Track market-moving stories before they get noisy

Key Takeaways MGM's Las Vegas revenue rose 3%, supported by record convention rates and banquet revenue.MGM China held 16.4% market share, but Segment Adjusted EBITDAR fell 15% amid higher fee expense.MGM's Adjusted EBITDA fell to $610 million as earnings declined despite 1% revenue growth. MGM Resorts International's (MGM - Free Report) shares have gained 22.5% over the past three months, putting the durability of that advance in focus. Second-quarter results offered support from Las Vegas group demand and continued digital revenue growth, while Macau held a mid-teens market share.

The counterweight is profitability. Softer value-oriented leisure demand, lower hotel metrics and weaker adjusted earnings leave investors weighing whether operating momentum can keep pace with the stock's recent move.

MGM's Convention Mix Supports Las Vegas DemandLas Vegas Strip Resorts revenues rose 3% year over year to $2.17 billion in the second quarter, while Segment Adjusted EBITDAR increased 3% to $735 million. Group and convention business represented 20% of room mix and produced record second-quarter convention average daily rates and catering and banquet revenues.

That performance stands out against an uneven Strip backdrop. Caesars Entertainment, Inc. (CZR - Free Report) reported a 3.5% decline in second-quarter Las Vegas revenues. MGM's event calendar, group base and upgraded room inventory helped offset softer leisure trends, although revenue per available room fell 4%.

MGM China Adds Premium-Mass MomentumMGM China held 16.4% market share in the second quarter, up one percentage point sequentially. Recent suite conversions and 50,000 square feet of high-end gaming space at MGM Cotai supported its premium-mass positioning, while management said July volumes rebounded after World Cup-related softness in June.

Profitability was less favorable. MGM China revenues were roughly flat at $1.10 billion, but Segment Adjusted EBITDAR fell 15% to $257 million as intercompany branding license fee expense increased by $21 million. Wynn Resorts, Limited (WYNN - Free Report) also reported higher second-quarter operating revenues at Wynn Palace, pointing to active premium demand in Macau.

MGM Digital Narrows Losses as Revenue ScalesOn a first-half basis, MGM Digital revenues increased nearly 30% to $379 million, while its Segment Adjusted EBITDAR loss narrowed to about $56 million from $60 million. The core LeoVegas and BetMGM-branded European businesses are expected to provide better operating leverage in 2027 and help fund growth investments in Brazil.

The quarterly picture was more mixed. Second-quarter MGM Digital revenues rose 20% to $196 million, but the loss widened to $31 million from $26 million. BetMGM North America generated $711 million of quarterly net revenue, up 3%, while Adjusted EBITDA fell 15% to $74 million.

MGM Still Faces Value and Cost PressureThe lower end of MGM's Las Vegas portfolio remains a pressure point. Luxor and Excalibur continued to face softer demand, even as the all-inclusive package helped stabilize occupancy and bookings. Strip room revenues declined 2% and average daily rate fell 4% in the second quarter.

Those trends matter because consolidated Adjusted EBITDA declined to $610 million from $648 million despite 1% revenue growth. Adjusted earnings per share fell to 59 cents from 79 cents, leaving less room for execution misses as MGM continues investing in luxury upgrades, digital expansion and Osaka.

MGM's Momentum Strength Meets Growth CautionMGM's 22.5% three-month advance is backed by better Las Vegas revenues, a resilient convention mix and continued digital scaling. Still, weaker adjusted earnings, Macau margin pressure and softness among value-conscious leisure customers argue for a measured view on how much of the recovery is already reflected in the shares.

The stock currently carries a Zacks Rank #3 (Hold), with a Value Score of A, Momentum Score of A, Growth Score of D and VGM Score of B. The favorable value and momentum grades support the recent setup, but the weaker growth score tempers the picture. For a #3 Ranked stock, the combination is more consistent with holding than treating the rally as a clear new-buy signal. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.

