For the first time in over a year, MGM Resorts International's Las Vegas Strip resorts delivered comparable period quarterly top line growth despite a strong leisure comparative, said Bill Hornbuckle, president and CEO of MGM Resorts, on the company's first-quarter earnings call.
"MGM Resorts, once again, delivered consolidated net revenue growth in the first quarter, driven by strengths in digital and China," Hornbuckle said. "We achieve this with solid group and convention business in the first quarter, and we expect this to carry into the second quarter."
Despite the earnings call's optimism for Las Vegas, MGM reported an 8% decline of segment adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs. The first quarter of 2026 reported an EBITDAR of $749 million compared to $811 million in the same period last year.
Hornbuckle pointed to opportunities in professional sports — such as the 2029 Super Bowl — on the horizon that will drive demand in Las Vegas. He added that at MGM's Las Vegas properties, the company is committed to new technology as well as delivering value for its guests.
"As the city evolves, we're making sure we are leaders in innovation," Hornbuckle said. "The MGM gaming streaming lounge, which opened at Park MGM, and received all regulatory approvals during the quarter, is another exciting step."
Last month, MGM launched an all-inclusive package at its Luxor and Excalibur resorts. The value-focused deal offered a two nights' stay, meals, parking and more for guests.
Hornbuckle noted that a third of the guests booking the all-inclusive package are first-time visitors to Las Vegas, and the MGM team expects this new influx of visitors to benefit the business.
"We're also seeing a significant portion of those customers as net new customers, which we believe is a positive trend line," said Ayesha Molino, chief operating officer of MGM Resorts. "We're going to continue to evaluate [the offering], understand customer response, understand whether there are new strategies we could deploy alongside it, and whether it needs to be scaled or should be scaled to other properties."
Another boon to the quarter was MGM finalizing the sale of MGM Northfield Park for $546 million.
"With the transaction now closed and the proceeds received, we have increased flexibility to redeploy capital, including re-accelerating share repurchases at our current valuation levels," said Jonathan Halkyard, chief financial officer.
MGM's properties in China raked in $23 million more in fees this quarter compared to the first quarter of 2025. The increase reflects a new long term branding agreement between MGM and MGM China, which increased fees from 1.75% to 3.5%.
Kenneth Feng, CEO of MGM China, recognized that MGM Macau is underserved when it comes to suites, but that's something MGM is already planning to rectify.
"We are in the designing stage about 100 suites at the MGM Macau side," Feng said on the call. "Also some kind of gaming spaces, F&B outlets. We want to spend money wisely to really to reflect the purpose, to serve the purpose of the customers, why they are in Macau."
By the numbers
During the first quarter, MGM Resorts reported its Las Vegas Strip properties saw $2.2 billion in net revenue, a slight increase from the first quarter of 2025, according to the earnings release. Segment adjusted EBITDAR was $749 million in the first quarter compared to $811 million in the same period last year representing a decrease of 8%.
Occupancy for its Las Vegas Strip properties was 92%, down from 94% in the first quarter of 2025. ADR was $257, the same as last year's first quarter, and RevPAR was $238, a decrease of 2% year over year. Total rooms revenue was $751 million, an increase compared to $750 million in the first quarter of 2025.
For the full company, including MGM Resorts' regional properties and two resort casinos in Macau, consolidated net revenue was $4.5 billion, a 4% year-over-year increase. Net income attributable to MGM Resorts was $125 million in the current quarter compared to $149 million in the prior year's first quarter.
As of press time, MGM Resorts' stock was trading at a price of $39.27 per share, up 24.83% year over year. The NYSE Composite Index was up 19.03% for the same period.