MGM

It has been about a month since the last earnings report for MGM Resorts (MGM). Shares have lost about 5.9% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is MGM due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for MGM Resorts International before we dive into how investors and analysts have reacted as of late. MGM Resorts reported second-quarter 2026 results, with earnings missing the Zacks Consensus Estimate, whereas revenues surpassed the same. On a year-over-year basis, the top line increased while the bottom line declined.MGM Resorts’ results benefited from revenue growth at Las Vegas Strip Resorts and MGM Digital, along with record same-store revenues from Regional Operations. However, lower profitability at MGM China and the regional properties weighed on earnings. Las Vegas group and convention business accounted for 20% of room mix during the quarter. MGM Resorts reported adjusted earnings per share (EPS) of 59 cents, missing the Zacks Consensus Estimate of 63 cents by 6.4%. The figure declined 25.3% from 79 cents reported in the prior-year quarter.Quarterly revenues of $4.45 billion topped the consensus mark of $4.44 billion by 0.4%. The top line increased 1% year over year, marking record second-quarter consolidated revenues. Consolidated adjusted EBITDA decreased 5.7% to $610 million. Las Vegas Strip Resorts revenues increased 3% year over year to $2.17 billion. Segment adjusted EBITDAR rose 3% to $735 million, while margin improved 30 basis points to 33.9%. Management attributed the EBITDAR increase primarily to a recovery at MGM Grand, supported by remodeled rooms and a favorable hold benefit.Casino revenues jumped 17% to $536 million as table games win climbed 27% to $451 million. Table games win percentage expanded to 29.6% from 22.9%. However, Room revenues declined 2% to $717 million. Occupancy remained unchanged at 93%, while average daily rate and revenue per available room decreased 4% to $242 and $224, respectively. Regional Operations revenues declined 4% to $924 million, reflecting the April sale of MGM Northfield Park. On a same-store basis, revenues increased 3% to $904 million and reached an all-time quarterly record.Segment adjusted EBITDAR fell 9% to $280 million. Same-store EBITDAR was flat at $271 million, while the corresponding margin contracted 83 basis points to 30.0%. Casino revenues declined 6% as slot win fell 9%, partly offset by a 4% increase in table games win. MGM China revenues were relatively flat at $1.10 billion. Casino revenues decreased 2% to $956 million as main-floor table games drop declined 7%, though table games win increased 2% and win percentage improved to 27.2% from 25.0%.Segment adjusted EBITDAR dropped 15% to $257 million, and margin fell 383 basis points to 23.3%. Results were pressured by a $21 million year-over-year increase in intercompany branding license fees. Management said World Cup activity temporarily affected June volumes, followed by an encouraging rebound in July. MGM Digital revenues increased 20% year over year to $196 million. The segment posted an adjusted EBITDAR loss of $31 million compared with a loss of $26 million a year earlier, as marketing costs and gaming taxes increased.BetMGM, MGM's unconsolidated North American venture, generated second-quarter net revenues of $711 million, up 3%. iGaming revenues rose 8% to $483 million, while online sports revenues were flat at $228 million. Adjusted EBITDA declined 15% to $74 million, and average monthly actives fell 3% to 875,000. MGM Resorts ended the second quarter with cash and cash equivalents of $2.55 billion, up from $2.06 billion at the end of 2025. Long-term debt was $6.07 billion compared with $6.23 billion at the end of 2025.During the first half of 2026, net cash provided by operating activities totaled $1.13 billion, while capital expenditures were $396 million. MGM repurchased approximately 4 million shares for $164 million during the quarter. The remaining authorization under its share repurchase program was $1.4 billion.Construction of MGM Osaka remains on schedule and within budget for a 2030 opening. Approximately 60% of foundation piles were completed, with concrete and structural steel work progressing. Since the earnings release, investors have witnessed a downward trend in fresh estimates. Currently, MGM has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, MGM has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Let’s dig into the relative performance of MGM Resorts (NYSE:MGM) and its peers as we unravel the now-completed Q2 consumer discretionary - casino operator earnings season. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Casino operators run gaming resorts and facilities that generate revenue from gambling, hospitality, food and beverage, and entertainment offerings. Tailwinds include pent-up travel demand, expansion into new jurisdictions legalizing gaming, and growing interest in integrated resort developments in Asia and the Middle East. However, the industry faces notable headwinds: heavy regulatory and licensing requirements limit operational flexibility, capital expenditure for property development and renovation is substantial, and revenue is highly sensitive to macroeconomic conditions and consumer confidence. Rising competition from online gambling platforms, regional saturation in mature markets, and geopolitical risks in key international jurisdictions add further uncertainty. The 8 consumer discretionary - casino operator stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 0.8%. While some consumer discretionary - casino operator stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.3% since the latest earnings results. Operating several properties on the Las Vegas Strip, MGM Resorts (NYSE:MGM) is a global hospitality and entertainment company known for its resorts and casinos. MGM Resorts reported revenues of $4.45 billion, up 1% year on year. This print exceeded analysts’ expectations by 0.7%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EBITDA estimates. "MGM Resorts once again demonstrated the strength of our diversified portfolio with record second quarter consolidated revenue driven by a second consecutive quarter of year-over-year revenue growth for Las Vegas Strip Resorts, all-time best Regional Operations same-store quarterly revenue, and 20% year-over-year revenue growth at MGM Digital," said Bill Hornbuckle, President and CEO of MGM Resorts International. The market seems disappointed with the results as the stock is down 2.9% since reporting and currently trades at $44.52. Read our full report on MGM Resorts here, it’s free. Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ:WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services. Wynn Resorts reported revenues of $1.86 billion, up 6.9% year on year, outperforming analysts’ expectations by 1.4%. The business had a very strong quarter with a beat of analysts’ EPS estimates. Wynn Resorts pulled off the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 5.3% since reporting. It currently trades at $102.81. Is now the time to buy Wynn Resorts? Access our full analysis of the earnings results here, it’s free. Formerly Eldorado Resorts, Caesars Entertainment (NASDAQ:CZR) is a global gaming and hospitality company operating numerous casinos, hotels, and resort properties. Caesars Entertainment reported revenues of $2.99 billion, up 3% year on year, exceeding analysts’ expectations by 0.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates. The stock is flat since the results and currently trades at $30.17. Read our full analysis of Caesars Entertainment’s results here. Founded in 1976, Red Rock Resorts (NASDAQ:RRR) operates a range of casino resorts and entertainment properties, primarily in the Las Vegas metropolitan area. Red Rock Resorts reported revenues of $510.3 million, down 3% year on year. This print beat analysts’ expectations by 2.2%. Aside from that, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates. Red Rock Resorts achieved the biggest analyst estimate beat but had the slowest revenue growth in the group. The stock is down 3.7% since reporting and currently trades at $61.91. Read our full, actionable report on Red Rock Resorts here, it’s free. Established in 1993, Monarch (NASDAQ:MCRI) operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences. Monarch reported revenues of $142.6 million, up 4.2% year on year. This result was in line with analysts’ expectations. More broadly, it was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates but a slight miss of analysts’ EBITDA estimates. The stock is flat since reporting and currently trades at $124.43. Read our full, actionable report on Monarch here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Image source: The Motley Fool. Wednesday, July 29, 2026 at 5:00 p.m. ET Chief Executive Officer and President - Bill Hornbuckle Chief Operating Officer - Ayesha Khanna Molino Chief Financial Officer - Jonathan S. Halkyard Chief Commercial Officer and President of MGM Digital - Gary Fritz President and Executive Director of MGM China Holdings - Kenneth Feng Vice President, Investor Relations - Howard H. Wang Operator: Good afternoon, and welcome to the MGM Resorts International Second Quarter 26 Earnings Conference Call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President Ayesha Khanna Molino, Chief Operating Officer, Jonathan S. Halkyard, Chief Financial Officer Gary Fritz, chief commercial officer and president of MGM Digital Kenneth Feng, President and Executive Director of MGM China Holdings and Howard H. Wang, vice president, investor relations. Participants are in listen only mode. After the company's remarks, there will be a question and answer session. In fairness to all participants, please limit yourself to 1 question and 1 follow-up. Please note, this conference is being recorded. Now I would like to turn the call over to Howard H. Wang. Please go ahead. Howard H. Wang: Thanks. Welcome to the MGM Resorts second quarter 2026 earnings