v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure.

Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).

Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026).

MGM China. MGM China consists of MGM Macau and MGM Cotai.

MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

The Company’s corporate operations and management services are reflected within “Corporate and other” in the segment disclosures to reconcile the segment results to consolidated results.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses performance of each segment and decides where to invest capital by using and monitoring budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR.

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
Three Months Ended
June 30,		Six Months Ended
June 30,
 202620252026 2025
Revenues(In thousands)
Las Vegas Strip Resorts
Casino$535,524 $456,581 $1,048,669 $994,840 
Rooms716,936 734,850 1,468,420 1,484,899 
Food and beverage602,755 584,948 1,209,342 1,170,987 
Entertainment, retail and other314,830 338,313 624,044 640,086 
2,170,045 2,114,692 4,350,475 4,290,812 
Regional Operations
Casino668,392 710,115 1,352,882 1,382,090 
Rooms83,478 79,813 152,070 146,538 
Food and beverage113,369 115,575 223,533 224,656 
Entertainment, retail and other58,859 59,109 113,523 111,747 
924,098 964,612 1,842,008 1,865,031 
MGM China
Casino956,308 977,397 1,932,822 1,873,249 
Rooms48,730 45,738 96,508 92,372 
Food and beverage86,207 77,656 174,296 152,709 
Entertainment, retail and other9,636 9,302 19,290 19,235 
1,100,881 1,110,093 2,222,916 2,137,565 
MGM Digital
Casino196,308 163,861 379,049 291,919 
Reportable segment revenue4,391,332 4,353,258 8,794,448 8,585,327 
Corporate and other59,661 51,612 111,263 96,625 
 Total revenue$4,450,993 $4,404,870 $8,905,711 $8,681,952 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Las Vegas Strip Resorts
Revenue$2,170,045 $2,114,692 $4,350,475 $4,290,812 
Less:
Payroll related expense682,979 666,550 1,352,449 1,328,296 
Cost of sales135,408 129,926 268,049 257,683 
Gaming taxes58,263 53,824 113,546 113,034 
Other segment items(1)
558,277 553,896 1,132,106 1,070,143 
Segment Adjusted EBITDAR735,118 710,496 1,484,325 1,521,656 
Regional Operations
Revenue924,098 964,612 1,842,008 1,865,031 
Less:
Payroll related expense232,154 232,239 471,111 461,186 
Cost of sales39,602 40,847 76,717 78,061 
Gaming taxes176,011 195,672 364,519 380,386 
Other segment items(1)
196,115 187,198 390,008 357,700 
Segment Adjusted EBITDAR280,216 308,656 539,653 587,698 
MGM China
Revenue1,100,881 1,110,093 2,222,916 2,137,565 
Less:
Payroll related expense169,055 154,776 333,411 299,984 
Cost of sales30,355 27,350 61,474 54,850 
Gaming taxes492,687 500,143 996,965 948,919 
Other segment items(1)
152,075 126,482 300,883 246,905 
Segment Adjusted EBITDAR256,709 301,342 530,183 586,907 
MGM Digital
Revenue196,308 163,861 379,049 291,919 
Less:
Payroll related expense34,192 32,854 64,427 62,391 
Marketing costs84,457 67,002 163,687 124,795 
Gaming taxes56,675 39,564 102,307 70,189 
Other segment items(2)
51,868 50,139 105,114 94,635 
Segment Adjusted EBITDAR(30,884)(25,698)(56,486)(60,091)
Total Segment Adjusted EBITDAR1,241,159 1,294,796 2,497,675 2,636,170 
Corporate and other, net(104,422)(108,726)(226,173)(235,675)
Preopening and start-up expenses(112)(849)(1,089)(934)
Property transactions, net 286,695 (125)272,475 (15,593)
Goodwill impairment(111,019)— (111,019)— 
Depreciation and amortization(282,315)(241,975)(546,040)(478,419)
Triple net lease rent expense(552,188)(564,416)(1,116,815)(1,128,891)
Income from unconsolidated affiliates25,838 25,860 35,864 12,964 
Operating income503,636 404,565 804,878 789,622 
Non-operating income (expense)
Interest expense, net of amounts capitalized(102,129)(105,584)(202,818)(212,853)
Non-operating items from unconsolidated affiliates2,525 (4,055)18 (3,793)
Other, net9,488 (161,170)13,691 (172,436)
(90,116)(270,809)(189,109)(389,082)
Income before income taxes413,520 133,756 615,769 400,540 
Provision for income taxes(90,731)(15,662)(118,188)(55,715)
Net income322,789 118,094 497,581 344,825 
Less: Net income attributable to noncontrolling interests(30,356)(69,143)(80,012)(147,320)
Net income attributable to MGM Resorts International$292,433 $48,951 $417,569 $197,505 
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$93,736 $120,131 $144,744 $225,369 
Regional Operations32,070 41,253 51,830 63,870 
MGM China34,367 51,583 76,514 111,319 
MGM Digital20,233 21,417 42,254 39,854 
Reportable segment capital expenditures180,406 234,384 315,342 440,412 
Corporate and other60,975 34,058 80,703 56,071 
 $241,381 $268,442 $396,045 $496,483 

Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.