MGM reports record Q2 2026 revenue

MGM Resorts has reported a record-high second-quarter revenue of $4.5 billion, a 1% increase from last year, although the board continues to look into an $18 billion buyout offer from Barry Diller’s People Inc.

Bill Hornbuckle, the CEO, said that the independent committee evaluating the $48.30-per-share offer is seeking to make the best decision for shareholders but did not want to share any additional details.

The company’s net income increased substantially to $292 million compared to $49 million from last year, despite the drop in adjusted EBITDA of 6% to $610 million. The company finished the quarter with $2.5 billion in cash and $6 billion in long-term debt.

CEO Bill Hornbuckle said:

I’m confident our board will pursue the course of action that’s in the best interest of the company and our shareholders.

As for Las Vegas, revenues increased by 3% to $2.2 billion, while adjusted EBITDA also increased by 3% to $735 million, primarily due to the high demand from luxury visitors. MGM stated that its budget hotels like Luxor and Excalibur are still facing challenges but benefitting from the new all-inclusive hotel packages that appeal to people looking for cheaper offers.

COO Ayesha Molino said:

Overall, I think we continue to see really strong strength in the luxury segment. As we’ve noted, the lower end of the segment, particularly Luxor and Excalibur, those do remain challenged, but we’ve been deploying offers such as the all-inclusive and we’ve seen positive reaction to that.

In Macau, the overall revenues remained unchanged with $1.1 billion, while adjusted EBITDA decreased by 15% to $257 million due to lower VIP profits happening during FIFA World Cup.

MGM Digital increased revenue 20% to $196 million, although its EBITDA loss widened to $31 million. Separately, BetMGM reported $711 million in revenue, driven by continued growth in iGaming, while sports betting revenue remained flat and adjusted EBITDA declined 15%.