Company in respect of any such proposal, including with respect to the negotiation and entry (or failure to enter) into an agreement involving the acquisition of the Company’s equity interests or its business and its ability to consummate such a transaction on any timeline or at all; 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 project in Japan; expectations regarding growth at MGM Digital, BetMGM North America Venture, or MGM China; expectations regarding events and experiences to be held at the Company’s properties; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM North America Venture) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion and capital investment projects in Japan and Dubai; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber-attacks, or otherwise; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.


















Page 6 of 11

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 






Page 7 of 11

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 Three Months EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues
Casino$2,383,185 $2,329,798 $4,762,040 $4,581,946 
Rooms849,143 860,401 1,716,997 1,723,809 
Food and beverage802,332 778,179 1,607,172 1,548,352 
Entertainment, retail and other416,333 436,492 819,502 827,845 
4,450,993 4,404,870 8,905,711 8,681,952 
Expenses
Casino1,349,281 1,333,850 2,698,833 2,578,160 
Rooms276,390 272,066 561,666 552,915 
Food and beverage582,734 576,633 1,159,014 1,136,928 
Entertainment, retail and other263,346 262,880 516,766 497,309 
General and administrative1,263,260 1,213,691 2,546,092 2,378,589 
Corporate expense131,433 124,096 268,653 266,447 
Preopening and start-up expenses 112 849 1,089 934 
Property transactions, net(286,695)125 (272,475)15,593 
Goodwill impairment111,019 — 111,019 — 
Depreciation and amortization282,315 241,975 546,040 478,419 
3,973,195 4,026,165 8,136,697 7,905,294 
Income from unconsolidated affiliates25,838 25,860 35,864 12,964 
Operating income503,636 404,565 804,878 789,622 
Non-operating income (expense)
Interest expense, net of amounts capitalized(102,129)(105,584)(202,818)(212,853)
Non-operating items from unconsolidated affiliates2,525 (4,055)18 (3,793)
Other, net9,488 (161,170)13,691 (172,436)
(90,116)(270,809)(189,109)(389,082)
Income before income taxes413,520 133,756 615,769 400,540 
Provision for income taxes(90,731)(15,662)(118,188)(55,715)
Net income322,789 118,094 497,581 344,825 
Less: Net income attributable to noncontrolling interests(30,356)(69,143)(80,012)(147,320)
Net income attributable to MGM Resorts International$292,433 $48,951 $417,569 $197,505 
Earnings per share
Basic$1.12 $0.18 $1.61 $0.70 
Diluted$1.11 $0.18 $1.59 $0.70 
Weighted average common shares outstanding
Basic254,018 273,329 255,193 280,199 
Diluted257,758 275,615 258,327 282,328 
 

















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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 
 June 30, 2026December 31, 2025
ASSETS
Current assets  
Cash and cash equivalents$2,547,380 $2,062,994 
Accounts receivable, net1,218,354 1,122,940 
Inventories123,371 124,535 
Income tax receivable1,612 220,154 
Prepaid expenses and other513,236 486,419 
Assets held for sale— 315,382 
Total current assets4,403,953 4,332,424 
Property and equipment, net6,182,784 6,305,614 
Investments in and advances to unconsolidated affiliates637,534 536,066 
Goodwill 4,768,737 4,901,960 
Other intangible assets, net1,258,099 1,356,676 
Operating lease right-of-use assets, net21,659,125 23,002,707 
Deferred income taxes117,192 89,792 
Other long-term assets, net820,902 848,547 
 $39,848,326 $41,373,786 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities  
Accounts and construction payable$422,884 $421,502 
Accrued interest on long-term debt72,345 71,845 
Other accrued liabilities2,803,719 2,993,179 
Liabilities related to assets held for sale— 25,581 
Total current liabilities3,298,948 3,512,107 
Deferred income taxes2,600,028 2,617,067 
Long-term debt, net6,068,442 6,230,141 
Operating lease liabilities23,778,515 24,962,742 
Other long-term obligations726,335 775,411 
Total liabilities36,472,268 38,097,468 
Redeemable noncontrolling interests8,404 21,777 
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 251,586,206 and 258,323,143 shares2,516 2,583 
Capital in excess of par value— — 
Retained earnings2,308,750 2,106,836 
Accumulated other comprehensive income202,509 320,498 
Total MGM Resorts International stockholders' equity2,513,775 2,429,917 
Noncontrolling interests853,879 824,624 
Total stockholders' equity3,367,654 3,254,541 
$39,848,326 $41,373,786 





