MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING
MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS • Regional Operations increased revenue 1% on a same-store basis • MGM China achieved record quarterly revenue as well as record quarterly market share of 17.1% • BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in 3Q2026
Las Vegas, Nevada, October 28, 2026 – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended September 30, 2026.
“MGM Resorts remains highly focused on the successful operations of our businesses. Our trailing twelve months Las Vegas Strip Resorts Segment Adjusted EBITDAR has grown by nearly 70% since calendar year 2019 and, while lower room rates during the third quarter impacted our results, October has rebounded favorably. Our diverse portfolio remains an advantage, with MGM China achieving 5% revenue growth and strong market share performance, while our digital businesses - including our BetMGM North America Venture and MGM Digital - reported strong topline growth during the third quarter,” said Bill Hornbuckle, President & CEO of MGM Resorts International. “MGM Resorts remains dedicated to our mission to be the w orld’s largest gaming and entertainment company with global integrated resorts, a leading digital presence, and, notably, an enviable growth pipeline with MGM Osaka to drive future value.”
“The amended voting agreement announced earlier today establishes a highly supportive framework that enables MGM Resorts to confidently pursue value- creating share repurchases as part of our ongoing commitment to enhancing shareholder value and driving longer-term growth,” said Jonathan Halkyard, Chief Financial Officer of MGM Resorts International. “The combination of our attractive stock valuation, the repurchase of nearly half of our outstanding share count over the past five years, and pivotal growth drivers - including our digital portfolio and MGM Osaka - positions the company as a premier long-term opportunity.”
• Consolidated revenue of $4.2 billion, a decrease of 1% compared to the prior year quarter
• Net loss attributable to MGM Resorts was $17 million in the current quarter compared to net loss attributable to MGM Resorts of $285 million in the prior year quarter
• Consolidated Adjusted EBITDA of $403 million in the current quarter compared to $506 million in the prior year quarter
• Diluted loss per share of $0.07 in the current quarter compared to a loss per share of $1.05 in the prior year quarter
• Adjusted diluted earnings (loss) per share (“Adjusted EPS”) of $(0.11) in the current quarter compared to $0.24 in the prior year quarter
• Revenue of $2.0 billion in the current quarter, a decrease of 2% compared to the prior year quarter
• Segment Adjusted EBITDAR of $531 million in the current quarter compared to $601 million in the prior year quarter, a decrease of 12%
• Revenue of $883 million in the current quarter compared to $957 million in the prior year quarter, a decrease of 8% • Same-store revenue (adjusted for dispositions) of $883 million in the current quarter compared to $873 million in the prior year quarter, an increase of 1% Page 1 of 11 • Segment Adjusted EBITDAR of $243 million in the current quarter compared to $296 million in the prior year quarter, a decrease of 18%
• Same-Store Segment Adjusted EBITDAR of $243 million in the current quarter compared to $260 million in the prior year quarter, a decrease of 7%
• Revenue of $1.1 billion in the current quarter, an increase of 5% compared to the prior year quarter • Segment Adjusted EBITDAR of $264 million in the current quarter compared to $284 million in the prior year quarter, a decrease of 7%
• Intercompany branding license fee expense increased by $22 million over the prior year quarter
• Revenue of $184 million in the current quarter compared to $174 million in the prior year quarter, an increase of 6%
• Segment Adjusted EBITDAR loss of $4 million in the current quarter compared to a loss of $23 million in the prior year quarter
(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America Venture.
The following table reconciles diluted loss per share (“EPS”) to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Three Months Ended September 30, 2026 2025 ─────────────────────────────────────────────────────────────────── Diluted loss per share $ -0.07 $ -1.05 Property transactions, net -0.06 0.37 Goodwill impairment — 0.94 Non-operating items: Loss related to debt and equity 0.18 0.01 investments Foreign currency transaction gain -0.06 -0.06 Change in the fair value of foreign -0.10 0.15 currency contracts Income tax impact on net income — -0.12 adjustments(1) Adjusted EPS $ -0.11 $ 0.24
(1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.
Page 2 of 11 The following table shows key hotel statistics for Las Vegas Strip Resorts:
Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $41 million in the current quarter and $19 million in the prior year quarter.
