Companies: 11,222     total market cap: A$219.483 T
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MGM Resorts
MGM
#1930
Rank
A$15.86 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$63.05
Share price
-0.30%
Change (1 day)
17.25%
Change (1 year)
๐Ÿจ Hotels๐ŸŽฐ Gambling Entertainment๐ŸŒด Travel
Categories
MGM Resorts International is an American company based in Las Vegas that operates hotels and casinos.
  1. MGM Resorts
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

MGM Resorts - 10-Q quarterly report FY2026 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-10362
MGM Resorts International
(Exact name of registrant as specified in its charter)
Delaware88-0215232
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 693-7120
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock (Par Value $0.01)MGMNew York Stock Exchange (NYSE)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company
☐
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 Class  
 Outstanding at July 27, 2026
Common Stock, $0.01 par value 
251,592,756 shares




MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
FORM 10-Q
I N D E X
  Page
1
Financial Statements (Unaudited)
1
 
Consolidated Balance Sheets at June 30, 2026 and December 31, 2025
1
 
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025
2
 
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and June 30, 2025
3
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and June 30, 2025
4
 
Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and June 30, 2025
5
 
Condensed Notes to Consolidated Financial Statements
7
Management’s Discussion and Analysis of Financial Condition and Results of Operations
20
Quantitative and Qualitative Disclosures About Market Risk
33
Controls and Procedures
33
34
Legal Proceedings
34
Risk Factors
34
Unregistered Sales of Equity Securities and Use of Proceeds
34
Other Information
34
Exhibits
35
36


Part I. FINANCIAL INFORMATION


Item 1.         Financial Statements
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 June 30,
2026		December 31,
2025
ASSETS
Current assets  
Cash and cash equivalents$2,547,380 $2,062,994 
Accounts receivable, net1,218,354 1,122,940 
Inventories123,371 124,535 
Income tax receivable1,612 220,154 
Prepaid expenses and other513,236 486,419 
Assets held for sale
— 315,382 
Total current assets4,403,953 4,332,424 
Property and equipment, net6,182,784 6,305,614 
Investments in and advances to unconsolidated affiliates637,534 536,066 
Goodwill 4,768,737 4,901,960 
Other intangible assets, net1,258,099 1,356,676 
Operating lease right-of-use assets, net21,659,125 23,002,707 
Deferred income taxes
117,192 89,792 
Other long-term assets, net820,902 848,547 
$39,848,326 $41,373,786 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction payable$422,884 $421,502 
Accrued interest on long-term debt72,345 71,845 
Other accrued liabilities2,803,719 2,993,179 
Liabilities related to assets held for sale
— 25,581 
Total current liabilities3,298,948 3,512,107 
Deferred income taxes2,600,028 2,617,067 
Long-term debt, net6,068,442 6,230,141 
Operating lease liabilities23,778,515 24,962,742 
Other long-term obligations726,335 775,411 
Total liabilities36,472,268 38,097,468 
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests8,404 21,777 
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 251,586,206 and 258,323,143 shares
2,516 2,583 
Capital in excess of par value— — 
Retained earnings2,308,750 2,106,836 
Accumulated other comprehensive income202,509 320,498 
Total MGM Resorts International stockholders' equity2,513,775 2,429,917 
Noncontrolling interests853,879 824,624 
Total stockholders’ equity3,367,654 3,254,541 
$39,848,326 $41,373,786 
The accompanying notes are an integral part of these consolidated financial statements.


1


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Revenues  
Casino$2,383,185 $2,329,798 $4,762,040 $4,581,946 
Rooms849,143 860,401 1,716,997 1,723,809 
Food and beverage802,332 778,179 1,607,172 1,548,352 
Entertainment, retail and other416,333 436,492 819,502 827,845 
4,450,993 4,404,870 8,905,711 8,681,952 
Expenses
Casino1,349,281 1,333,850 2,698,833 2,578,160 
Rooms276,390 272,066 561,666 552,915 
Food and beverage582,734 576,633 1,159,014 1,136,928 
Entertainment, retail and other263,346 262,880 516,766 497,309 
General and administrative1,263,260 1,213,691 2,546,092 2,378,589 
Corporate expense131,433 124,096 268,653 266,447 
Preopening and start-up expenses 112 849 1,089 934 
Property transactions, net(286,695)125 (272,475)15,593 
Goodwill impairment111,019 — 111,019 — 
Depreciation and amortization282,315 241,975 546,040 478,419 
3,973,195 4,026,165 8,136,697 7,905,294 
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 
Earnings per share
Basic$1.12 $0.18 $1.61 $0.70 
Diluted$1.11 $0.18 $1.59 $0.70 
Weighted average common shares outstanding
Basic254,018 273,329 255,193 280,199 
Diluted257,758 275,615 258,327 282,328 
The accompanying notes are an integral part of these consolidated financial statements.
2

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Net income$322,789 $118,094 $497,581 $344,825 
Foreign currency translation(54,903)266,824 (124,826)415,132 
Comprehensive income267,886 384,918 372,755 759,957 
Less: Comprehensive income attributable to noncontrolling interests(30,279)(62,473)(73,175)(139,717)
Comprehensive income attributable to MGM Resorts International$237,607 $322,445 $299,580 $620,240 
The accompanying notes are an integral part of these consolidated financial statements.
3

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30,
 20262025
Cash flows from operating activities  
Net income$497,581 $344,825 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization546,040 478,419 
Amortization of debt discounts and issuance costs12,694 13,862 
Provision for credit losses50,094 29,757 
Stock-based compensation50,808 45,109 
Foreign currency transaction (gain) loss(55,195)308,454 
Property transactions, net(272,475)15,593 
Goodwill impairment111,019 — 
Noncash lease expense208,313 257,052 
Other investment losses (gains)19,475 (38,226)
Income from unconsolidated affiliates(35,882)(9,171)
Distributions from unconsolidated affiliates8,890 6,825 
Deferred income taxes(44,990)(27,997)
Change in operating assets and liabilities:
Accounts receivable(134,763)24,733 
Inventories939 13,557 
Income taxes receivable and payable, net230,837 29,074 
Prepaid expenses and other(22,325)(11,392)
Accounts payable and accrued liabilities(117,991)(194,910)
Other73,538 (92,615)
Net cash provided by operating activities1,126,607 1,192,949 
Cash flows from investing activities
Capital expenditures(396,045)(496,483)
Dispositions of property and equipment5,920 91 
Investments in unconsolidated affiliates(137,556)(85,487)
Proceeds from sale of operating resorts506,659 — 
Distributions from unconsolidated affiliates4,531 1,089 
Investments and other(92,609)(24,540)
Net cash used in investing activities(109,100)(605,330)
Cash flows from financing activities  
Net borrowings (repayments) of debt - maturities of 90 days or less(140,788)339,382 
Issuance of long-term debt750,000 — 
Repayment of long-term debt(750,000)(500,000)
Debt issuance costs(9,560)(40,839)
Distributions to noncontrolling interest owners(83,035)(80,037)
Repurchases of common stock(262,499)(717,163)
Other(54,900)(61,248)
Net cash used in financing activities(550,782)(1,059,905)
Effect of exchange rate on cash, cash equivalents, and restricted cash(14,805)13,867 
Change in cash and cash equivalents classified as assets held for sale31,802 — 
Cash, cash equivalents, and restricted cash
Net change for the period483,722 (458,419)
Balance, beginning of period2,150,364 2,503,064 
Balance, end of period $2,634,086 $2,044,645 
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized$189,787 $197,440 
Income taxes paid (refunds received), net(69,062)63,243 
The accompanying notes are an integral part of these consolidated financial statements.
4