Revenue Rose to Record High
Solid Market Share of 15.9%

, /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the six months ended June 30, 2026 (the "Period").

The Group is encouraged by Macau's continued growth during the Period. Average daily visitation in the first half of 2026 reached 115,715, representing a 9% increase compared with the corresponding period last year.

Macau's gross gaming revenue ("GGR") also continued to recover during the Period, with average daily GGR increasing by 7% year on year to approximately MOP701 million in the first half of 2026.

MGM China saw property visitation during the Period up by 7% from last year. MGM China's daily GGR in the first half of 2026 grew by 5% year-on-year to MOP111 million, compared to MOP106 million last year. Net revenue for the Group reached historical high at HK$17.4 billion for the Period, compared with HK$16.7 billion in the corresponding period last year. The Group reported adjusted EBITDA of HK$4.8 billion, compared with HK$4.9 billion in the corresponding period last year. The Group maintained a solid market share of approximately 15.9% during the Period. This performance was partly affected by a lower VIP win rate (2026: 2.6% vs 2025: 3.5%). MGM COTAI accounted for approximately 9.7% of the market, while MGM MACAU accounted for approximately 6.2%. Average occupancy was 93.5% for the Period. The Group maintained a healthy financial position. As of June 30, 2026, the Group had total liquidity of approximately HK$24.7 billion, comprised of Bank balances and cash  and undrawn revolver. During the Period, the Group continued to optimize its assets to enhance competitiveness and drive future growth. MGM COTAI completed the suite conversion project during the Period, with nearly 60 Prime Wellness Suites launched. The new suites have been well received by guests, reflecting the Group's commitment to evolving with changing customer preferences and wellness trends.

At MGM MACAU, the Group also celebrated the opening of Chatterbox Café, the renowned Singapore dining brand. With a legacy spanning more than five decades, Chatterbox is renowned for its authentic Singaporean cuisine and has established itself as a highly recognized culinary brand across Asia.

During the Period, MGM China earned seven Forbes Travel Guide Five-Star Awards, reaffirming its commitment to exceptional guest experiences. MGM MACAU achieved a milestone by securing its 11th consecutive Five-Star rating, while Tria Spa at both MGM MACAU and MGM COTAI clinched the accolade for the seventh straight year. Additionally, Emerald Tower, Skylofts, and Five Foot Road at MGM COTAI, alongside Imperial Court at MGM MACAU, sustained their Five-Star status for the fifth consecutive year, underscoring the Group's consistent excellence across accommodation, wellness, and dining.

In June, MGM China announced the acquisition of MGM Asia Pacific Limited, a Hong Kong-incorporated company, from MGM Resorts International. MGM Asia Pacific Limited holds a 100% interest in MGM Hospitality Group (Asia Pacific), Ltd. ("MGM Hospitality"), a hospitality management company that operates luxury and upscale hotels, lifestyle destinations and cultural tourism projects across Chinese Mainland.

Through the acquisition, MGM China will leverage the 19 years of operating experience, brand platform and established relationship network developed by MGM Hospitality. MGM Hospitality currently manages eight operating hotels, has more than 12 active projects under development across various cities in Mainland China, and provides access to over 1.5 million Mlife loyalty program members.

The eight operating hotels include:

Bellagio by MGM Shanghai MGM Shanghai West Bund MGM Grand Sanya Mhub by MGM Nanjing Jiangning MGM Reserve Qingdao MGM Qingdao MGM Reserve Zhuhai MGM Shenzhen Kenneth Feng, Chief Executive Officer of MGM China said: "This acquisition represents a strategic opportunity for MGM China to strengthen its strategic and operational oversight of MGM Hospitality. We are confident that it will create meaningful synergies that enhance our competitive edge and support the Group's sustainable growth."

Following the suite conversion at MGM COTAI earlier this year, the Group will commence renovations of approximately 100 suites at MGM MACAU. This initiative will further strengthen the complementary positioning of our properties, establishing MGM MACAU as a premier venue on the Peninsula and MGM COTAI as the preferred destination for premium customers.