call.thiscallisbeingbroadcastliveontheinternet@investors.mjmresorts.com, and we have also furnished our press release on Form 8-K to the SEC. On this call, we will make forward looking statements under the Safe Harbor provisions of the Federal securities law. Actual results may differ materially from these contemplated in these statements. Additional information concerning factors that could cause actual results to differ from these forward looking statements is contained in today's press release and in our periodic filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During the call, we will also discuss non GAAP financial measures when talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation which are available on our website. Finally, this presentation is being recorded. Will now turn it over to Bill Hornbuckle. William Joseph Hornbuckle: Thank you, Howard, and thanks to everyone for joining today's call. Before we review the second quarter results, I want to provide a brief update on the status of the offer we received from People Incorporated Since reviewing the offer, our board of directors has formed a special committee composed of independent directors with no affiliation or association with Barry Diller, People Incorporated, or the proposed transaction. This committee continues to evaluate the proposed transaction in consultation with independent outside advisers. I am confident our board would pursue the course of action that is in the best interest of the company and our shareholders. I do not have anything more to share at this time, and I am not able to answer any questions during Q&A on this topic. Now turning to our results, we are pleased to report that solid fundamentals and business momentum we saw at the start of the year carried forward into the second quarter. The company delivered record second quarter consolidated net revenue driven by a second consecutive quarter of year over year revenue growth from our Las Vegas Strip resorts, all time best regional operations same store quarterly revenue, and a 20% year over year revenue growth at MGM Digital. Revenue for Las Vegas was bolstered by a solid underlying base of group and convention business at MGM Resorts and aided by strong attendance at events around town, ranging from BTS to UFC to a deep playoff run-in the Stanley Cup by our very own Vegas Golden Knights. Our group and convention business picked up where it left off in Q1. Delivering a 20% room mix in Q2 and keeping us on pace for this market segment to represent a 20% of the room mix for the full year. We drove demand from a diverse customer mix that included technology and hospitality corporate groups as well as top B2B trade shows and professional association meetings leading to the highest second quarter convention ADR and catering and banquet revenue in our history. Our all inclusive experience in Las Vegas has also sustained solid momentum since launch 4 months ago. At the end of the quarter, nearly half of the guests booked this offer were first time visitors to MGM. The initiative has supported occupancies and forward bookings at Luxor and Excalibur and importantly, turned the value narrative into a positive story. We are constantly creating new experiences for our customers leverage and to highlight the MGM Resorts Las Vegas Strip portfolio. 1 example is the Players' Era basketball tournament taking place across 2 weeks this November at Michelob Ultra Arena in Mandalay Bay and the T Mobile Arena. 20-4 top collegiate basketball programs from multiple conferences including 4 of the last 5 national championship winning programs will play in a bracket style tournament with all games televised on ESPN family of networks. To deliver a world class experience for teams and for fans, Las Vegas stands unmatched and MGM is proud to offer the ultimate stage. From the all inclusive experiences to the Players' Era Tournament, the spectrum of experiences we have created aligns with prevailing consumer trends. Bridging the more deliberate spending patterns of value conscious guests with a broadening demand for our premium live experiences. Las Vegas has become the world stage for premier hospitality and entertainment and MGM is helping to lead the way. We are elevating our commitment to luxury by retouching and re imagining every element of the customer experience, including the convention and public areas within the Bellagio, Room remodels for ARIA and the cosmopolitan are also on the horizon building upon our already upgraded suites. Villas, and high end gaming areas. We will strategically invest our growth capital into designing creative and inspiring concepts that expand the very definition of luxury and we are excited to share more details on this vision in the near future. Our regional operations continued their solid performance in the second quarter resulting in an all time best revenue quarter on a same store basis. We continue to invest targeted capital throughout our regional portfolio, which between now and the end of the year will include enhancing our premium lounge offerings at both Beau Rivage and Borgata as well as a room remodel beginning at Borgata. We continue to see benefits from the recent upgrades and improvements in high limit gaming areas, which drove record 2 quarter revenues at Borgata and an all time record quarterly revenue at Beau Rivage. Both were major contributors to all time same store record quarterly casino revenues and slot win in the regionals this quarter. At MGM China, we continue to outperform the market in the second quarter while maintaining solid market share of 16.4% a sequential increase of a full percentage point. While the World Cup temporarily impacted June volumes in Macau, this was a transitory event rather than a secular shift. Our confidence is reinforced by the immediate and encouraging rebound in volumes observed post tournament throughout the month of July. At our BetMGM North America Ventures, Adam and Gary reported second quarter results yesterday. Our second quarter performance keeps us well positioned to meet our full year guidance and our business continues to grow. Remember, over 2 thirds of net revenue comes from iGaming which continues to drive overall growth. In our sports business, despite the unrestrained spending and legally burdened predictive market participants, we are still growing. We are also excited about our recent launch in Alberta, where early performance indicates reflect tangible benefits of our omnichannel presence. I would note that of the first 8.5 thousand deposits we recorded in Alberta, almost a thousand had prior relationships with the MGM. MGM Digital reported double digit revenue growth again this quarter and continues to make progress towards profitability in our underlying businesses. We successfully launched our in-house sportsbook in Sweden ahead of the World Cup which drove record high player activity. We have seen great traction with our products which have led to phenomenal growth in both BetMGM branded services internationally. In Brazil, the environment continues to be dynamic and fluid, but we remain bullish on the long term opportunity. Turning to Osaka, Our construction continues to reach milestones on a timely basis as we advance towards the 2030 opening. The underground work is progressing nicely, with over 60% of foundation piles completed. Above ground, the property's main structure is taking shape, with ongoing concrete placement and structural steel fabrication. We remain on time and on budget as the only licensee in Japan for what we consider the greatest greenfield opportunity in the world. In closing, MGM Resorts delivered a strong first half of the year which should come as no surprise considering the enterprise achieved record breaking 2Q results on our NPS scores. Again, I want to thank every 1 of our team members for their tremendous daily efforts that drove the record Net Promoter Scores. We are excited as we look forward to the second half of the year as our business is positioned for continued positive momentum. Driven by a solid base of group and convention business at MGM Resorts, particularly led by the tech sector. This is further complemented by an expanded sports and entertainment events calendar taking place citywide that represents an increased number of events compared to that of the third quarter last year. I will now pass it over to Jonathan to provide some additional details on our performance before we open it up for questions. Jonathan S. Halkyard: Thanks, Bill. And I also want to express my appreciation to the entire MGM team for their continued focus hard work, and daily commitment to operational excellence. In Las Vegas, we grew both net revenue and segment adjusted EBITDAR in the second quarter on a year over year basis. This year, EBITDAR is up $25 million at our Strip resorts, and the main driver was a recovery at the MGM Grand, which was the beneficiary of the newly remodeled room inventory and a hold benefit. As we look to the third quarter, while the booking window remains short, we continue to see solid group and convention calendars alongside growth in the city's event calendar. The regional operations second quarter results reflected all time record quarterly revenues on a same store basis. In fact, several of our properties delivered record revenue results during the quarter, including Empire City, which grew GGR in June despite new competition in the state. Results for the quarter reflect less than 1 month of operations from Field Park due to the transaction closing in late April. So on a same store basis, slot handle and slot win increased 43% respectively. At MGM China, volumes and earnings were solid in April and May, And while we saw a dip in volumes coinciding with the World Cup activity in June, trends have since rebounded. Our capital investment program, highlighted by the recent suite conversions and renovated premium gaming areas, continues to yield strong results. Over the past year, we successfully debuted the ultra luxury villas at MGM Macau, expanded our premium mass offerings with 50 thousand square feet of high end gaming space, and recently unveiled newly renovated suites at MGM Cotai this past April. Looking ahead, we have commenced design work on 1 hundred suites at MGM Macau as part of our ongoing commitment to staying ahead of the evolving consumer taste and preferences. Our BetMGM North America venture continues generating steady growth as we continue leaning into our areas of strength and focus on efficient operations. We have embedded call options around new state iGaming regulation and currently are more optimistic than we have been in a while as we see increased legislative activity in states like Virginia, Maryland, and Indiana. Our best in class iGaming segment grew 8 percent in the second quarter, And over the course of the first half of 26, handle per active grew 7% while NGR per active grew 9%. Our online sports strategy continued its focus on player management and disciplined acquisition. Resulting in growth per handle growth of handle per active and NGR per of 18%, 17%, respectively, during the first half of 26. MGM Digital drove healthy growth in net revenues of 20% in the second quarter and reported segment adjusted EBITDAR losses of $31 million We continue to build brand awareness while focused focusing on disciplined growth. 