MGM Resorts Q2 profit beats as Las Vegas Strip revenue rises 3%

MGM Resorts International reported second-quarter net income of $292 million, or $1.11 a share, as revenue from its Las Vegas Strip properties grew 3% to $2.2 billion.

"The strength of our diversified portfolio drove record second-quarter consolidated revenue," Chief Executive Officer Bill Hornbuckle said. "We continue to build for the future with investment in the largest integrated resort in the world, MGM Osaka, on track for 2030 opening."

Revenue rose 1% to $4.45 billion from $4.4 billion a year earlier, topping the $4.43 billion average analyst estimate. Adjusted earnings per share of 59 cents missed the 63-cent consensus, weighed by higher branding license fees at MGM China and investment costs at MGM Digital. Consolidated adjusted EBITDA fell to $610 million from $648 million.

The Las Vegas Strip, MGM's largest profit center, generated $735 million in segment adjusted EBITDAR, up 3% from a year earlier, as casino revenue jumped 17% to $536 million. Table games win percentage rose to 29.6% from 22.9%, while hotel occupancy held at 93%. Room revenue slipped 2% to $717 million on a 4% decline in average daily rate to $242.

Regional operations posted same-store revenue of $904 million, up 3%, though reported segment adjusted EBITDAR fell 9% to $280 million on the disposition of MGM Northfield Park in April. MGM China revenue was flat at $1.1 billion, with segment adjusted EBITDAR falling 15% to $257 million as intercompany branding license fees rose by $21 million.

MGM Digital revenue surged 20% to $196 million, though the segment posted an adjusted EBITDAR loss of $31 million as the company invested in its European and Brazilian online gaming operations. The BetMGM venture contributed $23 million in operating income from unconsolidated affiliates.

MGM repurchased about 4 million shares for $164 million during the quarter, leaving $1.4 billion remaining under its buyback plan. Chief Financial Officer Jonathan Halkyard said the company would continue allocating growth capital to its Las Vegas luxury offerings and digital businesses.

The results show MGM's Las Vegas properties are recovering after a sluggish 2025, with two consecutive quarters of year-over-year Strip revenue growth. Investors will watch the company's Q3 outlook for signs of sustained momentum in group bookings and international visitation.

This article is for informational purposes only and does not constitute investment advice.