The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates:
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com .
The call will be accessible via the internet through http://investors.mgmresorts.com/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 9250061.
A replay of the call will be available through November 4, 2026. The replay may be accessed by dialing 1-855-669-9658 or 1-412-317-0088. The replay access code is 9853875.
"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
“Same-Store Segment Adjusted EBITDAR” is Segment Adjusted EBITDAR further adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Regional Operations, we have excluded the Segment Adjusted EBITDAR of MGM Northfield Park for the periods prior to its disposition on April 21, 2026, as applicable.
Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Segment Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Segment Adjusted EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. A reconciliation of the Company's reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store Segment Adjusted EBITDAR is included in the financial schedules in this release.
"Consolidated Adjusted EBITDA" is earnings before interest and other non- operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release.
"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, goodwill impairment, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, and change in the fair value of foreign currency contracts. Page 4 of 11 Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www. mgmresorts.com . Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram . Cautionary Statement Concerning Forward-Looking Statements Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding its financial outlook; any benefits expected to be received from the Company's transactions and capital investments; the Company's ability to execute on its strategic plans, including the Company's development project in Japan; expectations regarding growth at MGM Digital, BetMGM North America Venture, or MGM China; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases). These forward- looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM North America Venture) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion and capital investment projects in Japan and Dubai; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company relies , through cyber-attacks, or otherwise; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. Page 6 of 11
Investment Community SARAH ROGERS Senior Vice President of Corporate Finance & Treasurer srogers@mgmresorts.com HOWARD WANG Vice President of Investor Relations hwang@mgmresorts.com News Media BRIAN AHERN Executive Director of Communications media@mgmresorts.com
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets Cash and cash equivalents $ 2,395,957 $ 2,062,994 Accounts receivable, net 1,072,242 1,122,940 Inventories 123,509 124,535 Income tax receivable 36,114 220,154 Prepaid expenses and other 560,981 486,419 Assets held for sale — 315,382 Total current assets 4,188,803 4,332,424 Property and equipment, net 6,170,440 6,305,614 Investments in and advances to 673,379 536,066 unconsolidated affiliates Goodwill 4,765,627 4,901,960 Other intangible assets, 1,229,520 1,356,676 net Operating lease 21,547,868 23,002,707 right-of-use assets, net Deferred income taxes 128,321 89,792 Other long-term assets, net 770,114 848,547 $ 39,474,072 $ 41,373,786 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts and construction $ 425,490 $ 421,502 payable Accrued interest on 95,314 71,845 long-term debt Other accrued liabilities 2,864,055 2,993,179 Liabilities related to assets held for — 25,581 sale Total current liabilities 3,384,859 3,512,107 Deferred income taxes 2,591,836 2,617,067 Long-term debt, net 5,668,986 6,230,141 Operating lease liabilities 23,749,751 24,962,742 Other long-term obligations 701,378 775,411 Total liabilities 36,096,810 38,097,468 Redeemable noncontrolling 8,527 21,777 interests Stockholders' equity Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued 2,516 2,583 and outstanding 251,601,576 and 258,323,143 shares Capital in excess of par 11,536 — value Retained earnings 2,291,614 2,106,836 Accumulated other 198,743 320,498 comprehensive income Total MGM Resorts International 2,504,409 2,429,917 stockholders' equity Noncontrolling interests 864,326 824,624 Total stockholders' equity 3,368,735 3,254,541 $ 39,474,072 $ 41,373,786
(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.
(2) Represents the Company's share of operating income of unconsolidated affiliates.
(3) Includes amounts related to MGM China of $17 million and $47 million for current quarter and current year, respectively, and of $13 million and $36 million for prior year quarter and prior year, respectively.
(4) Represents the excess of expense over cash paid related to triple net operating and ground leases.