2027 for favorable operating leverage in the LeoVegas and BetMGM branded businesses that will finance growth in Brazil. Where we are seeing encouraging data points in first time deposits, active players, and NGR. And as we continue calibrating in Brazil, we are expecting full year EBITDA losses at MGM Digital to be less than last year. In Japan, we are expecting our funding commitment for the second half of the year to be $125 million to $175 million To date, we have spent approximately $600 million and we remain on track to deploy approximately $1 billion in each of 27 and 28. Which we will then have fully completed our capital commitments. The project remains on time and on budget for a fall 30 opening. During the quarter, we bought back about 4.3 million shares for $164 million. And over the last 5 years, we have decreased our share count by nearly 50%. I will turn it back to Bill. William Joseph Hornbuckle: Thanks, Jonathan. Before taking questions, it is worth emphasizing that Las Vegas is stabilizing and growing as evidenced by this quarter's improvements in both revenue and EBITDAR. And the continued roll up of premier sports entertainment events has only reinforced our focus on deploying capital towards our luxury offerings to drive medium to long term growth. Our regional operations continue to deliver robust results marked by record breaking performances and an exceptional guest response to our targeted capital investments. Macau has bounced back nicely in July while maintaining mid teen share throughout the temporary disruption caused by the World Cup, and digital continues to grow, and MGM Osaka forges ahead with its 2030 opening, which has me despite my many years in this company and this industry, pleased to say our future has never looked brighter. With that operator, we will open it up for some questions. Operator: We will now begin question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. As a reminder, in all fairness, please limit yourself to 1 question and 1 follow-up. Our first question today comes from Daniel Politzer with JPMorgan. Please go ahead. Daniel Brian Politzer: Hey, good afternoon, everyone, and thanks for the questions. I wanted to first start with Las Vegas and the health in the underlying market there. It does seem like, Bill, based on your comments that it is getting better. But maybe if you could walk us through the second quarter and the cadence and how it progressed and maybe give us a glimpse into July as we really start to pace some of those easier comparisons. And then, obviously, tie in with any of the recent initiatives, how those are maybe helping out? Thanks. William Joseph Hornbuckle: Yeah. Thanks, Daniel, for the question, and we will do. And then, Ayesha, you can help me pile on top here. Look, I think the second quarter as we reflect back, April and May were strong. May was exceptionally strong driven by events and other activity. In April, we had our $10 million baccarat tournament, which was extremely successful. June was more challenged. I think it is the summer heat picked up, and we got into the real throes of summer. July, on the other hand, has been good. And so, you know, I think we have seen ups and downs in summer, and frankly, I think we will continue to see so. As we think about the third quarter and beyond. But again, healthy group business helped the quarter. Great events, which we continue to see throughout the course of the year. And overall, I think the package has helped at Excalibur and Luxor stabilized occupancies and somewhat ADRs. And so as we think about 3 and 4, we like what we see in the third quarter. We got some work to do in the fourth quarter. I just think I covered it. Okay. Okay. I thought it was a good response, so, I am happy. Okay. Good. Yeah. Daniel Brian Politzer: I think just turning kind of more broadly to kind of the value of the stock. Right? I think, Jonathan, you mentioned MGM has bought back about 50% of its shares in the past 5 years. I think the average price is probably around $40 or so. The stock's sitting here today at $46 So how do you think about the current value of your stock here and the attractiveness given some of the longer term value drivers that you talked about such as Osaka? Jonathan S. Halkyard: Yes. I think your math is about right in terms of what the price has been over the past several years in our share repurchases. We have--we bought back fewer shares in this past quarter. Only about $164 million worth at about I would say about $37 a share or thereabouts. So, of course, we think that is been a good use of capital. You know, as it relates to the current value of the stock, we have gone through this on a number of prior quarters in terms of the sum of the parts valuation and, you know, in our view, given the current trends really has not changed from that. Understood. Daniel Brian Politzer: Thanks so much. Operator: The next question is from Barry Jonas with Truist Securities. Please go ahead. Barry Jonathan Jonas: Questions. Just wanted to dig in a little more on Strip trends., record group and convention bookings in the quarter, but RevPAR still down a little. So anything you can call out, whether that is specific properties or, you know, is it still sort of a kind of lower-end leisure driving that softness? And I guess, related to that, do you see a path to return to growth in RevPAR sometime this year? Thank you. Ayesha Khanna Molino: No, I just want to this is Ayesha. I just want to highlight again what Bill noted in his script and his previous comment. We have seen growth in overall Las Vegas revenue as well as EBITDAR. And so we are pleased with what we are seeing there. You know, in terms of RevPAR, I just note that is a--it is a non-cash metric. Overall, I think we continue to see really strong strength in the luxury segment. As we have noted, lower end of the segment, particularly Luxor and Excalibur, those do remain challenged, but we have been deploying offers such as the all inclusive. We have seen positive reaction to that. So overall, I think, you know, we are seeing real health in the group segment. We are seeing real health in the group segment. We are real health in the luxury segment, and then we are seeing a sort of a continued relatively stabilized trend at the lower end. Barry Jonathan Jonas: Got it. that is that is helpful. And then I guess just maybe 1 on regionals. You have seen what the Sphere has done in Vegas. Just curious how much of an impact you think the Sphere can do for National Harbor when it opens? William Joseph Hornbuckle: Yes. Hi, Barry. Bill. So they are projecting 2.5 million visitors which seems about right. I think it is about a 6.5 thousand-seat facility when it is all said and done. Know they are finalizing plans, I do not want to get ahead of them. But that is the visitation that is being contemplated, which is significant. And so, whether those are new customers, I think many of them will be for us, and they will come from farther away just to see it. And we have seen that obviously in Las Vegas. So we expect to capture our fair share of that and then some. Given that it is literally on our doorstep. And I think they will use much of our parking facility, which places them in the midst of our casino environment. So we are pretty excited by all of it. Thank you so much. Operator: The next question is from Shaun Kelley with Bank of America. Please go ahead. Shaun Clisby Kelley: Hi, good afternoon, everyone, and thanks for taking my question. To start with a CapEx related question. I think a couple of times both in the prepared remarks and throughout, you mentioned about investing further in the luxury side of the portfolio. So just curious, I mean, for Jonathan or Bill, whoever wants to take it, does this stay within your sort of normal growth capital bounds? Are there any sort of larger projects or larger ideas that you might have that may push kind of around those, you know, kind of those levels that you have been sticking to in the last couple of years or just how should we think about sort of that those comments and sort of what you are thinking about really 2027 and beyond? William Joseph Hornbuckle: I think, Sean, a great way to think about it is generally, Although particularly here at Bellagio, we are thinking about more villas potentially because we only have 8 to draw from, 8 or 9 whatever it is. Think it is 8. And so we are thinking about more villas Our convention and meeting space, as I mentioned in my prepared comments, need some work. We have seen tremendous success with activation of Lakeside with Carbone and Riviera. So we are gonna look to continue on that theme. I think you could think about it at least for today, in the context of where we are. And if we, you know, if we add to that, understand what the consequence to that, but we think it we do not we would only add to that if we thought it was gonna pay a real dividend. Jonathan S. Halkyard: And, Sean, this is Jonathan. 