MGM Resorts (MGM) official guidance

Yeah, that guidance came down a fair amount for this year. It is really a result of just fine-tuning our CapEx and the tax treatment of that under the One Big Beautiful Bill, as well as just some workaround refunds that we have been doing. So we are pleased to see that estimate for 2026 come down materially.

We actualized over 500,000 room nights in the third quarter, exceeding our internal expectations for convention room night revenue and remain on pace for this channel to represent 20% of total room night mix for the full year.

In Japan, we've spent approximately JPY 114 billion to date, and remain on track to deploy approximately JPY 150 billion-JPY 160 billion, or about $1 billion in each of 2027 and 2028, which will fully complete our funding commitments.

In Japan, we've spent approximately JPY 114 billion to date, and remain on track to deploy approximately JPY 150 billion-JPY 160 billion, or about $1 billion in each of 2027 and 2028, which will fully complete our funding commitments.

In Japan, we've spent approximately JPY 114 billion to date, and remain on track to deploy approximately JPY 150 billion-JPY 160 billion, or about $1 billion in each of 2027 and 2028, which will fully complete our funding commitments.

As we continue calibrating in Brazil, we're expecting full year EBITDA losses at MGM Digital to be less than last year.

In Japan, we're expecting our funding commitment for the second half of the year to be approximately $125 million-$175 million.

Importantly, we expect this momentum to continue into the Q2 with convention room night mix up 2 percentage points year-over-year to 20%.

We're definitely anticipating the loss to materially narrow vis-Ã -vis last year, which then, you know, sets us up into 2027 for, you know, close to a break-even year, if not 100% getting there.

In Japan, we are expecting our funding for the balance of the year to be approximately $200 million-$225 million after investing approximately $140 million in the Q1.

With the Q1 of 2026 complete, our optimism across all various business segments continues to hold firm, especially in Las Vegas, will remain on track for growth this year.

As reported on their recent earnings call, MGM -- BetMGM provided 2026 adjusted EBITDA guidance of $300 million to $350 million and $50 million of expected CapEx, along with the expectation of regularly distributing excess cash to its parents.

As reported on their recent earnings call, MGM -- BetMGM provided 2026 adjusted EBITDA guidance of $300 million to $350 million and $50 million of expected CapEx, along with the expectation of regularly distributing excess cash to its parents.

As reported on their recent earnings call, MGM -- BetMGM provided 2026 adjusted EBITDA guidance of $300 million to $350 million and $50 million of expected CapEx, along with the expectation of regularly distributing excess cash to its parents.

This momentum remains positive, highlighted by the plan outlined on the earnings call to reach $500 million of adjusted EBITDA in 2027.

We anticipate another year of solid top line growth and an improvement in 2026 EBITDAR that we expect to be approximately half the losses that we had in 2025.

In Japan, we're expecting our 2026 funding commitment to be approximately USD 350 million to USD 400 million.

In terms of expense growth, we'll be able to hold our overall expense growth to the very, very low single digits this year.

Within the group and convention channel, we are experiencing mid-single-digit revenue growth in 2026.

We anticipate another year of solid top line growth and an improvement in 2026 EBITDAR that we expect to be approximately half the losses that we had in 2025.