MGM International First-Quarter Net Revenue Sets Record, Las Vegas Business Rebounds
MGM Resorts International released its first-quarter 2026 financial results, with consolidated net revenue hitting a record $4.5 billion, up 4% year-over-year. The Las Vegas business saw its first quarterly net revenue rebound year-over-year since the third quarter of 2024, which CEO Bill Hornbuckle attributed to strong group and convention bookings, newly launched all-inclusive promotions, and room renovations at MGM Grand. The company also confirmed the sale of the Northfield Park project in Ohio for $546 million and revealed it is actively participating in negotiations for an NBA expansion team in Las Vegas.
Key Points
- MGM Resorts International reported earnings on Wednesday, with consolidated net revenue for the first quarter of 2026 reaching a record $4.5 billion, up 4% year-over-year.
- Las Vegas operations saw their first year-over-year quarterly net revenue increase since the third quarter of 2024, despite facing an "unusually strong leisure comparable base," CEO Bill Hornbuckle said on Wednesday's conference call. Adjusted EBITDAR declined 8% during the same period.
- Hornbuckle noted that MGM's first-quarter Las Vegas performance benefited from solid group and convention bookings, the company's newly launched all-inclusive promotion, and the room renovation project at MGM Grand Las Vegas.
Deeper Insights
MGM's first-quarter results demonstrate overall resilience in the Las Vegas market—following sustained downward pressure the company faced throughout 2025. Hornbuckle stated that despite macroeconomic headwinds, the company expects this growth momentum to continue into the second quarter and the full year.
"Our optimism across all business segments remains firm, especially in Las Vegas. We are still on track to achieve growth this year," Hornbuckle added, noting that the first quarter is "traditionally our peak group and convention season."
Earlier this month, MGM completed the sale of the operating rights for the Northfield Park project in Ohio for $546 million in cash. CFO Jonathan Halkyard said in a statement that the transaction "achieved a multiple significantly above the company's current valuation of its high-quality diversified portfolio."
On the conference call, Hornbuckle said MGM wants to continue leveraging Las Vegas's ability to deliver unique experiences, particularly through several major sporting events scheduled in the coming years, including the 2027 NCAA National Championship and the 2028 NCAA Final Four.
"Today's consumers are firmly shifting toward live events and experiential travel in Las Vegas, and MGM is capitalizing on this momentum," Hornbuckle said. "Las Vegas's adaptability in business mix, pricing, and entertainment continues to strengthen its market differentiation and reinforce its resilience through economic cycles."
Las Vegas is also one of the candidate cities for an NBA expansion team. Hornbuckle said MGM is "actively engaged in discussions with the league and team owners" to bring a team to the city.
"The good news is that the NBA has clearly identified Vegas and Seattle as expansion targets. We have significant interest in this," Halkyard said on the call, without disclosing further details.
Looking ahead, Halkyard also said MGM is optimistic about second-quarter results, citing the growth momentum of the company's new all-inclusive program and strong future convention bookings.
Earlier this week, Caesars Entertainment CEO Tom Reeg said on a first-quarter call that Las Vegas is "in a healthier state" after a "tough summer." The company's quarterly net revenue was flat, partly supported by strong group and convention scheduling.