RECONCILIATIONS OF REGIONAL OPERATIONS REVENUE TO REGIONAL OPERATIONS SAME-STORE REVENUE AND REGIONAL OPERATIONS SEGMENT ADJUSTED EBITDAR TO REGIONAL OPERATIONS SAME-STORE SEGMENT ADJUSTED EBITDAR
(1) Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as applicable, for the period prior to its disposition
Full text with the tables
Exhibit 99.1
MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING
RESULTS
• Regional Operations increased revenue 1% on a same-store basis
• MGM China achieved record quarterly revenue as well as record quarterly market
share of 17.1%
• BetMGM North America Venture distributions and branding license fees to MGM
Resorts totaled $34 million in 3Q2026
Las Vegas, Nevada, October 28, 2026 – MGM Resorts International (NYSE: MGM)
(“MGM Resorts” or the “Company”) today reported financial results for the
quarter ended September 30, 2026.
“MGM Resorts remains highly focused on the successful operations of our
businesses. Our trailing twelve months Las Vegas Strip Resorts Segment Adjusted
EBITDAR has grown by nearly 70% since calendar year 2019 and, while lower room
rates during the third quarter impacted our results, October has rebounded
favorably. Our diverse portfolio remains an advantage, with MGM China achieving
5% revenue growth and strong market share performance, while our digital
businesses - including our BetMGM North America Venture and MGM Digital -
reported strong topline growth during the third quarter,” said Bill Hornbuckle,
President & CEO of MGM Resorts International. “MGM Resorts remains dedicated to
our mission to be the w orld’s largest gaming and entertainment company with
global integrated resorts, a leading digital presence, and, notably, an enviable
growth pipeline with MGM Osaka to drive future value.”
“The amended voting agreement announced earlier today establishes a highly
supportive framework that enables MGM Resorts to confidently pursue value-
creating share repurchases as part of our ongoing commitment to enhancing
shareholder value and driving longer-term growth,” said Jonathan Halkyard, Chief
Financial Officer of MGM Resorts International. “The combination of our
attractive stock valuation, the repurchase of nearly half of our outstanding
share count over the past five years, and pivotal growth drivers - including our
digital portfolio and MGM Osaka - positions the company as a premier long-term
opportunity.”
Third Quarter 2026 Financial Highlights:
Consolidated Results
• Consolidated revenue of $4.2 billion, a decrease of 1% compared to the prior
year quarter
• Net loss attributable to MGM Resorts was $17 million in the current quarter
compared to net loss attributable to MGM Resorts of $285 million in the prior
year quarter
• Consolidated Adjusted EBITDA of $403 million in the current quarter compared
to $506 million in the prior year quarter
• Diluted loss per share of $0.07 in the current quarter compared to a loss per
share of $1.05 in the prior year quarter
• Adjusted diluted earnings (loss) per share (“Adjusted EPS”) of $(0.11) in the
current quarter compared to $0.24 in the prior year quarter
Las Vegas Strip Resorts
• Revenue of $2.0 billion in the current quarter, a decrease of 2% compared to
the prior year quarter
• Segment Adjusted EBITDAR of $531 million in the current quarter compared to
$601 million in the prior year quarter, a decrease of 12%
Regional Operations
• Revenue of $883 million in the current quarter compared to $957 million in the
prior year quarter, a decrease of 8%
• Same-store revenue (adjusted for dispositions) of $883 million in the current
quarter compared to $873 million in the prior year quarter, an increase of 1%
Page 1 of 11
• Segment Adjusted EBITDAR of $243 million in the current quarter compared to
$296 million in the prior year quarter, a decrease of 18%
• Same-Store Segment Adjusted EBITDAR of $243 million in the current quarter
compared to $260 million in the prior year quarter, a decrease of 7%
MGM China
• Revenue of $1.1 billion in the current quarter, an increase of 5% compared to
the prior year quarter
• Segment Adjusted EBITDAR of $264 million in the current quarter compared to
$284 million in the prior year quarter, a decrease of 7%
• Intercompany branding license fee expense increased by $22 million over the
prior year quarter
MGM Digital
(1)
• Revenue of $184 million in the current quarter compared to $174 million in the
prior year quarter, an increase of 6%
• Segment Adjusted EBITDAR loss of $4 million in the current quarter compared to
a loss of $23 million in the prior year quarter
(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that
offer interactive gaming; it does not include the BetMGM North America Venture.
