MGM Resorts posted record Q2 revenue of $4.5bn, up 1% year-on-year, while an independent committee continues to review a takeover offer from Barry Diller and his People Inc at $48.30 per share. The bid arrived on 1 June, days after rival Caesars Entertainment was acquired by Fertitta Entertainment. CEO Bill Hornbuckle said the board will choose a path that serves shareholder interests but offered no detail.
Net income jumped to $292m from $49m a year earlier, though adjusted EBITDA fell 6% to $610m. Las Vegas revenue rose 3% to $2.2bn, but analysts pressed management on weakness in the budget segment. Luxor and Excalibur remain under pressure; MGM launched two-night all-inclusive packages at $330 — over 30,000 room nights booked, helping stabilise occupancy. Casino revenue in Vegas surged 17% to $536m, with slot hold at 9.6% and table hold at 29.6% (Strip averages around 8% and 16% respectively).
Regional and digital
Regional same-store revenue hit a record $904m, but consolidated net revenue for the segment dropped 4% to $924m and adjusted EBITDAR fell 9% to $280m. MGM sold Northfield Park casino in Ohio for $546m (closed in April) and plans renovations at Borgata in Atlantic City and Beau Rivage in Mississippi by year-end.
Macau revenue at MGM China held steady at $1.1bn, but EBITDAR slipped 15% to $257m as high rollers drifted during the June World Cup. MGM Digital revenue climbed 20% to $196m, though EBITDAR loss widened to $31m. Joint venture BetMGM with Entain brought in $711m, up 3%, driven by iGaming at $483m (up 8%); sports betting stayed flat at $228m.
Adjusted earnings per share of $0.59 missed analyst consensus of $0.63, but market reaction was positive. Shares closed nearly unchanged at $45.66, up around 22% over the year. Macquarie raised its target to $54, Truist held at $55.
