MGM Resorts’ second quarter was marked by a modest uptick in year-over-year revenue and improved operating margins, with results coming in slightly ahead of Wall Street expectations. Management attributed the quarter’s performance to continued strength in its Las Vegas properties, robust group and convention business, and positive momentum in digital operations. CEO Bill Hornbuckle highlighted the successful launch of all-inclusive packages and a healthy mix of high-value events and conventions as key contributors to the quarter’s results.
Is now the time to buy MGM? Find out in our full research report (it’s free for active Edge members).
MGM Resorts (MGM) Q2 CY2026 Highlights:
- Revenue: $4.45 billion vs analyst estimates of $4.42 billion (1% year-on-year growth, 0.7% beat)
- Adjusted EPS: $0.59 vs analyst estimates of $0.58 (1.9% beat)
- Adjusted EBITDA: $610.4 million vs analyst estimates of $1.19 billion (13.7% margin, 48.6% miss)
- Operating Margin: 11.3%, up from 9.2% in the same quarter last year
- Market Capitalization: $11.5 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From MGM Resorts’s Q2 Earnings Call
- Daniel Politzer (JPMorgan) asked about the cadence of Las Vegas performance and new initiatives. CEO Bill Hornbuckle described April and May as strong, with some softness in June but a rebound in July, attributing stabilization to group bookings and all-inclusive packages.
- Barry Jonas (Truist Securities) questioned RevPAR trends and lower-tier property performance. COO Ayesha Khanna Molino acknowledged challenges at Luxor and Excalibur, stating that all-inclusive packages supported occupancy and margins, with luxury and group segments showing relative strength.
- Shaun Kelley (Bank of America) inquired about capital needs for luxury upgrades and potential impact on growth capital. Halkyard clarified most projects fit within existing CapEx, but footprint expansion would require incremental investment.
- Steven Wieczynski (Stifel) pressed on Macau’s promotional competitiveness. President Kenneth Feng emphasized MGM’s focus on a holistic premium experience, with recent renovations and suite upgrades supporting sustainable margins.
- Benjamin Chaiken (Mizuho) sought clarity on Vegas EBITDA trajectory. Hornbuckle stated revenue is growing, but acknowledged EBITDA faces challenges from mix and occupancy, with long-term growth expected as luxury demand and events increase.
Catalysts in Upcoming Quarters
In the coming quarters, StockStory analysts will monitor (1) the pace and impact of luxury upgrades and new event-driven offerings in Las Vegas, (2) progress toward profitability and self-funding within MGM’s digital businesses, and (3) sustained market share and margin performance in Macau and regional properties. The trajectory of international visitation and the effectiveness of all-inclusive and local-targeted initiatives will also be essential indicators.
MGM Resorts currently trades at $45.98, in line with $45.83 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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