filings.toolsItem 1. Financial Statements
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Item 1. Financial Statements
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 2,547,380 | $ | 2,062,994 | |||||||
| Accounts receivable, net | 1,218,354 | 1,122,940 | |||||||||
| Inventories | 123,371 | 124,535 | |||||||||
| Income tax receivable | 1,612 | 220,154 | |||||||||
| Prepaid expenses and other | 513,236 | 486,419 | |||||||||
| Assets held for sale | — | 315,382 | |||||||||
| Total current assets | 4,403,953 | 4,332,424 | |||||||||
| Property and equipment, net | 6,182,784 | 6,305,614 | |||||||||
| Investments in and advances to unconsolidated affiliates | 637,534 | 536,066 | |||||||||
| Goodwill | 4,768,737 | 4,901,960 | |||||||||
| Other intangible assets, net | 1,258,099 | 1,356,676 | |||||||||
| Operating lease right-of-use assets, net | 21,659,125 | 23,002,707 | |||||||||
| Deferred income taxes | 117,192 | 89,792 | |||||||||
| Other long-term assets, net | 820,902 | 848,547 | |||||||||
| $ | 39,848,326 | $ | 41,373,786 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts and construction payable | $ | 422,884 | $ | 421,502 | |||||||
| Accrued interest on long-term debt | 72,345 | 71,845 | |||||||||
| Other accrued liabilities | 2,803,719 | 2,993,179 | |||||||||
| Liabilities related to assets held for sale | — | 25,581 | |||||||||
| Total current liabilities | 3,298,948 | 3,512,107 | |||||||||
| Deferred income taxes | 2,600,028 | 2,617,067 | |||||||||
| Long-term debt, net | 6,068,442 | 6,230,141 | |||||||||
| Operating lease liabilities | 23,778,515 | 24,962,742 | |||||||||
| Other long-term obligations | 726,335 | 775,411 | |||||||||
| Total liabilities | 36,472,268 | 38,097,468 | |||||||||
| Commitments and contingencies (Note 8) | |||||||||||
| Redeemable noncontrolling interests | 8,404 | 21,777 | |||||||||
| Stockholders' equity | |||||||||||
| Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 251,586,206 and 258,323,143 shares | 2,516 | 2,583 | |||||||||
| Capital in excess of par value | — | — | |||||||||
| Retained earnings | 2,308,750 | 2,106,836 | |||||||||
| Accumulated other comprehensive income | 202,509 | 320,498 | |||||||||
| Total MGM Resorts International stockholders' equity | 2,513,775 | 2,429,917 | |||||||||
| Noncontrolling interests | 853,879 | 824,624 | |||||||||
| Total stockholders’ equity | 3,367,654 | 3,254,541 | |||||||||
| $ | 39,848,326 | $ | 41,373,786 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Casino | $ | 2,383,185 | $ | 2,329,798 | $ | 4,762,040 | $ | 4,581,946 | |||||||||||||||
| Rooms | 849,143 | 860,401 | 1,716,997 | 1,723,809 | |||||||||||||||||||
| Food and beverage | 802,332 | 778,179 | 1,607,172 | 1,548,352 | |||||||||||||||||||
| Entertainment, retail and other | 416,333 | 436,492 | 819,502 | 827,845 | |||||||||||||||||||
| 4,450,993 | 4,404,870 | 8,905,711 | 8,681,952 | ||||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Casino | 1,349,281 | 1,333,850 | 2,698,833 | 2,578,160 | |||||||||||||||||||
| Rooms | 276,390 | 272,066 | 561,666 | 552,915 | |||||||||||||||||||
| Food and beverage | 582,734 | 576,633 | 1,159,014 | 1,136,928 | |||||||||||||||||||
| Entertainment, retail and other | 263,346 | 262,880 | 516,766 | 497,309 | |||||||||||||||||||
| General and administrative | 1,263,260 | 1,213,691 | 2,546,092 | 2,378,589 | |||||||||||||||||||
| Corporate expense | 131,433 | 124,096 | 268,653 | 266,447 | |||||||||||||||||||
| Preopening and start-up expenses | 112 | 849 | 1,089 | 934 | |||||||||||||||||||
| Property transactions, net | (286,695) | 125 | (272,475) | 15,593 | |||||||||||||||||||
| Goodwill impairment | 111,019 | — | 111,019 | — | |||||||||||||||||||
| Depreciation and amortization | 282,315 | 241,975 | 546,040 | 478,419 | |||||||||||||||||||
| 3,973,195 | 4,026,165 | 8,136,697 | 7,905,294 | ||||||||||||||||||||
| Income from unconsolidated affiliates | 25,838 | 25,860 | 35,864 | 12,964 | |||||||||||||||||||
| Operating income | 503,636 | 404,565 | 804,878 | 789,622 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (102,129) | (105,584) | (202,818) | (212,853) | |||||||||||||||||||
| Non-operating items from unconsolidated affiliates | 2,525 | (4,055) | 18 | (3,793) | |||||||||||||||||||
| Other, net | 9,488 | (161,170) | 13,691 | (172,436) | |||||||||||||||||||
| (90,116) | (270,809) | (189,109) | (389,082) | ||||||||||||||||||||
| Income before income taxes | 413,520 | 133,756 | 615,769 | 400,540 | |||||||||||||||||||
| Provision for income taxes | (90,731) | (15,662) | (118,188) | (55,715) | |||||||||||||||||||
| Net income | 322,789 | 118,094 | 497,581 | 344,825 | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | (30,356) | (69,143) | (80,012) | (147,320) | |||||||||||||||||||
| Net income attributable to MGM Resorts International | $ | 292,433 | $ | 48,951 | $ | 417,569 | $ | 197,505 | |||||||||||||||
| Earnings per share | |||||||||||||||||||||||
| Basic | $ | 1.12 | $ | 0.18 | $ | 1.61 | $ | 0.70 | |||||||||||||||