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 Common Stock      
Shares Par Value Capital in Excess of Par Value  Retained Earnings  
Accumulated Other Comprehensive Income
 Total MGM Resorts International Stockholders’ Equity  Noncontrolling Interests  Total Stockholders’ Equity
Balances, April 1, 2026255,847 $2,558 $— $2,173,529 $257,335 $2,433,422 $878,130 $3,311,552 
Net income— — — 292,433 — 292,433 49,880 342,313 
Currency translation adjustment— — — — (54,826)(54,826)(77)(54,903)
Stock-based compensation— — 14,729 — — 14,729 800 15,529 
Issuance of common stock pursuant to stock-based compensation awards40 1 (207)— — (206)— (206)
Distributions to noncontrolling interest owners— — — — — — (77,899)(77,899)
Repurchases of common stock (4,301)(43)(6,211)(157,274)— (163,528)— (163,528)
Adjustment of redeemable noncontrolling interest to redemption value— — (7,656)62 — (7,594)— (7,594)
Other— — (655)— — (655)3,045 2,390 
Balances, June 30, 2026251,586 $2,516 $— $2,308,750 $202,509 $2,513,775 $853,879 $3,367,654 
Balances, January 1, 2026258,323 $2,583 $— $2,106,836 $320,498 $2,429,917 $824,624 $3,254,541 
Net income— — — 417,569 — 417,569 100,289 517,858 
Currency translation adjustment— — — — (117,989)(117,989)(6,837)(124,826)
Stock-based compensation— — 46,239 — — 46,239 4,413 50,652 
Issuance of common stock pursuant to stock-based compensation awards62 1 (530)— — (529)— (529)
Distributions to noncontrolling interest owners— — — — — — (83,023)(83,023)
Repurchases of common stock (6,799)(68)(37,398)(215,736)— (253,202)— (253,202)
Adjustment of redeemable noncontrolling interest to redemption value— — (7,656)80 — (7,576)— (7,576)
Other— — (655)1 — (654)14,413 13,759 
Balances, June 30, 2026251,586 $2,516 $— $2,308,750 $202,509 $2,513,775 $853,879 $3,367,654 

The accompanying notes are an integral part of these consolidated financial statements.

5


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 Common Stock 
 Shares Par Value  Capital in Excess of Par Value  Retained Earnings  Accumulated Other Comprehensive Income Total MGM Resorts International Stockholders’ Equity  Noncontrolling Interests  Total Stockholders’ Equity
Balances, April 1, 2025279,651 $2,797 $— $2,762,722 $88,025 $2,853,544 $732,792 $3,586,336 
Net income— — — 48,951 — 48,951 69,471 118,422 
Currency translation adjustment— — — — 273,494 273,494 (6,670)266,824 
Stock-based compensation— — 15,364 — — 15,364 778 16,142 
Issuance of common stock pursuant to stock-based compensation awards43 — (94)— — (94)— (94)
Distributions to noncontrolling interest owners— — — — — — (63,645)(63,645)
Repurchases of common stock (7,512)(75)(14,622)(202,175)— (216,872)— (216,872)
Adjustment of redeemable noncontrolling interest to redemption value— — — 31 — 31 — 31 
Other— — (648)— — (648)4,691 4,043 
Balances, June 30, 2025272,182 $2,722 $— $2,609,529 $361,519 $2,973,770 $737,417 $3,711,187 
Balances, January 1, 2025294,374 $2,944 $— $3,081,753 $(61,216)$3,023,481 $661,670 $3,685,151 
Net income— — — 197,505 — 197,505 147,849 345,354 
Currency translation adjustment— — — — 422,735 422,735 (7,603)415,132 
Stock-based compensation— — 43,122 — — 43,122 1,524 44,646 
Issuance of common stock pursuant to stock-based compensation awards74 1 (460)— — (459)— (459)
Distributions to noncontrolling interest owners— — — — — — (75,010)(75,010)
Repurchases of common stock (22,266)(223)(41,135)(669,719)— (711,077)— (711,077)
Adjustment of redeemable noncontrolling interest to redemption value— — — (10)— (10)— (10)
Other— — (1,527)— — (1,527)8,987 7,460 
Balances, June 30, 2025272,182 $2,722 $— $2,609,529 $361,519 $2,973,770 $737,417 $3,711,187 

The accompanying notes are an integral part of these consolidated financial statements.
6

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


NOTE 1 — ORGANIZATION

Organization. MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.

As of June 30, 2026, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas (“The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including The Reserve at Park MGM), and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements.

As of June 30, 2026, the Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions.

The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company has a 50% ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. As of June 30, 2026, the Company also has a 39% ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan. In April 2026, the Company’s ownership interest in MGM Osaka decreased from 50% to approximately 39% due to equity funding by other shareholders, and in July 2026, the Company’s ownership interest in MGM Osaka increased to approximately 40% due to equity funding by the Company; refer to Note 8.

Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 11 for additional information about the Company’s segments.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2025 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that
7

affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.

Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates or equity interests, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are quoted prices for identical or comparable instruments or pricing using observable market data; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements:

•Level 1 inputs when measuring its equity investments recorded at fair value;
•Level 2 inputs for its long-term debt fair value disclosures. See Note 5;
•Level 3 inputs when measuring the fair value of reporting units using a discounted cash flow model;
•Level 2 inputs for its derivatives; and
•Level 1 and Level 2 inputs for its debt investments.

Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $333 million and $355 million as of June 30, 2026 and December 31, 2025, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three and six months ended June 30, 2026 the Company recorded a net loss on its equity investments of $9 million and $22 million, respectively. For the three and six months ended June 30, 2025, the Company recorded a net gain on its equity investments of less than $1 million and $32 million, respectively.

Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of June 30, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of June 30, 2026, the fair value of derivatives classified as assets were $1 million in current assets and those classified as liabilities were $52 million with $40 million in current liabilities and $12 million in long-term liabilities. As of December 31, 2025, the fair value of derivatives classified as liabilities were $88 million, with $69 million in current liabilities and $19 million in long-term liabilities.

For the three and six months ended June 30, 2026, the Company recorded a net loss on its derivatives of $27 million and $46 million, respectively. For the three and six months ended June 30, 2025, the Company recorded a net gain on its derivatives of $34 million and $75 million, respectively.

Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.

8

The following table presents information regarding the Company’s debt investments:

Fair value levelJune 30, 2026December 31, 2025
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$89,999 $158,564 
Cash and cash equivalents
89,999 158,564 
Short-term investments:
U.S. government securitiesLevel 169,897 62,267 
Corporate bondsLevel 2132,498 135,211 
Asset-backed securities
Level 2
10,778 12,681 
Short-term investments
213,173 210,159 
Total debt investments
$303,172 $368,723 

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with effective maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).

