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MGM Resorts International reported softer profitability on higher first-quarter revenue. Net revenues for the three months ended March 31, 2026 rose 4% to $4.45 billion, driven by a 9% increase at MGM China, 43% growth at MGM Digital, and 2% growth in Regional Operations, while Las Vegas Strip Resorts were flat.
Operating income declined to $301 million from $385 million, and net income fell to $174.8 million from $226.7 million, with diluted EPS decreasing to $0.48 from $0.51. The company cited higher gaming taxes at MGM China, a $46 million increase in self‑insurance reserves, lower business interruption insurance proceeds related to the September 2023 cybersecurity issue, and higher payroll costs.
Consolidated Adjusted EBITDA declined to $580 million from $637 million. MGM completed the April 2026 sale of MGM Northfield Park operations for $546 million, which also reduces annual cash rent by $53 million. As of March 31, 2026, MGM held $2.3 billion in cash and cash equivalents and $6.4 billion of long‑term debt, and had repurchased about 2 million shares for $90 million, leaving $1.5 billion remaining under its April 2025 buyback authorization.
MGM Resorts International reported record first‑quarter 2026 consolidated net revenues of $4.45 billion, up 4% from a year earlier, driven by MGM China, MGM Digital and the BetMGM North America venture. Net income attributable to MGM fell to $125 million from $149 million, with diluted EPS at $0.48 versus $0.51.
Adjusted EPS declined to $0.49 from $0.69 and Consolidated Adjusted EBITDA eased to $580 million from $637 million, reflecting softer profitability despite higher sales. Las Vegas Strip net revenues were $2.18 billion with segment Adjusted EBITDAR down 8% to $749 million, while Regional Operations and MGM China grew revenue but posted lower segment Adjusted EBITDAR.
MGM Digital revenue rose 43% to $183 million and narrowed its Adjusted EBITDAR loss to $26 million, and MGM’s share of operating income from BetMGM and other unconsolidated affiliates improved to $10.0 million from a $12.9 million loss. The company also closed the $546 million sale of MGM Northfield Park operations in April and repurchased about 2 million shares for $90 million, leaving $1.5 billion available under its stock repurchase plan as of March 31, 2026.
IAC Inc. filed an amended Schedule 13D reporting beneficial ownership of approximately 65,822,350 shares of MGM Resorts International common stock, representing about 25.7% of the outstanding shares. IAC also entered into a new Voting Agreement with MGM and Barry Diller that changes how part of this stake is voted.
Under the Voting Agreement, any voting securities held by IAC, Mr. Diller and their controlled affiliates that in total exceed 25.73% of MGM’s voting power must be voted in the same proportion as other MGM stockholders who vote. The agreement ends if their collective stake falls below 17.5%, if MGM’s board fails to nominate up to two qualified IAC-designated directors, or upon a change of control at MGM. Mr. Diller is currently deemed an IAC-designated director, and the full Voting Agreement is filed as an exhibit.
MGM Resorts International entered into a new Voting Agreement with IAC Inc. and Barry Diller on April 3, 2026. The agreement requires IAC, Mr. Diller and their controlled affiliates to vote any MGM voting power they hold above 25.73% in the same proportion as other stockholders on all matters submitted for a stockholder vote, excluding non‑voting stockholders.
The agreement ends if the IAC group’s beneficial ownership in MGM falls below 17.5%, if MGM’s board fails to nominate up to two IAC‑designated, qualified directors for election, or if a change of control occurs. Mr. Diller and his controlled affiliates outside IAC are released from these voting restrictions once he no longer holds top leadership roles at IAC and those affiliates cease to hold at least one‑third of IAC’s voting power.
SALEM PAUL J reported acquisition or exercise transactions in this Form 4 filing.
MGM Resorts International director Paul J. Salem received a grant of 2,634.4231 Deferred Stock Units (DSUs) under the company’s Deferred Compensation Plan for Non-Employee Directors. Each DSU is the economic equivalent of one share of MGM common stock and becomes payable when he leaves the board.
Following this award, Salem holds 118,201.9424 DSUs and 1,702,500 shares of MGM common stock directly. This filing reflects routine director compensation rather than an open-market stock purchase or sale.
Meister Keith A. reported acquisition or exercise transactions in this Form 4 filing.
MGM Resorts International director Keith A. Meister received a grant of 1,080.789 Deferred Stock Units as board compensation. The units were valued at $37.01 per unit for reporting purposes and increase his direct Deferred Stock Unit holdings to 62,966.4963. Each Deferred Stock Unit is the economic equivalent of one share of MGM common stock and will be paid out in shares when he leaves the board.
LEVIN JOSEPH reported acquisition or exercise transactions in this Form 4 filing.
MGM Resorts International director Joseph Levin received a grant of 945.6904 Deferred Stock Units under the company’s Deferred Compensation Plan for Non-Employee Directors. Each unit is economically equivalent to one share of MGM common stock and becomes payable when his board service ends, leaving him with 945.6904 DSUs reported after this award.
MGM Resorts International is asking stockholders to vote at a virtual-only 2026 annual meeting on May 6, 2026. Holders of 255,846,644 shares of common stock outstanding as of March 13, 2026 may vote to elect directors, ratify Deloitte & Touche LLP as auditor, and approve an advisory resolution on executive pay. The Board unanimously recommends voting FOR all director nominees and FOR Proposals 2 and 3.
The proxy highlights a strong 2025, including record consolidated net revenues, record Segment Adjusted EBITDAR at MGM China with full‑year market share above 16%, and a roughly $470 million improvement in BetMGM annual EBITDA plus $135 million in cash distributions to MGM Resorts. The company repurchased 37.5 million shares in 2025, reducing shares outstanding by almost 50% since early 2021, and emphasizes governance features such as an independent Chair, majority voting for directors, proxy access, stock ownership guidelines and structured oversight of risk and cybersecurity.
The Vanguard Group filed Amendment No. 10 to a Schedule 13G/A reporting 0 shares and 0% beneficial ownership of MGM Resorts International common stock. The filing explains that on January 12, 2026 Vanguard underwent an internal realignment and, in accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries will report beneficial ownership separately. The amendment states Vanguard no longer has beneficial ownership over securities held by those subsidiaries and is signed by Ashley Grim on 03/27/2026.