Companies /Consumer Cyclical

MGM Resorts International

NYSE: MGM Resorts & Casinos
$42.28
▼ $0.69 (−1.61%) today
Markets closed · 8:20pm ET

Q1 2026 Earnings

Reported Apr 29, 2026, 4:15pm ET · SEC source
$0.49
Miss −7.83%
EPS · est. $0.53
$4.5B
Beat +1.79%
Revenue · est. $4.4B
+18.5%
Beating market
MGM vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Apr 29Apr 30report 4:15pm ETearnings+1.4%+0.9%
0+2%+4%Apr 29Apr 30earnings+1.4%+0.9%
MGM +0.9%S&P 500 +1.4%
0+2%+4%Apr 29Apr 30report 4:15pm ETearnings+1.6%+0.9%
0+2%+4%Apr 29Apr 30earnings+1.6%+0.9%
MGM +0.9%NASDAQ +1.6%
−2%0+2%+4%Apr 28May 7report 4:15pm ETearnings+3.0%−2.3%
−2%0+2%+4%Apr 28May 7earnings+3.0%−2.3%
MGM −2.3%S&P 500 +3.0%
−3%0+3%+6%Apr 28May 7report 4:15pm ETearnings+5.6%−2.3%
−3%0+3%+6%Apr 28May 7earnings+5.6%−2.3%
MGM −2.3%NASDAQ +5.6%
−0.84%
Day of report
−1.13%
Next session
−2.13%
One week
+24.19%
30 days

S&P 500 over the same 30 days: +5.69%.

Did MGM Beat Earnings? Q1 2026 Results

MGM Resorts International delivered a mixed first quarter for 2026, posting revenue that edged past Wall Street expectations while earnings fell short. The casino and hospitality giant reported consolidated net revenues of $4.45 billion, up 4.2% year-over-year and ahead of the $4.38 billion consensus, but adjusted EPS of $0.49 missed the $0.53 estimate by 7.83%, sliding sharply from $0.69 in the year-ago period. The profitability shortfall reflected broad cost pressure, with G&A expenses climbing to $1.28 billion from $1.16 billion and consolidated Adjusted EBITDA contracting to $580.16 million from $637.05 million. The standout driver on the revenue side was MGM China, where revenues rose 9% to $1.12 billion on an 18% surge in table games win, while MGM Digital contributed 43% growth to $182.74 million. Las Vegas Strip margins remained a soft spot, with segment Adjusted EBITDAR falling 8% despite modest revenue growth. Looking ahead, management pointed to strengthening Las Vegas trends into March, solid convention bookings, and the $546 million sale of MGM Northfield Park as sources of incremental liquidity for share repurchases and balance sheet flexibility.

Key Takeaways
  • MGM China revenue growth of 9% driven by 10% increase in main floor table games drop and 18% increase in table games win
  • MGM Digital revenue growth of 43% year-over-year
  • BetMGM North America Venture swung to positive operating income of $7.4 million from a loss of $15.2 million
  • Las Vegas Strip Resorts quarterly revenue increased year-over-year for first time since Q3 2024
  • Regional Operations casino revenue increased 2% with table games drop up 6%

“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.”

MGM Resorts CEO, on the earnings call

Forward Guidance & Outlook

Management sees signs of strength heading into Q2 2026 and beyond, citing solid convention bookings, a newly launched all-inclusive promotion, and recently refreshed rooms at MGM Grand Las Vegas. Monthly net revenues at Las Vegas Strip Resorts strengthened into March. The sale of MGM Northfield Park for $546 million provides incremental liquidity to be deployed toward maintaining a strong balance sheet and returning capital to shareholders through share repurchases.

MGM YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$4.3B$4.5BRevenue$385.1M$301.2MOperating Income$148.6M$174.8MNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

MGM Revenue by Segment

Las Vegas Strip Resorts$2.2B+0.2%
MGM China$1.1B+9.0%
Regional Operations$917.9M+2.0%
MGM Digital$182.7M+43.0%
Management and other operations$51.6M+14.6%

Figures from SEC filings and company reports. Not investment advice.