"MGM China is dedicated to improving our products and service levels, while delivering compelling experiences for guests. We are committed to supporting Macau into a global and diversified tourist destination," said Kenneth Feng.

- End -

About MGM China Holdings Limited

MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. 

MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

SOURCE MGM China

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 , /PRNewswire/ -- 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 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,

2026

2025

Diluted earnings per share

$                                        1.11

$                                        0.18

Property transactions, net

(1.13)

(0.01)

Goodwill impairment

0.37

—

Non-operating items:

Loss (gain) related to debt and equity investments

0.03

(0.01)

Foreign currency transaction (gain) loss

(0.12)

0.72

Change in the fair value of foreign currency contracts

0.10

(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,

2026

2025

% 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,

2026

2025

% Change

Room revenue (in millions)

$                               717

$                               735

(2) %

Occupancy

93 %

93 %

Average daily rate (ADR)

$                               242

$                               252

(4) %

Revenue per available room (RevPAR)

$                               224

$                               235

(4) %

Regional Operations

The following table shows key gaming statistics for Regional Operations:

Three Months Ended June 30,

2026

2025

% 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,

2026

2025

% 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,

2026

2025

(In thousands)

BetMGM North America Venture

$                                    23,097

$                                    21,770

Other

2,741

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.

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.

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.

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.

MGM RESORTS CONTACTS: 

Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance & Treasurer
[email protected]

HOWARD WANG
Vice President of Investor Relations
[email protected] 

News Media
BRIAN AHERN
Executive Director of Communications
[email protected] 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Revenue

Casino

$

2,383,185

$

2,329,798

$

4,762,040

$

4,581,946

Rooms

849,143

860,401

1,716,997

1,723,809

Food and beverage

802,332

778,179

1,607,172

1,548,352

Entertainment, retail and other

416,333

436,492

819,502

827,845

4,450,993

4,404,870

8,905,711

8,681,952

Expenses

Casino

1,349,281

1,333,850

2,698,833

2,578,160

Rooms

276,390

272,066

561,666

552,915

Food and beverage

582,734

576,633

1,159,014

1,136,928

Entertainment, retail and other

263,346

262,880

516,766

497,309

General and administrative

1,263,260

1,213,691

2,546,092

2,378,589

Corporate expense

131,433

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 impairment

111,019

-

111,019

-

Depreciation and amortization

282,315

241,975

546,040

478,419

3,973,195

4,026,165

8,136,697

7,905,294

Income from unconsolidated affiliates

25,838

25,860

35,864

12,964

Operating income

503,636

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 affiliates

2,525

(4,055)

18

(3,793)

Other, net

9,488

(161,170)

13,691

(172,436)

(90,116)

(270,809)

(189,109)

(389,082)

Income before income taxes

413,520

133,756

615,769

400,540

Provision for income taxes

(90,731)

(15,662)

(118,188)

(55,715)