1 of the ways, you know, I also think about it, and I think this is probably pretty useful in terms of modeling is that you know, we can do quite a lot of work to improve within our existing footprint in that level of CapEx that we have been spending the last 3 or 4 years to the extent that we expand the footprint, we add capacity, we add square footage to our portfolio here in Las Vegas, then it would likely be additive to that base level of CapEx. As an example, we did as you know, a very large room renovation to the MGM Grand We are contemplating, you know, 1 later this year beginning in ARIA. Both of those projects have been and will be done within that basic level of CapEx that we have spent the last few years. But if we did something beyond that to add capacity, it would likely be above. William Joseph Hornbuckle: And Sean, maybe just as a more global thesis Las Vegas is our home. Las Vegas is the epicenter of gaming in many respects. it is not going anywhere, and there is no I do not think anything immediately it is gonna come even close to competing with it. So we believe in its not only midterm, but long term future. And so we want to continue to invest aggressively where it makes sense and luxury and luxury--luxury experiences, not necessarily items, are down that--down that lane. Shaun Clisby Kelley: Perfect. Thank you both. And then just maybe a quick 1 on just the MGM Digital on sort of the international piece, non BetMGM. But just help us think through the inflection in that business. There was a little bit there saying, obviously, loss is equal to or a little less than last year for this year. But is there a bigger sort of j curve or inflection in 2027? It sounded like we were maybe headed in that direction. We something about funding, helping to start self fund maybe some of those, investments in Brazil. So if you could just elaborate on that a little? Yeah. Gary Fritz: Sure. it is Gary. Well spotted. Yeah. I think that is right. The way you should think about MGM Digital, we basically have the, you know, European, LeoVegas, operated portfolio, LeoVegas branded business, and the BetMGM branded business in Europe. That business, is setting up, as Jonathan remarked, in 2027, for significant operating leverage. And, likely, you know, substantial levels of profitability. And then, you know, we can use that to you know, at our discretion to, you know, finance the remaining growth investments in the portfolio, which are largely dominated by Brazil, in terms of what we have line of sight on. So we do think there will be the ability to self fund in part the ongoing investments in Brazil a few other geographies around the world. You know, the exact nature of how much will be self funded completely you know, we are working out through the budgeting process that we are in for 2027, but we do anticipate some degree of self financing from, the core LeoVegas business. Thank you so much. Operator: The next question is from David Katz with Jefferies. Please go ahead. David Brian Katz: Afternoon. Thanks for taking my question. I wanted to just go back to the all inclusive offerings. I think the term you may have used is supported. In reference to Luxor and Excalibur. I would love just a little more color on, you know, whether that is we would classify that as, you know, upward momentum. And, you know, all of this in the context of some of the prior questions around you know, some of the sort of lower-half or lower-quartile properties within the portfolio. And how they are doing. Thank you. William Joseph Hornbuckle: Yeah. I will kick it off and turn over to Ayesha. I mean, we have booked well over 30 thousand room-nights on it. It absolutely has helped us stabilize occupancy And again, I think I commented earlier, the narrative around Los Vegas not providing value and everyone getting beat up on that. We think we do not think we know it is helped. We have what we followed it closely through social media and otherwise. And it is a great value at the end of the day. Is the bottom line. Ayesha, I do not know if you want any more color. Ayesha Khanna Molino: But Just a just a couple of other notes. I mean, you know, a couple of things that have been interesting to us. What we have seen is a lot of interest in demand from the customers, particularly around the weekends. And so they have actually been purchasing the package at slightly higher rates. Has been accretive. And from that perspective, we have also been really happy with the margin profile that we have been realizing from that package. So in all, in terms of the gross room nights booked plus the change in narrative plus the margin, we think it is been healthy. David Brian Katz: Excellent. And as my with respect to Park MGM, I think you also indicated, you know, a strategy there toward locals. I would love a little more color about that, which is just interesting. Ayesha Khanna Molino: Yeah. Sure. You know, we think that property in particular has appealed to locals for a couple of reasons. First, there is the obvious proximity to T Mobile as well as Adobe within its footprint and the non smoking of it is unique in our portfolio. We also do know that for that property in particular, much of our high end play is locals play, so from that perspective, we have just been taking a look at how to expand its appeal to our local demographic, particularly over the summer. So we have been doing a host of different things including looking at sort of F&B offers for locals as well as parking offers for locals. Even up to and including locals free play offers. And so it is really just a focused attempt at demand generation with within that demographic. Appreciate that. Thank you very much. Operator: The next question is from John DeCree with CBRE. Please go ahead. John DeCree: Hi, everyone. Thank you for taking my question. Bill, Jonathan, I wanted to ask about your view on kind of the thesis that customers are staying closer to home and that might be 1 of the reasons we are seeing some strength in the regionals. Relative to leisure in Las Vegas and, you know, a record revenue quarter on same store basis. And seeing a little bit of stability in the leisure business in Vegas. how much do you kind of subscribe to that consumer theory? And do you look at this as like a zero sum equation or as Vegas starts to recover, do you think the kind of trajectory in the regional is sustainable so can we kind of do both Vegas and regionals as you look across the database? William Joseph Hornbuckle: I actually can speak maybe to the database transfer. I would say this. You know, Las Vegas is still down on international travel. And while we are picking up some additional seats, particularly as you look at a place like Canada, we are off considerably. And so it needs to continue to focus on that. And then, obviously, particularly in the summer, Southern California is a major drive market. Our drive in traffic hits over 50% generally of how people get here. Principally driven again by that market. And so we do not have a regional casino in California as much as we would love 1, you know, I think it is somewhat limited. I do not know how Ayesha feels, but specific to you. Ayesha Khanna Molino: You know, look, if I take a look at visitor volume year over year, to Las Vegas, I mean, you know, there are puts and takes month by month, but overall, the trends, there is not a significant departure in overall trend line. I do note that, and we are happy about this, our regionals are and we are seeing, you know, consistent visitation among our highest frequency regional visitors, and we are seeing, you know, consistent play among the top demographics there. I do not know that I would say there is a 1-to-1 trade-off. I do not really think of it that way. I think that as sort of the overall macroeconomic environment continues to stabilize, particularly in Southern California. And as Bill noted with international travel, I think we have every reason to be optimistic about Vegas. John DeCree: that is helpful. I appreciate that color. Thank you. Maybe a quick follow-up on convention group outlook for 2027. I apologize if I missed it. Did you provide any thoughts on bookings or kind of ADR pace for 2027? Obviously, it is been a great year so far, but how does kind of forward years look? Ayesha Khanna Molino: Yeah. I think For 2027, we like our on the books position right now. You know, we still got plenty of runway left for this year and into next year, even for in the year for the for the year. But we think we are headed into 2027 in a strong position from a group perspective. John DeCree: Okay. Thank you so much. Operator: The next question is from Steven Wieczynski with Stifel. Please go ahead. Steven Moyer Wieczynski: Hey, guys. Good afternoon. I wanted to first ask about Macau. And it seems like the promotional environment, you know, over there continues to be pretty intense. And just wondering maybe, from your perspective, what you guys are seeing over there right now. And then how aggressive or non-aggressive you guys have been in terms of, you know, having to or trying to protect your market share? William Joseph Hornbuckle: Kenny, over to you. Kenneth Feng: Okay. Okay. Thank you. This is Kenny from Macau. Macau has always been a competitive market and will continue to be. MGM, for the post part of 5 or 6 years has demonstrated a consistent and a deep understanding of our customers. We deliver the appropriate offerings, cater to premium demand. I want to see, like, here, we are not it is not purely, like, a promotion, reinvestment. What we are competing is a package it is our products, our services, our innovation, event, our promotion. it is really a package. Like, for