Restricted cash. MGM China’s pledged cash of $87 million for each of June 30, 2026 and December 31, 2025, securing the bank guarantees discussed in Note 8 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of June 30, 2026 and December 31, 2025.

Accounts receivable. As of June 30, 2026 and December 31, 2025, the loss reserve on accounts receivable was $167 million and $139 million, respectively.

Goodwill. During the three and six months ended June 30, 2026, the Company recorded a goodwill impairment charge of $111 million relating to a reporting unit within the MGM Digital reportable segment.

Accounts payable. As of June 30, 2026 and December 31, 2025, the Company had accrued $75 million and $83 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

Revenue recognition. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided, such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the consolidated balance sheets.

The following table summarizes the activity related to contract and contract-related liabilities:
 Outstanding Chip LiabilityLoyalty ProgramCustomer Advances and Other
 2026 20252026 20252026 2025
 (In thousands)
Balance at January 1$204,020 $215,710 $216,579 $215,005 $860,126 $825,236 
Balance at June 30172,661 222,259 211,836 213,502 836,017 764,446 
Increase (decrease)$(31,359)$6,549 $(4,743)$(1,503)$(24,109)$(60,790)

The January 1, 2026 balances exclude liabilities related to assets held for sale. See Note 4.

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or
9

service (casino, room, food and beverage, and entertainment, retail and other) within Note 11.

Leases. Refer to Note 7 for information regarding leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenue earned by the Company from third parties is classified within the line item corresponding to the type or nature of the tenant’s good or service. For the three and six months ended June 30, 2026, lease revenue from third-party tenants include $18 million and $34 million recorded within food and beverage revenue and $30 million and $58 million recorded within entertainment, retail, and other revenue. For the three and six months ended June 30, 2025, lease revenue from third-party tenants include $19 million and $36 million recorded within food and beverage revenue, respectively and $29 million and $57 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenue from the rental of hotel rooms are recorded as rooms revenue within the consolidated statements of operations.

Currency translation. For the three and six months ended June 30, 2026, the Company recorded foreign currency transaction gain of $30 million and $55 million, respectively. For the three and six months ended June 30, 2025, the Company recorded foreign currency transaction loss of $208 million and $308 million, respectively.

NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $638 million and $536 million as of June 30, 2026 and December 31, 2025, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $131 million and $160 million as of June 30, 2026 and December 31, 2025, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

The Company recorded its share of income from unconsolidated affiliates as follows:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Income from unconsolidated affiliates$25,838 $25,860 $35,864 $12,964 
Non-operating items from unconsolidated affiliates2,525 (4,055)18 (3,793)
 $28,363 $21,805 $35,882 $9,171 

The following table summarizes the Company’s share of operating income from unconsolidated affiliates:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
BetMGM North America Venture
$23,097 $21,770 $30,457 $6,569 
Other2,741 4,090 5,407 6,395 
 $25,838 $25,860 $35,864 $12,964 

NOTE 4 — DIVESTITURES

MGM Northfield Park sale. In April 2026, the Company completed the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for cash consideration of $546 million, or $541 million, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI Properties, Inc. (“VICI”) was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent. The Company recognized a $255 million gain recorded within “Property transactions, net” which reflects the net cash consideration, above, less the net carrying value of the assets and liabilities derecognized of $286 million. The transaction did not meet the criteria for presentation as a discontinued operation.
10


The major classes of assets and liabilities derecognized are as follows:

(In thousands)
Cash and cash equivalents$26,257 
Accounts receivable, net4,643 
Inventories356 
Prepaid expenses and other1,387 
Property and equipment, net30,071 
Goodwill17,915 
Other intangible assets, net228,000 
Other long-term assets, net328 
Total assets$308,957 
Accounts payable$4,540 
Other accrued liabilities17,792 
Other long-term obligations210 
Total liabilities$22,542 

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:
 June 30,
2026		 December 31,
2025
 (In thousands)
Senior secured yen credit facility$333,360 $346,528 
MGM China revolving credit facility344,274 488,247 
5.875% MGM China senior notes, due 2026
— 750,000 
4.625% senior notes, due 2026
400,000 400,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.75% senior notes, due 2028
750,000 750,000 
6.125% senior notes, due 2029
850,000 850,000 
7.125% MGM China senior notes, due 2031
500,000 500,000 
6.5% senior notes, due 2032
750,000 750,000 
6.25% MGM China senior notes, due 2033
750,000 — 
7% debentures, due 2036
552 552 
6,103,186 6,260,327 
Less: Unamortized discounts and debt issuance costs, net(34,744)(30,186)
$6,068,442 $6,230,141 

Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis.

Senior secured credit facility. At June 30, 2026, the Company’s senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.
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Senior secured yen credit facility. At June 30, 2026 the Company’s senior secured yen credit facility consisted of a JPY54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY67.8 billion. At June 30, 2026, the interest rate was 3.17%.

The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026.

MGM China revolving credit facility. At June 30, 2026, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility. At June 30, 2026, the weighted average interest rate was 4.85%.

The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative, and financial covenants. MGM China was in compliance with its credit facility covenants at June 30, 2026.

MGM China senior notes. In May 2026, MGM China repaid its $750 million in aggregate principal amount of 5.875% notes due 2026 at maturity.

In May 2026, MGM China issued $750 million in aggregate principal amount of 6.25% notes due 2033.

In June 2025, MGM China repaid its $500 million in aggregate principal amount of 5.25% notes due 2025 at maturity.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.1 billion and $6.3 billion at June 30, 2026 and December 31, 2025, respectively.

NOTE 6 — INCOME TAXES

For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 21.9% and 19.2% on income before income taxes for the three and six months ended June 30, 2026, respectively, and 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively.

NOTE 7 — LEASES

The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.

The VICI lease. As of June 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property.

In April 2026, in connection with the sale of the operations of MGM Northfield Park, the VICI lease was amended and restated to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $722 million. The partial termination resulted in the reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and a decrease in operating lease ROU asset, net of $1.1 billion and operating lease liabilities of $1.2 billion, with $51 million recorded as a gain on partial termination within “Property transactions, net.” Annual cash rent payments for the lease year that commenced on May 1, 2026 increased to $736 million as a result of the 2% fixed annual escalator.
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Other information. Components of lease costs and other information related to the Company’s leases were:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$558,784 $574,304 $1,129,657 $1,148,461 
Finance lease costs
Interest expense$3,659 $4,068 $7,155 $8,386 
Amortization expense18,134 18,031 37,142 36,202 
Total finance lease costs$21,793 $22,099 $44,297 $44,588 
(1) Operating lease cost includes $83 million for each of the three months ended June 30, 2026 and 2025 and $166 million for each of the six months ended June 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.

