Prepared remarks
Good afternoon, and welcome to the MGM Resorts International Second Quarter 2026 Earnings Conference Call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Ayesha Khanna Molino, Chief Operating Officer; Jonathan S. Halkyard, Chief Financial Officer; Gary Fritz, Chief Commercial Officer and President of MGM Digital; Kenneth Feng, President and Executive Director of MGM China Holdings; and Howard H. Wang, Vice President, Investor Relations. Participants are in listen-only mode. After the company's remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up. Please note, this conference is being recorded. Now I would like to turn the call over to Howard H. Wang. Please go ahead.
Thanks. Welcome to the MGM Resorts second quarter 2026 earnings call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we have also furnished our press release on Form 8-K to the SEC. On this call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During the call, we will also discuss non-GAAP financial measures when talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle.
Thank you, Howard, and thanks to everyone for joining today's call. Before we review the second quarter results, I want to provide a brief update on the status of the offer we received from People Incorporated. Since reviewing the offer, our board of directors has formed a special committee composed of independent directors with no affiliation or association with Barry Diller, People Incorporated, or the proposed transaction. This committee continues to evaluate the proposed transaction in consultation with independent outside advisers. I am confident our board would pursue the course of action that is in the best interest of the company and our shareholders. I do not have anything more to share at this time, and I am not able to answer any questions during Q&A on this topic. Now turning to our results, we are pleased to report that solid fundamentals and business momentum we saw at the start of the year carried forward into the second quarter. The company delivered record second quarter consolidated net revenue driven by a second consecutive quarter of year-over-year revenue growth from our Las Vegas Strip resorts, all-time best regional operations same-store quarterly revenue, and a 20% year-over-year revenue growth at MGM Digital. Revenue for Las Vegas was bolstered by a solid underlying base of group and convention business at MGM Resorts and aided by strong attendance at events around town, ranging from BTS to UFC to a deep playoff run in the Stanley Cup by our very own Vegas Golden Knights. Our group and convention business picked up where it left off in Q1, delivering a 20% room mix in Q2 and keeping us on pace for this market segment to represent 20% of the room mix for the full year. We drove demand from a diverse customer mix that included technology and hospitality corporate groups as well as top B2B trade shows and professional association meetings, leading to the highest second quarter convention ADR and catering and banquet revenue in our history. Our all-inclusive experience in Las Vegas has also sustained solid momentum since launch four months ago. At the end of the quarter, nearly half of the guests who booked this offer were first-time visitors to MGM. The initiative has supported occupancies and forward bookings at Luxor and Excalibur and, importantly, turned the value narrative into a positive story. We are constantly creating new experiences for our customers to leverage and to highlight the MGM Resorts Las Vegas Strip portfolio. One example is the Players' Era basketball tournament taking place across two weeks this November at Michelob Ultra Arena in Mandalay Bay and T-Mobile Arena. Twenty-four top collegiate basketball programs from multiple conferences, including four of the last five national championship-winning programs, will play in a bracket-style tournament with all games televised on the ESPN family of networks. To deliver a world-class experience for teams and for fans, Las Vegas stands unmatched and MGM is proud to offer the ultimate stage. From the all-inclusive experiences to the Players' Era Tournament, the spectrum of experiences we have created aligns with prevailing consumer trends, bridging the more deliberate spending patterns of value-conscious guests with a broadening demand for our premium live experiences. Las Vegas has become the world stage for premier hospitality and entertainment and MGM is helping to lead the way. We are elevating our commitment to luxury by retouching and reimagining every element of the customer experience, including the convention and public areas within the Bellagio. Room remodels for ARIA and The Cosmopolitan are also on the horizon building upon our already upgraded suites, villas, and high-end gaming areas. We will strategically invest our growth capital into designing creative and inspiring concepts that expand the very definition of luxury and we are excited to share more details on this vision in the near future. Our regional operations continued their solid performance in the second quarter resulting in an all-time best revenue quarter on a same-store basis. We continue to invest targeted capital throughout our regional portfolio, which between now and the end of the year will include enhancing our premium lounge offerings at both Beau Rivage and Borgata as well as a room remodel beginning at Borgata. We continue to see benefits from the recent upgrades and improvements in high limit gaming areas, which drove record second quarter revenues at Borgata and an all-time record quarterly revenue at Beau Rivage. Both were major contributors to all-time same-store record quarterly casino revenues and slot win in the regionals this quarter. At MGM China, we continue to outperform the market in the second quarter while maintaining solid market share of 16.4%, a sequential increase of a full percentage point. While the World Cup temporarily impacted June volumes in Macau, this was a transitory event rather than a secular shift. Our confidence is reinforced by the immediate and encouraging rebound in volumes observed post-tournament throughout the month of July. At our BetMGM North America venture, Adam and Gary reported second