example, during the quarter, like, we have completed some meaningful CapEx projects, including our suite conversions, and as well as, like, our premium gaming space. At Cotai. These projects these projects have been well received by our premium customers. And moving on, we will continue to renovate nearly, like, 1 hundred suites at MGM Macau. And our strategy is really to opt in to focus on optimizing the yield. Of every table every slot, every square foot of the casino floor And that is our strategy. it is not a purely, like, reinvestment. it is a package. Like, you can look at it for the past 6 years since pandemic, every quarter, we have, like, always, like, in the, guided range. Of our operating margins. Like, at MGM China level, like, mid twenties to high twenties. We are confident. We feel comfortable that we can sustain such margin going forward. If this level is sustainable. Okay. Steven Moyer Wieczynski: Thanks for that, Kenny. And then second question, Bill, going back to Vegas. I want to ask the bundling question maybe a little bit differently. And I guess what I am wondering here is as you guys have kind of rolled out that bundling promotion, so to speak, have you seen that translate into your into growth in your database? You know, just trying to figure out if you are starting to see new folks coming to the market or these are more existing players. William Joseph Hornbuckle: No, it is a great question. Half of the participants in this package are brand new. If you think about Las Vegas in general right now, I think we are under 15% of first-time visitors in total in terms of visitation. And so it is drawing a new customer base. Presumably younger, but I do not think I know that yet. We are gonna try to do some data on that. But yeah, it is 50%, which is, frankly startling. And, you know, importantly, promising. Steven Moyer Wieczynski: Okay. Great. Thanks, guys. Appreciate it. Operator: The next question is from Brandt Montour with Barclays. Please go ahead. Brandt Antoine Montour: Hi, everyone. Thanks for taking the questions. So, first in Vegas, Jonathan, you mentioned whole as being a benefit in the second quarter. Looking back to the last 3 quarters, it just seems like you guys have had a really nice run of hold. And so the question is, is there anything structural or sort of any changes that you have made to mix or anything as we try and figure out where we should be modeling that business on a sort of neutral basis. William Joseph Hornbuckle: Look. I this is Bill. I do not know if I would changed the model or the percentages of the games. I will tell you, you know, we skew--there are half a dozen customers, maybe a dozen customers that we have consistently catered to, and they have enjoyed their services and their time here. And you know, they swing hard. And they swing heavy, and they can go either way. Obviously, this past quarter has been to our advantage, but I would not change the formula yet. I would say that. Okay, that is helpful. Brandt Antoine Montour: And then 1 more on Macau. You know, when you made that comment, Bill, about volumes recovering sharply in July, what I was hoping you could clarify that was a MGM comment or a industry comment or both so that we can kind of get a sense for, you know, the question the second follow-up question would be, you know, did promo kind of drive that recovery in July and so how we can, you know, think about EBITDA flow through from that from that sort of-- yeah. William Joseph Hornbuckle: I would say, I think we have returned to our normal pace, Kenny. I think it is both, meaning both the market and we have recovered in the context of where we were in June. Kenneth Feng: Kenny? Yeah. I think I want to say, like, if you look, we are seeing pent up demand. From World Cup period. Actually, the both of visitations and even the business volumes have strongly picked up. Since even the second week of July, when there are still a few matches remaining before the end of the World Cup. And the weekly performance has improved week over week. We believe Macau's gaming revenue last week, added the entire market. Had recovered nearly to Q1 levels. And at MGM, both property visitations and normalized GGR have already exceeded Q1 levels. With the events and the concerts in town in this month and next month, we are confident to see a busy summer in Macau. It can draw popular--popularity and visitations. Perfect. Thanks, everyone. Operator: The next question is from Chad Beynon with Macquarie. Please go ahead. Chad Beynon: Good afternoon. Thanks for taking my question. Bill, wanted to ask a strategic question on regionals. I think it is quite clear in that you guys are focusing on market leading properties with, hopefully over $100 million of EBITDA. Obviously, 1 of your companies with some regional assets is going through their HSR process now. And then after the close, Churchill Downs announced that there might be some more regional properties on the market. Can you just update us if there would be markets that kind of help with, you know, the hub and spoke and kind of the long term value for your shareholders? Thanks. William Joseph Hornbuckle: Yeah. Chad, look. I would not say, no never for sure. And while there is always a couple of properties out there that might fit well into the portfolio, and we have kept an eye on that. there is nothing imminent. To the contrary. Okay. Chad Beynon: Great. And then drilling in just a little bit more on the result in Vegas, you had a very low hold comparable in Q2 25. You mentioned that, you know, you were on the right side of that this quarter. Are you willing to provide what the hold adjusted number would be for the quarter and what the positive impact? For Vegas was. Jonathan S. Halkyard: No. We do not really like to put kind of a point estimate on that because there are a number things that drive what the whole percentage ultimately is. But you know, but it is in the tens of millions this quarter. It was meaningful, but we do not--we stopped a couple of years ago for presenting any kind of hold adjusted number. Chad Beynon: Okay. Thanks, Jonathan. Appreciate it. Operator: The next question is from Stephen Grambling with Morgan Stanley. Please go ahead. Stephen White Grambling: Hey, thanks. Just on the digital side. So we have the update from BetMGM earlier this week. And as you continue to learn from the digital on the international side, how do you think about whether BetMGM U. S. Is being maximizing its current form as a JV? And are there any limitations to evaluating either various ownership structures at this point whether it is an embedded ROFR or other legal components when we think about the JV as the right setup from here? William Joseph Hornbuckle: Look. I, you know, I would say this about the JV, which we continue to say, we have enjoyed our relationship and our partnership. Obviously, we are the brand. They are the technology. there is always things to learn. I think Gary can speak more specifically to that because he oversees these businesses on a daily basis. But the JV is in good shape. And while you never say never to anything, there is nothing contemplated. Stephen White Grambling: So, again, there is no but there is no limit to various structures at this point. it is just a question of you know, what you feel is best and price. Fair enough. I will jump back in the queue. Thank you. Thanks. Operator: The next question is from Benjamin Chaikin with Mizuho. Please go ahead. Benjamin Chaiken: Hi. Thanks for taking my question. Recognizing you do not want to comment on hold and some of the other items, I was hoping you could maybe in broad strokes give an assessment of how you are thinking about the underlying business in Vegas in 2Q from an EBITDA perspective, but more importantly, the track--the trajectory of the business in Vegas as you see it today? Understanding that things have improved in July? Thanks. William Joseph Hornbuckle: Yes. Look, I think you have heard throughout our comments our Luxury business remains strong. The top end of our marketplace, the very top end is very strong and continues to be. We still all have, and it is not just us, it is the city of Las Vegas, where value customers are continuing to push We collectively are down 3.5 million visitors from our all time peak, I think, back in 2020--help me here--2019 or 2018, whatever it was. And so, you know, as we think about that, we are going to continue to push ways to do that. We have always been able to get ourselves and keep ourselves to the 90% occupancy range, and we are going to continue to push on that. If you think about what we said about this quarter, it is a good example. Our convention and catering business, all time high. And so that speaks to corporate America, the desire of the destination, the other thing that speaks to, here the marketplace has changed. We are a big event marketplace now. And when something meaningful happens, whether it was just the recent UFC fight with McGregor, or again, believe it or not, BTS, the market responds to it and responds with a great deal of interest and velocity so we are gonna continue to drive it through both the city and independent with events like I mentioned, our Players Era basketball tournament and other that we all want to create because live is what is happening right now, and it is not lost on us or anybody else for that matter. And so, you know, the Sphere has been a big help for the community. We have other competitors who have helped bring in live entertainment, and we are gonna continue to do the same. Benjamin Chaiken: Okay. Maybe you may not want to answer this, but just to put a finer point on it, I guess, net of some of the different moving parts in Vegas, are you--do you think you are growing underlying EBITDA today? Thanks. William Joseph Hornbuckle: We are growing revenue for sure. Up against some challenges, on EBITDA. But absolutely, in the long haul, yes, we are. Thank you. Appreciate it. Operator: Ladies and gentlemen, this concludes our question