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 in April 2026
LAS VEGAS, April 29, 2026 /PRNewswire/ -- MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2026.
"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 $546 million reflecting a significantly higher multiple than currently ascribed to our premium and diverse operations," said Jonathan Halkyard, CFO of MGM Resorts International. "The proceeds provide MGM Resorts with incremental liquidity to be deployed in line with our priorities of maintaining a strong balance sheet including the return of capital to shareholders through share repurchases."
First Quarter 2026 Financial Highlights:
Consolidated Results
Consolidated net revenues of $4.5 billion, an increase of 4% compared to the prior year quarter
Net income attributable to MGM Resorts was $125 million in the current quarter compared to $149 million in the prior year quarter
Consolidated Adjusted EBITDA of $580 million in the current quarter compared to $637 million in the prior year quarter
Diluted earnings per share of $0.48 in the current quarter compared to $0.51 in the prior year quarter
Adjusted diluted earnings per share ("Adjusted EPS") of $0.49 in the current quarter compared to $0.69 in the prior year quarter.
Las Vegas Strip Resorts
Net revenues of $2.2 billion in the current quarter, which increased slightly compared to the prior year quarter
Segment Adjusted EBITDAR of $749 million in the current quarter compared to $811 million in the prior year quarter, a decrease of 8%.
Regional Operations
Net revenues of $918 million in the current quarter compared to $900 million in the prior year quarter, an increase of 2%
Segment Adjusted EBITDAR of $259 million in the current quarter compared to $279 million in the prior year quarter, a decrease of 7%.
MGM China
Net revenues of $1.1 billion in the current quarter compared to $1.0 billion in the prior year quarter, an increase of 9%
Segment Adjusted EBITDAR of $273 million in the current quarter compared to $286 million in the prior year quarter, a decrease of 4%
Intercompany branding license fee expense increased by $23 million over the prior year quarter; this was the first quarter reflecting the new long term branding agreement between MGM and MGM China.
MGM Digital (1)
Net revenues of $183 million in the current quarter compared to $128 million in the prior year quarter, an increase of 43%
Segment Adjusted EBITDAR loss of $26 million in the current quarter compared to a loss of $34 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 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 $41 million in the current quarter and $18 million in the prior year quarter.
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 $90 million, pursuant to its repurchase plan. The remaining availability under the April 2025 stock repurchase plan was approximately $1.5 billion as of March 31, 2026. All shares repurchased under the Company's repurchase plan have been retired.
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 ...
