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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Brandt Montour | Barclays | 12 | 17% |
| Barry Jonas | Truist Securities | 12 | 17% |
| Shaun Kelley | Bank of America | 11 | 0% |
| John DeCree | CBRE | 11 | 0% |
| Steve Grambling | Morgan Stanley | 11 | 0% |
| Chad Beynon | Macquarie | 10 | 0% |
| Dan Politzer | JPMorgan | 9 | 11% |
| Dave Katz | Jefferies | 7 | 0% |
| Steve Wieczynski | Stifel | 5 | 20% |
| Carlo Santarelli | Deutsche Bank | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Barclays | 1 | 12 | 17% |
| Truist Securities | 1 | 12 | 17% |
| CBRE | 1 | 11 | 0% |
| Morgan Stanley | 1 |
| 11 |
| 0% |
| Bank of America | 1 | 11 | 0% |
| Macquarie | 1 | 10 | 0% |
| JPMorgan | 1 | 9 | 11% |
| Jefferies | 1 | 7 | 0% |
MGM's Q1 2026 marked a turning point as Las Vegas revenue grew for the first time in six quarters, powered by strong convention performance with record Q1 ADRs and the return of CON/AGG. However, EBITDA lagged due to a $37 million self-insurance charge that management characterized as an unusual onetime item tied to frivolous litigation, plus $31 million in lower business interruption proceeds. The all-inclusive package at Luxor and Excalibur showed early promise in attracting first-time visitors, while the broader portfolio continued demonstrating diversity with MGM Digital revenue growing 43% and Macau holding above 15% share despite new branding fee headwinds. Japan construction progressed on schedule with 40% of piles complete, and the Northfield Park sale closed, freeing capital for reaccelerating share repurchases at what management views as deeply discounted valuations.
Demand | Pricing | Revenue Growth | Geographic Expansion | Capital Allocation | Competitive Dynamics | Capex Investment | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 6 | 4 | 2 | 1 | 4 | 2 | 2 |
| 2025Q1 | 6 | 1 | 2 | 3 | 2 | 1 | 5 | 2 |
| 2025Q2 | 7 | 3 | 2 | 3 | 2 | 2 | 3 | 2 |
| 2025Q3 | 4 | 5 | 2 | 1 | 7 | 2 | 2 | 1 |
| 2025Q4 | 6 | 1 | 5 | 1 | 1 | 2 | 1 | |
| 2026Q1 | 8 | 3 | 4 | 6 | 1 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 7 | 6 | 7 | 4 | 6 | 8 |
| Pricing | 6 | 1 | 3 | 5 | 1 | 3 |
| Revenue Growth | 4 | 2 | 2 | 2 | 5 | 4 |
| Geographic Expansion | 2 | 3 | 3 | 1 | 1 | 6 |
| Capital Allocation | 1 | 2 | 2 | 7 | 1 | 1 |
| Competitive Dynamics | 4 | 1 | 2 | 2 | 2 | 2 |
| Capex Investment | 2 | 5 | 3 | 2 | 1 | |
| Innovation & R&D | 2 | 2 | 2 | 1 | 1 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MGM MGM Resorts | 5 | +4.2% | |
| LVS Las Vegas Sands | 9 | +25.3% | |
| WYNN Wynn Resorts | 7 | +9.2% |