and answer session. William Joseph Hornbuckle: I would like to turn the conference back over to Bill Hornbuckle for any closing remarks. Thank you, operator. Again, I thank everyone's participation. Look, Vegas has remained stable and consistent. Same with Macau. We love where our regional businesses are coming from and our digital programming particularly and the digital piece of Gary's business and the international piece of Gary's business is showing some promise and return. And so, with all that said, we thank you for joining us. Have a great night. Operator: Conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in MGM Resorts International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MGM Resorts International wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MGM (MGM) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. MGM Resorts International stock has returned 24.7% over the past year, yet the valuation checks send mixed signals as the Discounted Cash Flow (DCF) estimate points to upside while traditional market multiples lean the other way. With an active take‑private proposal in the background and the shares last closing at US$44.57, investors are weighing whether the current price already reflects the main pieces of the story. The 24.7% one year return suggests the market has re-rated MGM Resorts International meaningfully, so the stock is no longer trading at the levels seen a year ago. Growth in casino, group and digital business can support expectations for future cash flows, while regulatory scrutiny and legal questions around the proposed US$18b acquisition may add uncertainty to how value is shared between current shareholders and a potential buyer. MGM Resorts International scores only 2 out of 6 on broader valuation checks, which leans more toward expensive than clear bargain even though the DCF estimate suggests the shares trade about 15.0% below intrinsic value. The issue now is whether the DCF implied undervaluation or the richer market multiples give the better guide to where MGM Resorts International stock stands today. MGM Resorts International delivered 24.7% returns over the last year. See how this stacks up to the rest of the Hospitality industry. The Discounted Cash Flow (DCF) model values MGM Resorts International by projecting the cash it could return to shareholders over time and discounting that back to today. For MGM Resorts International, the model uses latest twelve month free cash flow of about $1.4b and assumes cash flows that broadly level out rather than surge, which fits a more mature casino and hospitality operator. On these inputs, the DCF model points to an intrinsic value of about $52.44 per share, compared with the recent share price around $44.57. That implies the stock screens about 15.0% undervalued on this cash flow view. The ongoing review of Barry Diller’s proposed $48.30 per share go private offer helps explain why the market price sits between the bid and the DCF estimate, with investors factoring in both regulatory risk and the possibility of a higher or revised proposal. On the DCF numbers alone, MGM Resorts International stock currently appears undervalued relative to its estimated intrinsic worth. Our Discounted Cash Flow (DCF) analysis suggests MGM Resorts International is undervalued by 15.0%. Track this in your watchlist or portfolio, or discover 55 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for MGM Resorts International. P/E is a useful check for MGM Resorts International because earnings remain a key yardstick for mature hospitality and gaming companies. On this measure, MGM Resorts International trades on a P/E of about 26.5x, which sits slightly above the wider hospitality industry average of roughly 25.4x. It also comes in well below an indicated peer group average of around 62.3x, so the stock does not sit at the very top end of the sector on this simple comparison. The tailored fair P/E ratio for MGM Resorts International is estimated at about 18.5x, based on its earnings profile, industry, size and risk. That is noticeably lower than the current 26.5x, which points to investors paying a richer price for each dollar of earnings than this framework would suggest. This is consistent with a market that is already assigning value to MGM Resorts International’s casino, group and digital businesses, as well as the added attention from the ongoing go private proposal. On the P/E multiple, MGM Resorts International stock currently screens as expensive relative to what this earnings based model views as a fair level. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the MGM Resorts International valuation puzzle leaves off. They spell out what would need to happen to MGM Resorts International's growth, margins and earnings for the stock to be worth materially more or less than today's price, and they sit on the company's Community page. Rather than a single multiple or model output, each one lays out the assumptions behind its fair value so you can compare them with results as they arrive. The community is split on MGM Resorts International, with one camp leaning into long term projects and the other focused on execution and mix risks. Bull case: 9% undervalued Read the full Bull Case to see why MGM Resorts International could be undervalued Bear case: 59% overvalued Read the full Bear Case to see why MGM Resorts International could be overvalued Do you think there's more to the story for MGM Resorts International? Head over to our Community to see what others are saying! For MGM Resorts International, the Discounted Cash Flow (DCF) view points to undervaluation, while the earnings multiple framework flags the stock as overvalued. The gap comes from what each lens prioritises. The intrinsic value estimate leans on the cash MGM Resorts International can generate over time, while the higher P/E reflects current market expectations, sentiment and where peers are trading. Broader valuation checks remain weak despite the DCF support. The real question is whether future cash flows and project execution justify the richer earnings multiple or whether the present discount is the market correctly pricing regulatory and deal risk. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MGM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was anchored by a strong luxury segment and record-breaking group and convention business, which reached a 20% room mix in the second quarter. Management attributed Las Vegas revenue growth to the city's evolution into a premier global stage for live sports and entertainment events, which drives high-velocity demand. The 'all-inclusive' value offer at Luxor and Excalibur successfully stabilized occupancy and ADR while attracting a new customer base, with 50% of participants being first-time visitors. Regional operations achieved all-time record same-store revenue, driven by targeted capital investments in high-limit gaming areas and premium lounges at properties like Borgata and Beau Rivage. MGM China maintained a 16.4% market share despite a transitory volume dip in June caused by the World Cup, which management characterized as a temporary distraction rather than a structural shift. The digital segment saw 20% revenue growth, with international expansion in Sweden and Brazil providing a roadmap for future operating leverage and self-funded growth. Management expects the group and convention segment to maintain a 20% room mix for the full year, supported by a strong tech-sector booking calendar. Strategic capital allocation will prioritize 'luxury experiences' over simple capacity, with upcoming room remodels at ARIA and the Cosmopolitan and potential villa expansions at Bellagio. The Osaka resort project remains on schedule and on budget for a 2030 opening, with approximately $1 billion in capital deployment planned for each of 2027 and 2028. MGM Digital is positioned for significant operating leverage in 2027, with profits from established European brands expected to finance aggressive growth in the Brazilian market. Guidance for the second half of the year assumes continued momentum from an expanded sports and entertainment calendar that exceeds the prior year's event density. A special committee of independent directors has been formed to evaluate an unsolicited offer from People Incorporated, though management declined to provide specific details or timelines. The company has reduced its total share count by nearly 50% over the last five years, signaling a long-term commitment to returning capital despite a slower buyback pace this quarter. Las Vegas visitation remains approximately 3.5 million visitors below its historical peak, primarily due to a lag in international travel recovery. The transition to an in-house sportsbook in Sweden was completed ahead of the World Cup, driving record player activity and validating the company's proprietary technology strategy. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while RevPAR showed slight pressure, overall revenue and EBITDAR grew due to strength in the luxury and group segments. The lower-end properties (Luxor/Excalibur) remain the primary area of challenge, but the all-inclusive bundling is successfully protecting margins and generating new demand. Management confirmed a sharp rebound in July, with normalized GGR already exceeding Q1 levels. The recovery is being driven by pent-up demand and a return to a normal event schedule, with weekly performance improving consistently post-tournament. MGM expects its funding commitment for the Japan project to be between $125 million and $175 million for the second half of the year. Any projects that expand the physical footprint or add significant new capacity would likely be additive to the current base level of spending. Management expressed satisfaction with the current 50/50 joint venture, citing the synergy between MGM's brand and Entain's technology. While no structural changes are currently contemplated, they remain open to evaluating the best path for long-term value creation.