 June 30,
2026		December 31,
2025
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$21,659,125 $23,002,707 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$99,076 $106,005 
Operating lease liabilities - long-term(2)
23,778,515 24,962,742 
Total operating lease liabilities$23,877,591 $25,068,747 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$195,963 $236,861 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$72,981 $76,913 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
139,675 178,053 
Total finance lease liabilities$212,656 $254,966 
Weighted average remaining lease term (years)
Operating leases2323
Finance leases99
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1) As of June 30, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.
(2) As of June 30, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2026 and December 31, 2025, operating lease liabilities – current included $12 million and $9 million related to the Bellagio lease, respectively.

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 Six Months Ended
June 30,
 20262025
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$926,205 $938,333 
Operating cash outflows from finance leases7,155 8,386 
Financing cash outflows from finance leases(1)
38,007 33,883 
ROU assets obtained in exchange for new lease liabilities
Operating leases$3,592 $5,555 
Finance leases4,726 — 
(1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.

Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2026 (excluding the six months ended June 30, 2026)$916,232 $42,751 
20271,858,458 80,180 
20281,889,613 31,409 
20291,920,558 7,970 
20301,953,636 7,436 
Thereafter43,832,324 114,210 
Total future minimum lease payments52,370,821 283,956 
Less: Amount of lease payments representing interest(28,493,230)(71,300)
Present value of future minimum lease payments23,877,591 212,656 
Less: Current portion(99,076)(72,981)
Long-term portion of lease liabilities$23,778,515 $139,675 

NOTE 8 — COMMITMENTS AND CONTINGENCIES

Litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Commitments and guarantees. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP1 billion (approximately $124 million as of June 30, 2026) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of June 30, 2026, MOP700 million of the bank guarantees (approximately $87 million as of June 30, 2026) were secured by pledged cash.

Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial.

MGM Osaka guarantees. The Company provides for guarantees (1) in the amount of JPY12.65 billion (approximately $78 million as of June 30, 2026) for 50% of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide
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funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $544 million as of June 30, 2026, is pledged as collateral for MGM Osaka’s obligations under its credit agreement.

MGM Osaka funding commitment. In connection with MGM Osaka’s development of an integrated resort, the Company has commitments to fund MGM Osaka of JPY428 billion, of which an estimated amount of approximately JPY335.9 billion (approximately $2.1 billion as of June 30, 2026) remains to be funded as of June 30, 2026. During the six months ended June 30, 2026, the Company funded JPY21.0 billion (approximately $138 million) of the committed amount. Subsequent to June 30, 2026, in July 2026, the Company funded JPY2.9 billion (approximately $18 million) of the committed amount. During the three and six months ended June 30, 2025, the Company funded JPY12.3 billion (approximately $85 million) of the committed amount. The fundings are recognized as contributions to investment in unconsolidated affiliates.

Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $1.35 billion. At June 30, 2026, $25 million in letters of credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.

NOTE 9 — EARNINGS PER SHARE

The table below reconciles basic and diluted earnings per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Numerator:  
Net income attributable to MGM Resorts International$292,433 $48,951 $417,569 $197,505 
Adjustment related to redeemable noncontrolling interests(7,594)31 (7,576)(10)
Net income available to common stockholders – basic and diluted$284,839 $48,982 $409,993 $197,495 
Denominator:
Weighted-average common shares outstanding – basic254,018 273,329 255,193 280,199 
Potential dilution from stock-based awards
3,740 2,286 3,134 2,129 
Weighted-average common and common equivalent shares – diluted257,758 275,615 258,327 282,328 

NOTE 10 — STOCKHOLDERS’ EQUITY

MGM Resorts International stock repurchases. In each of November 2023 and April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three months ended June 30, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $217 million. During the six months ended June 30, 2025, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $711 million. Repurchased shares were retired.

During the three months ended June 30, 2026, the Company repurchased approximately 4 million shares of its
15

common stock for an aggregate amount of $164 million. During the six months ended June 30, 2026, the Company repurchased approximately 7 million shares of its common stock for an aggregate amount of $253 million. Repurchased shares were retired. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2026.

NOTE 11 — 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.
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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 


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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.
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 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.









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Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations contain forward-looking statements that involve risks and uncertainties. Please see “Cautionary Statement Concerning Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions that may cause our actual results to differ materially from those discussed in the forward-looking statements. This discussion should be read in conjunction with our historical financial statements and related notes thereto and the other disclosures contained elsewhere in this Quarterly Report on Form 10-Q, the audited consolidated financial statements and notes for the fiscal year ended December 31, 2025, which were included in our Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 11, 2026. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods. MGM Resorts International together with its subsidiaries may be referred to as “we,” “us” or “our.”

Updates to Strategic Business Developments

In April 2026, we completed the sale of the operations of MGM Northfield Park for cash consideration of $546 million, subject to certain purchase price adjustments. Refer to Note 4 in the accompanying consolidated financial statements for discussion of this transaction. At closing, the master lease between the Company and VICI was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent.

Key Performance Indicators

Key performance indicators related to gaming and hotel revenue are:

•Gaming revenue indicators: table games drop, which is the total amount of cash and net markers issued and deposited into the drop box, and slot handle, which is the gross amount wagered in slot machines, (volume indicators); “win” or “hold” percentage, which is not fully controllable by us. “Win” or “hold” percentages represent the net amount of gaming wins and losses in relation to table games drop or slot handle; and

•Hotel revenue indicators (for Las Vegas Strip Resorts) – hotel occupancy (a volume indicator); average daily rate (“ADR,” a price indicator); and revenue per available room (“RevPAR,” a summary measure of hotel results, combining ADR and occupancy rate). Our calculation of ADR, which is the average price of occupied rooms per day, includes the impact of complimentary rooms. Complimentary room rates are determined based on standalone selling price. Because the mix of rooms provided on a complimentary basis, particularly to casino customers, includes a disproportionate suite component, the composite ADR including complimentary rooms is slightly higher than the ADR for cash rooms, reflecting the higher retail value of suites.

Results of Operations

Summary Operating Results

The following table summarizes our consolidated operating results:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Revenue$4,450,993 $4,404,870 $8,905,711 $8,681,952 
Operating income503,636 404,565 804,878 789,622 
Net income322,789 118,094 497,581 344,825 
Net income attributable to MGM Resorts International292,433 48,951 417,569 197,505 

Revenue for the three months ended June 30, 2026 increased 1% compared to the prior year quarter due primarily to revenue from Las Vegas Strip Resorts increasing 3% and MGM Digital increasing 20%, partially offset by revenue from Regional Operations decreasing 4% and MGM China decreasing 1%, each as compared to the prior year quarter.


20

Operating income increased 24% for the three months ended June 30, 2026 compared to the prior year quarter due primarily to a $287 million gain in “Property transactions, net” for the current quarter, of which $255 million related to the gain on sale of the operations of MGM Northfield Park, partially offset by a goodwill impairment charge of $111 million.

Revenue for the six months ended June 30, 2026 increased 3% compared to the prior year period due primarily to revenue from MGM Digital increasing 30%, MGM China increasing 4%, and Las Vegas Strip Resorts increasing 1%, partially offset by revenue from Regional Operations decreasing 1%, each as compared to the prior year period.