quarter results yesterday. Our second quarter performance keeps us well-positioned to meet our full year guidance and our business continues to grow. Remember, over two-thirds of net revenue comes from iGaming which continues to drive overall growth. In our sports business, despite the unrestrained spending and legally burdened predictive market participants, we are still growing. We are also excited about our recent launch in Alberta, where early performance indicates tangible benefits of our omnichannel presence. I would note that of the first 8.5 thousand deposits we recorded in Alberta, almost a thousand had prior relationships with MGM. MGM Digital reported double-digit revenue growth again this quarter and continues to make progress towards profitability in our underlying businesses. We successfully launched our in-house sportsbook in Sweden ahead of the World Cup which drove record-high player activity. We have seen great traction with our products which have led to phenomenal growth in both BetMGM-branded services internationally. In Brazil, the environment continues to be dynamic and fluid, but we remain bullish on the long-term opportunity. Turning to Osaka, our construction continues to reach milestones on a timely basis as we advance towards the 2030 opening. The underground work is progressing nicely, with over 60% of foundation piles completed. Above ground, the property's main structure is taking shape, with ongoing concrete placement and structural steel fabrication. We remain on time and on budget as the only licensee in Japan for what we consider the greatest greenfield opportunity in the world. In closing, MGM Resorts delivered a strong first half of the year which should come as no surprise considering the enterprise achieved record-breaking Q2 results on our NPS scores. Again, I want to thank every one of our team members for their tremendous daily efforts that drove the record Net Promoter Scores. We are excited as we look forward to the second half of the year as our business is positioned for continued positive momentum, driven by a solid base of group and convention business at MGM Resorts, particularly led by the tech sector. This is further complemented by an expanded sports and entertainment events calendar taking place citywide that represents an increased number of events compared to that of the third quarter last year. I will now pass it over to Jonathan to provide some additional details on our performance before we open it up for questions.
Thanks, Bill. And I also want to express my appreciation to the entire MGM team for their continued focus, hard work, and daily commitment to operational excellence. In Las Vegas, we grew both net revenue and segment adjusted EBITDAR in the second quarter on a year-over-year basis. This year, EBITDAR is up $25 million at our Strip resorts, and the main driver was a recovery at the MGM Grand, which was the beneficiary of the newly remodeled room inventory and a hold benefit. As we look to the third quarter, while the booking window remains short, we continue to see solid group and convention calendars alongside growth in the city's event calendar. The regional operations' second quarter results reflected all-time record quarterly revenues on a same-store basis. In fact, several of our properties delivered record revenue results during the quarter, including Empire City, which grew GGR in June despite new competition in the state. Results for the quarter reflect less than one month of operations from Field Park due to the transaction closing in late April. So on a same-store basis, slot handle and slot win increased 43% respectively. At MGM China, volumes and earnings were solid in April and May, and while we saw a dip in volumes coinciding with the World Cup activity in June, trends have since rebounded. Our capital investment program, highlighted by the recent suite conversions and renovated premium gaming areas, continues to yield strong results. Over the past year, we successfully debuted the ultra-luxury villas at MGM Macau, expanded our premium mass offerings with 50 thousand square feet of high-end gaming space, and recently unveiled newly renovated suites at MGM Cotai this past April. Looking ahead, we have commenced design work on 100 suites at MGM Macau as part of our ongoing commitment to staying ahead of evolving consumer tastes and preferences. Our BetMGM North America venture continues generating steady growth as we continue leaning into our areas of strength and focus on efficient operations. We have embedded call options around new state iGaming regulation and currently are more optimistic than we have been in a while as we see increased legislative activity in states like Virginia, Maryland, and Indiana. Our best-in-class iGaming segment grew 8 percent in the second quarter, and over the course of the first half of 2026, handle per active grew 7% while NGR per active grew 9%. Our online sports strategy continued its focus on player management and disciplined acquisition, resulting in growth in handle per active and NGR per active of 18% and 17%, respectively, during the first half of 2026. MGM Digital drove healthy growth in net revenues of 20% in the second quarter and reported segment adjusted EBITDAR losses of $31 million. We continue to build brand awareness while focusing on disciplined growth. 2027 looks favorable for operating leverage in the LeoVegas and BetMGM-branded businesses that will finance growth in Brazil, where we are seeing encouraging data points in first-time deposits, active players, and NGR. As we continue calibrating in Brazil, we are expecting full-year EBITDA losses at MGM Digital to be less than last year. In Japan, we are expecting our funding commitment for the second half of the year to be $125 million to $175 million. To date, we have spent approximately $600 million and we remain on track to deploy approximately $1 billion in each of 2027 and 2028, which will then have fully completed our capital commitments. The project remains on time and on budget for a 2030 opening. During the quarter, we bought back about 4.3 million shares for $164 million. And over the last five years, we have decreased our share count by nearly 50%. I will turn it back to Bill.
