MGM Resorts International reported second quarter 2026 results on July 29, 2026, with its digital businesses showing a clear split: strong iGaming performance helped offset flat online sports betting revenue.
The company posted record consolidated revenue and continued momentum across its Las Vegas Strip resorts, regional properties, and digital platforms.
While MGM Digital (which includes LeoVegas and other interactive gaming subsidiaries) reported 20% revenue growth to $196 million, the broader BetMGM North America Venture told a more nuanced story. BetMGM’s Q2 2026 net revenue reached $711 million, up just 3% year over year, as the company's strong iGaming results balanced weaker online sports wagering.
This included launching a menu of online casino games featuring the hit reality show "Survivor 50." Park MGM was also approved for a broadcast-ready gaming salon, and the company extended its partnership with Major League Baseball.
This dynamic highlights a key trend in the U.S. online gambling market: iGaming (online casino) is becoming a more stable revenue driver than online sports betting, which faces tougher competition and lower margins.
MGM Q2 2026 Financial Highlights
Beyond its digital segment, MGM Resorts delivered solid overall results in the second quarter.
Consolidated Results:
- Revenue: $4.5 billion, up 1% from Q2 2025.
- Net income: $292 million, up sharply from $49 million last year.
- Adjusted EBITDA: $610 million, down from $648 million in the prior year quarter.
- Diluted EPS: $1.11 vs. $0.18 in Q2 2025.
- Adjusted EPS: $0.59, beating analyst expectations despite a drop from $0.79 last year.
MGM Las Vegas Strip Resorts
Las Vegas continued its turnaround with a second straight quarter of year-over-year revenue growth.
- Revenue: $2.2 billion, up 3%.
- Segment Adjusted EBITDAR: $735 million, up 3%.
- Casino revenue: $536 million, up 17%.
- Occupancy: Steady at 93%.
Regional Operations
MGM’s regional properties set a new benchmark for same-store revenue performance.
- Revenue: $924 million, down 4% overall, but same-store revenue rose 3% to $904 million.
- Segment Adjusted EBITDAR: $280 million, down 9%, though same-store EBITDAR was flat year over year.
MGM China
MGM China showed resilience with relatively flat revenue despite a challenging market.
- Revenue: $1.1 billion, essentially unchanged from Q2 2025.
- Segment Adjusted EBITDAR: $257 million, down 15%.
MGM Digital
MGM’s digital segment posted strong revenue growth, though it remains in a loss position.
- Revenue: $196 million, up 20% from $164 million in Q2 2025.
- Segment Adjusted EBITDAR: Loss of $31 million, wider than the $26 million loss last year.
What This Means for MGM Stock
MGM shares traded in the mid-$40s to high-$40s in late July 2026, with a market capitalization near $12 billion. The company’s adjusted EPS beat the analyst consensus, helping support investor confidence despite some year-over-year declines in profitability metrics.
Analysts maintain a “Moderate Buy” consensus on MGM stock, with an average price target around $47.83.
Looking Ahead: MGM’s Growth Strategy
MGM Resorts is balancing near-term performance with long-term investments. Developments to watch include:
- MGM Osaka: Development continues on what will be the world’s largest integrated resort, targeting a 2030 opening.
- Capital allocation: MGM is focusing investment on luxury offerings in Las Vegas and high-return digital initiatives.
- Share buybacks: In Q2 2026, MGM repurchased about 4 million shares for $164 million, with roughly $1.4 billion remaining under its repurchase plan.
For investors and industry watchers, MGM’s diversified portfolio—spanning Las Vegas luxury resorts, regional casinos, China operations, and digital gaming—positions the company as a key player in both traditional and online gambling markets. The strength of iGaming within BetMGM’s results underscores how online casino games are becoming a critical profit engine, even as online sports betting faces headwinds.