Adjusted EPS
The following table reconciles diluted loss per share (“EPS”) to Adjusted EPS
(approximate EPS impact shown, per share; positive adjustments represent charges
to income):
Three Months Ended September 30, 2026 2025
───────────────────────────────────────────────────────────────────
Diluted loss per share $ -0.07 $ -1.05
Property transactions, net -0.06 0.37
Goodwill impairment — 0.94
Non-operating items:
Loss related to debt and equity 0.18 0.01
investments
Foreign currency transaction gain -0.06 -0.06
Change in the fair value of foreign -0.10 0.15
currency contracts
Income tax impact on net income — -0.12
adjustments(1)
Adjusted EPS $ -0.11 $ 0.24
(1) The income tax impact includes current and deferred income tax expense based
upon the nature of the adjustment and the jurisdiction in which it occurs.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months
Ended
September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
-Dollars in
millions
Casino $ 488 $ 450 8 %
revenue
Table games $ 1,435 $ 1,363 5 %
drop
Table games $ 363 $ 309 17 %
win
Table games 25.3 % 22.6 %
win %
Slot handle $ 6,200 $ 6,155 1 %
Slot win $ 582 $ 570 2 %
Slot win % 9.4 % 9.3 %
Page 2 of 11
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Three Months Ended
September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
Room revenue (in millions) $ 622 $ 660 -6 %
Occupancy 89 % 89 %
Average daily rate (ADR) $ 218 $ 236 -8 %
Revenue per available room $ 193 $ 210 -8 %
(RevPAR)
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months
Ended
September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
-Dollars in
millions
Casino $ 626 $ 696 -10 %
revenue
Table games $ 1,050 $ 1,061 -1 %
drop
Table games $ 200 $ 205 -2 %
win
Table games 19.1 % 19.4 %
win %
Slot handle $ 6,309 $ 6,969 -9 %
Slot win $ 629 $ 706 -11 %
Slot win % 10.0 % 10.1 %
MGM China
The following table shows key gaming statistics for MGM China:
Three Months
Ended
September 30, 2026 2025 % Change
──────────────────────────────────────────────────────────────────────────────
-Dollars in
millions
Casino $ 981 $ 947 4 %
revenue
Main floor
table games $ 3,682 $ 4,072 -10 %
drop
Main floor
table games $ 1,021 $ 1,006 1 %
win
Main floor
table games 27.7 % 24.7 %
win %
Intercompany branding license fee expense for MGM China, which eliminates in
consolidation, was $41 million in the current quarter and $19 million in the
prior year quarter.
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of
operating income from unconsolidated affiliates:
Three Months Ended September 30, 2026 2025
───────────────────────────────────────────────────────────────────────────
-In thousands
BetMGM North America Venture $ 26,743 $ 23,725
Other 4,621 1,917
$ 31,364 $ 25,642
Page 3 of 11
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which
will include a brief discussion of the results followed by a question and answer
session. In addition, supplemental slides will be posted prior to the start of
the call on MGM's Investor Relations website at http://investors.mgmresorts.com
.
The call will be accessible via the internet through
http://investors.mgmresorts.com/events-and-presentations/ or by calling
1-888-317-6003 for domestic callers and 1-412-317-6061 for international
callers. The conference call access code is 9250061.
A replay of the call will be available through November 4, 2026. The replay may
be accessed by dialing 1-855-669-9658 or 1-412-317-0088. The replay access code
is 9853875.
"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we
utilize as the primary profit measure for our reportable segments and underlying
operating segments. Segment Adjusted EBITDAR is a measure defined as earnings
before interest and other non-operating income (expense), income taxes,
depreciation and amortization, preopening and start-up expenses, property
transactions, net, triple net lease rent expense, income from unconsolidated
affiliates, goodwill impairment, and also excludes corporate expense and stock
compensation expense, which are not allocated to each operating segment. Triple
net lease rent expense is the expense for rent to landlords under triple net
operating leases for its domestic properties, the ground subleases of Beau
Rivage and MGM National Harbor, and the land concessions at MGM China.