Thanks, Jonathan. Before taking questions, it is worth emphasizing that Las Vegas is stabilizing and growing as evidenced by this quarter's improvements in both revenue and EBITDAR. And the continued roll-up of premier sports and entertainment events has only reinforced our focus on deploying capital towards our luxury offerings to drive medium- to long-term growth. Our regional operations continue to deliver robust results marked by record-breaking performances and an exceptional guest response to our targeted capital investments. Macau has bounced back nicely in July while maintaining mid-teen share throughout the temporary disruption caused by the World Cup, and digital continues to grow, and MGM Osaka forges ahead with its 2030 opening, which has me—despite my many years in this company and this industry—pleased to say our future has never looked brighter. With that, operator, we will open it up for some questions.
Questions and answers
We will now begin the question-and-answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. As a reminder, in all fairness, please limit yourself to one question and one follow-up. Our first question today comes from Daniel Politzer with JPMorgan. Please go ahead.
Hey, good afternoon, everyone, and thanks for the questions. I wanted to first start with Las Vegas and the health in the underlying market there. It does seem like, Bill, based on your comments that it is getting better. But maybe if you could walk us through the second quarter and the cadence and how it progressed and maybe give us a glimpse into July as we really start to pace some of those easier comparisons. And then, obviously, tie in with any of the recent initiatives, how those are maybe helping out? Thanks.
Yeah. Thanks, Daniel, for the question, and we will do. Ayesha, you can help me pile on top here. Look, I think the second quarter as we reflect back, April and May were strong. May was exceptionally strong driven by events and other activity. In April, we had our $10 million baccarat tournament, which was extremely successful. June was more challenged. I think the summer heat picked up, and we got into the real throes of summer. July, on the other hand, has been good. So I think we have seen ups and downs in summer, and frankly, I think we will continue to see them as we think about the third quarter and beyond. But again, healthy group business helped the quarter, great events, which we continue to see throughout the course of the year. Overall, I think the package has helped at Excalibur and Luxor stabilize occupancies and somewhat ADRs. As we think about Q3 and Q4, we like what we see in the third quarter. We have some work to do in the fourth quarter. Okay. I thought it was a good response, so I am happy.
I think just turning more broadly to the value of the stock. I think, Jonathan, you mentioned MGM has bought back about 50% of its shares in the past five years. I think the average price is probably around $40 or so. The stock's sitting here today at $46. How do you think about the current value of your stock here and the attractiveness given some of the longer-term value drivers that you talked about such as Osaka?
Yes. I think your math is about right in terms of what the price has been over the past several years in our share repurchases. We bought back fewer shares in this past quarter—about $164 million worth at roughly $37 a share. So, of course, we think that has been a good use of capital. As it relates to the current value of the stock, we have gone through this on a number of prior quarters in terms of the sum-of-the-parts valuation and, in our view, given the current trends, it really has not changed from that.
Thanks so much.
The next question is from Barry Jonas with Truist Securities. Please go ahead.
Questions. Just wanted to dig in a little more on Strip trends. Record group and convention bookings in the quarter, but RevPAR still down a little. So anything you can call out, whether that is specific properties or is it still sort of lower-end leisure driving that softness? And I guess, related to that, do you see a path to return to growth in RevPAR sometime this year? Thank you.
