MGM Q1 Earnings Led by Vegas and Digital Strength

MGM Resorts reported Q1 2026 revenue of $4.45 billion, a 4% year-over-year increase that set a record first quarter and beat analyst estimates of $4.37 billion. The performance was led by BetMGM's digital segment, which posted 43% revenue growth to $183 million, and MGM China, which grew 9% as Macau gaming continued its recovery from post-pandemic lows.

Las Vegas Strip operations showed topline resilience but faced margin pressure, with Segment Adjusted EBITDA declining $62 million year-over-year due to higher self-insurance costs and decreased business interruption proceeds. International digital brand LeoVegas exceeded 30% revenue growth, driven by strong performance in Sweden and the UK. Adjusted EPS of $0.49 met consensus estimates.

MGM repurchased 2.5 million shares for $90 million in the quarter, continuing its capital return program. As the company reworks its Vegas strategy to address margin compression, the divergence between digital strength and Las Vegas EBITDA pressure will define the narrative heading into Q2. BetMGM's narrowing losses — Adjusted EBITDAR loss improved to $26 million — suggest the digital business is approaching profitability.

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