MGM Posts Record $4.5B Q2 Revenue as Las Vegas Delivers
Las Vegas Strip properties lifted MGM Resorts to a record $4.5 billion quarter, supported by convention records and room renovations.
The short answer
MGM Resorts International hit record second-quarter net revenue of $4.5 billion, paced by a 3 percent rise in Las Vegas Strip revenue and adjusted EBITDAR. Group convention records and recent luxury property renovations offset regional and international headwinds.
“I'm confident our board would pursue the course of action that's in the best interest of the company and our shareholders”
The short version
- Las Vegas Strip resorts produced $2.2 billion in revenue and $735 million in EBITDAR, each up 3 percent year over year.
- MGM reached historical company highs for second-quarter convention ADR and banquet catering revenue.
- People Incorporated submitted a takeover proposal valuing MGM Resorts International at over $18 billion.
Las Vegas Strip resorts served as the main engine for MGM Resorts International during the second quarter of 2026, delivering 3 percent year-over-year increases in both revenue and Segment Adjusted EBITDAR [1]. The Strip properties generated $2.2 billion in revenue and $735 million in adjusted EBITDAR, lifting consolidated revenue to a record $4.5 billion [1].
How did Las Vegas properties drive overall top-line gains?
Las Vegas Strip operations produced roughly half of the company's entire top line, expanding 3 percent from $2.1 billion in the prior-year quarter to $2.2 billion [1]. As Lodging Magazine reported, this marked the second straight quarter of year-over-year revenue expansion across the Strip resorts [1]. Segment Adjusted EBITDAR rose at an identical 3 percent rate, moving from $710 million up to $735 million [1].
Bill Hornbuckle, president and chief executive officer of MGM Resorts International, linked the quarter to momentum established earlier in 2026 [2]. According to Hotel Dive, Hornbuckle pointed to business fundamentals carrying forward into the spring and early summer period [2]. Jonathan Halkyard, chief financial officer of MGM Resorts International, stated that targeted capital allocation was direct fuel for the Strip's EBITDAR improvement [1].
What role did group and convention demand play on the Strip?
Corporate events and gatherings established historical revenue marks for the company in Las Vegas during the quarter [2]. Hotel Dive reported that group demand pushed MGM to its highest second-quarter convention average daily rate alongside record catering and banquet revenue [2].
Demand originated across a wide profile of commercial segments [2]. Hornbuckle specified that the base included technology and hospitality corporate groups, professional association meetings, and major B2B trade shows [2]. Strong attendance across citywide events supplemented that underlying base, countering an ongoing deficit in international arrivals [2]. Hornbuckle acknowledged that inbound international visitation remained subdued, identifying Canadian inbound tourism as a specific pocket of softness [2].
Where is MGM deploying capital across its Las Vegas luxury assets?
Capital expenditure in Las Vegas centers on high-end properties to capture demand for premium hospitality experiences [2]. Halkyard confirmed that the company saw clear financial returns during the second quarter from a recently finished $300 million remodel at MGM Grand Hotel & Casino [2].
Future renovations are scheduled across several signature Strip footprints [2]. MGM is directing funds into public areas and convention spaces at The Bellagio Hotel & Casino [2]. In addition, management has slated upcoming guestroom renovations at both Aria Resort & Casino and The Cosmopolitan [2].
| Reporting Segment | Q2 2026 Net Revenue | Q2 2025 Net Revenue | Q2 2026 Segment Adjusted EBITDAR | Q2 2025 Segment Adjusted EBITDAR |
|---|---|---|---|---|
| Las Vegas Strip Resorts | $2.2 billion | $2.1 billion | $735 million | $710 million |
| Regional Operations | $924 million | $965 million | $280 million | $309 million |
| MGM China | $1.1 billion | $1.1 billion | $257 million | $301 million |
| MGM Digital | $196 million | $164 million | -$31 million | -$26 million |
How did regional, digital, and international units compare?