This is Ayesha. I just want to highlight again what Bill noted in his prepared remarks and his previous comment. We have seen growth in overall Las Vegas revenue as well as EBITDAR. In terms of RevPAR, I note that is a non-cash metric. Overall, we continue to see real strength in the luxury segment. The lower end of the segment, particularly Luxor and Excalibur, does remain challenged, but we have been deploying offers such as the all-inclusive package and have seen a positive reaction to that. So overall, we are seeing real health in the group segment and the luxury segment, and a relatively stabilized trend at the lower end.
Got it. That is helpful. And then I guess one on regionals. You have seen what the Sphere has done in Vegas. Just curious how much of an impact you think the Sphere can do for National Harbor when it opens?
Hi, Barry. So they are projecting 2.5 million visitors which seems about right. I think it is about a 6.5 thousand-seat facility when it is all said and done. They are finalizing plans, and I do not want to get ahead of them, but that is the visitation being contemplated, which is significant. Whether those are new customers, I think many of them will be for us, and they will come from farther away just to see it. We have seen that obviously in Las Vegas. We expect to capture our fair share of that and then some, given that it is literally on our doorstep. I think they will use much of our parking facility, which places them in the midst of our casino environment. So we are pretty excited by all of it. Thank you so much.
The next question is from Shaun Kelley with Bank of America. Please go ahead.
Hi, good afternoon, everyone, and thanks for taking my question. To start with a CapEx-related question. I think a couple of times both in the prepared remarks and throughout, you mentioned investing further in the luxury side of the portfolio. So just curious, does this stay within your sort of normal growth capital bounds? Are there any larger projects that might push around those levels that you have been sticking to in the last couple of years? How should we think about that for 2027 and beyond?
I think, Shaun, a great way to think about it is generally we can do a lot within our existing footprint. Particularly here at Bellagio, we are thinking about more villas because we only have eight to draw from. We are thinking about more villas. Our convention and meeting space, as I mentioned in my prepared comments, needs some work. We have seen tremendous success with activation of Lakeside with Carbone and Riviera, so we are going to look to continue on that theme. For today, think about it in the context of where we are. If we add to that, we'll understand the consequences, but we would only add if we thought it would pay a real dividend.
This is Jonathan. One of the ways to think about it—and I think it's useful for modeling—is that we can do quite a lot of work to improve within our existing footprint at the level of CapEx we have been spending the last three or four years. To the extent that we expand the footprint and add capacity or square footage in Las Vegas, that would likely be additive to that base level of CapEx. As an example, we did a very large room renovation at the MGM Grand. We are contemplating another later this year beginning in ARIA. Both of those projects have been or will be done within that basic level of CapEx. But if we did something beyond that to add capacity, it would likely be above.
And just as a more global thesis: Las Vegas is our home. Las Vegas is the epicenter of gaming in many respects; it is not going anywhere, and there is nothing immediately coming close to competing with it. So we believe in its midterm and long-term future. We want to continue to invest aggressively where it makes sense in luxury experiences—not necessarily items, but experiences.
Perfect. Thank you both. And then just maybe a quick one on MGM Digital on the international piece, non-BetMGM. Help us think through the inflection in that business. There was a little mention of an inflection in 2027. You mentioned funding and self-funding some investments in Brazil. Could you elaborate a bit?
Sure. It is Gary. The way you should think about MGM Digital is we basically have the European LeoVegas-operated portfolio and the BetMGM-branded business in Europe. That business is setting up in 2027 for significant operating leverage and likely substantial levels of profitability. We can use that to finance remaining growth investments in the portfolio, largely dominated by Brazil in terms of line of sight. We do think there will be the ability to self-fund in part the ongoing investments in Brazil and a few other geographies. The exact nature of how much will be self-funded we are working through in the budgeting process for 2027, but we do anticipate some degree of self-financing from the core LeoVegas business.
The next question is from David Katz with Jefferies. Please go ahead.
Afternoon. Thanks for taking my question. I wanted to just go back to the all-inclusive offerings. I think the term you used is 'supported' in reference to Luxor and Excalibur. I would love a little more color on whether that is upward momentum, and in the context of the lower-quartile properties within the portfolio, how they are doing. Thank you.
