MGM Resorts International (MGM) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter consolidated net revenues, increasing 4% year-over-year to $4.46–$4.5 billion, driven by strong growth in MGM China (+9%), MGM Digital (+43%), and BetMGM North America, while Las Vegas posted its first top-line growth in six quarters.

• Regional operations maintained steady market share and solid performance despite economic headwinds, with net revenues up 2%.

• Strategic expansion continued with new integrated resorts in Japan and Dubai, and digital operations in Europe, Canada, and South America.

• Sale of MGM Northfield Park completed for $546 million, enhancing liquidity and reducing annual cash rent by $53 million.

• Net income attributable to shareholders was $125 million, down from $149 million in Q1 2025, with operating income declining 22% due to higher expenses.

Financial highlights

• Las Vegas Strip Resorts net revenues were flat year-over-year at $2.18–$2.2 billion, with Adjusted EBITDAR margin at 34.4–37.3%.

• Regional Operations net revenues up 2% to $811–$918 million; Adjusted EBITDAR margin at 28.3–34.4%.

• MGM China net revenues up 9% to $1.1–$1.122 billion; Adjusted EBITDAR margin at 24.4%.

• MGM Digital net revenues up 43% to $183 million; Adjusted EBITDAR loss improved to $26 million from $34 million loss.

• Consolidated Adjusted EBITDA was $580 million, down from $637 million in Q1 2025.

Outlook and guidance

• Expect continued strength in group and convention business, with convention room night mix up 2 percentage points year-over-year.

• FY 2026 BetMGM North America net revenue guidance: $2.9–$3.1 billion; Adjusted EBITDA $300–$350 million (lower end), with a pathway to $500 million in 2027.

• Planned capital expenditures for the remainder of 2026 are $780–880 million, with $130–180 million for MGM China and $350–$400 million for MGM Osaka.

• Digital segment loss expected to halve in 2026, with break-even targeted for 2027.

• Japan project remains on schedule and budget for 2030 opening, with $2.1 billion funding remaining through 2028.