MGM Resorts posts record first-quarter revenue as profit slips on weaker margins

MGM Resorts International reported first-quarter 2026 consolidated net revenue of $4.5 billion, up 4% from the prior-year quarter, supported by higher revenue from MGM China, MGM Digital, and growth at the BetMGM North America Venture, even as profitability declined across several operating segments.

Net income attributable to MGM Resorts was $125 million for the quarter ended March 31, compared with $149 million a year earlier. Diluted earnings per share were $0.48, down from $0.51, while adjusted diluted earnings per share were $0.49, compared with $0.69 in the first quarter of 2025. Consolidated Adjusted EBITDA fell to $580 million from $637 million.

Revenue rose to $4.45 billion from $4.28 billion, above analyst estimates of $4.37 billion, according to FactSet. Adjusted earnings of $0.49 per share were below analysts’ expectations of $0.50 per share.

MGM China recorded net revenue of $1.1 billion, up 9% from $1.0 billion a year earlier, while Segment Adjusted EBITDAR declined 4% to $273 million from $286 million. Casino revenue rose 9% to $977 million.

MGM China

MGM Digital, which includes LeoVegas and other consolidated subsidiaries offering interactive gaming and excludes the BetMGM North America Venture, reported net revenue of $183 million, up 43% from $128 million. Its Segment Adjusted EBITDAR loss narrowed to $26 million from a loss of $34 million.

The BetMGM North America Venture contributed $7.4 million, compared with a loss of $15.2 million in the prior-year quarter.

“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. “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.”

Bill Hornbuckle, President and CEO of MGM Resorts International

Las Vegas Strip Resorts generated net revenue of $2.2 billion, a slight increase from the prior-year quarter, while Segment Adjusted EBITDAR declined 8% to $749 million from $811 million. Casino revenue fell 5% to $513 million, table games drop declined 3% to $1.46 billion, and table games win fell 1% to $399 million. Slot handle was largely unchanged at $5.69 billion, while slot win fell 1% to $539 million.

Hotel performance on the Las Vegas Strip was mixed. Room revenue was $751 million, compared with $750 million a year earlier. Occupancy declined to 92% from 94%, average daily rate remained unchanged at $257, and revenue per available room fell 2% to $238.

Regional Operations reported net revenue of $918 million, up 2% from $900 million, while Segment Adjusted EBITDAR fell 7% to $259 million from $279 million. Casino revenue increased 2% to $684 million, table games drop rose 6% to $1.01 billion, and slot win increased 3% to $668 million.

In April, the company closed on the sale of the operations of MGM Northfield Park for $546 million. “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,” said Jonathan Halkyard, CFO of MGM Resorts International.

During the first quarter, MGM Resorts repurchased approximately 2 million shares of its common stock for $90 million. The remaining availability under the April 2025 stock repurchase plan was approximately $1.5 billion as of March 31, and all repurchased shares were retired.

Shares fell 1.7% to $38.61 in after-hours trading on Wednesday after closing down 1.2% at $39.27. The stock was up 7.6% for the year.