Q2 2026 Casino Earnings: A Roundup of Revenue, Profit and Outlook Across Seven Major Operators

On paper, the second quarter of 2026 looked like a strong one for the casino industry. Look closer, and it splits in two. MGM Resorts posted a record $4.5bn in revenue, the largest among the seven major operators that reported, but the biggest number didn’t translate into the best quarter. Wynn doubled its net income, Monarch delivered a record from two properties, and the softness at Las Vegas Sands came down to low gaming hold, not lost demand.

The pattern was geographic, US operators broadly held firm while Macau margins came under pressure, but the more telling story was about efficiency and intent: who turned revenue into profit, and who’s positioned to make the next move. Here is how all seven stacked up.

MGM Resorts: record $4.5bn revenue, net income jumps to $292m

MGM Resorts, led by President and CEO Bill Hornbuckle, delivered the quarter’s biggest revenue figure: record second-quarter consolidated revenue of $4.5bn, up 1%.

Net income attributable to MGM jumped to $292m from just $49m a year earlier, though consolidated adjusted EBITDA eased to $610m from $648m. Las Vegas Strip Resorts revenue rose 3% to $2.2bn with segment EBITDAR of $735m, Regional Operations posted all-time best same-store quarterly revenue, and MGM China revenue held roughly flat at $1.1bn with segment EBITDAR down 15% to $257m. MGM Digital revenue grew 20% to $196m.

Hornbuckle said the company “once again demonstrated the strength of our diversified portfolio,” and confirmed MGM Osaka remains on track for a 2030 opening.

Wynn Resorts: revenue up $119m, net income more than doubles to $140.1m

Wynn Resorts, under CEO Craig Billings, lifted operating revenue to $1.86bn, an increase of $119.1m, with net income attributable more than doubling to $140.1m from $66.2m and adjusted property EBITDAR of $568.3m.

The result varied by property. Wynn Palace in Macau grew EBITDAR to $201.5m from $157.2m, Wynn Macau’s EBITDAR edged down to $95.5m, and Las Vegas set a monthly EBITDAR record in May even as the segment’s quarterly EBITDAR eased to $215.2m from $234.8m.

Billings pointed to healthy demand across the business and confirmed Wynn Al Marjan Island, its UAE resort, is expected to open in September 2027. The board declared a $0.25 per share dividend.

Las Vegas Sands: revenue flat at $3.15bn as EBITDA falls about $210m on low Macau hold

Las Vegas Sands, led by Chairman and CEO Patrick Dumont, held net revenue broadly flat at $3.15bn, with net income of $373m and consolidated adjusted property EBITDA of $1.12bn, down from $1.33bn.

Dumont said volumes grew across all gaming segments in Macao, offset by unusually low rolling-chip hold that weighed on reported results. Marina Bay Sands in Singapore stayed the profit anchor at $689m EBITDA.

The confidence signal was in the capital returns: LVS repurchased $787m of stock during the quarter and lifted its share buyback authorisation to $6.0bn.

Caesars: net revenue $3.0bn, regional up 9.4%, and a Fertitta deal in motion

Caesars Entertainment, led by CEO Tom Reeg, grew net revenue to $3.0bn, powered by a Regional segment up 9.4% to $1,570m, even as Las Vegas revenue slipped 3.5% to $1,017m.

The company reported a net loss of $62m, narrowed from an $82m loss a year earlier, with consolidated adjusted EBITDA of $920m and Caesars Digital adjusted EBITDA down to $68m from $80m.

Caesars is in the middle of a takeover. Its pending acquisition by Fertitta Entertainment, announced on 28 May 2026, means the company held no earnings call this quarter and will eventually delist and go private. 

Melco: revenue down 6% to $1.25bn, but Cyprus EBITDA jumps 60%

Melco Resorts, under Chairman and CEO Lawrence Ho, saw total operating revenue ease around 6% to $1.25bn, with adjusted property EBITDA down to $303.8m from $377.7m and net income attributable of $22.7m, up from $17.2m.

Its Macau flagships, City of Dreams and Studio City, both softened on weaker table games. The bright spot came from abroad, with the Cyprus operation, City of Dreams Mediterranean and Other, growing property EBITDA 60% year on year.

Ho acknowledged “near-term headwinds that are reflected in our second quarter results” while backing Macau’s longer-term recovery, and flagged the phased opening of the new REM hotel in Q3 2026.

Monarch: a record quarter from two properties, net income up 20.4% to $32.5m

Monarch Casino & Resort, led by Co-Chairman and CEO John Farahi, turned in a record quarter with net revenue of $142.6m, up 4.2%, and net income up 20.4% to $32.5m.

Growth was broad: casino revenue up 2.5%, food and beverage up 3.1%, and hotel revenue up a standout 13.0%, all from two US properties, Atlantis in Reno and Monarch Black Hawk in Colorado. Adjusted EBITDA rose 3.3% to $53.0m and the margin held near a record 37.2%.

With $138.3m in cash and no borrowings against its credit facility, Monarch said it continues to evaluate potential M&A, leaving it one of the few regional operators heading into H2 with real financial headroom.

Red Rock Resorts: revenue down 3.0% to $510.3m, net income down 29.3%

Red Rock Resorts, led by Chairman and CEO Frank Fertitta III, was the clearest US-side outlier, with net revenue down 3.0% to $510.3m and net income down 29.3% to $76.6m.

Adjusted EBITDA fell 9.3% to $208.0m, and core Las Vegas operations revenue slipped 2.0% to $503.2m with segment EBITDA down 5.0% to $227.5m.

Even so, the board held its shareholder return steady, declaring a $0.26 per Class A share dividend payable on 30 September 2026.

How to read the Macau numbers fairly

Two points are worth keeping in mind. First, Las Vegas Sands stated that its Macao results were affected by unusually low rolling-chip hold in the quarter, while volumes grew across all gaming segments, so its reported EBITDA decline reflects that hold impact alongside activity. Wynn and Melco likewise reported that specific Macau win percentages and table-games performance moved against them.

Second, this roundup reports each operator’s figures as that company disclosed them, using each company’s headline net income or net revenue line, and does not combine revenue across operators into a single industry total, since no such figure appears in the underlying releases.

The deals and openings each operator put on the calendar

Several companies pointed to developments beyond the quarter. Caesars confirmed its pending acquisition by Fertitta Entertainment, announced on 28 May 2026, after which its stock would delist and the company would become private. Monarch said it continues to evaluate potential M&A, noting it held $138.3m in cash with no borrowings against its credit facility. On the development side, Wynn stated Wynn Al Marjan Island is expected to open in September 2027, Melco said its REM hotel will begin a phased opening in Q3 2026, and MGM reiterated that MGM Osaka remains on track for a 2030 opening.

Sources: Company Q2 2026 earnings releases.