Record Q1 revenue but lower EPS at MGM Resorts (NYSE: MGM)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
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.
Positive
- Record Q1 2026 revenue with strong digital and Macau growth: Consolidated net revenues reached $4.45 billion, up 4% year over year, with MGM Digital revenue up 43% to $183 million and MGM China revenue up 9% to $1.12 billion, highlighting expanding international and online contributions.
Negative
- Earnings quality weaker despite record sales: Net income attributable to MGM fell to $125 million from $149 million, Consolidated Adjusted EBITDA declined to $580 million from $637 million, and Adjusted EPS dropped to $0.49 from $0.69, indicating margin pressure across key segments.
Insights
Record Q1 revenue contrasts with weaker EPS and EBITDA, creating a mixed earnings picture.
MGM Resorts delivered record Q1 2026 net revenues of $4.45 billion, up 4% year over year, helped by MGM China, MGM Digital, and the BetMGM North America venture. However, net income attributable to MGM declined to $125 million and diluted EPS slipped to $0.48, while Adjusted EPS fell more sharply to $0.49 from $0.69.
Profitability pressure is evident in Consolidated Adjusted EBITDA, which decreased to $580 million from $637 million. Las Vegas Strip Resorts and Regional Operations both saw segment Adjusted EBITDAR decline despite modest revenue growth, and MGM China combined 9% net revenue growth with a 4% EBITDAR decline, partly influenced by higher intercompany branding license fees.
Digital and joint‑venture trends were comparatively favorable. MGM Digital grew revenue 43% to $183 million while narrowing its loss, and MGM’s share of operating income from BetMGM and other unconsolidated affiliates swung to a $10.0 million profit. The $546 million sale of MGM Northfield Park operations and $90 million of share repurchases indicate active capital deployment, with remaining repurchase authorization of about $1.5 billion as of March 31 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
Key Figures
Consolidated net revenues: $4.45B
Net income attributable to MGM: $125.1M
Diluted EPS: $0.48
+6 more
9 metrics
Consolidated net revenues
$4.45B
Q1 2026, up 4% vs prior-year quarter
Net income attributable to MGM
$125.1M
Q1 2026 vs $148.6M in Q1 2025
Diluted EPS
$0.48
Q1 2026 vs $0.51 in Q1 2025
Adjusted EPS
$0.49
Q1 2026 vs $0.69 in Q1 2025
Consolidated Adjusted EBITDA
$580.2M
Q1 2026 vs $637.1M in Q1 2025
MGM China net revenues
$1.12B
Q1 2026, 9% increase vs prior-year quarter
MGM Digital net revenues
$183M
Q1 2026, 43% increase vs prior-year quarter
Sale of MGM Northfield Park operations
$546M
Closed in April 2026
Share repurchases
2M shares / $90M
Q1 2026 repurchases; $1.5B authorization remaining as of March 31, 2026
Key Terms
Consolidated Adjusted EBITDA, Segment Adjusted EBITDAR, Adjusted EPS, triple net lease rent expense, +2 more
6 terms
Consolidated Adjusted EBITDA financial
"“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 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.
Segment Adjusted EBITDAR financial
"“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."
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.
Adjusted EPS financial
"“Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, net gain/loss related to equity investments..."
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.
triple net lease rent expense financial
"Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties..."
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.
forward-looking statements regulatory
"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..."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Consolidated net revenues: $4.45B
Q1 2026
Consolidated net revenues
$4.45B
+4% YoY
Net income attributable to MGM Resorts
$125.1M
down from $148.6M prior year
Consolidated Adjusted EBITDA
$580.2M
down from $637.1M prior year
Adjusted EPS
$0.49
down from $0.69 prior year
MGM China net revenues
$1.12B
+9% YoY
MGM Digital net revenues
$183M
+43% YoY
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
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 29, 2026
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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 | |||||||||||||||
| New York Stock Exchange | |||||||||||||||||
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 April 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 March 31, 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 April 29, 2026, announcing financial results for the quarter ended March 31, 2026 | |||||||
| 104 | Cover 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 thereunto duly authorized.
| MGM Resorts International | ||||||||
| Date: April 29, 2026 | By: | /s/ Todd Meinert | ||||||
| Todd Meinert | ||||||||
| Title: Senior Vice President and Chief Accounting Officer | ||||||||
Exhibit 99.1
MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER 2026 FINANCIAL AND OPERATING RESULTS
•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 in April 2026
Las Vegas, Nevada, April 29, 2026 – 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%.
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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) | % | ||||||||
Page 2 of 9
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.
Page 3 of 9
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.
Page 4 of 9
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 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 Japan and Dubai; expectations regarding the amount and frequency of any distributions from the BetMGM North America Venture or MGM China; 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 5 of 9
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 6 of 9
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, 2026 | March 31, 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 shares outstanding | |||||||||||
| Basic | 256,348 | 287,125 | |||||||||
| Diluted | 258,877 | 289,096 | |||||||||
Page 7 of 9
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| March 31, 2026 | December 31, 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, $0.01 par value: authorized 1,000,000,000 shares, 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 | ||||||||
Page 8 of 9
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – NET REVENUES
(In thousands)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, 2026 | March 31, 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, 2026 | March 31, 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 $14 million and $10 million for the current year quarter and prior year quarter, 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 Ended | |||||||||||
| March 31, 2026 | March 31, 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 | |||||||
Page 9 of 9
FAQ
How did MGM (MGM) perform financially in Q1 2026?
MGM reported record Q1 2026 net revenues of $4.45 billion, up 4% year over year. Net income attributable to MGM fell to $125 million and diluted EPS slipped to $0.48, with Consolidated Adjusted EBITDA decreasing to $580 million.
What were MGM Resorts’ key segment results in Q1 2026?
Las Vegas Strip Resorts generated net revenues of $2.18 billion with segment Adjusted EBITDAR of $749 million. Regional Operations had net revenues of $918 million and EBITDAR of $259 million, while MGM China posted net revenues of $1.12 billion and EBITDAR of $273 million.
How did MGM China and MGM Digital contribute to MGM’s Q1 2026 results?
MGM China net revenues rose to $1.12 billion, a 9% increase year over year, though segment Adjusted EBITDAR eased to $273 million. MGM Digital revenue climbed to $183 million, up 43%, while its Adjusted EBITDAR loss narrowed to $26 million.
What happened with the BetMGM North America Venture in Q1 2026?
MGM’s share of operating income from unconsolidated affiliates, including the BetMGM North America Venture, improved to $10.0 million in Q1 2026. This compares with a loss of $12.9 million in the prior‑year quarter, indicating a positive swing in joint‑venture performance.
What major transaction did MGM complete around Q1 2026?
In April 2026, MGM closed the sale of the operations of MGM Northfield Park for $546 million. Management highlighted that this price reflected a significantly higher multiple than currently ascribed to MGM’s premium and diverse operations, and said proceeds add incremental liquidity.