Operating income increased 2% for the six months ended June 30, 2026 compared to the prior year period due primarily to a $272 million gain in “Property transactions, net” for the current year period, of which $255 million related to the gain on sale of the operations of MGM Northfield Park, and the increase in revenue, discussed above, partially offset by a goodwill impairment charge of $111 million, as well as due to the receipt of $56 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the prior year period compared to $8 million in the current year period.

Revenue by Segment

The following table presents segment revenue:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (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 other
58,859 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 
 $4,450,993 $4,404,870 $8,905,711 $8,681,952 


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Las Vegas Strip Resorts

Las Vegas Strip Resorts revenues increased 3% or $55 million for the three months ended June 30, 2026 compared to the prior year quarter and increased 1% or $60 million for the six months ended June 30, 2026 compared to the prior year period due primarily to casino revenue, which benefited from a higher table games win percentage, and food and beverage revenue, driven by an increase from catering and banquets, partially offset by a decrease in hotel revenue due to lower ADR as well as a decrease in entertainment revenue from our venues.

The following table shows key gaming statistics for our Las Vegas Strip Resorts:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (Dollars in millions)
Table games drop$1,523 $1,554 $2,983 $3,065 
Table games win$451 $355 $850 $759 
Table games win %29.6 %22.9 %28.5 %24.8 %
Slot handle$5,915 $5,886 $11,607 $11,568 
Slot win$566 $549 $1,105 $1,094 
Slot win %9.6 %9.3 %9.5 %9.5 %

The following table shows key hotel statistics for our Las Vegas Strip Resorts:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Occupancy
93 %93 %93 %94 %
Average daily rate (ADR)$242 $252 $249 $254 
Revenue per available room (RevPAR)
$224 $235 $231 $239 

Regional Operations

Regional Operations revenues decreased 4% or $41 million for the three months ended June 30, 2026 compared to the prior year quarter due primarily to the sale of the operations of MGM Northfield Park, partially offset by an increase in same-store casino revenue primarily driven by slot handle.

Regional Operations revenues decreased 1% or $23 million for the six months ended June 30, 2026 compared to the prior year period due primarily to the sale of the operations of MGM Northfield Park, partially offset by an increase in same-store casino revenue primarily driven by slot handle and table game drop.

The following table shows key gaming statistics for our Regional Operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (Dollars in millions)
Table games drop$1,020 $985 $2,025 $1,932 
Table games win$222 $213 $427 $409 
Table games win %21.8 %21.6 %21.1 %21.1 %
Slot handle$6,353 $6,868 $12,973 $13,435 
Slot win$634 $694 $1,302 $1,343 
Slot win %10.0 %10.1 %10.0 %10.0 %


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MGM China

MGM China revenues decreased 1% or $9 million for the three months ended June 30, 2026 compared to the prior year quarter due primarily to a $21 million decrease in casino revenue primarily due to a decline in table games volume, partially offset by the increase in main floor table games win percentage.

MGM China revenues increased 4% or $85 million for the six months ended June 30, 2026 compared to the prior year period due primarily to a $60 million increase in casino revenue driven primarily by main floor table games win percentage.

The following table shows key gaming statistics for MGM China:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Dollars in millions)
Main floor table games drop$3,815 $4,085 $7,789 $7,712 
Main floor table games win$1,038 $1,021 $2,115 $1,934 
Main floor table games win %27.2 %25.0 %27.2 %25.1 %

MGM Digital

MGM Digital’s revenue increased 20% or $32 million for the three months ended June 30, 2026 compared to the prior year quarter and increased 30% or $87 million for the six months ended June 30, 2026 compared to the prior year period due primarily to growth within the digital business to consumer offerings.

Corporate and other

Corporate and other revenue includes other corporate operations and management services.

Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA

The following table presents Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA. Segment Adjusted EBITDAR is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments. See Note 11 to the accompanying consolidated financial statements and “Reportable Segment GAAP measure” below for additional information. Consolidated Adjusted EBITDA is a non-GAAP measure, discussed within “Non-GAAP measures” below.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Las Vegas Strip Resorts$735,118 $710,496 $1,484,325 $1,521,656 
Regional Operations280,216 308,656 539,653 587,698 
MGM China256,709 301,342 530,183 586,907 
MGM Digital
(30,884)(25,698)(56,486)(60,091)
Corporate and other(1)
(630,772)(647,282)(1,307,124)(1,351,602)
Consolidated Adjusted EBITDA
$610,387 $647,514 $1,190,551 $1,284,568 
(1) Includes triple net lease rent expense of $552 million and $564 million for the three months ended June 30, 2026 and 2025, respectively, and $1.1 billion for each of the six months ended June 30, 2026 and 2025.

Las Vegas Strip Resorts

Las Vegas Strip Resorts Segment Adjusted EBITDAR increased 3% for the three months ended June 30, 2026 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 33.9% for the three months ended June 30, 2026, compared to 33.6% in the prior year quarter due primarily to the increase in casino revenue.

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Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 2% for the six months ended June 30, 2026 compared to the prior year period. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 34.1% for the six months ended June 30, 2026, compared to 35.5% in the prior year period due primarily to the receipt of $6 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the current year period as compared to $42 million in the prior year period and an increase in self insurance expense of $40 million due to an increase in reserves, partially offset by the increase in revenues, discussed above.

Regional Operations

Regional Operations Segment Adjusted EBITDAR decreased 9% for the three months ended June 30, 2026, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 30.3% for the three months ended June 30, 2026, compared to 32.0% in the prior year quarter due primarily to the disposition of MGM Northfield Park.

Regional Operations Segment Adjusted EBITDAR decreased 8% for the six months ended June 30, 2026, compared to the prior year period. Regional Operations Segment Adjusted EBITDAR margin was 29.3% for the six months ended June 30, 2026, compared to 31.5% in the prior year period due primarily to the disposition of MGM Northfield Park, the receipt of $2 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the current year period as compared to $14 million in the prior year period, and an increase in self insurance expense of $11 million due to an increase in reserves.

MGM China

MGM China Segment Adjusted EBITDAR decreased 15% for the three months ended June 30, 2026, compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 23.3% for the three months ended June 30, 2026, compared to 27.1% in the prior year quarter due primarily to the increase in the intercompany branding license fee expense of $21 million primarily as a result of a new intercompany long term branding agreement, an increase in payroll related expenses, and the decrease in casino revenue, as discussed above.

MGM China Segment Adjusted EBITDAR decreased 10% for the six months ended June 30, 2026, compared to the prior year period. MGM China Segment Adjusted EBITDAR margin was 23.9% for the six months ended June 30, 2026, compared to 27.5% in the prior year period due primarily to the increase in the intercompany branding license fee expense of $44 million primarily as a result of a new intercompany long term branding agreement and an increase in payroll related expenses, partially offset by the increase in casino revenue, as discussed above.

MGM Digital

MGM Digital Segment Adjusted EBITDAR loss was $31 million for the three months ended June 30, 2026 compared to a loss of $26 million in the prior year quarter. The change was due primarily to an increase in marketing expenses and gaming taxes, partially offset by an increase in revenue, as discussed above.