Interested in MGM Resorts International? Here are five stocks we like better. MGM reported record consolidated net revenue in Q2, supported by Las Vegas Strip growth, record same-store regional casino revenue and 20% year-over-year growth at MGM Digital. Group and convention business reached 20% of Las Vegas room mix, while luxury properties remained strong. Macau operations recovered after a temporary June slowdown, with MGM China retaining a 16.4% market share and July volumes returning to or exceeding first-quarter levels. Regional casinos also posted record same-store results, led by properties including Borgata and Empire City. MGM Digital continued expanding despite a $31 million quarterly EBITDA loss, while the Osaka integrated resort remains on schedule and on budget for a fall 2030 opening. MGM also repurchased approximately 4.3 million shares for $164 million during the quarter, and its board is evaluating a proposal from People Incorporated. MGM Buyout: The House Doesn't Always Win MGM Resorts International (NYSE:MGM) said its second-quarter momentum was supported by record consolidated net revenue, continued growth at its Las Vegas Strip properties, record same-store regional revenue and 20% year-over-year revenue growth at MGM Digital. Chief Executive Officer and President Bill Hornbuckle said the company’s board continues to evaluate an offer from People Incorporated through a special committee of independent directors. Hornbuckle said he and Chief Financial Officer Jonathan Halkyard would not address the proposal during the question-and-answer session. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Caesars Surges on Buyout Buzz. Should Investors Take the Bet? Hornbuckle said the company entered the second half with positive momentum across Las Vegas, regional casinos, Macau and digital operations, while construction of its Osaka integrated resort remains on schedule for a fall 2030 opening. In Las Vegas, MGM reported year-over-year growth in both net revenue and segment adjusted EBITDA during the second quarter. Halkyard said Strip-resort EBITDA was up $25 million year to date, primarily reflecting a recovery at MGM Grand following room renovations and a favorable hold benefit. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 Bargain Stocks the Market Is Sleeping on Right Now Group and convention business accounted for 20% of MGM’s room mix during the quarter, keeping the company on pace for that segment to represent 20% of full-year room mix, Hornbuckle said. Technology and hospitality corporate groups, business-to-business trade shows and professional association meetings helped drive the company’s highest second-quarter convention average daily rate, as well as record catering and banquet revenue. Hornbuckle said April and May were strong, with May benefiting from events and other activity. June was more challenging as summer conditions intensified, though July had been favorable. MGM expects a solid third quarter supported by group business and a larger citywide event calendar, while Hornbuckle said the company has “some work to do” in the fourth quarter. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Chief Operating Officer Ayesha Molino said luxury properties and the group segment remained strong, while the lower end of MGM’s Las Vegas portfolio, particularly Luxor and Excalibur, remained challenged but had stabilized. MGM’s all-inclusive offering at Luxor and Excalibur has booked more than 30,000 room nights since its launch four months ago, according to Hornbuckle. Nearly half of guests booking the offer were first-time MGM visitors. Molino said the package has supported occupancy, generated higher weekend rates, and delivered a favorable margin profile. The company is also seeking to draw more local customers to Park MGM through food-and-beverage, parking and free-play offers. Molino cited the resort’s proximity to T-Mobile Arena and Dolby Live, its nonsmoking positioning and its existing local high-end gaming business as factors supporting that effort. MGM plans further upgrades to its Las Vegas luxury offerings, including work at Bellagio’s convention and public spaces, potential additional villas, and future room renovations at Aria and The Cosmopolitan. Hornbuckle said the company also sees opportunities to build on the activation of Bellagio’s Lakeside area. Halkyard said MGM can complete significant renovations within the level of capital expenditures it has maintained over the past several years. Projects that expand the company’s physical footprint or add capacity would likely require capital spending above that base level. “Las Vegas is our home,” Hornbuckle said, describing the market as the epicenter of gaming and saying MGM intends to continue investing in luxury experiences where returns justify it. MGM is also preparing to host the Players Era Basketball Tournament in November across Mandalay Bay’s Michelob Ultra Arena and T-Mobile Arena. The tournament will include 24 collegiate basketball programs and will be televised on ESPN networks. MGM’s regional operations produced their best quarterly revenue on a same-store basis, with same-store slot handle rising 4% and slot win increasing 3%, Halkyard said. Several properties posted record revenue during the period, including Empire City, which increased gross gaming revenue in June despite new competition in New York state. Borgata was a major contributor to record same-store casino revenue and slot win, supported by improvements to high-limit gaming areas. MGM plans to enhance premium lounges at Beau Rivage and Borgata and begin room renovations at Borgata before year-end. Hornbuckle also pointed to the planned Sphere venue near MGM National Harbor as a potential demand driver. He said projections call for approximately 2.5 million visitors at the roughly 6,500-seat venue and that MGM expects to capture demand given its location next to the property. MGM China maintained a 16.4% market share in the second quarter, up one percentage point sequentially. While Macau volumes declined during June amid World Cup activity, company executives said the weakness was temporary. Kenneth Feng, CEO of MGM China Holdings, said business volumes and visitation improved beginning in the second week of July. He said Macau gaming revenue had recovered to nearly first-quarter levels in the prior week, while MGM’s property visitation and normalized gross gaming revenue had exceeded first-quarter levels. Feng said MGM’s strategy in Macau centers on optimizing the yield of its gaming floors through a combination of products, service, innovation and promotions rather than promotions alone. The company recently completed suite conversions and expanded premium gaming space at MGM Cotai, and it has begun design work for about 100 suites at MGM Macau. MGM Digital generated 20% revenue growth in the quarter and recorded segment adjusted EBITDA losses of $31 million. Halkyard said the company expects MGM Digital’s full-year EBITDA loss to be lower than last year’s as it calibrates its Brazil operations. Gary Fritz, chief commercial officer and president of MGM Digital, said MGM’s European LeoVegas and BetMGM-branded businesses are positioned for operating leverage and potentially substantial profitability in 2027. MGM expects those operations to help fund some future growth investments, particularly in Brazil. At the BetMGM North America venture, MGM said iGaming revenue grew 8% in the second quarter. During the first half, handle per active customer rose 7% and net gaming revenue per active customer increased 9% in iGaming. In online sports betting, handle per active customer increased 18% and net gaming revenue per active customer rose 17%. In Japan, MGM expects its Osaka funding commitment for the second half of 2026 to be approximately $125 million to $175 million. The company has spent about $600 million to date and expects to deploy roughly $1 billion in each of 2027 and 2028, completing its capital commitments. More than 60% of foundation piles have been completed, and MGM said the project remains on time and on budget. During the quarter, MGM repurchased about 4.3 million shares for $164 million. Halkyard said the company has reduced its share count by nearly 50% over the past five years. MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation. The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MGM Resorts International Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

MGM Resorts International MGM reported second-quarter 2026 results, with earnings missing the Zacks Consensus Estimate, whereas revenues surpassed the same. On a year-over-year basis, the top line increased while the bottom line declined.MGM Resorts’ results benefited from revenue growth at Las Vegas Strip Resorts and MGM Digital, along with record same-store revenues from Regional Operations. However, lower profitability at MGM China and the regional properties weighed on earnings. Las Vegas group and convention business accounted for 20% of room mix during the quarter. MGM Resorts reported adjusted earnings per share (EPS) of 59 cents, missing the Zacks Consensus Estimate of 63 cents by 6.4%. The figure declined 25.3% from 79 cents reported in the prior-year quarter. MGM Resorts International price-consensus-eps-surprise-chart | MGM Resorts International Quote Quarterly revenues of $4.45 billion topped the consensus mark of $4.44 billion by 0.4%. The top line increased 1% year over year, marking record second-quarter consolidated revenues. Consolidated adjusted EBITDA decreased 5.7% to $610 million. Las Vegas Strip Resorts revenues increased 3% year over year to $2.17 billion. Segment adjusted EBITDAR rose 3% to $735 million, while margin improved 30 basis points to 33.9%. Management attributed the EBITDAR increase primarily to a recovery at MGM Grand, supported by remodeled rooms and a favorable hold benefit.Casino revenues jumped 17% to $536 million as table games win climbed 27% to $451 million. Table games win percentage expanded to 29.6% from 22.9%. However, Room revenues declined 2% to $717 million. Occupancy remained unchanged at 93%, while average daily rate and revenue per available room decreased 4% to $242 and $224, respectively. Regional Operations revenues declined 4% to $924 million, reflecting the April sale of MGM Northfield Park. On a same-store basis, revenues increased 3% to $904 million and reached an all-time quarterly