MGM · MGM Resorts International

MGM Resorts International delivered record first-quarter 2026 consolidated net revenues of $4.5 billion, a 4% increase year-over-year, primarily fueled by strong performance at MGM China (up 9% to $1.1 billion) and MGM Digital (up 43% to $183 million), alongside growth at the BetMGM North America Venture, which swung to positive operating income of $7.4 million from a prior-year loss. Las Vegas Strip Resorts achieved a modest year-over-year revenue increase to $2.2 billion—the first since 3Q24—with monthly trends strengthening into March, supported by convention bookings, new all-inclusive promotions, and refreshed rooms at MGM Grand. However, profitability metrics softened across segments: consolidated Adjusted EBITDA fell 9% to $580 million, Las Vegas Strip Adjusted EBITDAR dropped 8% to $749 million amid a 5% decline in casino revenue and stable hotel metrics (92% occupancy, flat ADR at $257), Regional Operations Adjusted EBITDAR decreased 7% to $259 million despite 2% revenue growth, and MGM China Adjusted EBITDAR declined 4% to $273 million partly due to a $23 million increase in intercompany branding license fees under a new long-term agreement. Adjusted EPS of $0.49 missed the prior-year $0.69, reflecting these pressures and non-operating items. CEO Bill Hornbuckle highlighted momentum into Q2 from conventions and promotions, while CFO Jonathan Halkyard noted the $546 million sale of MGM Northfield Park operations in April, providing liquidity for balance sheet strength and share repurchases—2 million shares bought for $90 million in Q1, with $1.5 billion authorized remaining. These results signal resilience in international and digital segments offsetting domestic challenges, with capital return reinforcing shareholder value amid softer core resort profitability.