Q1 2026 MGM Resorts International Earnings Call Transcript
Key Points
- MGM Resorts International (MGM) reported consolidated growth in the first quarter, driven by strength in digital and China.
- Las Vegas net revenue grew year-over-year for the first time in over a year, supported by strong group and convention business.
- The company introduced an all-inclusive experience at select properties, which has been well-received, attracting a significant portion of first-time Las Vegas visitors.
- MGM China achieved a 9% increase in net revenues, with a strong market share of 17.3% by the end of March.
- MGM Digital reported another quarter of double-digit revenue growth, with significant contributions from the LeoVegas B2C business in Sweden and the UK.
- Segment adjusted EBITDA in Las Vegas decreased by $62 million due to increased self-insurance expenses and a decrease in business interruption proceeds.
- Regional operations faced a $20 million decrease in segment adjusted EBITDA, partly due to weather-related disruptions and increased self-insurance expenses.
- MGM China’s segment adjusted EBITDAR was impacted by a new branding agreement, resulting in higher fees.
- The company is facing increased operating costs due to frivolous litigation, impacting self-insurance expenses.
- The leisure customer segment at the lower end of the spectrum, particularly midweek, remains a challenge for properties like Luxor and Excalibur.
Good afternoon, and welcome to the MGM Resorts International first-quarter 2026 earnings conference call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Ayesha Molino, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer; Gary Fritz, Chief Commercial Officer and President of MGM Digital; Kenneth Feng, Chief Executive Officer of MGM China Holdings; and Howard Wang, Vice President, Investor Relations.
(Operator Instructions) Please note, this conference is being recorded.
Now I'd like to turn the conference over to Howard Wang.
Thanks, [Roco]. Welcome to the MGM Resorts International first-quarter 2026 earnings call. This call is being broadcast live on the Internet at investors.mgmresorts.com, and we have also furnished our press release on Form 8-K to the SEC.
On this call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual
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