| Diluted | $ | 1.11 | $ | 0.18 | $ | 1.59 | $ | 0.70 | |||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||
| Basic | 254,018 | 273,329 | 255,193 | 280,199 | |||||||||||||||||||
| Diluted | 257,758 | 275,615 | 258,327 | 282,328 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 322,789 | $ | 118,094 | $ | 497,581 | $ | 344,825 | |||||||||||||||
| Foreign currency translation | (54,903) | 266,824 | (124,826) | 415,132 | |||||||||||||||||||
| Comprehensive income | 267,886 | 384,918 | 372,755 | 759,957 | |||||||||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | (30,279) | (62,473) | (73,175) | (139,717) | |||||||||||||||||||
| Comprehensive income attributable to MGM Resorts International | $ | 237,607 | $ | 322,445 | $ | 299,580 | $ | 620,240 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 497,581 | $ | 344,825 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 546,040 | 478,419 | |||||||||
| Amortization of debt discounts and issuance costs | 12,694 | 13,862 | |||||||||
| Provision for credit losses | 50,094 | 29,757 | |||||||||
| Stock-based compensation | 50,808 | 45,109 | |||||||||
| Foreign currency transaction (gain) loss | (55,195) | 308,454 | |||||||||
| Property transactions, net | (272,475) | 15,593 | |||||||||
| Goodwill impairment | 111,019 | — | |||||||||
| Noncash lease expense | 208,313 | 257,052 | |||||||||
| Other investment losses (gains) | 19,475 | (38,226) | |||||||||
| Income from unconsolidated affiliates | (35,882) | (9,171) | |||||||||
| Distributions from unconsolidated affiliates | 8,890 | 6,825 | |||||||||
| Deferred income taxes | (44,990) | (27,997) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (134,763) | 24,733 | |||||||||
| Inventories | 939 | 13,557 | |||||||||
| Income taxes receivable and payable, net | 230,837 | 29,074 | |||||||||
| Prepaid expenses and other | (22,325) | (11,392) | |||||||||
| Accounts payable and accrued liabilities | (117,991) | (194,910) | |||||||||
| Other | 73,538 | (92,615) | |||||||||
| Net cash provided by operating activities | 1,126,607 | 1,192,949 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | (396,045) | (496,483) | |||||||||
| Dispositions of property and equipment | 5,920 | 91 | |||||||||
| Investments in unconsolidated affiliates | (137,556) | (85,487) | |||||||||
| Proceeds from sale of operating resorts | 506,659 | — | |||||||||
| Distributions from unconsolidated affiliates | 4,531 | 1,089 | |||||||||
| Investments and other | (92,609) | (24,540) | |||||||||
| Net cash used in investing activities | (109,100) | (605,330) | |||||||||
| Cash flows from financing activities | |||||||||||
| Net borrowings (repayments) of debt - maturities of 90 days or less | (140,788) | 339,382 | |||||||||
| Issuance of long-term debt | 750,000 | — | |||||||||
| Repayment of long-term debt | (750,000) | (500,000) | |||||||||
| Debt issuance costs | (9,560) | (40,839) | |||||||||
| Distributions to noncontrolling interest owners | (83,035) | (80,037) | |||||||||
| Repurchases of common stock | (262,499) | (717,163) | |||||||||
| Other | (54,900) | (61,248) | |||||||||
| Net cash used in financing activities | (550,782) | (1,059,905) | |||||||||
| Effect of exchange rate on cash, cash equivalents, and restricted cash | (14,805) | 13,867 | |||||||||
| Change in cash and cash equivalents classified as assets held for sale | 31,802 | — | |||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||
| Net change for the period | 483,722 | (458,419) | |||||||||
| Balance, beginning of period | 2,150,364 | 2,503,064 | |||||||||
| Balance, end of period | $ | 2,634,086 | $ | 2,044,645 | |||||||
| Supplemental cash flow disclosures | |||||||||||
| Interest paid, net of amounts capitalized | $ | 189,787 | $ | 197,440 | |||||||
| Income taxes paid (refunds received), net | (69,062) | 63,243 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Par Value | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Total MGM Resorts International Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
| Balances, April 1, 2026 | 255,847 | $ | 2,558 | $ | — | $ | 2,173,529 | $ | 257,335 | $ | 2,433,422 | $ | 878,130 | $ | 3,311,552 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 292,433 | — | 292,433 | 49,880 | 342,313 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | (54,826) | (54,826) | (77) | (54,903) | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 14,729 | — | — | 14,729 | 800 | 15,529 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 40 | 1 | (207) | — | — | (206) | — | (206) | |||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (77,899) | (77,899) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (4,301) | (43) | (6,211) | (157,274) | — | (163,528) | — | (163,528) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (7,656) | 62 | — | (7,594) | — | (7,594) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (655) | — | — | (655) | 3,045 | 2,390 | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2026 | 251,586 | $ | 2,516 | $ | — | $ | 2,308,750 | $ | 202,509 | $ | 2,513,775 | $ | 853,879 | $ | 3,367,654 | ||||||||||||||||||||||||||||||||
