Highlights

  • Second quarter 2026 revenue rose 1% to $4.45 billion, and diluted earnings per share were $1.11 compared with $0.18.
  • Results included a $255 million gain on the Northfield Park sale and a $111 million goodwill impairment in MGM Digital.
  • Consolidated Adjusted EBITDA, a non-GAAP measure, fell to $610 million from $648 million as Regional Operations and MGM China declined.
  • The company repurchased $253 million of stock in the first half and had $1.4 billion of repurchase authorization left.

MGM Resorts International (NYSE:MGM) shares were trading near their 52-week low at USD 29.00 on October 21, 2026, up 0.33%. The filings show the resort operator completed the sale of MGM Northfield Park in April, repurchased shares during the first half and reported second quarter 2026 results in a quarterly report filed July 29.

MGM is a Delaware corporation based in Las Vegas, Nevada. It operates through four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, which owns MGM Macau and MGM Cotai, and MGM Digital, which includes the LeoVegas online gaming business. The company holds a controlling interest of about 56% in MGM China, a 50% stake in the BetMGM North America venture and a 39% interest in MGM Osaka, which is developing an integrated resort in Japan. Its fiscal year ends December 31.

Profit Up on One-Time Items, Operating Segments Mixed

Revenue for the quarter ended June 30, 2026 was $4.45 billion, up 1% from $4.40 billion. Net income attributable to MGM was $292.4 million, or $1.11 per diluted share, against $49.0 million, or $0.18, a year earlier. Operating income rose 24% to $503.6 million, which the company tied primarily to a $287 million gain in property transactions, $255 million of it from the Northfield Park sale, partly offset by the $111 million goodwill impairment charge. The prior-year quarter included $161 million of other expense, mainly a foreign currency loss on debt held by a foreign subsidiary.

Underlying segment performance was less uniform. Las Vegas Strip Resorts revenue grew 3% to $2.17 billion, and its Segment Adjusted EBITDAR rose 3% to $735 million at a 33.9% margin. Regional Operations revenue fell 4% to $924 million because Northfield Park was sold, though same-store revenue rose, and its Segment Adjusted EBITDAR dropped 9% to $280 million. MGM China revenue slipped 1% on lower table games volume, and its Segment Adjusted EBITDAR fell 15% to $257 million, with the margin narrowing to 23.3% from 27.1%.

MGM Digital revenue increased 20% on business-to-consumer growth, but its Segment Adjusted EBITDAR loss widened to $31 million from $26 million. Consolidated Adjusted EBITDA, a non-GAAP measure, was $610.4 million versus $647.5 million. For six months, revenue rose 3% to $8.91 billion and diluted EPS was $1.59 compared with $0.70.

Balance Sheet, Buybacks and Commitments

MGM held $2.5 billion of cash and cash equivalents at June 30, 2026, including $514 million at MGM China, and had $6.1 billion of principal debt outstanding, $2.3 billion of it at MGM China. Nothing was drawn on its revolving credit facility. Operating cash flow was $1.1 billion for the six months versus $1.2 billion.

The Northfield Park sale to funds managed by Clairvest brought cash consideration of $546 million. At closing, the VICI master lease was amended to remove the property and cut annual cash rent by $53 million. MGM still expects to pay $1.8 billion of cash rent to landlords over the next twelve months under triple net leases.

In the second quarter MGM repurchased about 4 million shares for $164 million, and in the first half about 7 million shares for $253 million. Remaining capacity under the April 2025 $2.0 billion plan was $1.4 billion. The company lists its suspension of regular dividends among its risk factors and says it may not resume them.

Capital Plans and Commitments Ahead

For the rest of 2026, MGM expects consolidated capital expenditures of about $575 million to $675 million, including $75 million to $125 million at MGM China. It also has commitments to fund MGM Osaka of JPY428 billion, with roughly JPY335.9 billion, or $2.1 billion, remaining to be funded quarterly through 2028, partly with a yen credit facility. Management notes Osaka project costs may rise with inflation.