MGM Resorts International announced its first-quarter 2026 overall net revenue of $4.5 billion, reflecting a 4% increase compared to the same period last year. This growth was primarily driven by increased revenue from MGM China, MGM Digital, and the expansion of the BetMGM North America Venture, despite a drop in profitability across various business segments.
The net income attributable to MGM Resorts for the quarter ending March 31 was $125 million, down from $149 million in the previous year. Diluted earnings per share decreased to $0.48 from $0.51, while adjusted diluted earnings per share were recorded at $0.49, compared to $0.69 in Q1 2025. Consolidated Adjusted EBITDA dropped to $580 million from $637 million.
Revenue increased to $4.45 billion from $4.28 billion, surpassing analyst expectations of $4.37 billion, as noted by FactSet. Adjusted earnings of $0.49 per share fell short of analysts’ forecasts of $0.50 per share.
MGM China achieved net revenue of $1.1 billion, a 9% rise from $1.0 billion a year prior, although Segment Adjusted EBITDAR decreased by 4% to $273 million from $286 million. Casino revenues also climbed by 9% to $977 million.
MGM China
MGM Digital, which encompasses LeoVegas and other consolidated subsidiaries involved in interactive gaming (excluding the BetMGM North America Venture), posted net revenue of $183 million, marking a 43% increase 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, a significant recovery from a loss of $15.2 million in the same quarter last year.
“We are excited to report record consolidated net revenues for the first quarter, largely driven by MGM China and MGM Digital, along with growth in our BetMGM North America Venture,” stated Bill Hornbuckle, President and CEO of MGM Resorts. “MGM Resorts’ Las Vegas Strip Resorts have exhibited comparable quarterly growth for the first time in over a year, with net revenues continuing to strengthen into March.”
“As we look towards the second quarter and beyond, we are observing positive trends fueled by strong convention reservations, our newly launched all-inclusive package, and the recent renovation of rooms at 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 modest increase compared to the previous year, while Segment Adjusted EBITDAR decreased by 8% to $749 million from $811 million. Casino revenue dipped by 5% to $513 million, with table games drop declining by 3% to $1.46 billion, and table games win down by 1% to $399 million. Slot handle remained relatively stable at $5.69 billion, with slot win decreasing by 1% to $539 million.
Performance in hotels on the Las Vegas Strip was variable. Room revenue reached $751 million, up slightly from $750 million a year ago. Occupancy rates fell to 92% from 94%, while the average daily rate stayed stable at $257. Revenue per available room decreased by 2% to $238.
Regional Operations reported net revenue of $918 million, a 2% improvement from $900 million, while Segment Adjusted EBITDAR fell by 7% to $259 million from $279 million. Casino revenues rose by 2% to $684 million, with table games drop increasing by 6% to $1.01 billion, and slot win up by 3% to $668 million.
In April, the company finalized the sale of MGM Northfield Park’s operations for $546 million. “The proceeds enhance MGM Resorts’ liquidity, aimed at reinforcing our robust balance sheet while also considering shareholder capital returns through stock buybacks,” remarked Jonathan Halkyard, CFO of MGM Resorts International.
During the first quarter, MGM Resorts repurchased around 2 million shares of its common stock for $90 million. As of March 31, there were approximately $1.5 billion remaining under the stock repurchase plan set to expire in April 2025, with all repurchased shares having been retired.
Shares dropped by 1.7% to $38.61 in after-hours trading on Wednesday, following a 1.2% decrease to close at $39.27. The stock has risen by 7.6% for the year.