| Balances, January 1, 2026 | 258,323 | $ | 2,583 | $ | — | $ | 2,106,836 | $ | 320,498 | $ | 2,429,917 | $ | 824,624 | $ | 3,254,541 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 417,569 | — | 417,569 | 100,289 | 517,858 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | (117,989) | (117,989) | (6,837) | (124,826) | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 46,239 | — | — | 46,239 | 4,413 | 50,652 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 62 | 1 | (530) | — | — | (529) | — | (529) | |||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (83,023) | (83,023) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (6,799) | (68) | (37,398) | (215,736) | — | (253,202) | — | (253,202) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (7,656) | 80 | — | (7,576) | — | (7,576) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (655) | 1 | — | (654) | 14,413 | 13,759 | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2026 | 251,586 | $ | 2,516 | $ | — | $ | 2,308,750 | $ | 202,509 | $ | 2,513,775 | $ | 853,879 | $ | 3,367,654 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Par Value | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Total MGM Resorts International Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
| Balances, April 1, 2025 | 279,651 | $ | 2,797 | $ | — | $ | 2,762,722 | $ | 88,025 | $ | 2,853,544 | $ | 732,792 | $ | 3,586,336 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 48,951 | — | 48,951 | 69,471 | 118,422 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | 273,494 | 273,494 | (6,670) | 266,824 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 15,364 | — | — | 15,364 | 778 | 16,142 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 43 | — | (94) | — | — | (94) | — | (94) | |||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (63,645) | (63,645) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (7,512) | (75) | (14,622) | (202,175) | — | (216,872) | — | (216,872) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | — | 31 | — | 31 | — | 31 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (648) | — | — | (648) | 4,691 | 4,043 | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2025 | 272,182 | $ | 2,722 | $ | — | $ | 2,609,529 | $ | 361,519 | $ | 2,973,770 | $ | 737,417 | $ | 3,711,187 | ||||||||||||||||||||||||||||||||
| Balances, January 1, 2025 | 294,374 | $ | 2,944 | $ | — | $ | 3,081,753 | $ | (61,216) | $ | 3,023,481 | $ | 661,670 | $ | 3,685,151 | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | 197,505 | — | 197,505 | 147,849 | 345,354 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | 422,735 | 422,735 | (7,603) | 415,132 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 43,122 | — | — | 43,122 | 1,524 | 44,646 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 74 | 1 | (460) | — | — | (459) | — | (459) | |||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interest owners | — | — | — | — | — | — | (75,010) | (75,010) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (22,266) | (223) | (41,135) | (669,719) | — | (711,077) | — | (711,077) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | — | (10) | — | (10) | — | (10) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (1,527) | — | — | (1,527) | 8,987 | 7,460 | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2025 | 272,182 | $ | 2,722 | $ | — | $ | 2,609,529 | $ | 361,519 | $ | 2,973,770 | $ | 737,417 | $ | 3,711,187 |
The accompanying notes are an integral part of these consolidated financial statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 — ORGANIZATION
Organization. MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.
As of June 30, 2026, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas (“The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including The Reserve at Park MGM), and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements.
As of June 30, 2026, the Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions.
The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company has a 50% ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. As of June 30, 2026, the Company also has a 39% ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan. In April 2026, the Company’s ownership interest in MGM Osaka decreased from 50% to approximately 39% due to equity funding by other shareholders, and in July 2026, the Company’s ownership interest in MGM Osaka increased to approximately 40% due to equity funding by the Company; refer to Note 8.
Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 11 for additional information about the Company’s segments.
NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2025 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.
Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that
affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.
For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.
Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates or equity interests, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are quoted prices for identical or comparable instruments or pricing using observable market data; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements:
-
Level 1 inputs when measuring its equity investments recorded at fair value;
-
Level 2 inputs for its long-term debt fair value disclosures. See Note 5;
-
Level 3 inputs when measuring the fair value of reporting units using a discounted cash flow model;
-
Level 2 inputs for its derivatives; and
-
Level 1 and Level 2 inputs for its debt investments.
Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $333 million and $355 million as of June 30, 2026 and December 31, 2025, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three and six months ended June 30, 2026 the Company recorded a net loss on its equity investments of $9 million and $22 million, respectively. For the three and six months ended June 30, 2025, the Company recorded a net gain on its equity investments of less than $1 million and $32 million, respectively.
Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”
As of June 30, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of June 30, 2026, the fair value of derivatives classified as assets were $1 million in current assets and those classified as liabilities were $52 million with $40 million in current liabilities and $12 million in long-term liabilities. As of December 31, 2025, the fair value of derivatives classified as liabilities were $88 million, with $69 million in current liabilities and $19 million in long-term liabilities.
For the three and six months ended June 30, 2026, the Company recorded a net loss on its derivatives of $27 million and $46 million, respectively. For the three and six months ended June 30, 2025, the Company recorded a net gain on its derivatives of $34 million and $75 million, respectively.
Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.
The following table presents information regarding the Company’s debt investments:
| Fair value level | June 30, 2026 | December 31, 2025 | ||||||||||||
| (In thousands) | ||||||||||||||
| Cash and cash equivalents: | ||||||||||||||
| Money market funds | Level 1 | $ | 89,999 | $ | 158,564 | |||||||||
| Cash and cash equivalents | 89,999 | 158,564 | ||||||||||||
| Short-term investments: | ||||||||||||||
| U.S. government securities | Level 1 | 69,897 | 62,267 | |||||||||||
| Corporate bonds | Level 2 | 132,498 | 135,211 | |||||||||||
| Asset-backed securities | Level 2 | 10,778 | 12,681 | |||||||||||
| Short-term investments | 213,173 | 210,159 | ||||||||||||
| Total debt investments | $ | 303,172 | $ | 368,723 |
Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with effective maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).
Restricted cash. MGM China’s pledged cash of $87 million for each of June 30, 2026 and December 31, 2025, securing the bank guarantees discussed in Note 8 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of June 30, 2026 and December 31, 2025.
Accounts receivable. As of June 30, 2026 and December 31, 2025, the loss reserve on accounts receivable was $167 million and $139 million, respectively.
Goodwill. During the three and six months ended June 30, 2026, the Company recorded a goodwill impairment charge of $111 million relating to a reporting unit within the MGM Digital reportable segment.
Accounts payable. As of June 30, 2026 and December 31, 2025, the Company had accrued $75 million and $83 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.
Revenue recognition. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided, such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the consolidated balance sheets.
The following table summarizes the activity related to contract and contract-related liabilities:
| Outstanding Chip Liability | Loyalty Program | Customer Advances and Other | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| Balance at January 1 | $ | 204,020 | $ | 215,710 | $ | 216,579 | $ | 215,005 | $ | 860,126 | $ | 825,236 | |||||||||||||||||||||||
| Balance at June 30 | 172,661 | 222,259 | 211,836 | 213,502 | 836,017 | 764,446 | |||||||||||||||||||||||||||||
| Increase (decrease) | $ | (31,359) | $ | 6,549 | $ | (4,743) | $ | (1,503) | $ | (24,109) | $ | (60,790) |
The January 1, 2026 balances exclude liabilities related to assets held for sale. See Note 4.
Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or
service (casino, room, food and beverage, and entertainment, retail and other) within Note 11.
Leases. Refer to Note 7 for information regarding leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenue earned by the Company from third parties is classified within the line item corresponding to the type or nature of the tenant’s good or service. For the three and six months ended June 30, 2026, lease revenue from third-party tenants include $18 million and $34 million recorded within food and beverage revenue and $30 million and $58 million recorded within entertainment, retail, and other revenue. For the three and six months ended June 30, 2025, lease revenue from third-party tenants include $19 million and $36 million recorded within food and beverage revenue, respectively and $29 million and $57 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenue from the rental of hotel rooms are recorded as rooms revenue within the consolidated statements of operations.
Currency translation. For the three and six months ended June 30, 2026, the Company recorded foreign currency transaction gain of $30 million and $55 million, respectively. For the three and six months ended June 30, 2025, the Company recorded foreign currency transaction loss of $208 million and $308 million, respectively.
NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates were $638 million and $536 million as of June 30, 2026 and December 31, 2025, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $131 million and $160 million as of June 30, 2026 and December 31, 2025, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.
