Dive Brief:
- 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.
Dive Insight:
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.
