MGM Filings — Mgm Resorts International - FilingSpy
MGM
Mgm Resorts International
A hospitality and gaming company running casino resorts on the Las Vegas Strip and in Macau, plus online betting through LeoVegas and the BetMGM venture. The "MGM" name comes from the Metro-Goldwyn-Mayer film studio that billionaire Kirk Kerkorian bought in 1969 and lent to his Las Vegas casinos, along with its famous lion mascot. That cinematic lion still greets visitors as a giant bronze statue outside the MGM Grand.
Q2 2026 operating income rose 24.5% to $503.6M on a $255M Northfield Park sale gain, partially offset by a $111M impairment.
A one-off property sale gain lifted after a year of declines. was nearly flat at $4,451.0M, up 1.0% , while rose to $1.11 from $0.18 as a $255M sale gain and a smaller $111M drove the . The quarter shows profit recovering on disposals rather than core operations, with revenue down 1%.
Key takeaways
rose 24.5% to $503.6M, driven by a $255M gain from the sale partially offset by a $111M , after Q2 2025 included no such sale gain and a $399M Gold Strike gain had dropped out a year earlier.
was nearly flat at $4,451.0M, up 1.0% and down 0.1% from Q1 2026, as revenue grew 3% to $2.17B on higher table games win percentage (29.6% vs. 22.9%) while fell 4% to $924M due to the Northfield Park sale.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 1% to $4.45B, operating income up 24% on a $255M gain from MGM Northfield Park sale, partially offset by a $111M goodwill impairment.
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Las Vegas Strip Resorts grew 3% to $2.17B, driven by higher table games win percentage (29.6% vs. 22.9%) and increased catering/banquet revenue, partially offset by lower ADR ($242 vs. $252).
decreased 1% to $1.10B as lower table games volume outweighed a higher main floor win percentage, and its fell 15% on higher branding license fees and payroll costs.
rose 20% to $196M from B2C growth but its loss widened to $31M on higher marketing and gaming taxes.
Consolidated declined 6% to $610M; for the quarter was $558.8M, down 13.5% , and the company repurchased $262M of stock, ending with $2,547.4M cash and $6.1B .
What changed
Q2 2026 net fell 1% to $1.10B against the MOP 16.7 billion Macau concession commitment, reversing the 9% Q1 2026 rise that earlier filings flagged to watch.
Q2 2026 casino rose on table games win percentage of 29.6% vs. 22.9%, after the Q1 2026 $25M casino decline from lower table games volume flagged for Q2.
Q2 2026 of $503.6M and of $317.4M came against 2026 of $575M–$675M remaining, with Osaka integrated resort funding ongoing as flagged at FY2025.
loss widened to $31M in Q2 2026 as rose 20%, continuing the trend flagged at FY2025 where $341M sat 7% above fair value.
Risk factors restated the 2025 Annual Report items with no material changes, so the $6.01B shortfall guarantees and Macau commitments carry forward unchanged.
What to watch
Q3 2026 net and main floor table games win against the MOP 16.7 billion Macau concession investment commitment after the 1% Q2 decline.
Q3 2026 table games win percentage and ADR after Q2's 29.6% win and $242 ADR vs. $252 prior.
Q3 2026 operating and against the remaining 2026 of $575M–$675M including Osaka funding.
loss and $341M status as rises 20%.
Regional Operations fell 4% to $924M due to the sale; casino revenue increased on higher .
decreased 1% to $1.10B as a decline in table games volume outweighed a higher main floor win percentage; fell 15% on higher branding license fees and payroll costs.
surged 20% to $196M from growth in B2C offerings, but loss widened to $31M due to higher marketing and gaming taxes.
declined 6% to $610M, with Las Vegas Strip Resorts up 3% but Regional Operations down 9% and down 15%.
was $1.1B; the company repurchased $262M in stock, had $2.5B in cash, and plans $575M–$675M in remaining 2026 .
A description of certain factors that may affect our future results and risk factors is set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those factors previously disclosed in our 2025 Annual Report on Form 1…
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A description of certain factors that may affect our future results and risk factors is set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those factors previously disclosed in our 2025 Annual Report on Form 10-K.