MGM Resorts International delivered a top-line beat but missed earnings estimates. Consolidated net revenue rose 4.2% year-over-year to a record $4.45 billion, surpassing the $4.37 billion consensus. However, adjusted diluted EPS landed at $0.49, missing the $0.54 forecast as net income fell to $125.1 million due to higher self-insurance costs and reduced business interruption proceeds. Growth was propelled by MGM China, which jumped 9% to $1.12 billion on record mass-market gaming volumes in Macau, and MGM Digital, which surged 43% to $183 million. Conversely, Las Vegas Strip revenues were flat at $2.2 billion, as record convention pricing and catering revenue barely offset a $25 million decline in casino table volumes. To bolster future capital allocation, MGM closed the $546 million sale of its Northfield Park operations in April.
For the full year, the company projects corporate expenses of $450 million–$485 million, domestic capital expenditures of $685 million–$735 million, and an additional $350 million–$400 million investment into its MGM Osaka development. On the digital front, its BetMGM joint venture adjusted for rising acquisition costs, lowering 2026 net revenue guidance to $2.9 billion–$3.1 billion while targeting the lower end of its $300 million–$350 million adjusted EBITDA range. Near term, management expects Q2 strength from a 2 percentage point increase in Las Vegas convention room mix, while analysts project full-year consensus EPS at $2.03.
Media mogul Barry Diller’s People Inc has proposed a takeover of MGM Resorts International in a deal that reportedly values the gaming operator at more than $18 billion. The potential transaction would effectively take the public entertainment giant private, highlighting major investor interest in premium hospitality assets. However, nothing is confirmed yet, and no definitive agreement has been reached between the parties.
MGM Resorts International is seeking a full commercial casino license in New York to expand its Empire City Casino property in Yonkers into a large-scale integrated resort. The proposed ~$2–2.3 billion development would add live table games, a BetMGM sportsbook, a sizable entertainment venue, and new food and beverage offerings, alongside broader infrastructure upgrades. If approved, the project could be completed toward the end of the decade and is expected to generate significant construction and permanent employment, as well as incremental tax revenue for local governments. The proposal also includes sustainability initiatives such as energy-efficient design and electric vehicle charging, although final specifications remain subject to regulatory approval.
Below are key drivers of MGM Resorts value that present opportunities for upside or downside to the current Trefis price estimate for MGM Resorts:
For additional details, select a driver above or a division from the interactive Trefis split for MGM Resorts at the top of the page.
MGM Resorts International (MGM) is a holding company engaged in gaming, hospitality, and entertainment. It primarily owns and operates casino resorts that include gaming, hotel, dining, entertainment, retail, and other resort amenities in the U.S. and Macau.
Its Las Vegas Strip operating properties consist of the following casino resorts: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas, MGM Grand Las Vegas, Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).
Regional Operations consists of the following casino properties: MGM Grand Detroit, Beau Rivage; Borgata, MGM National Harbor, MGM Springfield, Empire City, and MGM Northfield Park.
The company owns approximately 56% of MGM China, which owns MGM Grand Paradise, the Macau company that owns and operates the MGM Macau and MGM Cotai casino resorts.
Additionally, through a 50% ownership interest, the company is developing an integrated resort in Osaka, Japan. It also has global online gaming operations primarily through consolidated subsidiary LV Lion Holding Limited, “LeoVegas”, and through its 50% ownership interest in BetMGM, LLC, an unconsolidated affiliate.
Las Vegas Strip Resorts remain the most valuable segment for MGM due to their scale and profitability.
MGM operates several iconic properties on the Strip, giving it significant pricing power and scale advantages. High occupancy and premium room rates contribute to strong cash flow generation.
Beyond gaming, MGM generates substantial revenue from hotels, food and beverage, entertainment, and conventions, which helps stabilize earnings across economic cycles.
BetMGM provides exposure to the fast-growing online betting market in the U.S., offering long-term growth potential as legalization expands across states.
The continued rebound in travel demand, particularly in Las Vegas and Macau, is driving higher occupancy and gaming volumes. MGM is well-positioned to benefit from this trend given its premium asset base.
The expansion of online sports betting and iGaming in the U.S. is a major industry trend. MGM's investment in BetMGM positions it to capture a meaningful share of this growing market.
MGM has been pursuing an asset-light model through property sales and leasebacks, improving return on capital and allowing greater focus on operations and brand management.
