MGM Resorts Hits Record $4.5B Q2 2026 Revenue Amid $18B Buyout Offer

MGM Resorts International achieved a record $4.5 billion in consolidated revenue for the second quarter of 2026, marking a 1 percent year-over-year increase. The growth stems heavily from the Las Vegas Strip, where convention demand and luxury property upgrades drove a 3 percent rise in both revenue and adjusted EBITDAR, even as the company evaluates an $18 billion go-private offer.

How did the Las Vegas Strip drive overall performance?

The Las Vegas Strip Resorts segment generated $2.2 billion in revenue during the quarter ending June 30, 2026, a 3 percent increase from the $2.1 billion reported in the prior year quarter, according to Lodging Magazine [2]. Segment Adjusted EBITDAR for the Las Vegas properties also increased by 3 percent, reaching $735 million compared to $710 million in the previous year [2]. CEO Bill Hornbuckle attributed these results to solid fundamentals and business momentum from the start of the year carrying into the second quarter, Hotel Dive reported [1]. The revenue gains were supported by a strong base of group and convention business, alongside high attendance at events throughout the city [1].

MGM experienced demand from a diverse customer mix, including technology and hospitality corporate groups, professional association meetings, and B2B trade shows [1]. This influx resulted in the highest second-quarter convention average daily rate, as well as the highest catering and banquet revenue, in the company's history [1]. Despite these domestic gains, international travel to Las Vegas remains down, specifically among Canadian tourists, though Hornbuckle noted the market is stabilizing and growing [1].

What is the status of the $18 billion go-private offer?

During the second quarter, MGM Resorts received a go-private offer from People Incorporated, a media conglomerate owned by Barry Diller [1]. The proposal values MGM at more than $18 billion [1]. In response, the company's board of directors formed a special committee made up of independent directors with no affiliation to People Inc. to actively evaluate the proposed transaction [1]. Hornbuckle stated he is confident the board will pursue the course of action in the best interest of the company and shareholders, adding that executives would not answer questions regarding the transaction during the earnings call [1].

This buyout proposal arrives during a period of consolidation in the gaming and hospitality space. Competitor Caesars Entertainment also received a go-private offer during the second quarter from Fertitta Entertainment [1]. Caesars accepted that acquisition offer, which is valued at $17.6 billion and remains pending [1].

Where is MGM directing its capital investments?

The company is deploying capital toward its luxury offerings to drive medium- to long-term growth, reinforced by the swell of premier sports and entertainment events in Las Vegas [1]. Hornbuckle stated MGM is reimagining every element of the customer experience to elevate its commitment to luxury [1]. Current investments include upgrades to the convention and public areas at The Bellagio Hotel & Casino, along with upcoming room remodels at Aria Resort & Casino and The Cosmopolitan [1].

During the second quarter, MGM already benefited from a recently completed $300 million remodel of the MGM Grand Hotel & Casino in Las Vegas, according to CFO Jonathan Halkyard [1]. Beyond domestic renovations, the company is investing in MGM Osaka, which is on track for a 2030 opening and will be the largest integrated resort in the world [2].

How did the regional, digital, and international segments perform?

While Las Vegas saw growth, Regional Operations reported a 4 percent decrease in total revenue, falling to $924 million from $965 million in the prior year quarter [2]. However, same-store revenue for the regional segment, adjusted for dispositions, increased 3 percent to $904 million [2]. Segment Adjusted EBITDAR for Regional Operations fell 9 percent to $280 million, though same-store Segment Adjusted EBITDAR remained flat at $271 million [2].

MGM China reported $1.1 billion in revenue, which was relatively flat compared to the prior year quarter [2]. The segment's Adjusted EBITDAR decreased 15 percent to $257 million, down from $301 million, while intercompany branding license fee expenses increased by $21 million over the prior year [2].

MGM Digital was a growth area for the company, posting a 20 percent year-over-year revenue increase to $196 million, up from $164 million [2]. Despite the revenue growth, the digital segment reported an Adjusted EBITDAR loss of $31 million in the current quarter, widening from a $26 million loss in the prior year quarter [2].

What were the consolidated financial totals for the quarter?

Overall, MGM Resorts reported a net income attributable to the company of $292 million, a sharp increase from $49 million in the prior year quarter [2]. Diluted earnings per share rose to $1.11 from $0.18, while adjusted diluted earnings per share fell to $0.59 from $0.79 [2]. Consolidated Adjusted EBITDA was $610 million, down from $648 million in the prior year quarter [2].