record.Segment adjusted EBITDAR fell 9% to $280 million. Same-store EBITDAR was flat at $271 million, while the corresponding margin contracted 83 basis points to 30.0%. Casino revenues declined 6% as slot win fell 9%, partly offset by a 4% increase in table games win. MGM China revenues were relatively flat at $1.10 billion. Casino revenues decreased 2% to $956 million as main-floor table games drop declined 7%, though table games win increased 2% and win percentage improved to 27.2% from 25.0%.Segment adjusted EBITDAR dropped 15% to $257 million, and margin fell 383 basis points to 23.3%. Results were pressured by a $21 million year-over-year increase in intercompany branding license fees. Management said World Cup activity temporarily affected June volumes, followed by an encouraging rebound in July. MGM Digital revenues increased 20% year over year to $196 million. The segment posted an adjusted EBITDAR loss of $31 million compared with a loss of $26 million a year earlier, as marketing costs and gaming taxes increased.BetMGM, MGM's unconsolidated North American venture, generated second-quarter net revenues of $711 million, up 3%. iGaming revenues rose 8% to $483 million, while online sports revenues were flat at $228 million. Adjusted EBITDA declined 15% to $74 million, and average monthly actives fell 3% to 875,000. MGM Resorts ended the second quarter with cash and cash equivalents of $2.55 billion, up from $2.06 billion at the end of 2025. Long-term debt was $6.07 billion compared with $6.23 billion at the end of 2025.During the first half of 2026, net cash provided by operating activities totaled $1.13 billion, while capital expenditures were $396 million. MGM repurchased approximately 4 million shares for $164 million during the quarter. The remaining authorization under its share repurchase program was $1.4 billion.Construction of MGM Osaka remains on schedule and within budget for a 2030 opening. Approximately 60% of foundation piles were completed, with concrete and structural steel work progressing. MGM Resorts currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the Zacks Consumer-Discretionary sector are Life Time Group Holdings, Inc. LTH, AMC Entertainment Holdings, Inc. AMC and The Marcus Corporation MCS.Life Time Group presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here. Life Time Group delivered a trailing four-quarter earnings surprise of 10.9%, on average. The stock has surged 72% in the year-to-date period. The Zacks Consensus Estimate for LTH’s 2026 sales and EPS implies growth of 11.3% and 18.1%, respectively, from the year-ago levels. AMC Entertainment presently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The stock has rallied 76.3% in the year-to-date period. The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS indicates an increase of 13.3% and 77.1%, respectively, from the year-ago levels. Marcus currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings miss of 40.4%, on average. The stock has gained 60.9% in the year-to-date period. The Zacks Consensus Estimate for Marcus’ 2026 sales and EPS indicates growth of 6.2% and 211.8%, respectively, from the year-ago period’s levels. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report Marcus Corporation (The) (MCS) : Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC) : Free Stock Analysis Report Life Time Group Holdings, Inc. (LTH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. MGM Resorts International posted 1% year-over-year consolidated net revenue growth in the second quarter of 2026, bolstered by strength in Las Vegas, CEO Bill Hornbuckle said in an earnings report published Wednesday. In Las Vegas, MGM saw both revenues and adjusted EBITDAR increase 3% year over year during the quarter, according to the report. The company also saw revenue growth across its regional and digital segments. During a Wednesday earnings call, Hornbuckle attributed the Las Vegas results to “the solid fundamentals and business momentum we saw at the start of the year” carrying into the second quarter. MGM CFO Jonathan Halkyard, meanwhile, said the company’s “disciplined and targeted capital allocation strategy” fueled growth across its Las Vegas Strip resorts during Q2. MGM’s revenue gains in Las Vegas were “bolstered by a solid underlying base of group and convention business at MGM resorts … and aided by strong attendance at events around town,” Hornbuckle said on the call. The company saw Vegas demand from a diverse customer mix in Q2, including technology and hospitality corporate groups as well as top B2B trade shows and professional association meetings, Hornbuckle said. This led to the highest second-quarter convention ADR and catering and banquet revenue in MGM’s history, he added. Hornbuckle noted that Las Vegas is still down in terms of international travel, particularly from Canadian tourists. However, the market “is stabilizing and growing, as evidenced by this quarter’s improvements in both revenue and EBITDA,” and MGM remains optimistic about future growth. The continued swell of premier sports and entertainment events in Las Vegas “has only reinforced our focus on deploying capital towards our luxury offerings to drive medium- to long-term growth,” Hornbuckle said. MGM is “elevating our commitment to luxury by retouching and reimagining every element of the customer experience,” Hornbuckle said. This includes investment in the convention and public areas at The Bellagio Hotel & Casino, as well as upcoming room remodels at Aria Resort & Casino and The Cosmopolitan. During Q2, MGM benefited from its recent $300 million remodel of MGM Grand Hotel & Casino in Las Vegas, Halkyard noted. MGM also plans to “strategically invest our growth capital into designing creative and inspiring concepts that expand the very definition of luxury,” Hornbuckle said, noting that there is broadening demand for premium live experiences in Las Vegas. Also during Q2, MGM received a go-private offer from Barry Diller-owned media conglomerate People Incorporated that would value MGM at more than $18 billion. Hornbuckle said MGM’s board of directors has formed a special committee composed of independent directors with no affiliation or association with People Inc. that is actively evaluating the proposed transaction. “I'm confident our board would pursue the course of action that's in the best interest of the company and our shareholders,” Hornbuckle said, noting he and other executives would not be answering questions regarding the transaction on the call. MGM competitor Caesars Entertainment also received a go-private offer during the second quarter, from Fertitta Entertainment, which Caesars accepted. That acquisition, valued at $17.6 billion, is pending.

For the quarter ended June 2026, MGM Resorts (MGM) reported revenue of $4.45 billion, up 1.1% over the same period last year. EPS came in at $0.59, compared to $0.79 in the year-ago quarter. The reported revenue represents a surprise of +0.37% over the Zacks Consensus Estimate of $4.43 billion. With the consensus EPS estimate being $0.63, the EPS surprise was -6.35%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how MGM performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Las Vegas Strip Resorts - Table Games Win: $451.00 compared to the $374.74 average estimate based on three analysts. Las Vegas Strip Resorts - Slots Win: $566.00 compared to the $547.58 average estimate based on three analysts. Las Vegas Strip Resorts- Slots Win: 9.6% compared to the 9.4% average estimate based on three analysts. Las Vegas Strip Resorts - Slots Handle: $5,915.00 versus the three-analyst average estimate of $5,846.67. Revenues- MGM China: $1.1 billion versus the four-analyst average estimate of $1.12 billion. The reported number represents a year-over-year change of -0.8%. Revenues- Las Vegas Strip Resorts: $2.17 billion versus the four-analyst average estimate of $2.15 billion. The reported number represents a year-over-year change of +2.6%. Revenues- Regional Operations: $924.1 million compared to the $909.6 million average estimate based on four analysts. The reported number represents a change of -4.2% year over year. Revenues- Las Vegas Strip Resorts- Casino: $535.52 million versus $468.25 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +17.3% change. Revenues- Regional Operations- Rooms: $83.48 million compared to the $81.21 million average estimate based on two analysts. The reported number represents a change of +4.6% year over year. Revenues- MGM China- Casino: $956.31 million compared to the $995.58 million average estimate based on two analysts. Revenues- MGM Digital: $196.31 million versus the two-analyst average estimate of $200.73 million. The reported number represents a year-over-year change of +19.8%. Revenues- Regional Operations- Casino: $668.39 million versus the two-analyst average estimate of $654.15 million. The reported number represents a year-over-year change of -5.9%. View all Key Company Metrics for MGM here>>> Shares of MGM have returned -3.4% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MGM Resorts (MGM) came out with quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -6.35%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.56 per share when it actually produced earnings of $0.49, delivering a surprise of -12.5%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. MGM, which belongs to the Zacks Gaming industry, posted revenues of $4.45 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $4.4 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. MGM shares have added about 26.6% since the beginning of the year versus the S&P 500's gain of 8.5%. While MGM has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for MGM was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.27 on $4.31 billion in revenues for the coming quarter and $1.99 on $17.75 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Light & Wonder (LNWO), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This instant-win lottery ticket maker is expected to post quarterly earnings of $1.75 per share in its upcoming report, which represents a year-over-year change of +10.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Light & Wonder's revenues are expected to be $846.45 million, up 4.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report Light & Wonder, Inc. (LNWO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research