MGM Resorts Q1 2026 Financial Highlights and Future Outlook

MGM Resorts International (MGM) — Key Financial Highlights for Q1 2026

1) Group consolidation: revenue growth and strong momentum in Las Vegas

• MGM delivered “consolidated growth” in Q1, and management attributed performance to strength in digital and China. ¹
• Las Vegas net revenue grew year-over-year for the first time in over a year, even with an “exceptionally strong leisure comparative.” ¹
• Management also emphasized that Las Vegas results were supported by solid group and convention business and expectations that this strength would carry into Q2. ¹

2) Las Vegas operating profitability: EBITDA down (primarily cost/mix items)

• Las Vegas segment adjusted EBITDA decreased by $62 million, explained by two items:
  • Self-insurance expense increased by $37 million (up to $30 million of the total increase referenced in management’s bridge discussion), and
  • Business interruption proceeds decreased by $31 million versus the prior year period. ²

3) Regional operations: modest top-line growth, EBITDA down on similar drivers

• Regional operations grew top line by 2% in Q1. ²
• Regional segment adjusted EBITDA decreased by $20 million, driven in part by:
  • Self-insurance expense increased by $9 million, and
  • Business interruption proceeds decreased by $10 million versus last year. ²

4) MGM China: net revenue up; adjusted profitability pressured by higher brand fees

• At MGM China, net revenues grew 9% in the quarter. ³
• MGM China segment adjusted EBITDAR decreased by $13 million, and management said this was primarily driven by a new branding agreement that resulted in $23 million more fees than in the prior year period. ⁴
• Management noted the brand fee rate increased from 1.75% to 3.5% of revenue starting this year, which affects segment adjusted EBITDAR but is positioned as higher cash flow for MGM Resorts. ⁴

5) BetMGM / iGaming (North America): strong growth at the venture level

• BetMGM North America delivered 6% growth in net revenue from operations and 11% growth in adjusted EBITDA in Q1. ⁴
• Management also stated this was the first quarter in which branding fees from BetMGM were earned, totaling about $1.5 million. ⁴
• Management further characterized iGaming fundamentals as healthy and growing, and stated they were approaching $2 billion in annual revenue from operators. ³

6) MGM Digital: strong revenue growth, still loss-making at segment level

• MGM Digital reported net revenue growth of 43% in Q1. ⁵
• MGM Digital reported segment adjusted EBITDA losses of $26 million. ⁵
• Management described MGM Digital as having double-digit revenue growth and continuing progress toward profitability, including that Sweden and the U.K. drove LeoVegas B2C revenue growth over 30%. ⁶

7) Las Vegas convention performance: record ADRs and catering/banquet revenue

• Management reported record 1Q convention ADRs and record catering and banquet revenue in Las Vegas. ¹
• Management also described increased production tied to the strategic relationship with Marriott. ¹
• Looking forward into Q2, management expected momentum to continue, including convention room-night mix up 2 percentage points year-over-year to 20%. ¹

8) Cash return / capital actions: share repurchases and no quarterly distributions

• No quarterly distributions were made in Q1 due to seasonality of cash outlays, including marketing investments and accrued annual compensation payouts. ⁵
• MGM bought back about 2.5 million shares for $90 million in the quarter. ⁵
• Management also stated it has decreased share count by almost 50% over the last 5 years. ⁵

9) Litigation and costs: specific headwind referenced

• Management highlighted an external cost pressure from “frivolous litigation” affecting industry operating costs and contributing to self-insurance expense increases. ⁴
• They cited negative impacts of $37 million in Las Vegas and $9 million across regional operations in Q1 from this factor. ⁴

10) Segment focus and operations in context: strategic initiatives and market positioning

• Management pointed to value-driven product initiatives such as launching an all-inclusive experience at Luxor/Excalibur and described improving guest feedback and the mix of first-time visitors. ⁷
• They also described MGM China’s product refresh and premium gaming space progress (e.g., continued investments at MGM Cotai). ³
• For the digital business, management emphasized continued expansion and integration efforts, including the ongoing sportsbook platform migration and international growth. ⁶³

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Bottom line for Q1 2026 (financial “headline” view)

• Top-line: Consolidated growth with Las Vegas net revenue up YoY for the first time in over a year, plus China net revenue up 9% and MGM Digital net revenue up 43%. ¹³⁵
• Profitability: Despite revenue improvements, segment adjusted EBITDA declined in Las Vegas ($-62 million) and regional operations ($-20 million), largely tied to higher self-insurance and lower business interruption proceeds. ²
• Digital economics: BetMGM was stronger (net revenue from operations +6%, adjusted EBITDA +11%), but MGM Digital remained loss-making (adjusted EBITDA loss of $26 million). ⁴⁵
• Capital discipline / shareholder returns: $90 million share repurchase in the quarter and no quarterly distributions. ⁵