“Same-Store Segment Adjusted EBITDAR” is Segment Adjusted EBITDAR further
adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments
from the beginning of the reporting period through the date of disposition.
Accordingly, for Regional Operations, we have excluded the Segment Adjusted
EBITDAR of MGM Northfield Park for the periods prior to its disposition on April
21, 2026, as applicable.
Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented
solely as a supplemental disclosure to reported GAAP measures because management
believes this measure is useful in providing meaningful period-to-period
comparisons of the results of the Company's operations for operating segments
that were consolidated for the full period presented to assist users of the
financial statements in reviewing operating performance over time. Same-Store
Segment Adjusted EBITDAR should not be viewed as a measure of overall operating
performance, considered in isolation, or as an alternative to the Company's
reportable segment GAAP measure or net income, or as an alternative to any other
measure determined in accordance with generally accepted accounting principles,
because this measure is not presented on a GAAP basis, and is provided for the
limited purposes discussed herein. In addition, Same-Store Segment Adjusted
EBITDAR may not be defined in the same manner by all companies and, as a result,
may not be comparable to similarly titled non-GAAP financial measures of other
companies, and such differences may be material. A reconciliation of the
Company's reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store
Segment Adjusted EBITDAR is included in the financial schedules in this release.
"Consolidated Adjusted EBITDA" is earnings before interest and other non-
operating income (expense), income taxes, depreciation and amortization,
preopening and start-up expenses, property transactions, net, and goodwill
impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that
is presented solely as a supplemental disclosure to reported GAAP measures
because it is among the measures used by management to evaluate our operating
performance, and because we believe this measure is widely used by analysts,
lenders, financial institutions, and investors as a measure of operating
performance in the gaming industry and as a principal basis for the valuation of
gaming companies. We believe that while items excluded from Consolidated
Adjusted EBITDA may be recurring in nature and should not be disregarded in
evaluation of our earnings performance, it is useful to exclude such items when
analyzing current results and trends compared to other periods because these
items can vary significantly depending on specific underlying transactions or
events that may not be comparable between the periods being presented. Also, we
believe excluded items may not relate specifically to current operating trends
or be indicative of future results. For example, preopening and start-up
expenses will be significantly different in periods when we are developing and
constructing a major expansion project and will depend on where the current
period lies within the development cycle, as well as the size and scope of the
project(s). Property transactions, net includes normal recurring disposals,
gains and losses on sales of assets related to specific assets within our
properties, but also includes gains or losses on sales of an entire operating
resort or a group of resorts and impairment charges on entire asset groups or
investments in unconsolidated affiliates, which may not be comparable period
over period. However, Consolidated Adjusted EBITDA has limitations as an
analytical tool, and should not be construed as an alternative or substitute to
any measure determined in accordance with generally accepted accounting
principles. For example, we have significant uses of cash flows, including
capital expenditures, interest payments, income taxes, and debt principal
repayments, which are not reflected in Consolidated Adjusted EBITDA.
Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant
measure of performance, Consolidated Adjusted EBITDA should not be construed as
an alternative to or substitute for operating income or net income as an
indicator of our performance, or as an alternative to or substitute for cash
flows from operating activities as a measure of liquidity. In addition, other
companies in the gaming and hospitality industries that report Consolidated
Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner
and such differences may be material. A reconciliation of GAAP net income to
Consolidated Adjusted EBITDA is included in the financial schedules in this
release.
"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude
property transactions, net, goodwill impairment, net gain/loss related to equity
investments for which we have elected the fair value option of ASC 825 and
equity investments accounted for under ASC 321 for which there is a readily
determinable fair value and net gain/loss related to our investments in debt
securities, foreign currency transaction net gain/loss, and change in the fair
value of foreign currency contracts.
Page 4 of 11
Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental
disclosure to reported GAAP measures because we believe this measure is useful
in providing period-to-period comparisons of the results of our continuing
operations to assist investors in reviewing our operating performance over time.
