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Adjusted EBITDAR by Operation
Reflects earnings before interest, taxes, depreciation, amortization, and rent costs for each operation, indicating operational efficiency and profitability.Las Vegas operating performance has recovered into 2026, but Q1 headline revenue gains mask a ~$62M EBITDA hit from higher self‑insurance accruals and reduced business‑interruption proceeds—treat those as timing/one‑offs when valuing core Strip margins. MGM China flipped from a drag to a material earnings contributor post‑2023 (brand‑fee changes shave EBITDAR but lift cash flow). MGM Digital is delivering strong top‑line growth yet remains EBITDA‑negative, while the large, recurring triple‑net lease rent expense since late‑2024 is a structural drag that should be separated from underlying property operating momentum.
Date | Las Vegas Strip Resorts | Regional Operations | MGM China | MGM Digital | Unconsolidated Affiliates | Management & Other Operations | Stock Compensation | Tripl Net Lease Rent Expense | Corporate |
|---|---|---|---|---|---|---|---|---|---|
Jun 30, 2026 | $735.12M | $280.22M | $256.71M | -$30.88M | $25.84M | $31.61M | -$15.67M | -$552.19M | -$120.36M |
Mar 31, 2026 | $749.21M | $259.44M | $273.47M | -$25.60M | $10.03M | $26.55M | -$35.10M | -$564.63M | -$113.19M |
Dec 31, 2025 | $735.35M | $280.01M | $332.30M | -$6.97M | $31.38M | -$253.00K | -$31.05M | -$564.86M | -$140.65M |
Sep 30, 2025 | $600.87M | $295.52M | $283.99M | -$23.25M | $25.64M | $16.27M | -$14.27M | -$564.66M | -$114.31M |
Jun 30, 2025 | $710.50M | $308.66M | $301.34M | -$25.70M | $25.86M | $20.23M | -$16.45M | -$564.42M | -$112.50M |
Mar 31, 2025 | $811.16M | $279.04M | $285.56M | -$34.39M | -$12.90M | $21.76M | -$28.62M | -$564.48M | -$120.09M |
Dec 31, 2024 | $765.43M | $281.09M | $254.09M | -$21.68M | -$39.33M | $965.00K | -$28.47M | -$565.10M | -$119.14M |
Sep 30, 2024 | $731.04M | $299.99M | $237.36M | $0.00 | $5.29M | -$9.02M | -$12.39M | $0.00 | -$116.33M |
Jun 30, 2024 | $782.29M | $288.38M | $293.86M | $0.00 | -$36.85M | -$3.39M | -$12.54M | $0.00 | -$115.26M |
Mar 31, 2024 | $827.79M | $274.20M | $301.19M | $0.00 | -$27.83M | -$2.85M | -$26.76M | $0.00 | -$110.82M |