MGM Digital Segment Adjusted EBITDAR loss was $56 million for the six months ended June 30, 2026 compared to a loss of $60 million in the prior year period. The change was due primarily to an increase in revenue, as discussed above partially offset by an increase in marketing expenses and gaming taxes.

Supplemental Information - Same-store Results of Operations

The following table presents the financial results of Regional Operations on a same-store basis for the three and six months ended June 30, 2026 and 2025. Same-Store Segment Adjusted EBITDAR is a non-GAAP measure, discussed within “Non-GAAP measures” below.
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 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
(In thousands)
Regional Operations revenue$924,098 $964,612 $1,842,008 $1,865,031 
Dispositions (1)
(20,518)(85,464)(104,468)(164,005)
Regional Operations same-store revenue$903,580 $879,148 $1,737,540 $1,701,026 
Regional Operations Segment Adjusted EBITDAR$280,216 $308,656 $539,653 $587,698 
Dispositions (1)
(9,441)(37,909)(44,464)(71,166)
Regional Operations Same-Store Segment Adjusted EBITDAR$270,775 $270,747 $495,189 $516,532 
(1)Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as applicable, for the period prior to its disposition.


Income from Unconsolidated Affiliates

The following table summarizes information related to our share of operating income from unconsolidated affiliates:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
BetMGM North America Venture$23,097 $21,770 $30,457 $6,569 
Other2,741 4,090 5,407 6,395 
$25,838 $25,860 $35,864 $12,964 

Non-operating Results

Interest expense

Gross interest expense was $102 million and $106 million for the three months ended June 30, 2026 and 2025, respectively, and was $203 million and $214 million for the six months ended June 30, 2026 and 2025, respectively. See Note 5 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt.

Other, net

Other, net was income of $9 million and expense of $161 million for the three months ended June 30, 2026 and 2025, respectively. Other income, net for the three months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $30 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net loss related to derivatives of $27 million. Other expense, net for the three months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $208 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $34 million.

Other, net was income of $14 million and expense of $172 million for the six months ended June 30, 2026 and 2025, respectively. Other income, net for the six months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $55 million primarily related to USD denominated debt held by a foreign subsidiary and interest and dividend income of $25 million, partially offset by a net loss related to derivatives of $46 million and a net loss related to debt and equity investments of $20 million. Other expense, net for the six months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $308 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $75 million, a gain related to debt and equity investments of $38 million, and interest and dividend income of $25 million.

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Income taxes

Our effective income tax rate was 21.9% and 19.2% for the three and six months ended June 30, 2026, respectively, compared to 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign income, including Macau gaming profits which are exempt from complementary tax. In the current year periods, this benefit was partially offset by the non-tax deductible goodwill impairment.

Reportable Segment GAAP measure

“Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our 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. “Segment Adjusted EBITDAR margin” is Segment Adjusted EBITDAR divided by related segment revenue.

Non-GAAP measures

“Same-Store Segment Adjusted EBITDAR” is Segment Adjusted EBITDAR further adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Regional Operations, we have excluded the Segment Adjusted EBITDAR of MGM Northfield Park for the periods prior to its disposition on April 21, 2026, as applicable.

Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of our operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Segment Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to our reportable segment GAAP measure or net income, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Segment Adjusted EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. A reconciliation of our reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store Segment Adjusted EBITDAR is included herein.

“Consolidated Adjusted EBITDA” is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment.

Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest
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payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included herein.

The following table presents a reconciliation of net income attributable to MGM Resorts International to Consolidated Adjusted EBITDA:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (In thousands)
Net income attributable to MGM Resorts International$292,433 $48,951 $417,569 $197,505 
Plus: Net income attributable to noncontrolling interests30,356 69,143 80,012 147,320 
Net income322,789 118,094 497,581 344,825 
Provision for income taxes90,731 15,662 118,188 55,715 
Income before income taxes413,520 133,756 615,769 400,540 
Non-operating (income) expense:
Interest expense, net of amounts capitalized102,129 105,584 202,818 212,853 
Non-operating items from unconsolidated affiliates(2,525)4,055 (18)3,793 
Other, net
(9,488)161,170 (13,691)172,436 
90,116 270,809 189,109 389,082 
Operating income503,636 404,565 804,878 789,622 
Preopening and start-up expenses112 849 1,089 934 
Property transactions, net(286,695)125 (272,475)15,593 
Goodwill impairment111,019 — 111,019 — 
Depreciation and amortization282,315 241,975 546,040 478,419 
Consolidated Adjusted EBITDA$610,387 $647,514 $1,190,551 $1,284,568 

Guarantor Financial Information

As of June 30, 2026, all of our registered principal debt arrangements are guaranteed by each of our wholly owned material domestic subsidiaries that guarantee our senior credit facilities. Our registered principal debt arrangements are not guaranteed by MGM Grand Detroit, LLC, MGM National Harbor, LLC, Blue Tarp reDevelopment, LLC (d/b/a MGM Springfield), MGM Sports & Interactive Gaming, LLC (the entity that holds our 50% interest in BetMGM North America Venture), MGM CEE Holdco, LLC (the entity that holds our consolidated digital gaming subsidiaries, including LeoVegas), and each of their respective subsidiaries. Our foreign subsidiaries, including MGM China and its subsidiaries, are also not guarantors of our registered principal debt arrangements. In the event that any subsidiary is no longer a guarantor of our senior credit facilities or any of our future capital markets indebtedness, that subsidiary will be released and relieved of its obligations to guarantee our existing registered principal debt arrangements. The indentures governing the registered principal debt arrangements further provide that in the event of a sale of all or substantially all of the assets of, or capital stock in a subsidiary guarantor then such subsidiary guarantor will be released and relieved of any obligations under its subsidiary guarantee.

The guarantees provided by the subsidiary guarantors rank senior in right of payment to any future subordinated debt of ours or such subsidiary guarantors, junior to any secured indebtedness to the extent of the value of the assets securing such debt and effectively subordinated to any indebtedness and other obligations of our subsidiaries that do not guarantee the senior notes. In addition, the obligations of each subsidiary guarantor under its guarantee are limited so as not to constitute a fraudulent conveyance under applicable law, which may eliminate the subsidiary guarantor’s obligations or reduce such obligations to an amount that effectively makes the subsidiary guarantee lack value.

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The summarized financial information of us and our guarantor subsidiaries, on a combined basis, is presented below.
 June 30,
2026		December 31,
2025
Balance Sheet(In thousands)
Current assets$3,192,645 $3,086,445 
Intercompany debt due from non-guarantor subsidiaries3,102,098 3,000,104 
Other long-term assets26,279,503 27,668,633 
Other current liabilities2,061,267 2,201,703 
Intercompany debt due to non-guarantor subsidiaries2,198,733 2,198,874 
Other long-term liabilities27,427,462 28,641,498 

 Six Months Ended
June 30, 2026
Income Statement(In thousands)
Revenue$5,430,194 
Operating income665,106 
Intercompany interest income146,101 
Intercompany interest expense(121,606)
Income before income taxes515,416 
Net income389,408 
Net income attributable to MGM Resorts International364,913 

Liquidity and Capital Resources

Cash Flows

Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $1.1 billion in the six months ended June 30, 2026 compared to $1.2 billion in the prior year period. The decrease from the prior year period was due primarily to a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts, Regional Operations, and MGM China discussed within the Results of Operations section above, and changes in net working capital, partially offset by the change in cash paid (refunded) for income taxes.