The Company recorded its share of income from unconsolidated affiliates as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Income from unconsolidated affiliates | $ | 25,838 | $ | 25,860 | $ | 35,864 | $ | 12,964 | |||||||||||||||
| Non-operating items from unconsolidated affiliates | 2,525 | (4,055) | 18 | (3,793) | |||||||||||||||||||
| $ | 28,363 | $ | 21,805 | $ | 35,882 | $ | 9,171 |
The following table summarizes the Company’s share of operating income from unconsolidated affiliates:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| BetMGM North America Venture | $ | 23,097 | $ | 21,770 | $ | 30,457 | $ | 6,569 | |||||||||||||||
| Other | 2,741 | 4,090 | 5,407 | 6,395 | |||||||||||||||||||
| $ | 25,838 | $ | 25,860 | $ | 35,864 | $ | 12,964 |
NOTE 4 — DIVESTITURES
MGM Northfield Park sale. In April 2026, the Company completed the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for cash consideration of $546 million, or $541 million, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI Properties, Inc. (“VICI”) was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent. The Company recognized a $255 million gain recorded within “Property transactions, net” which reflects the net cash consideration, above, less the net carrying value of the assets and liabilities derecognized of $286 million. The transaction did not meet the criteria for presentation as a discontinued operation.
The major classes of assets and liabilities derecognized are as follows:
| (In thousands) | |||||
| Cash and cash equivalents | $ | 26,257 | |||
| Accounts receivable, net | 4,643 | ||||
| Inventories | 356 | ||||
| Prepaid expenses and other | 1,387 | ||||
| Property and equipment, net | 30,071 | ||||
| Goodwill | 17,915 | ||||
| Other intangible assets, net | 228,000 | ||||
| Other long-term assets, net | 328 | ||||
| Total assets | $ | 308,957 | |||
| Accounts payable | $ | 4,540 | |||
| Other accrued liabilities | 17,792 | ||||
| Other long-term obligations | 210 | ||||
| Total liabilities | $ | 22,542 |
NOTE 5 — LONG-TERM DEBT
Long-term debt consisted of the following:
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In thousands) | |||||||||||
| Senior secured yen credit facility | $ | 333,360 | $ | 346,528 | |||||||
| MGM China revolving credit facility | 344,274 | 488,247 | |||||||||
| 5.875% MGM China senior notes, due 2026 | — | 750,000 | |||||||||
| 4.625% senior notes, due 2026 | 400,000 | 400,000 | |||||||||
| 5.5% senior notes, due 2027 | 675,000 | 675,000 | |||||||||
| 4.75% MGM China senior notes, due 2027 | 750,000 | 750,000 | |||||||||
| 4.75% senior notes, due 2028 | 750,000 | 750,000 | |||||||||
| 6.125% senior notes, due 2029 | 850,000 | 850,000 | |||||||||
| 7.125% MGM China senior notes, due 2031 | 500,000 | 500,000 | |||||||||
| 6.5% senior notes, due 2032 | 750,000 | 750,000 | |||||||||
| 6.25% MGM China senior notes, due 2033 | 750,000 | — | |||||||||
| 7% debentures, due 2036 | 552 | 552 | |||||||||
| 6,103,186 | 6,260,327 | ||||||||||
| Less: Unamortized discounts and debt issuance costs, net | (34,744) | (30,186) | |||||||||
| $ | 6,068,442 | $ | 6,230,141 |
Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis.
Senior secured credit facility. At June 30, 2026, the Company’s senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which no amounts were drawn.
The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.
Senior secured yen credit facility. At June 30, 2026 the Company’s senior secured yen credit facility consisted of a JPY54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY67.8 billion. At June 30, 2026, the interest rate was 3.17%.
The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.
MGM China revolving credit facility. At June 30, 2026, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility. At June 30, 2026, the weighted average interest rate was 4.85%.
The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative, and financial covenants. MGM China was in compliance with its credit facility covenants at June 30, 2026.
MGM China senior notes. In May 2026, MGM China repaid its $750 million in aggregate principal amount of 5.875% notes due 2026 at maturity.
In May 2026, MGM China issued $750 million in aggregate principal amount of 6.25% notes due 2033.
In June 2025, MGM China repaid its $500 million in aggregate principal amount of 5.25% notes due 2025 at maturity.
Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.1 billion and $6.3 billion at June 30, 2026 and December 31, 2025, respectively.
NOTE 6 — INCOME TAXES
For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 21.9% and 19.2% on income before income taxes for the three and six months ended June 30, 2026, respectively, and 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively.
NOTE 7 — LEASES
The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.
The VICI lease. As of June 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property.
In April 2026, in connection with the sale of the operations of MGM Northfield Park, the VICI lease was amended and restated to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $722 million. The partial termination resulted in the reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and a decrease in operating lease ROU asset, net of $1.1 billion and operating lease liabilities of $1.2 billion, with $51 million recorded as a gain on partial termination within “Property transactions, net.” Annual cash rent payments for the lease year that commenced on May 1, 2026 increased to $736 million as a result of the 2% fixed annual escalator.