I'll kick it off and turn over to Ayesha. We have booked well over 30 thousand room nights on it. It absolutely has helped us stabilize occupancy. The narrative around Las Vegas not providing value—we think it has helped. We follow it closely through social media and otherwise, and it is a great value at the end of the day.
A couple of additional notes: we have seen a lot of interest and demand from customers, particularly around the weekends, and they have actually been purchasing the package at slightly higher rates. It has been accretive, and we have been happy with the margin profile we are realizing from that package. So in terms of gross room nights booked, change in narrative, and margin, we think it has been healthy.
Excellent. And with respect to Park MGM, I think you also indicated a strategy there toward locals. I would love a little more color about that.
Sure. Park MGM has appealed to locals for a couple of reasons: proximity to T-Mobile Arena as well as Allegiant within its footprint and the non-smoking environment is unique in our portfolio. For that property, much of our high-end play is locals play, so we have been taking a look at how to expand its appeal to our local demographic, particularly over the summer. We have done a host of different things including F&B offers for locals, parking offers for locals, and locals free play offers. It is a focused attempt at demand generation within that demographic.
The next question is from John DeCree with CBRE. Please go ahead.
Hi, everyone. Thank you for taking my question. Bill, Jonathan, I wanted to ask about your view on the thesis that customers are staying closer to home and that might be one of the reasons we are seeing strength in the regionals relative to leisure in Las Vegas. With a record revenue quarter on a same-store basis and seeing some stability in Vegas, how much do you subscribe to that consumer theory? Do you look at this as a zero-sum equation or as both Las Vegas and regionals being sustainable? Can we have both grow?
I can speak to the database transfer. Las Vegas is still down on international travel. While we are picking up some additional seats, particularly from places like Canada, we remain below pre-pandemic international levels, so we need to continue to focus on that. Southern California is a major drive market and drive-in traffic often exceeds 50% of visitation. We do not have a regional casino in California, as much as we would love one, so I think the dynamics are somewhat limited.
If I take a look at visitor volume year over year to Las Vegas, there are puts and takes month by month, but overall trends have not materially departed. Our regionals are seeing consistent visitation among our highest-frequency regional visitors and consistent play among top demographics. I don't view it as a one-to-one trade-off. As the overall macroeconomic environment stabilizes, particularly in Southern California, and as Bill noted with international travel, we have every reason to be optimistic about Vegas.
That is helpful. Maybe a quick follow-up on convention and group outlook for 2027. Did you provide any thoughts on bookings or ADR pace for 2027? How does forward year look?
For 2027, we like our on-the-books position right now. We still have plenty of runway left for this year and into next year, but we think we are headed into 2027 in a strong position from a group perspective.
The next question is from Steven Wieczynski with Stifel. Please go ahead.
Hey, guys. Good afternoon. I wanted to first ask about Macau. It seems like the promotional environment over there continues to be pretty intense. What are you seeing right now, and how aggressive or non-aggressive have you been in trying to protect your market share?
Kenny, over to you.
Thank you. This is Kenny from Macau. Macau has always been a competitive market and will continue to be. MGM, for the past five or six years, has demonstrated a consistent and deep understanding of our customers. We deliver appropriate offerings, cater to premium demand, and compete with a package of products, services, innovation, events, and promotions. During the quarter, we completed meaningful CapEx projects, including suite conversions and premium gaming space at Cotai. These projects have been well-received by our premium customers. Moving forward, we will continue to renovate nearly 100 suites at MGM Macau. Our strategy is to focus on optimizing the yield of every table, every slot, and every square foot of the casino floor. It is not purely a reinvestment promotion strategy; it is a package. If you look at the past six years since the pandemic, every quarter we've been in the guided range of operating margins at the MGM China level, in the mid-twenties to high-twenties. We are confident we can sustain such margins going forward.
Thanks for that, Kenny. Second, Bill, going back to Vegas. As you rolled out the bundling promotion, have you seen that translate into growth in your database? Are these new people coming to the market or existing players?
Great question. Half of the participants in this package are brand new. If you think about Las Vegas in general, first-time visitors are under 15% of visitation. This package is drawing a new customer base. Presumably younger, but we will analyze the data. It is 50% new, which is startling and promising.
Okay. Great. Thanks, guys. Appreciate it.
The next question is from Brandt Montour with Barclays. Please go ahead.
