MGM Resorts International

MGM said it delivered record second-quarter consolidated net revenue, but it did not state the exact revenue figure or consolidated EPS in the remarks provided here. Las Vegas revenue and segment adjusted EBITDAR both grew year over year; Jonathan Halkyard said Strip EBITDAR was up $25 million, aided by a MGM Grand recovery and a hold benefit. Regional operations posted all-time best same-store quarterly revenue, and MGM Digital reported 20% revenue growth in Q2 and segment adjusted EBITDAR losses of $31 million. On capital allocation, MGM bought back about 4.3 million shares for $164 million during the quarter. For guidance, management said BetMGM remains on track to meet full-year guidance, MGM Digital expects full-year EBITDA losses to be less than last year, and Japan funding for the second half of the year is expected to be $125 million to $175 million; they also said the Osaka project remains on time and on budget for a fall 2030 opening.

Bill Hornbuckle framed the quarter as evidence that the business is stabilizing and gaining momentum, especially in Las Vegas, regional casinos, Macau, and digital. He emphasized record second-quarter results, strong group and convention demand, and the all-inclusive product as a way to broaden the customer base and improve the value narrative. His tone was upbeat on the long-term outlook, especially around luxury investment, events, and Osaka, while he also noted the company is still working through some weakness at the lower end of the Strip.

Jonathan Halkyard focused on the financial drivers behind the quarter: Las Vegas net revenue and segment adjusted EBITDAR both increased year over year, with Strip EBITDAR up $25 million. He pointed to record same-store regional revenue, 43% same-store slot handle and slot win growth at the combined regional portfolio basis excluding Field Park’s partial-quarter impact, and MGM Digital revenue growth of 20% with a $31 million EBITDAR loss. He also highlighted capital returns, saying MGM repurchased about 4.3 million shares for $164 million, and noted the company remains on track to deploy about $1 billion in each of 2027 and 2028 for Japan after spending about $600 million to date.

Analysts pressed on Las Vegas trends, with management saying April and May were strong, June was softer because of heat and seasonality, and July improved. They said the all-inclusive offer helped stabilize occupancy and ADR at Luxor and Excalibur, and that half of those package participants were brand new guests. Questions on capital spending and luxury investment were answered with a willingness to keep investing within the existing capex base unless larger projects add clear payback, while Macau questions drew a response that the market remains competitive but MGM is optimizing product, service, and reinvestment rather than relying only on promotions.