Other information. Components of lease costs and other information related to the Company’s leases were:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Operating lease cost, primarily classified within “General and administrative”(1) | $ | 558,784 | $ | 574,304 | $ | 1,129,657 | $ | 1,148,461 | |||||||||||||||
| Finance lease costs | |||||||||||||||||||||||
| Interest expense | $ | 3,659 | $ | 4,068 | $ | 7,155 | $ | 8,386 | |||||||||||||||
| Amortization expense | 18,134 | 18,031 | 37,142 | 36,202 | |||||||||||||||||||
| Total finance lease costs | $ | 21,793 | $ | 22,099 | $ | 44,297 | $ | 44,588 |
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2026 and 2025 and $166 million for each of the six months ended June 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In thousands) | |||||||||||
| Operating leases | |||||||||||
| Operating lease ROU assets, net(1) | $ | 21,659,125 | $ | 23,002,707 | |||||||
| Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 99,076 | $ | 106,005 | |||||||
| Operating lease liabilities - long-term(2) | 23,778,515 | 24,962,742 | |||||||||
| Total operating lease liabilities | $ | 23,877,591 | $ | 25,068,747 | |||||||
| Finance leases | |||||||||||
| Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 195,963 | $ | 236,861 | |||||||
| Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 72,981 | $ | 76,913 | |||||||
| Finance lease liabilities - long-term, classified within “Other long-term obligations” | 139,675 | 178,053 | |||||||||
| Total finance lease liabilities | $ | 212,656 | $ | 254,966 | |||||||
| Weighted average remaining lease term (years) | |||||||||||
| Operating leases | 23 | 23 | |||||||||
| Finance leases | 9 | 9 | |||||||||
| Weighted average discount rate (%) | |||||||||||
| Operating leases | 7 | 7 | |||||||||
| Finance leases | 6 | 6 |
(1) As of June 30, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.
(2) As of June 30, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2026 and December 31, 2025, operating lease liabilities – current included $12 million and $9 million related to the Bellagio lease, respectively.
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | ||||||||||
| Operating cash outflows from operating leases | $ | 926,205 | $ | 938,333 | |||||||
| Operating cash outflows from finance leases | 7,155 | 8,386 | |||||||||
| Financing cash outflows from finance leases(1) | 38,007 | 33,883 | |||||||||
| ROU assets obtained in exchange for new lease liabilities | |||||||||||
| Operating leases | $ | 3,592 | $ | 5,555 | |||||||
| Finance leases | 4,726 | — |
(1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Maturities of lease liabilities were as follows:
| Operating Leases | Finance Leases | ||||||||||
| Year ending December 31, | (In thousands) | ||||||||||
| 2026 (excluding the six months ended June 30, 2026) | $ | 916,232 | $ | 42,751 | |||||||
| 2027 | 1,858,458 | 80,180 | |||||||||
| 2028 | 1,889,613 | 31,409 | |||||||||
| 2029 | 1,920,558 | 7,970 | |||||||||
| 2030 | 1,953,636 | 7,436 | |||||||||
| Thereafter | 43,832,324 | 114,210 | |||||||||
| Total future minimum lease payments | 52,370,821 | 283,956 | |||||||||
| Less: Amount of lease payments representing interest | (28,493,230) | (71,300) | |||||||||
| Present value of future minimum lease payments | 23,877,591 | 212,656 | |||||||||
| Less: Current portion | (99,076) | (72,981) | |||||||||
| Long-term portion of lease liabilities | $ | 23,778,515 | $ | 139,675 |
NOTE 8 — COMMITMENTS AND CONTINGENCIES
Litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
Commitments and guarantees. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP1 billion (approximately $124 million as of June 30, 2026) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of June 30, 2026, MOP700 million of the bank guarantees (approximately $87 million as of June 30, 2026) were secured by pledged cash.
Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial.
MGM Osaka guarantees. The Company provides for guarantees (1) in the amount of JPY12.65 billion (approximately $78 million as of June 30, 2026) for 50% of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide
funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $544 million as of June 30, 2026, is pledged as collateral for MGM Osaka’s obligations under its credit agreement.
MGM Osaka funding commitment. In connection with MGM Osaka’s development of an integrated resort, the Company has commitments to fund MGM Osaka of JPY428 billion, of which an estimated amount of approximately JPY335.9 billion (approximately $2.1 billion as of June 30, 2026) remains to be funded as of June 30, 2026. During the six months ended June 30, 2026, the Company funded JPY21.0 billion (approximately $138 million) of the committed amount. Subsequent to June 30, 2026, in July 2026, the Company funded JPY2.9 billion (approximately $18 million) of the committed amount. During the three and six months ended June 30, 2025, the Company funded JPY12.3 billion (approximately $85 million) of the committed amount. The fundings are recognized as contributions to investment in unconsolidated affiliates.
Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $1.35 billion. At June 30, 2026, $25 million in letters of credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.