Net income

322,789

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 share outstanding

Basic

254,018

273,329

255,193

280,199

Diluted

257,758

275,615

258,327

282,328

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

June 30,

December 31,

2026

2025

      ASSETS

Current assets

Cash and cash equivalents 

$

2,547,380

$

2,062,994

Accounts receivable, net

1,218,354

1,122,940

Inventories

123,371

124,535

Income tax receivable

1,612

220,154

Prepaid expenses and other

513,236

486,419

Assets held for sale

-

315,382

Total current assets

4,403,953

4,332,424

Property and equipment, net

6,182,784

6,305,614

Investments in and advances to unconsolidated affiliates                                                            

637,534

536,066

Goodwill 

4,768,737

4,901,960

Other intangible assets, net

1,258,099

1,356,676

Operating lease right-of-use assets, net

21,659,125

23,002,707

Deferred income taxes

117,192

89,792

Other long-term assets, net

820,902

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 debt

72,345

71,845

Other accrued liabilities

2,803,719

2,993,179

Liabilities related to assets held for sale

-

25,581

Total current liabilities

3,298,948

3,512,107

Deferred income taxes

2,600,028

2,617,067

Long-term debt, net

6,068,442

6,230,141

Operating lease liabilities

23,778,515

24,962,742

Other long-term obligations

726,335

775,411

Total liabilities

36,472,268

38,097,468

Redeemable noncontrolling interests

8,404

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 shares 

2,516

2,583

Capital in excess of par value

-

-

Retained earnings

2,308,750

2,106,836

Accumulated other comprehensive income

202,509

320,498

Total MGM Resorts International stockholders' equity

2,513,775

2,429,917

Noncontrolling interests

853,879

824,624

Total stockholders' equity

3,367,654

3,254,541

$

39,848,326

$

41,373,786

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - REVENUE

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Las Vegas Strip Resorts

$

2,170,045

$

2,114,692

$

4,350,475

$

4,290,812

Regional Operations

924,098

964,612

1,842,008

1,865,031

MGM China

1,100,881

1,110,093

2,222,916

2,137,565

MGM Digital

196,308

163,861

379,049

291,919

Management and other operations                                                                                                         

59,661

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 Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Las Vegas Strip Resorts

$

735,118

$

710,496

$

1,484,325

$

1,521,656

Regional Operations

280,216

308,656

539,653

587,698

MGM China

256,709

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 operations

31,610

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 Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Net income attributable to MGM Resorts International

$

292,433

$

48,951

$

417,569

$

197,505

  Plus: Net income attributable to noncontrolling interests                                                            

30,356

69,143

80,012

147,320

Net income

322,789

118,094

497,581

344,825

  Provision for income taxes

90,731

15,662

118,188

55,715

Income before income taxes

413,520

133,756

615,769

400,540

Non-operating (income) expense:

  Interest expense, net of amounts capitalized

102,129

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 income

503,636

404,565

804,878

789,622

  Preopening and start-up expenses

112

849

1,089

934

  Property transactions, net

(286,695)

125

(272,475)

15,593

  Goodwill impairment

111,019

-

111,019

-

  Depreciation and amortization

282,315

241,975

546,040

478,419

Consolidated Adjusted EBITDA

$

610,387

$

647,514

$

1,190,551

$

1,284,568

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 Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

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.    

SOURCE MGM Resorts International

A drone view shows an advertisement for the online sports betting company BetMGM at Fenway Park in Boston, Massachusetts, U.S., June 18, 2024. REUTERS/Brian Snyder Purchase Licensing Rights, opens new tab

July 27 (Reuters) - U.S. online gambling operator BetMGM on Tuesday downgraded ​its annual outlook for the second ‌time this year and pushed back its target of reaching $500 million in profit, as competition ​from prediction market platforms mounts ​intensifies.

Licensed sportsbook operators in the U.S. are ⁠facing growing pressure from prediction market ​platforms such as Kalshi, while FanDuel, DraftKings ​and Fanatics have launched similar products, raising customer acquisition costs and threatening sports betting market share.

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The ​company, a joint venture between Ladbrokes-owner ​Entain (ENT.L), opens new tab and U.S.-based MGM Resorts (MGM.N), opens new tab, expects full-year net ‌revenue ⁠and adjusted core profit to come in towards the lower end of its forecast ranges of $2.9 billion to $3.1 billion and $300 ​million to $350 ​million, respectively.

BetMGM ⁠also said it no longer expects to hit its $500 million ​adjusted core profit target by ​2027, ⁠blaming a more competitive landscape and regulatory complexity stemming from the rise of prediction ⁠market ​platforms.

Entain shares were down ​marginally by 1120 GMT.

Reporting by Yamini Kalia in Bengaluru; ​Editing by Ronojoy Mazumdar and Tasim Zahid

Our Standards: The Thomson Reuters Trust Principles., opens new tab