Investing activities. Our investing cash flows can fluctuate significantly from year to year depending on our decisions with respect to strategic capital investments, business acquisitions or dispositions, and the timing of maintenance capital expenditures to maintain the quality of our properties. Capital expenditures related to regular investments in our existing properties can also vary depending on timing of larger remodel projects related to our public spaces and hotel rooms.

Cash used in investing activities was $109 million in the six months ended June 30, 2026 compared to cash used in investing activities of $605 million in the prior year period. In the six months ended June 30, 2026, we made payments of $396 million in capital expenditures, as further discussed below, contributed $138 million to unconsolidated affiliates, and we received $507 million in net cash proceeds related to the sale of the operations of MGM Northfield Park. In comparison, in the prior year period we made payments of $496 million in capital expenditures, as further discussed below, and contributed $85 million to unconsolidated affiliates.

Capital Expenditures

We made capital expenditures of $396 million in the six months ended June 30, 2026, of which $77 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels and information technology.

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We made capital expenditures of $496 million in the six months ended June 30, 2025, of which $111 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.

Financing activities. Cash used in financing activities was $551 million in the six months ended June 30, 2026 compared to cash used in financing activities of $1.1 billion in the prior year period. In the six months ended June 30, 2026, we had net repayments of debt of $141 million, as further discussed below, paid $262 million for repurchases of our common stock, and distributed $83 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $161 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $80 million to noncontrolling interest owners.

Borrowings and Repayments of Long-term Debt

During the six months ended June 30, 2026, we had net repayments of debt of $141 million, which primarily consisted of:
•net repayments of $141 million on MGM China’s revolving credit facility,
•the repayment of MGM China’s $750 million of aggregate principal amount 5.875% notes due 2026 upon maturity with borrowings under the MGM China revolving credit facility, and
•the issuance of MGM China’s $750 million of aggregate principal amount 6.25% notes due 2033 of which the proceeds were used to repay a portion of amounts outstanding under the MGM China revolving credit facility and general corporate purposes.

During the six months ended June 30, 2025, we had net repayments of debt of $161 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 at maturity, partially offset by net borrowings of $339 million on MGM China’s revolving credit facility, which were used to fund the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025.

Share Repurchases and Distributions to Noncontrolling Interest Owners

During the six months ended June 30, 2026, we paid $262 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 10 for further information on the stock repurchases. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2026.

During the six months ended June 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans.

In May 2026, upon shareholder approval, MGM China declared the final dividend for 2025 of $171 million, which was paid in June 2026, of which we received approximately $96 million and noncontrolling interests received approximately $75 million.

In May 2025, upon shareholder approval, MGM China declared the final dividend for 2024 of $122 million, which was paid in June 2025, of which we received approximately $68 million and noncontrolling interests received approximately $54 million.

Other Factors Affecting Liquidity and Anticipated Uses of Cash

We require a certain amount of cash on hand to operate our businesses. In addition to required cash on hand for operations, we utilize corporate cash management procedures to minimize the amount of cash held on hand or in banks. Funds are swept from the accounts at most of our domestic properties daily into central bank accounts, and excess funds are invested overnight or are used to repay amounts drawn under our revolving credit facilities. In addition, from time to time we may use excess funds to repurchase our outstanding debt and equity securities subject to limitations in our revolving credit facility and Delaware law, as applicable. We have significant outstanding debt, interest payments, rent payments, and contractual obligations in addition to planned capital expenditures and commitments.

As of June 30, 2026, we had cash and cash equivalents of $2.5 billion, of which MGM China held $514 million, and we had $6.1 billion in principal amount of indebtedness, including $2.3 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of June 30, 2026, there was $344 million outstanding under MGM China’s revolving credit facility.
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Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of June 30, 2026, are approximately $190 million to $210 million, excluding MGM China, and approximately $345 million to $365 million on a consolidated basis, which includes MGM China.

We are also required, as of June 30, 2026, to make annual contractual cash rent payments of $1.8 billion to our landlords over the next twelve months under triple net lease agreements, which triple net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance (with each lease obligating us to spend a specified percentage of revenue at the properties on capital expenditures), in addition to the annual cash rent.

We have planned capital expenditures expected over the remainder of 2026 of approximately $575 million to $675 million on a consolidated basis, of which $75 million to $125 million relates to MGM China and is inclusive of the estimated amount of the gaming concession investment that relates to capital projects.

We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence, which may require cash commitments in the future.

Additionally, we have cash commitments to fund MGM Osaka relating to the development of an integrated resort in Osaka, Japan of JPY428 billion, which represents our expected approximate 43.5% equity share (our ownership percentage is expected to fluctuate over the equity funding period, with us holding an expected approximate 43.5% ownership interest upon completion of such fundings). We expect to fund the estimated remaining amount of approximately JPY335.9 billion (approximately $2.1 billion as of June 30, 2026) on a quarterly basis through 2028, of which a portion we expect to fund with the proceeds from the senior secured yen credit facility. In July 2026, we funded JPY2.9 billion (approximately $18 million) of the committed amount. Project costs may increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 8 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees.

Critical Accounting Policies and Estimates

A complete discussion of our critical accounting policies and estimates is included in our Form 10-K for the fiscal year ended December 31, 2025. There have been no significant changes in our critical accounting policies and estimates since year end.

Market Risk

There have been no material changes in our market risk from the quantitative and qualitative disclosures about market risk included in our Form 10-K for the fiscal year ended December 31, 2025, other than those below.

Interest rate risk. We are subject to interest rate risk associated with our variable rate long-term debt. We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed rate borrowings and short-term borrowings under our bank credit facilities. A change in interest rates generally does not have an impact upon our future earnings and cash flow for fixed-rate debt instruments. As fixed-rate debt matures, however, and if additional debt is acquired to fund the debt repayment, future earnings and cash flow may be affected by changes in interest rates. This effect would be realized in the periods subsequent to the periods when the debt matures.

