MGM Resorts International (MGM) Q2 2026 earnings summary

Executive summary

• Achieved record consolidated net revenue for Q2 2026, driven by strong Las Vegas Strip Resorts, all-time best regional same-store revenue, and 20% growth at MGM Digital, while MGM China revenue remained flat or slightly declined.

• Group and convention business remained robust, contributing to the highest second-quarter convention ADR and catering/banquet revenue in company history.

• Net income attributable to shareholders rose sharply to $292 million from $49 million year-over-year, with diluted EPS at $1.11 versus $0.18.

• Strategic investments in AI, technology, and all-inclusive offerings enhanced guest experience, stabilized occupancy, and attracted first-time visitors.

• Continued expansion with ongoing development in Japan and Dubai, and digital growth across North America, Europe, and South America.

Financial highlights

• Q2 2026 consolidated revenue reached $4.5 billion, up 1% year-over-year; net income attributable to shareholders was $292 million.

• Las Vegas Strip Resorts revenue grew 3% to $2.2 billion, with segment adjusted EBITDAR margin at 33.9%.

• Regional Operations posted all-time record same-store quarterly revenue, though total revenue fell 4% due to property sales; EBITDAR margin 30.3%.

• MGM Digital revenue increased 20% to $196 million, with segment adjusted EBITDAR loss of $31 million.

• BetMGM North America iGaming segment grew 8% in Q2; handle per active up 7% and NGR per active up 9% in H1 2026.

Outlook and guidance

• Business is positioned for continued positive momentum in H2 2026, with strong group/convention base and expanded sports/entertainment calendar.

• MGM Osaka construction remains on time and on budget for a fall 2030 opening, with significant capital deployment planned for 2027 and 2028.

• Planned capital expenditures for the remainder of 2026 are $575M–$775M, with $75M–$125M for MGM China and ongoing quarterly funding for Osaka.

• MGM Digital expects full-year EBITDA losses to be less than last year, with 2027 set for favorable operating leverage and potential self-funding of Brazil growth.

• Strong group bookings and ADR pace for 2027, with a healthy on-the-books position.