### MGM Resorts Q2 2026 Results Beat Expectations, driven by record quarterly revenue highs in Las Vegas, regional operations, and MGM Digital.

Key data: Las Vegas revenue and EBITDAR both increased year-over-year; regional operations achieved a record quarterly revenue on a same-store basis; MGM Digital revenue grew 20% year-over-year.

Business progress: Las Vegas saw strong performance in the high-end and group segments, with record convention and banquet revenue, and all-inclusive packages attracting nearly half of new customers. Regional operations benefited from upgrades to high-limit gaming areas, with Borgata and Beau Rivage posting record revenues. MGM China's market share rose quarter-over-quarter to 16.4%, and July business has rebounded strongly from the impact of the World Cup. MGM Digital's iGaming business grew 8%, and it successfully launched its own sportsbook in Sweden.

Guidance & Outlook: Management remains optimistic about the second half of the year, expecting continued strength in Las Vegas group and convention business. MGM Digital's full-year EBITDA loss is expected to be lower than last year. The Osaka project in Japan is progressing as planned, with an expected opening in 2030.

Risk/Highlight Signals: Management's tone was positive, emphasizing that the Las Vegas business is "stable and growing," and expressed a "bullish" view on the long-term opportunities for MGM Digital's international business, particularly in Brazil.