Page 9 of 11

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – REVENUE
(In thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Las Vegas Strip Resorts$2,170,045 $2,114,692 $4,350,475 $4,290,812 
Regional Operations924,098 964,612 1,842,008 1,865,031 
MGM China1,100,881 1,110,093 2,222,916 2,137,565 
MGM Digital196,308 163,861 379,049 291,919 
Management and other operations59,661 51,612 111,263 96,625 
$4,450,993 $4,404,870 $8,905,711 $8,681,952 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – SEGMENT ADJUSTED EBITDAR AND CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
 Three Months EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Las Vegas Strip Resorts$735,118 $710,496 $1,484,325 $1,521,656 
Regional Operations280,216 308,656 539,653 587,698 
MGM China256,709 301,342 530,183 586,907 
MGM Digital(1)
(30,884)(25,698)(56,486)(60,091)
Unconsolidated affiliates - BetMGM and other(2)
25,838 25,860 35,864 12,964 
Management and other operations31,610 20,230 58,156 41,994 
Stock compensation(15,668)(16,454)(50,770)(45,076)
Triple net lease rent expense
(552,188)(564,416)(1,116,815)(1,128,891)
Corporate(3)
(120,364)(112,502)(233,559)(232,593)
Consolidated Adjusted EBITDA
$610,387 $647,514 $1,190,551 $1,284,568 
Additional Information:
Non-cash rent(4)
$96,154 $106,212 $198,501 $217,349 
(1)MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.
(2)Represents the Company's share of operating income of unconsolidated affiliates.
(3)Includes amounts related to MGM China of $14 million and $28 million for current quarter and current year, respectively, and of $13 million and $23 million for prior year quarter and prior year, respectively.
(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 EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net income attributable to MGM Resorts International$292,433 $48,951 $417,569 $197,505 
Plus: Net income attributable to noncontrolling interests30,356 69,143 80,012 147,320 
Net income322,789 118,094 497,581 344,825 
Provision for income taxes90,731 15,662 118,188 55,715 
Income before income taxes413,520 133,756 615,769 400,540 
Non-operating (income) expense:
Interest expense, net of amounts capitalized102,129 105,584 202,818 212,853 
Other, net
(12,013)165,225 (13,709)176,229 
90,116 270,809 189,109 389,082 
Operating income503,636 404,565 804,878 789,622 
Preopening and start-up expenses112 849 1,089 934 
Property transactions, net(286,695)125 (272,475)15,593 
Goodwill impairment111,019 — 111,019 — 
Depreciation and amortization282,315 241,975 546,040 478,419 
Consolidated Adjusted EBITDA$610,387 $647,514 $1,190,551 $1,284,568 







Page 10 of 11

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATIONS OF REGIONAL OPERATIONS REVENUE TO REGIONAL OPERATIONS SAME-STORE REVENUE AND REGIONAL OPERATIONS SEGMENT ADJUSTED EBITDAR TO REGIONAL OPERATIONS SAME-STORE SEGMENT ADJUSTED EBITDAR
(In thousands)
(Unaudited)

 Three Months EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Regional Operations revenue$924,098 $964,612 $1,842,008 $1,865,031 
Dispositions (1)
(20,518)(85,464)(104,468)(164,005)
Regional Operations same-store revenue$903,580 $879,148 $1,737,540 $1,701,026 
Regional Operations Segment Adjusted EBITDAR$280,216 $308,656 $539,653 $587,698 
Dispositions (1)
(9,441)(37,909)(44,464)(71,166)
Regional Operations Same-Store Segment Adjusted EBITDAR$270,775 $270,747 $495,189 $516,532 

(1)Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as applicable, for the period prior to its disposition.






Page 11 of 11

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