Dive Brief:
- MGM Resorts International posted record consolidated net revenues of $4.5 billion in the first quarter of 2026, a 4% year-over-year increase, according to a Wednesday earnings report.
- In Las Vegas, quarterly net revenues increased slightly year over year for the first time since Q3 2024, “despite an exceptionally strong leisure comparative,” CEO Bill Hornbuckle said on a Wednesday earnings call. Meanwhile, adjusted EBITDAR dropped 8%.
- Hornbuckle said that MGM’s Q1 Las Vegas performance was driven by solid group and convention bookings, the company’s newly launched all-inclusive promotion and a remodel of the guest rooms at the MGM Grand Las Vegas.
Dive Insight:
MGM’s Q1 results signal overall resiliency in the Las Vegas market, where the company previously faced declines throughout 2025. Hornbuckle said the company expects this momentum to continue into the second quarter and the rest of the year, despite headwinds and the overall economy.
“Our optimism across all various business segments continues to hold firm, especially in Las Vegas. We remain on track for growth this year,” Horbuckle said. He added that the first quarter is “simply our seasonally strong group and convention quarter of the year.”
Earlier this month, MGM sold its Northfield Park property in Ohio for $546 million in cash, which was a “significantly higher multiple than currently ascribed to our premium and diverse operations,” CFO Jonathan Halkyard said in a statement.
On the earnings call, Horbuckle said MGM hoped to continue to capitalize on Las Vegas’ ability to deliver unique experiences, particularly in regards to several sports events slated over the next few years, including the NCAA National Championships in 2027 and NCAA Final Four games in 2028.
“Today's consumers are decisively gravitating towards live events and experiential travel in Las Vegas, and MGM is capturing that momentum,” Hornbuckle said. “Las Vegas' ability to adapt its mix, its pricing and entertainment continues to differentiate the market and reinforce its resilience through economic cycles.”
Las Vegas is also a finalist for an NBA expansion team. Horbuckle said MGM is “actively engaged in discussions with the league and respective team owners” to bring a team to the city.
“The good news is that the NBA has clearly earmarked Vegas and Seattle. We have had huge interest,” Halkyard said on the call, adding that he wasn’t able to share more details.
Looking forward, Halkyard also said MGM is optimistic regarding second-quarter results, citing momentum for the company’s new all-inclusive program and strength behind future convention bookings.
Earlier this week, Caesars Entertainment CEO Tom Reeg said on a Q1 earnings call that Las Vegas “is in a much healthier spot” after experiencing a “tough summer.” The company posted flat net revenues for the quarter, driven in part by a strong group and convention lineup.