As of June 30, 2026, variable rate borrowings represented approximately 11% of our total borrowings. The following table provides additional information about our gross long-term debt subject to changes in interest rates:
 Debt maturing in Fair Value June 30, 2026
 20262027202820292030Thereafter Total
 
(In millions except interest rates)
Fixed-rate$400 $1,425 $750 $850 $— $2,001 $5,426 $5,421 
Average interest rate4.6 %5.1 %4.8 %6.1 %N/A6.6 %5.7 %
Variable rate$— $— $— $— $677 $— $677 $677 
Average interest rateN/AN/AN/AN/A4.0 %N/A4.0 %
30



Cautionary Statement Concerning Forward-Looking Statements

This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, expectations regarding the potential opportunity for gaming expansion in Dubai, investments we make in online sports betting and iGaming, and the expansion of LeoVegas and the MGM digital brand; positioning BetMGM North America Venture as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China and BetMGM North America Venture; amounts projected to be realized as deferred tax assets; expected tax refunds; the timing and outcome of investigations by state regulators related to the September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident and the nature and scope of any regulatory proceedings that may be brought against us. The foregoing is not a complete list of all forward-looking statements we make.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market, and regulatory conditions and the following:
•our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options and financial results and impact our ability to satisfy our obligations;
•current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments, or make planned expenditures;
•the agreements governing our senior credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity;
•the fact that we are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth initiatives, service our indebtedness and limit our ability to react to competitive and economic changes;
•risks relating to our consideration of any acquisition proposal from People Incorporated and any actions taken by us in respect of any such proposal, including with respect to the negotiation and entry (or failure to enter) into an agreement involving the acquisition of our equity interests or our business and our ability to consummate such a transaction on any timeline or at all;
•significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete;
•the impact on our business of economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside;
•the fact that we suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all;
•all of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations;
31

•financial, operational, regulatory or other potential challenges that may arise with respect to landlords under our master leases may adversely impair our operations;
•the concentration of a significant number of our major gaming resorts on the Las Vegas Strip;
•the fact that we extend credit to a large portion of our customers and we may not be able to collect such gaming receivables;
•the occurrence of impairments to goodwill, indefinite-lived intangible assets or long-lived assets which could negatively affect future profits;
•the susceptibility of leisure and business travel, especially travel by air, to global geopolitical events, such as terrorist attacks, other acts of violence or acts of war or hostility or outbreaks of infectious diseases;
•the fact that co-investing in properties or businesses, including our investments in BetMGM North America Venture and MGM Osaka, decreases our ability to manage risk;
•the fact that future construction, development, or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs, and our ability to complete the projects;
•the fact that our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future;
•the fact that a failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business;
•the fact that a significant portion of our labor force is covered by collective bargaining agreements;
•the sensitivity of our business to energy prices and a rise in energy prices could harm our operating results;
•the failure of future efforts to expand through investments in other businesses and properties or through alliances or acquisitions, or to divest some of our properties and other assets;
•the fact that our operational efforts to expand our digital business in new geographic markets may not be successful;
•the failure to maintain the integrity of our information and other systems or customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data;
•reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts;
•extreme weather conditions or climate change may cause property damage or interrupt business;
•water scarcity could negatively impact our operations;
•the fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect our business;
•the risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws;
•increases in taxes and fees, including gaming taxes, in the jurisdictions in which we operate;
•our ability to recognize our foreign tax credit deferred tax asset and the variability of the valuation allowance we may apply against such deferred tax asset;
•changes to fiscal and tax policies;
•risks related to pending claims that have been, or future claims that may be brought against us;
32

•disruptions in the availability of our information and other systems (including our website and digital platform) or those of third parties on which we rely, through cyber-attacks or otherwise, which could adversely impact our ability to service our customers and affect our sales and the results of operations;
•impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the September 2023 cybersecurity issue, the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems;
•restrictions on our ability to have any interest or involvement in gaming businesses in mainland China, Macau, Hong Kong and Taiwan, other than through MGM China;
•the ability of the Macau government to (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise, or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry; and
•the potential for conflicts of interest to arise because certain of our directors and officers are also directors of MGM China.

Any forward-looking statement made by us in this Form 10-Q speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. If we update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

You should also be aware that while we from time to time communicate with securities analysts, we do not disclose to them any material non-public information, internal forecasts or other confidential business information. Therefore, you should not assume that we agree with any statement or report issued by any analyst, irrespective of the content of the statement or report. To the extent that reports issued by securities analysts contain projections, forecasts or opinions, those reports are not our responsibility and are not endorsed by us.

Item 3.         Quantitative and Qualitative Disclosures about Market Risk

We incorporate by reference the information appearing under “Market Risk” in Part I, Item 2 of this Form 10-Q.

Item 4.        Controls and Procedures

Disclosure Controls and Procedures

Our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”)) were effective as of June 30, 2026 to provide reasonable assurance that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and regulations and to provide that such information is accumulated and communicated to management to allow timely decisions regarding required disclosures. This conclusion is based on an evaluation as required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act conducted under the supervision and participation of the principal executive officer and principal financial officer along with company management.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2026, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
33

Part II. OTHER INFORMATION

Item 1.        Legal Proceedings

See discussion of legal proceedings in Note 8 – Commitments and Contingencies in the accompanying consolidated financial statements.

Item 1A.    Risk Factors

A description of certain factors that may affect our future results and risk factors is set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those factors previously disclosed in our 2025 Annual Report on Form 10-K.

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about share repurchases of our common stock during the quarter ended June 30, 2026:
 Total Number of Shares Purchased
Average Price Paid per Share(1)
Total Number
of Shares
Purchased as
Part of a Publicly Announced Program
Dollar Value of Shares that May Yet be Purchased Under the Program(1)
Period(In thousands)
April 1, 2026 — April 30, 2026— $— — $1,522,481 
May 1, 2026 — May 31, 20264,300,599 $37.64 4,300,599 $1,360,599 
June 1, 2026 — June 30, 2026— $— — $1,360,599 
(1) The “Average Price Paid per Share” figures presented above are calculated on an execution date (trade date) basis and exclude commissions and excise taxes. Figures presented under “Dollar Value of Shares that May Yet be Purchased Under the Program” indicate the total amount of authorized capacity remaining in accordance with the terms of the applicable publicly announced share repurchase plan, which excludes the cost of commissions and excise taxes.

In April 2025, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan. Under the stock repurchase plan, we may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be purchased when we might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. All shares repurchased during the quarter ended June 30, 2026 were purchased pursuant to our publicly announced stock repurchase plan and have been retired.

Item 5.        Other Information

During the three months ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended (the “Securities Act”)).

34

Item 6.        Exhibits

4.1
Indenture governing the 6.25% senior notes due 2033, dated as of May 13, 2026, between MGM China Holdings Limited and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on May 14, 2026).
10.1
Third Amendment to Amended and Restated Master Lease, dated as of April 21, 2026, by and between MGP Lessor, LLC and MGM Lessee, LLC.
10.2
Amendment to Shareholders’ Agreement, dated April 20, 2026, by and between ORIX Corporation and MGM Resorts Japan, LLC.
10.3
Voting Agreement, dated April 3, 2026, by and among the Company, IAC Inc. and Barry Diller (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on April 7, 2026).
22
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104
The cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, has been formatted in Inline XBRL.

In accordance with Rule 402 of Regulation S-T, the XBRL information included in Exhibit 101 and Exhibit 104 to this Form 10-Q shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

35

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

  
MGM Resorts International
Date: July 29, 2026By:  /s/ WILLIAM J. HORNBUCKLE
   William J. Hornbuckle
   Chief Executive Officer and President (Principal Executive Officer)
    
Date: July 29, 2026  /s/ JONATHAN S. HALKYARD
   Jonathan S. Halkyard
   
Chief Financial Officer (Principal Financial Officer)
36

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