MGM Resorts posted record second-quarter consolidated revenue of $4.5 billion, up 1% year-on-year, with net profit surging 173% to $322.8 million — numbers that land squarely in the middle of Barry Diller’s People Inc. takeover pursuit.
Key Facts
- Total Q2 2026 revenue: $4.5 billion, up 1% year-on-year — a second-quarter record for the group
- Net profit: $322.8 million, up 173%; profit attributable to MGM up 497% to $292.4 million
- Las Vegas Strip revenue rose 3% to $2.2 billion; regional operations fell 4% to $924 million
- MGM China held flat at $1.1 billion, but Macau adjusted EBITDAR dropped 15% to $257 million
- MGM Digital (including LeoVegas) grew 20% to $196 million, with its EBITDAR loss widening to $31 million
Where did MGM’s growth actually come from?
The headline number is modest — 1% consolidated growth — but the mix underneath it is the story. The Las Vegas Strip, which contributes roughly half of group revenue, grew 3% to $2.2 billion and did the heavy lifting while the regional portfolio shrank 4% to $924 million. Casino revenue across the group rose 2% to $2.38 billion and food and beverage climbed 3% to $802.3 million, offsetting a 1% dip in rooms and a 5% decline in entertainment and retail, per Gambling News’ report on the results. The profit surge outpaced revenue by two orders of magnitude — operating profit rose 24% to $503.6 million — which points to cost discipline rather than top-line expansion as the quarter’s real engine.
“[The quarter] demonstrated the strength of its diversified portfolio, highlighted by record second-quarter consolidated revenue,” Chief Executive Officer Bill Hornbuckle said, adding that the MGM Osaka project remains “on schedule to open in 2030” with more than 60% of foundation piles completed.
What is dragging on Macau and digital?
The two growth franchises both carried asterisks. MGM China’s $1.1 billion of revenue was flat against a Macau market that has been choppy all summer — June’s market-wide revenue fell 12.1% as the World Cup pulled gambling spend toward betting — and the unit’s adjusted EBITDAR fell 15% to $257 million, a margin problem in the group’s highest-margin geography. MGM Digital grew fastest, up 20% to $196 million with LeoVegas folded in, but its adjusted EBITDAR loss widened from $26 million to $31 million: the group is still buying digital growth rather than harvesting it, a trade-off every land-based operator chasing online scale has had to price.
How does the quarter change the Diller equation?
Every number in this report now doubles as a data point in a negotiation. Barry Diller’s People Inc. bid roughly $18 billion for MGM in June, and the board has been weighing the $48.30-a-share offer since mid-July. A record revenue quarter with profit up 173% strengthens the board’s case that the bid undervalues the recovery — while the Macau margin slide and the widening digital losses hand Diller’s side its counterargument. The quarter, in other words, gave both negotiating tables exactly one talking point each.
MGM Q2 2026 at a glance
| Segment | Q2 revenue | YoY |
|---|---|---|
| Las Vegas Strip | $2.2bn | +3% |
| MGM China (Macau) | $1.1bn | flat (EBITDAR −15%) |
| Regional operations | $924m | −4% |
| MGM Digital (incl. LeoVegas) | $196m | +20% (loss widened to $31m) |
| Group total | $4.5bn | +1% |
What happens next?
Three threads to follow into the autumn. The People Inc. process is the overhang: a formal board response to the $48.30 offer is the single event most likely to move the equity, and this quarter’s numbers will be quoted by both sides. Macau’s margin trajectory is the operational question — a second straight quarter of double-digit EBITDAR decline would turn a blip into a trend, in a market still absorbing World Cup displacement. And the digital unit’s loss curve will show whether the LeoVegas platform can reach the scale where 20% growth stops costing money. MGM Osaka, for its part, keeps 2030 as the group’s next structural catalyst.
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