MGM Resorts Hits Record Q1 Revenue Despite Decline in Net Income

MGM Resorts International reported record consolidated net revenues of $4.45 billion for the first quarter of 2026, a 4% year-over-year increase. Las Vegas Strip resorts contributed $2.2 billion to this total, driven by robust growth in the convention and group business segment. However, the company faced operational headwinds, including decreased Canadian visitation and soft midweek occupancy, which weighed on Adjusted EBITDA and led to an earnings miss at $0.48 per share. On a positive note, new all-inclusive-style packages showed promise in attracting first-time visitors to MGM properties. Strategically, the $546 million sale of MGM Northfield Park bolstered liquidity, while the company continued its capital return program with $90 million in share repurchases. These results highlight a balance between record top-line performance and specific sector challenges.