We believe that while certain items excluded from Adjusted EPS may be recurring
in nature and should not be disregarded in evaluating our earnings performance,
it is useful to exclude such items when comparing current performance to prior
periods because these items can vary significantly depending on specific
underlying transactions or events. Also, we believe certain excluded items, and
items further discussed with respect to Consolidated Adjusted EBITDA above, may
not relate specifically to current operating trends or be indicative of future
results. Adjusted EPS should not be construed as an alternative to GAAP earnings
per share as an indicator of our performance. In addition, Adjusted EPS may not
be defined in the same manner by all companies and, as a result, may not be
comparable to similarly titled non-GAAP financial measures of other companies. A
reconciliation of Adjusted EPS to diluted earnings per share can be found under
"Adjusted EPS" included in this release.
RevPAR is hotel revenue per available room.
Page 5 of 11
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and
entertainment company with national and international destinations featuring
best-in-class hotels and casinos, state-of-the-art meetings and conference
spaces, incredible live and theatrical entertainment experiences, and an
extensive array of restaurant, nightlife and retail offerings. MGM Resorts
creates immersive, iconic experiences through its suite of Las Vegas-inspired
brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming
destinations globally, including some of the most recognizable resort brands in
the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting
and online gaming in North America through market-leading brands, including
BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited,
offers sports betting and online gaming through market-leading brands in several
jurisdictions throughout Europe. The Company is currently pursuing targeted
expansion in Asia through an integrated resort development in Japan. Through its
Focused on What Matters philosophy, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in the lives of
its employees, guests and in the communities where it operates. The global
employees of MGM Resorts are proud of their company for being recognized as one
of FORTUNE® Magazine's World's Most Admired Companies®. For more information,
please visit us at www. mgmresorts.com . Please also connect with us
@MGMResortsIntl on X as well as Facebook and Instagram .
Cautionary Statement Concerning Forward-Looking Statements
Statements in this release that are not historical facts are forward-looking
statements, within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve risks and/or uncertainties, including those described in the
Company's public filings with the Securities and Exchange Commission. The
Company has based forward-looking statements on management’s current
expectations and assumptions and not on historical facts. Examples of these
statements include, but are not limited to: the Company's expectations regarding
its financial outlook; any benefits expected to be received from the Company's
transactions and capital investments; the Company's ability to execute on its
strategic plans, including the Company's development project in Japan;
expectations regarding growth at MGM Digital, BetMGM North America Venture, or
MGM China; and the Company's ability to return capital to shareholders
(including the timing and amount of any share repurchases). These forward-
looking statements involve a number of risks and uncertainties. Among the
important factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include: the effects of
economic conditions and market conditions in the markets in which the Company
and its unconsolidated affiliates (including BetMGM North America Venture)
operate and competition with online gaming and sports betting operators and
destination travel locations throughout the United States and the world; the
design, timing and costs of expansion and capital investment projects in Japan
and Dubai; changes in applicable laws or regulations, particularly with respect
to iGaming and online sports betting; risks relating to domestic and
international operations, permits, licenses, financings, approvals and other
contingencies in connection with growth in new or existing jurisdictions;
disruptions in the availability of the Company's information and other systems
or those of third parties on which the Company relies , through cyber-attacks,
or otherwise; and additional risks and uncertainties described in the Company's
Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those
reports). Any forward-looking statement made by the Company in this release
speaks only as of the date on which it is made. In providing forward-looking
statements, the Company is not undertaking any duty or obligation to update
these statements publicly as a result of new information, future events or
otherwise, except as required by law. If the Company updates one or more
forward-looking statements, no inference should be drawn that it will make
additional updates with respect to those other forward-looking statements.