NOTE 9 — EARNINGS PER SHARE
The table below reconciles basic and diluted earnings per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net income attributable to MGM Resorts International | $ | 292,433 | $ | 48,951 | $ | 417,569 | $ | 197,505 | |||||||||||||||
| Adjustment related to redeemable noncontrolling interests | (7,594) | 31 | (7,576) | (10) | |||||||||||||||||||
| Net income available to common stockholders – basic and diluted | $ | 284,839 | $ | 48,982 | $ | 409,993 | $ | 197,495 | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted-average common shares outstanding – basic | 254,018 | 273,329 | 255,193 | 280,199 | |||||||||||||||||||
| Potential dilution from stock-based awards | 3,740 | 2,286 | 3,134 | 2,129 | |||||||||||||||||||
| Weighted-average common and common equivalent shares – diluted | 257,758 | 275,615 | 258,327 | 282,328 |
NOTE 10 — STOCKHOLDERS’ EQUITY
MGM Resorts International stock repurchases. In each of November 2023 and April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
During the three months ended June 30, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $217 million. During the six months ended June 30, 2025, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $711 million. Repurchased shares were retired.
During the three months ended June 30, 2026, the Company repurchased approximately 4 million shares of its
common stock for an aggregate amount of $164 million. During the six months ended June 30, 2026, the Company repurchased approximately 7 million shares of its common stock for an aggregate amount of $253 million. Repurchased shares were retired. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2026.
NOTE 11 — SEGMENT INFORMATION
The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure.
Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).
Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026).
MGM China. MGM China consists of MGM Macau and MGM Cotai.
MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.
The Company’s corporate operations and management services are reflected within “Corporate and other” in the segment disclosures to reconcile the segment results to consolidated results.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses performance of each segment and decides where to invest capital by using and monitoring budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR.
Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its 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.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | (In thousands) | ||||||||||||||||||||||
| Las Vegas Strip Resorts | |||||||||||||||||||||||
| Casino | $ | 535,524 | $ | 456,581 | $ | 1,048,669 | $ | 994,840 | |||||||||||||||
| Rooms | 716,936 | 734,850 | 1,468,420 | 1,484,899 | |||||||||||||||||||
| Food and beverage | 602,755 | 584,948 | 1,209,342 | 1,170,987 | |||||||||||||||||||
| Entertainment, retail and other | 314,830 | 338,313 | 624,044 | 640,086 | |||||||||||||||||||
| 2,170,045 | 2,114,692 | 4,350,475 | 4,290,812 | ||||||||||||||||||||
| Regional Operations | |||||||||||||||||||||||
| Casino | 668,392 | 710,115 | 1,352,882 | 1,382,090 | |||||||||||||||||||
| Rooms | 83,478 | 79,813 | 152,070 | 146,538 | |||||||||||||||||||
| Food and beverage | 113,369 | 115,575 | 223,533 | 224,656 | |||||||||||||||||||
| Entertainment, retail and other | 58,859 | 59,109 | 113,523 | 111,747 | |||||||||||||||||||
| 924,098 | 964,612 | 1,842,008 | 1,865,031 | ||||||||||||||||||||
| MGM China | |||||||||||||||||||||||
| Casino | 956,308 | 977,397 | 1,932,822 | 1,873,249 | |||||||||||||||||||
| Rooms | 48,730 | 45,738 | 96,508 | 92,372 | |||||||||||||||||||
| Food and beverage | 86,207 | 77,656 | 174,296 | 152,709 | |||||||||||||||||||
| Entertainment, retail and other | 9,636 | 9,302 | 19,290 | 19,235 | |||||||||||||||||||
| 1,100,881 | 1,110,093 | 2,222,916 | 2,137,565 | ||||||||||||||||||||
| MGM Digital | |||||||||||||||||||||||
| Casino | 196,308 | 163,861 | 379,049 | 291,919 | |||||||||||||||||||
| Reportable segment revenue | 4,391,332 | 4,353,258 | 8,794,448 | 8,585,327 | |||||||||||||||||||
| Corporate and other | 59,661 | 51,612 | 111,263 | 96,625 | |||||||||||||||||||
| Total revenue | $ | 4,450,993 | $ | 4,404,870 | $ | 8,905,711 | $ | 8,681,952 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Las Vegas Strip Resorts | |||||||||||||||||||||||
| Revenue | $ | 2,170,045 | $ | 2,114,692 | $ | 4,350,475 | $ | 4,290,812 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Payroll related expense | 682,979 | 666,550 | 1,352,449 | 1,328,296 | |||||||||||||||||||
