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13:00
Jul 28 ◎

MGM FY2026 Q2 Watch

MGM Resorts International (MGM) FY2026 Q2 Earnings Call

LVS MGM ▾

Kenneth Feng

MGM is seeing a strong recovery in Macau in July, with weekly performance improving week-over-week and normalized GGR already exceeding Q1 levels, driven by pent-up demand after the World Cup. — This indicates a broader Macau market recovery that could positively impact other casino operators in the region.

"weekly performance has improved week over week. We believe Macau, like Guinea-Royal Avenue last week, the entire market had recovered nearly to Q1 levels"

LVS WATCH

Bill Hornbuckle

Management's tone is optimistic and forward-looking, citing record results in Las Vegas, robust regional performance, market share gains in Macau, and successful digital growth. Although some segments face softness, the overall outlook is positive, with strategic projects like Osaka and luxury investments driving long-term confidence.

"our future has never looked brighter"

MGM WATCH

HIGH

21:00
Apr 29 ◎

MGM FY2026 Q1 Watch

MGM Resorts International (MGM) FY2026 Q1 Earnings Call

MAR 1928.HK AEGGF CZR WYNN ▾

Bill Hornbuckle

MGM's strategic partnership with Marriott continues to drive increased convention and group business, indicating the relationship is expanding and contributing to MGM's performance.

"drove increased production from our strategic relationship with Marriott"

MAR WATCH

Jonathan Healthyard

MGM Resorts is collecting a higher brand fee from its Macau subsidiary, shifting profit up to the parent company, which impacts Macau's segment-level EBITDA.

"The decrease in segment-adjusted EBITDA of $13 million was primarily driven by the new branding fee agreement"

1928.HK WATCH

Bill Hornbuckle

MGM and AEG are working together to position T-Mobile Arena for a potential NBA expansion team, indicating a close partnership on the arena's future.

"we're beginning to do that with our partner at AEG and Bill Foley"

AEGGF WATCH

Jonathan Healthyard

MGM is attributing a significant portion of its expense increases to a surge in 'frivolous litigation' backed by private equity, calling it out as a major headwind to operating costs. — If private equity-backed litigation is a broad industry cost pressure, competitors in gaming may face similar expense headwinds in upcoming earnings.

"the growing prevalence of frivolous litigation, often backed by large pools of capital, including private equity"

CZR WATCH WYNN WATCH LVS WATCH

Kenneth Feng

MGM notes that some Baccarat tables in Macau have introduced six prop bets, changing the game's odds and potentially boosting hold long-term. — The increasing adoption of side bets across Macau could be a structural shift in the market's base case for hold percentages, benefiting all concessionaires.

"some Baccarat tables have made six prop bets... That has changed the game, the nature of the game, in fact, the odds of the game."

MPEL WATCH

HIGH

22:00
Feb 05 ◎

MGM FY2025 Q4 Watch

MGM Resorts International (MGM) FY2025 Q4 Earnings Call

MGM LVS ▾

Bill Hornbuckle

Management is optimistic about returning to growth in Las Vegas in 2026, citing stabilization in the market, a full year with the renovated MGM Grand rooms, and strong advanced group bookings, while Macau and digital segments continue to outperform.

"The outlook for the coming year is encouraging. With a more constructive backdrop and a stabilizing environment, our message last quarter holds true. We are optimistic that growth in Las Vegas can be achieved this year."

MGM WATCH

Jonathan Helkier

The lagging leisure/value customer segment (Luxor/Excalibur) is weighing on Las Vegas results, but management sees strength in the south end of the Strip during large events, indicating a bifurcated demand environment where premium programming drives traffic but core value demand remains soft. — Suggests a demand bifurcation in the Las Vegas market that could pressure operators with more value-oriented properties (like some competitors) even as premium operators see strength, potentially widening performance gaps.

"Luxor and Excalibur continue to have a disproportionate impact to this quarter's decline in Las Vegas, though keep in mind these two properties only represent about 6% of Las Vegas segment adjusted EBITDA in 2025."

LVS WATCH

HIGH

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