Page 6 of 11
MGMRESORTS CONTACTS:
Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance &
Treasurer
srogers@mgmresorts.com
HOWARD WANG
Vice President of Investor Relations
hwang@mgmresorts.com
News Media
BRIAN AHERN
Executive Director of Communications
media@mgmresorts.com
Page 7 of 11
MGM RESORTSINTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Reven…
Casino $ 2,304,… $ 2,293,… $ 7,066,… $ 6,875,9…
Rooms 762,999 795,236 2,479,… 2,519,0…
Food
and 741,476 748,597 2,348,… 2,296,9…
bever…
Enter…
retail 403,023 412,635 1,222,… 1,240,4…
and
other
4,211,… 4,250,… 13,117… 12,932,…
Expen…
Casino 1,354,… 1,321,… 4,053,… 3,899,9…
Rooms 281,278 266,767 842,944 819,682
Food
and 576,304 554,554 1,735,… 1,691,4…
bever…
Enter…
retail 266,022 261,772 782,788 759,081
and
other
Gener…
and 1,228,… 1,240,… 3,774,… 3,618,7…
admin…
Corpo… 133,485 125,257 402,138 391,704
expen…
Preop…
and 129 31 1,218 965
start…
expen…
Prope…
trans… 7,578 101,775 -264,8… 117,368
net
Goodw… — 256,133 111,019 256,133
impai…
Depre…
and 276,399 260,717 822,439 739,136
amort…
4,124,… 4,388,… 12,261… 12,294,…
Income
from 31,364 25,642 67,228 38,606
uncon…
affil…
Opera…
income 118,684 -112,8… 923,562 676,770
(loss)
Non-o…
income
(expe…
Inter…
expen…
net of -102,6… -102,2… -305,4… -315,140
amoun…
capit…
Non-o…
items
from -1,780 5,942 -1,762 2,149
uncon…
affil…
Other, 7,597 -10,390 21,288 -182,826
net
-96,790 -106,7… -285,8… -495,817
Income
(loss)
before 21,894 -219,5… 637,663 180,953
income
taxes
Benef…
(prov…
for 17,313 12,858 -100,8… -42,857
income
taxes
Net
income 39,207 -206,7… 536,788 138,096
(loss)
Less:
Net
income
attri… -56,315 -78,526 -136,3… -225,846
to
nonco…
inter…
Net
income
(loss)
attri… $ -17,108 $ -285,2… $ 400,461 $ -87,750
to MGM
Resor…
Inter…
Earni…
(loss)
per
share
Basic $ -0.07 $ -1.05 $ 1.54 $ -0.32
Dilut… $ -0.07 $ -1.05 $ 1.52 $ -0.32
Weigh…
avera…
common
shares
outst…
Basic 251,964 272,517 254,105 277,610
Dilut… 251,964 272,517 257,442 277,610
Page 8 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets
Cash and cash equivalents $ 2,395,957 $ 2,062,994
Accounts receivable, net 1,072,242 1,122,940
Inventories 123,509 124,535
Income tax receivable 36,114 220,154
Prepaid expenses and other 560,981 486,419
Assets held for sale — 315,382
Total current assets 4,188,803 4,332,424
Property and equipment, net 6,170,440 6,305,614
Investments in and advances
to 673,379 536,066
unconsolidated affiliates
Goodwill 4,765,627 4,901,960
Other intangible assets, 1,229,520 1,356,676
net
Operating lease 21,547,868 23,002,707
right-of-use assets, net
Deferred income taxes 128,321 89,792
Other long-term assets, net 770,114 848,547
$ 39,474,072 $ 41,373,786
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction $ 425,490 $ 421,502
payable
Accrued interest on 95,314 71,845
long-term debt
Other accrued liabilities 2,864,055 2,993,179
Liabilities related to
assets held for — 25,581
sale
Total current liabilities 3,384,859 3,512,107
Deferred income taxes 2,591,836 2,617,067
Long-term debt, net 5,668,986 6,230,141
Operating lease liabilities 23,749,751 24,962,742
Other long-term obligations 701,378 775,411
Total liabilities 36,096,810 38,097,468
Redeemable noncontrolling 8,527 21,777
interests
Stockholders' equity
Common stock, $0.01 par
value:
authorized 1,000,000,000
shares, issued 2,516 2,583
and outstanding 251,601,576
and
258,323,143 shares
Capital in excess of par 11,536 —
value
Retained earnings 2,291,614 2,106,836
Accumulated other 198,743 320,498
