MGM Resorts International has announced its consolidated net revenue for the first quarter of 2026, reaching $4.5 billion, a 4% increase compared to the same period last year. This growth was bolstered by higher earnings from MGM China, MGM Digital, and the BetMGM North America Venture, despite a decrease in profitability across various operating 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 fell to $0.49 from $0.69 in Q1 2025. The consolidated Adjusted EBITDA also saw a decline, dropping to $580 million from $637 million.
Revenue rose to $4.45 billion from $4.28 billion, surpassing analyst expectations of $4.37 billion, as reported by FactSet. However, adjusted earnings of $0.49 per share fell short of the anticipated $0.50.
MGM China reported net revenue of $1.1 billion, marking a 9% increase from $1.0 billion a year prior, although Segment Adjusted EBITDAR decreased by 4% to $273 million from $286 million. Casino revenue for MGM China also rose by 9% to $977 million.
MGM Digital, which encompasses LeoVegas and other subsidiaries focused on interactive gaming (excluding BetMGM North America Venture), reported net revenue of $183 million, a significant 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 this quarter, a notable improvement compared to a loss of $15.2 million in the same quarter last year.
Bill Hornbuckle, President and CEO of MGM, expressed satisfaction with the record consolidated net revenues for Q1, primarily driven by MGM China and MGM Digital, alongside growth in the BetMGM North America Venture. He noted that MGM Resorts' Las Vegas Strip properties experienced comparable quarterly revenue growth for the first time in over a year, with net revenues showing improvement into March.
Looking ahead to the second quarter and beyond, Hornbuckle mentioned positive indicators such as solid convention bookings, a newly launched all-inclusive promotion, and refreshed rooms at MGM Grand Las Vegas.
Las Vegas Strip Resorts reported net revenue of $2.2 billion, a slight increase from the previous year. However, Segment Adjusted EBITDAR fell by 8% to $749 million from $811 million. Casino revenue dipped by 5% to $513 million, while table games drop decreased by 3% to $1.46 billion, and table games win fell by 1% to $399 million. Slot handle remained relatively stable at $5.69 billion, but slot win decreased by 1% to $539 million.
The hotel performance on the Las Vegas Strip showed mixed results. Room revenue was $751 million, slightly up from $750 million a year ago. Occupancy rates fell to 92% from 94%, while the average daily rate held steady at $257, and revenue per available room dropped by 2% to $238.
Regional Operations reported net revenue of $918 million, a 2% increase from $900 million, although Segment Adjusted EBITDAR fell by 7% to $259 million from $279 million. Casino revenue increased by 2% to $684 million, table games drop rose by 6% to $1.01 billion, and slot win increased by 3% to $668 million.
In April, MGM completed the sale of MGM Northfield Park operations for $546 million. Jonathan Halkyard, CFO of MGM Resorts International, stated that the proceeds would enhance MGM’s liquidity, allowing for a strong balance sheet and capital returns to shareholders through stock buybacks.
During the first quarter, MGM Resorts repurchased around 2 million shares of its common stock for $90 million. As of March 31, approximately $1.5 billion remained available under the April 2025 stock repurchase plan, and all repurchased shares have been retired.
In after-hours trading on Wednesday, shares fell by 1.7% to $38.61, following a 1.2% decline to close at $39.27. The stock has risen by 7.6% year-to-date.