The organizers of the controversial Enhanced Games held in Las Vegas this May lost nearly $62 million last quarter, with the majority of that loss tied to putting on the event.
The Enhanced Games featured seven men’s and two women’s events in swimming, weightlifting and track, with participating athletes allowed to take usually banned performance-enhancing drugs as they competed for $25 million in prize money.
The Enhanced Group staged the event, which some dubbed the Steroid Olympics, at a temporary venue outside of Resorts World and spent $52 million on event operations and athlete costs, according to the company’s second quarter earnings report.
The Enhanced Group reported $17.7 million in second-quarter revenue last week. Enhanced said that revenue was largely tied to sponsorship revenue associated with the Enhanced Games valued at $32 million, with the full sum to be recognized in future reporting periods.
The company went public just ahead of the event and used the event to market its products, which include supplements and personalized performance medicine.
Ahead of the games, organizers provided a list of the substances that the majority of the athletes used. Of the 42 athletes, 91 percent used testosterone, 70 percent used human growth hormone, 62 percent used Adderall, 50 percent used metabolic modulators, which are used alongside anabolic steroids, 41 percent used erythropoietin and 29 percent used an anabolic steroid agent.
The athletes took the substances under medical supervision over an eight-week period in Abu Dhabi. The participants will be studied medically for five years to determine what, if any, effects the PEDs have on their bodies.
The event was shunned by traditionalists and the World Anti-Doping Agency, which called the event dangerous and irresponsible.
The goal of the event was to break world records in the Olympic sports, but just one record was broken, in the final event of the night, when swimmer Kristan Gkolomeev swam the 50-meter freestyle in 20.81 seconds, winning a $1 million prize. Some participants broke personal best records, even with some being 10 years out of competition, which organizers said made the event a successful one, despite the single world record-breaking performance.
“Six months ago, Enhanced was a privately held startup with a bold idea and a great deal of skepticism aimed at it,” Maximilian Martin, Enhanced CEO, said in a statement accompanying the earnings report. “Today, we are a globally recognized sports brand, the only organization to have successfully conducted a medically supervised enhanced sporting event in history.”
At the same time, Martin wrote, the company built a foundation for a personalized performance medicine business, which he said he believed could help redefine the next decade of health and wellness.
“We achieved each of these milestones in just the first six months of 2026, and we are just getting started,” he wrote.
Las Vegas native Cody Miller, 34, won the men’s breaststroke events and took home $500,000 for his efforts. He said he shaved seven tenths of a second off his personal best in the 50-meter swim.
“It’s way more than I’ve ever made in swimming before in one night,” Miller said following the event. “Pretty cool to do it in front of a home crowd.”
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
