Key Highlights

  • Consensus EPS of 0.04 compares with second-quarter adjusted EPS of 0.59 and diluted EPS of 1.11, against 0.18.
  • Consensus revenue of USD 4.21 billion compares with second-quarter revenue of USD 4,450,993 thousand, against USD 4,404,870 thousand.
  • Operating income was USD 503,636 thousand, including a USD 287 million gain in property transactions, net.
  • Las Vegas Strip revenue was USD 2.2 billion, up 3%, with adjusted EBITDAR of USD 735 million, also up 3%.

MGM Resorts International (NYSE:MGM) reports third-quarter results on Wednesday, Oct. 28, after the market closes. Consensus stands at EPS of 0.04 on revenue of USD 4.21 billion, and the company has a market capitalization of USD 7.18 billion.

MGM Resorts International operates Las Vegas Strip resorts, regional gaming properties, MGM China and a digital business that includes its BetMGM venture. Second-quarter revenue was USD 4,450,993 thousand against USD 4,404,870 thousand, and net income attributable to the company was USD 292,433 thousand against USD 48,951 thousand.

Estimates Against Second-Quarter Results

The EPS estimate of 0.04 is below second-quarter adjusted EPS of 0.59, which compared with 0.79, and below diluted EPS of 1.11, which compared with 0.18. The estimates table does not state its EPS basis. The revenue estimate of USD 4.21 billion is below the USD 4,450,993 thousand reported.

Management gave no third-quarter range. It said the booking window remains short but said it continues to see group and convention calendars alongside growth in the city's event calendar, and said it likes its on-the-books position for 2027.

What Management Guided and What It Left Open

Management said it expects the full-year MGM Digital adjusted EBITDAR loss to be lower than in 2025, after a second-quarter loss of USD 31 million. It kept convention at 20% of the room mix for the full year and committed USD 125 million to USD 175 million to MGM Osaka for the second half of 2026.

Management left open the pace of MGM Osaka spending, with plans to deploy USD 1 billion annually in 2027 and 2028 toward a fall 2030 opening. It also left open state iGaming legislation in Virginia, Maryland and Indiana, on which it said it is more optimistic than it has been in a while.

Las Vegas, Regional and MGM China Detail

Las Vegas table games win percentage was 29.6% against 22.9%, which management estimated as a hold benefit in the tens of millions. Las Vegas RevPAR was USD 224 and ADR was USD 242, both down 4%. Regional same-store revenue was USD 904 million, up 3%, with adjusted EBITDAR of USD 271 million, flat.

MGM China revenue was USD 1.1 billion, with adjusted EBITDAR of USD 257 million, down 15% on a USD 21 million increase in intercompany branding license fees. MGM Digital revenue was USD 196 million, up 20%. BetMGM operating income share was USD 23.1 million.

Income Statement Lines, Cash and Buybacks

Operating income rose 24% to USD 503,636 thousand against USD 404,565 thousand, due primarily to a USD 287 million gain in property transactions, net. Income before income taxes was USD 413,520 thousand against USD 133,756 thousand, and net income including noncontrolling interests was USD 322,789 thousand against USD 118,094 thousand.

Cash and cash equivalents were USD 2,547,380 thousand against USD 2,062,994 thousand at the prior year end, and long-term debt, net was USD 6,068,442 thousand. The company repurchased 4.3 million shares for USD 164 million. The estimates table lists a market capitalization of USD 7.18 billion.

Comparisons to Make in the Report

Reported EPS against 0.04 and revenue against USD 4.21 billion are the headline comparisons. Other markers are Las Vegas Strip revenue, the MGM Digital loss and MGM Osaka spending.