MGM Resorts’ Q1 Report Outlines Top-Line Growth in Vegas

Casino & hospitality powerhouse MGM Resorts International has published its financial report for the first quarter of 2026, reporting stable revenues despite a slight decrease in adjusted EBITDA.

The Company Posted Net Revenue Improvements Despite EBITDA Struggles

In its report, the company posted consolidated net revenues of $4.5 billion, up 4% year-on-year. Net income attributable to MGM Resorts was $125 million, marking a decrease from $149 million in the prior year period.

The company’s adjusted EBITDA reached $580 million, down from $637 million in Q1 2025.

At the same time, diluted earnings per share decreased slightly to $0.48, while adjusted diluted earnings per share were $0.49, compared to $0.69 in the prior year quarter.

MGM Resorts’ Las Vegas Strip Resorts segment reported net revenues of $2.2 billion for Q1 2025, marking a slight increase. The segment adjusted EBITDAR, however, experienced a decrease of 8% to $749 million.

The Regional Operations segment, on the other hand, achieved net revenues of $918 million, up 2% year-on-year. The segment also reported adjusted EBITDAR of $259 million, down 7% year-on-year.

MGM China’s results painted a similar picture, with net revenues increasing by 9% to $1.1 billion, and segment adjusted EBITDAR decreasing by 4% to $273 million. MGM noted that intercompany branding license fee expenses increased by $23 million.

Last but not least, MGM Digital reported net revenues of $183 million, marking an increase of 43% year-on-year. The segment’s adjusted EBITDAR loss narrowed to $26 million ($34 million in Q1 2025).

MGM Is Optimistic About the Rest of 2026

Bill Hornbuckle, MGM Resorts International’s president and chief executive officer, was pleased with the stable results and applauded the top-line growth in Las Vegas, which followed a period of mixed results. Hornbuckle was especially excited about the remainder of the year, expecting his company’s performance to improve further.  

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.

Bill Hornbuckle, CEO & president, MGM Resorts International

Jonathan Halkyard, MGM Resorts International’s chief financial officer, also mentioned the recent sale of the operations of MGM Northfield Park for $546 million as a major achievement for the company. He said that the sale provided his team with funding to reinvest in areas of priority.