Hi, everyone. Thanks for taking the questions. First in Vegas, Jonathan, you mentioned hold as being a benefit in the second quarter. Looking back to the last three quarters, it seems like you guys have had a nice run of favorable hold. Is there anything structural or any changes you have made to mix that would change how we model a neutral hold for the business?
This is Bill. I do not know that we would change the model or percentages of the games. We do skew toward a half dozen or maybe a dozen customers who swing hard and swing heavy. They can go either way; this past quarter was to our advantage. I would not change the formula yet.
One more on Macau. When you said volumes recovered sharply in July, was that an MGM comment or an industry comment, and did promotions drive the recovery? How should we think about EBITDA flow-through from that recovery?
I would say both—market and MGM have recovered compared to June.
If you look, we are seeing pent-up demand from the World Cup period. Both visitations and business volumes have strongly picked up since the second week of July, even while a few matches remained. Weekly performance has improved week over week. Macau's gaming revenue last week for the entire market nearly recovered to Q1 levels. At MGM, both property visitations and normalized GGR have already exceeded Q1 levels. With events and concerts in town this month and next month, we are confident to see a busy summer in Macau that will draw popularity and visitations.
The next question is from Chad Beynon with Macquarie. Please go ahead.
Good afternoon. Thanks for taking my question. Bill, a strategic question on regionals: it's clear you are focusing on market-leading properties with hopefully over $100 million of EBITDA. With other companies potentially selling regional assets, can you update us on whether there are markets that would help with the hub-and-spoke strategy and long-term shareholder value?
Chad, I would not say never. There are always a couple of properties that might fit well into the portfolio and we keep an eye on that, but there is nothing imminent to report.
Great. And drilling in just a little more on the result in Vegas: you had a very low hold comparable in Q2 2025, you mentioned being on the right side this quarter. Are you willing to provide a hold-adjusted number for the quarter and the positive impact for Vegas?
We do not like to put a point estimate on that because there are a number of things that drive what the hold percentage ultimately is. But it is in the tens of millions this quarter. It was meaningful, but we stopped providing hold-adjusted numbers a couple of years ago.
Okay. Thanks, Jonathan. Appreciate it.
The next question is from Stephen Grambling with Morgan Stanley. Please go ahead.
Hey, thanks. On the digital side, with the update from BetMGM earlier this week and as you continue to learn from the international side, how do you think about whether BetMGM U.S. is best structured as a JV? Are there limitations to evaluating various ownership structures at this point, whether it's an embedded ROFR or other legal components when thinking about the JV as the right setup from here?
Look, the JV has worked well. We have enjoyed our relationship and partnership—we are the brand and they provide technology. There are always things to learn. Gary oversees these businesses on a daily basis, but the JV is in good shape. While you never say never to anything, there is nothing contemplated.
So again, there is no limit to various structures at this point; it is just a question of what you feel is best and price. Fair enough. I will jump back in the queue. Thank you.
The next question is from Benjamin Chaikin with Mizuho. Please go ahead.
Hi. Thanks for taking my question. Recognizing you do not want to comment on hold and some other items, could you in broad strokes assess the underlying business in Vegas in Q2 from an EBITDA perspective, and more importantly the trajectory of the business in Vegas as you see it today? Understanding things have improved in July.
I think you've heard in our comments: the luxury business remains strong. The top end of our marketplace is very strong. We are still down several million visitors from our all-time peak pre-pandemic, so there is runway. We've consistently kept occupancy around 90% and will continue to push on that. Our convention and catering business hit all-time highs, which speaks to corporate demand and the destination. The market has changed—we are a big event marketplace now—and meaningful events drive velocity and interest. We will continue to drive that through the city and with events we create ourselves.
Okay. Maybe finer point: net of different moving parts in Vegas, do you think you are growing underlying EBITDA today?
We are growing revenue for sure. We faced some challenges on EBITDA this quarter, but absolutely over the long haul we are growing EBITDA.
Ladies and gentlemen, this concludes our question-and-answer session.
I would like to turn the conference back over to Bill Hornbuckle for any closing remarks. Thank you, operator. Again, I thank everyone's participation. Vegas has remained stable and consistent. Same with Macau. We love where our regional businesses are performing and our digital programming, particularly the international piece of Gary's business, is showing promise and return. MGM Osaka forges ahead with its 2030 opening. With all that said, we thank you for joining us. Have a great night.
Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.