comprehensive income
Total MGM Resorts
International 2,504,409 2,429,917
stockholders' equity
Noncontrolling interests 864,326 824,624
Total stockholders' equity 3,368,735 3,254,541
$ 39,474,072 $ 41,373,786
Page 9 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – REVENUE
(In thousands)
(Unaudited)
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Las
Vegas $ 1,954,… $ 1,984,… $ 6,304,… $ 6,275,4…
Strip
Resor…
Regio… 883,204 956,875 2,725,… 2,821,9…
Opera…
MGM 1,138,… 1,087,… 3,361,… 3,225,2…
China
MGM 183,666 174,027 562,715 465,946
Digit…
Manag…
and 52,514 47,197 163,777 143,822
other
opera…
$ 4,211,… $ 4,250,… $ 13,117… $ 12,932,…
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – SEGMENT ADJUSTED EBITDAR AND CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Las
Vegas $ 530,781 $ 600,869 $ 2,015,… $ 2,122,5…
Strip
Resor…
Regio… 242,622 295,521 782,275 883,219
Opera…
MGM 263,978 283,990 794,161 870,897
China
MGM -4,209 -23,248 -60,695 -83,339
Digit…
Uncon…
affil…
- 31,364 25,642 67,228 38,606
BetMGM
and
other…
Manag…
and 25,117 16,273 83,273 58,267
other
opera…
Stock -15,022 -14,274 -65,792 -59,350
compe…
Triple
net
lease -548,9… -564,6… -1,665… -1,693,…
rent
expen…
Corpo… -122,9… -114,3… -356,4… -346,904
Conso…
Adjus… $ 402,790 $ 505,804 $ 1,593,… $ 1,790,3…
EBITDA
Additional Information:
Non-cash rent(4) $ 91,603 $ 104,011 $ 290,104 $ 321,360
(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that
offer interactive gaming.
(2) Represents the Company's share of operating income of unconsolidated
affiliates.
(3) Includes amounts related to MGM China of $17 million and $47 million for
current quarter and current year, respectively, and of $13 million and $36
million for prior year quarter and prior year, respectively.
(4) Represents the excess of expense over cash paid related to triple net
operating and ground leases.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss)
attri… $ -17,108 $ -285,2… $ 400,461 $ -87,750
to MGM
Resor…
Inter…
Plus:
Net
income
attri… 56,315 78,526 136,327 225,846
to
nonco…
inter…
Net
income 39,207 -206,7… 536,788 138,096
(loss)
Provi…
(bene…
for -17,313 -12,858 100,875 42,857
income
taxes
Income
(loss)
before 21,894 -219,5… 637,663 180,953
income
taxes
Non-o…
(inco…
expen…
Inter…
expen…
net of 102,607 102,287 305,425 315,140
amoun…
capit…
Other, -5,817 4,448 -19,526 180,677
net
96,790 106,735 285,899 495,817
Opera…
income 118,684 -112,8… 923,562 676,770
(loss)
Preop…
and 129 31 1,218 965
start…
expen…
Prope…
trans… 7,578 101,775 -264,8… 117,368
net
Goodw… — 256,133 111,019 256,133
impai…
Depre…
and 276,399 260,717 822,439 739,136
amort…
Conso…
Adjus… $ 402,790 $ 505,804 $ 1,593,… $ 1,790,3…
EBITDA
Page 10 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATIONS OF REGIONAL OPERATIONS REVENUE TO REGIONAL OPERATIONS
SAME-STORE REVENUE AND REGIONAL OPERATIONS SEGMENT ADJUSTED EBITDAR TO
REGIONAL OPERATIONS SAME-STORE SEGMENT ADJUSTED EBITDAR
(In thousands)
(Unaudited)
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Regio…
Opera… $ 883,204 $ 956,875 $ 2,725,… $ 2,821,9…
reven…
Dispo… — -83,667 -104,4… -247,672
Regio…
Opera… $ 883,204 $ 873,208 $ 2,620,… $ 2,574,2…
same-…
reven…
Regio…
Opera…
Segme… $ 242,622 $ 295,521 $ 782,275 $ 883,219
Adjus…
EBITD…
Dispo… — -35,790 -44,464 -106,956
Regio…
Opera…
Same-… $ 242,622 $ 259,731 $ 737,811 $ 776,263
Segme…
Adjus…
EBITD…
(1) Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as
applicable, for the period prior to its disposition
.
Page 11 of 11