MGM Resorts generates record Q1 revenue with $4.5bn, net income falls 15.8%

MGM Resorts International has reported its financial results for the first quarter of 2026, as revenue increased 4.2% to a quarterly record $4.5bn, despite net income falling 15.8% to $125.1m. 

Casino operations generated the most revenue of any vertical for MGM Resorts, increasing 5.6% to nearly $2.4bn. Rooms and food & beverage accounted for $867.9m and $804.8m of Q1 revenue, respectively, equating to increases of 0.5% and 4.5%. Entertainment, retail and other produced $403.2m of revenue for the operator, equating to growth of just over 3%. 

The fall in net income for Q1 2026 may have been caused by a 7.3% increase in operating expenses for MGM Resorts to $4.2bn, including $1.3bn each for casino operations and general and administrative costs. 

The operator also reported an 8.9% decrease in consolidated adjusted EBITDA for a total of $580.2m, led by Las Vegas Strip resorts which generated $749.2m of adjusted EBITDA but fell 7.6%. Despite the decrease in adjusted EBITDA, Las Vegas Strip resorts increased revenue for the first time since Q3 2024, rising 0.2% to $2.2bn. 

MGM China generated just over $1.1bn of the operator’s total revenue for Q1 2026, representing growth of 9.2%. The figure includes $977m of casino revenue for an increase of 9% year-over-year, although MGM China’s adjusted EBITDA for the quarter decreased 4.2% to $273.5m. 

Regional operations reported $917.9m of revenue, equating to a rise of 1.9%, while adjusted EBITDA for the segment fell 7% to $259.4m. The segment managed to increase table game win by 5% to $205m, as well as slot revenue 3% for a total of $668m. 

MGM Digital produced $182.7m of revenue and increased 42.7%, also managing to decrease its adjusted EBITDA loss for the period by nearly $9m to $25.6m. As a result of increased operating expenses during Q1 2026, MGM Resorts also reported a 21.8% decrease in operating income to $301.2m. 

Even with the overall increase in revenue, Las Vegas Strip resorts reported a 5% decrease in casino revenue to $513m, while room revenue remained stagnant at $751m. MGM Resorts also reported a decrease of two percentage points in occupancy rate for Las Vegas Strip resorts to 92% for Q1 2026. 

On April 21, the operator completed the sale of its MGM Northfield Park property to private equity funds managed by Clairvest Group for $546m, originally announced during October 2025.

MGM Resorts amended its master lease agreement with Vici Properties, which includes payments for MGM Northfield Park, to reduce annual rent by $53m.