Results outside the Strip presented a mixed operational picture across geographic and digital operations [1]. Regional Operations posted total revenue of $924 million, down 4 percent from $965 million in the prior-year period [1]. When adjusted for asset dispositions, same-store regional revenue rose 3 percent to $904 million, marking an all-time quarterly high, while same-store EBITDAR was flat at $271 million [1]. Unadjusted regional EBITDAR declined 9 percent to $280 million [1].
MGM China turned in flat revenue of $1.1 billion, but its Segment Adjusted EBITDAR fell 15 percent to $257 million [1]. Lodging Magazine detailed that an intercompany branding license fee expense increased by $21 million compared to the second quarter of 2025 [1]. MGM Digital expanded revenue by 20 percent to reach $196 million, though its Segment Adjusted EBITDAR loss widened from $26 million to $31 million [1]. Abroad, Hornbuckle confirmed MGM Osaka remains on track for an opening in 2030 [1].
How did consolidated earnings move relative to revenue?
MGM Resorts posted consolidated net revenue of $4.5 billion, a 1 percent increase over the prior-year quarter [1]. Net income attributable to MGM Resorts surged to $292 million, compared to $49 million in the second quarter of 2025 [1]. Diluted earnings per share reached $1.11, compared to $0.18 a year earlier [1].
By contrast, Consolidated Adjusted EBITDA fell from $648 million to $610 million [1]. Adjusted diluted earnings per share declined from $0.79 to $0.59 [1]. The divergence between GAAP net income and operating metrics highlights ongoing adjustments and shifting capital costs across the portfolio [1].
What corporate transactions are unfolding around MGM?
MGM Resorts received an unsolicited go-private acquisition offer from Barry Diller-owned People Incorporated during the second quarter [2]. Hotel Dive reported that the transaction values MGM at more than $18 billion [2].
The company's board established a special committee of independent directors to evaluate the acquisition [2]. The committee contains no members with ties to People Inc. [2]. The move occurs alongside broader consolidation talks in the gaming corridor; competitor Caesars Entertainment accepted a pending $17.6 billion takeover bid from Fertitta Entertainment during the same quarter [2].
Reported by
This article was written from the following reporting. Follow the links for the original coverage.
- [1]MGM Resorts Reports Record $4.5B Q2 2026 Revenue— Lodging Magazine
- [2]MGM Resorts Posts Solid Q2 Results Driven by Las Vegas— Hotel Dive
Frequently asked
+What were MGM Resorts' consolidated financial results in Q2 2026?
MGM reported consolidated net revenue of $4.5 billion, up 1 percent year over year. Net income rose to $292 million from $49 million, while Consolidated Adjusted EBITDA dropped from $648 million to $610 million. Diluted EPS was $1.11, and adjusted EPS was $0.59.
+How did Las Vegas Strip properties perform in Q2 2026?
Las Vegas Strip resorts generated $2.2 billion in net revenue and $735 million in Segment Adjusted EBITDAR. Both metrics represented a 3 percent increase over the prior-year quarter, marking a second consecutive quarter of year-over-year revenue expansion.
+What drove group and convention growth in Las Vegas for MGM?
Performance was lifted by high attendance from corporate groups in technology and hospitality, alongside major trade shows and association meetings. This activity produced the highest second-quarter convention ADR and catering and banquet revenue in company history.
+What capital renovations did MGM highlight on the Las Vegas Strip?
MGM pointed to positive returns from a completed $300 million remodel at MGM Grand. It also outlined active investments in convention and public spaces at Bellagio, with upcoming guestroom renovations planned at Aria and The Cosmopolitan.
+What buyout offer did MGM Resorts receive during the second quarter?
People Incorporated, owned by Barry Diller, submitted an offer to take MGM Resorts private at a valuation above $18 billion. A special committee of independent directors is actively reviewing the proposal.
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