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MGM Resorts International MGM Regional Operations — Gaming taxes

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PENNSouth — Gaming taxes
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Other financials

Income statement

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Revenue$4.5B+1.0%
Operating income$503.6M+24.5%
Net income$292.4M+497%
EPS (diluted)$1.11+517%

Balance sheet

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Cash & equivalents$2.5B+30.1%
Total debt$30.2B-4.5%
Total equity$2.5B-15.5%
Total assets$39.8B-4.4%

Cash flow

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Operating cash flow$558.8M-13.5%
CapEx$241.4M-10.1%
Free cash flow$317.4M-15.9%

Valuation

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Market cap$11.39B+19.2%
Enterprise value$39B-0.5%
P/E26.7×+9.0×
P/S0.6×+0.1×

Profitability

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Operating margin5.7%-2.4pp
Net margin2.4%-0.7pp
FCF margin8.4%+0.9pp

Returns & leverage

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Return on equity15.5%-1.9pp
Debt / equity12×+1.4×
Current ratio1.3×+0.1×

Where this comes from

Reported directly by MGM Resorts International in its filing.

Tagged under the XBRL concept mgm:GamingTax.

The source filing: MGM Resorts International’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:19 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000789570-26-000076
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Less:
Payroll related expense232,154232,239471,111461,186
Cost of sales39,60240,84776,71778,061
Gaming taxes176,011195,672364,519380,386
Other segment items(1)196,115187,198390,008357,700
Segment Adjusted EBITDAR280,216308,656539,653587,698
MGM China
Revenue1,100,8811,110,0932,222,9162,137,565

Item 1. Financial Statements (Unaudited)

FAQ

What is MGM Resorts International's regional operations — gaming taxes?
MGM Resorts International (MGM) reported regional operations — gaming taxes of $176.01M in Q2 2026.
How has MGM Resorts International's regional operations — gaming taxes changed year-over-year?
MGM Resorts International's regional operations — gaming taxes decreased by 10.0% year-over-year, from $195.67M to $176.01M.
What is the long-term trend for MGM Resorts International's regional operations — gaming taxes?
Over 3 years (2022 to 2025), MGM Resorts International's regional operations — gaming taxes has grown at a 0.4% compound annual growth rate (CAGR), from $753.49M to $763.17M.
What does regional operations — gaming taxes mean?
This metric reflects the mandatory taxes paid to state and local jurisdictions based on gaming revenue generated at regional properties. These are non-discretionary costs dictated by regional regulatory frameworks. It is a significant drag on operating margins that varies by the specific tax rate of each jurisdiction.

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