| Cost of sales | 135,408 | 129,926 | 268,049 | 257,683 | |||||||||||||||||||
| Gaming taxes | 58,263 | 53,824 | 113,546 | 113,034 | |||||||||||||||||||
| Other segment items(1) | 558,277 | 553,896 | 1,132,106 | 1,070,143 | |||||||||||||||||||
| Segment Adjusted EBITDAR | 735,118 | 710,496 | 1,484,325 | 1,521,656 | |||||||||||||||||||
| Regional Operations | |||||||||||||||||||||||
| Revenue | 924,098 | 964,612 | 1,842,008 | 1,865,031 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Payroll related expense | 232,154 | 232,239 | 471,111 | 461,186 | |||||||||||||||||||
| Cost of sales | 39,602 | 40,847 | 76,717 | 78,061 | |||||||||||||||||||
| Gaming taxes | 176,011 | 195,672 | 364,519 | 380,386 | |||||||||||||||||||
| Other segment items(1) | 196,115 | 187,198 | 390,008 | 357,700 | |||||||||||||||||||
| Segment Adjusted EBITDAR | 280,216 | 308,656 | 539,653 | 587,698 | |||||||||||||||||||
| MGM China | |||||||||||||||||||||||
| Revenue | 1,100,881 | 1,110,093 | 2,222,916 | 2,137,565 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Payroll related expense | 169,055 | 154,776 | 333,411 | 299,984 | |||||||||||||||||||
| Cost of sales | 30,355 | 27,350 | 61,474 | 54,850 | |||||||||||||||||||
| Gaming taxes | 492,687 | 500,143 | 996,965 | 948,919 | |||||||||||||||||||
| Other segment items(1) | 152,075 | 126,482 | 300,883 | 246,905 | |||||||||||||||||||
| Segment Adjusted EBITDAR | 256,709 | 301,342 | 530,183 | 586,907 | |||||||||||||||||||
| MGM Digital | |||||||||||||||||||||||
| Revenue | 196,308 | 163,861 | 379,049 | 291,919 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Payroll related expense | 34,192 | 32,854 | 64,427 | 62,391 | |||||||||||||||||||
| Marketing costs | 84,457 | 67,002 | 163,687 | 124,795 | |||||||||||||||||||
| Gaming taxes | 56,675 | 39,564 | 102,307 | 70,189 | |||||||||||||||||||
| Other segment items(2) | 51,868 | 50,139 | 105,114 | 94,635 | |||||||||||||||||||
| Segment Adjusted EBITDAR | (30,884) | (25,698) | (56,486) | (60,091) | |||||||||||||||||||
| Total Segment Adjusted EBITDAR | 1,241,159 | 1,294,796 | 2,497,675 | 2,636,170 | |||||||||||||||||||
| Corporate and other, net | (104,422) | (108,726) | (226,173) | (235,675) | |||||||||||||||||||
| Preopening and start-up expenses | (112) | (849) | (1,089) | (934) | |||||||||||||||||||
| Property transactions, net | 286,695 | (125) | 272,475 | (15,593) | |||||||||||||||||||
| Goodwill impairment | (111,019) | — | (111,019) | — | |||||||||||||||||||
| Depreciation and amortization | (282,315) | (241,975) | (546,040) | (478,419) | |||||||||||||||||||
| Triple net lease rent expense | (552,188) | (564,416) | (1,116,815) | (1,128,891) | |||||||||||||||||||
| Income from unconsolidated affiliates | 25,838 | 25,860 | 35,864 | 12,964 | |||||||||||||||||||
| Operating income | 503,636 | 404,565 | 804,878 | 789,622 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (102,129) | (105,584) | (202,818) | (212,853) | |||||||||||||||||||
| Non-operating items from unconsolidated affiliates | 2,525 | (4,055) | 18 | (3,793) | |||||||||||||||||||
| Other, net | 9,488 | (161,170) | 13,691 | (172,436) | |||||||||||||||||||
| (90,116) | (270,809) | (189,109) | (389,082) | ||||||||||||||||||||
| Income before income taxes | 413,520 | 133,756 | 615,769 | 400,540 | |||||||||||||||||||
| Provision for income taxes | (90,731) | (15,662) | (118,188) | (55,715) | |||||||||||||||||||
| Net income | 322,789 | 118,094 | 497,581 | 344,825 | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | (30,356) | (69,143) | (80,012) | (147,320) | |||||||||||||||||||
| Net income attributable to MGM Resorts International | $ | 292,433 | $ | 48,951 | $ | 417,569 | $ | 197,505 |
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Capital expenditures: | (In thousands) | ||||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 93,736 | $ | 120,131 | $ | 144,744 | $ | 225,369 | |||||||||||||||
| Regional Operations | 32,070 | 41,253 | 51,830 | 63,870 | |||||||||||||||||||
| MGM China | 34,367 | 51,583 | 76,514 | 111,319 | |||||||||||||||||||
| MGM Digital | 20,233 | 21,417 | 42,254 | 39,854 | |||||||||||||||||||
| Reportable segment capital expenditures | 180,406 | 234,384 | 315,342 | 440,412 | |||||||||||||||||||
| Corporate and other | 60,975 | 34,058 | 80,703 | 56,071 | |||||||||||||||||||
| $ | 241,381 | $ | 268,442 | $ | 396,045 | $ | 496,483 |
Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.
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