MGM Resorts Q3 Net Loss Narrows as MGM China Posts Record Revenue

MGM Resorts International reported its third-quarter results on October 28, 2026, posting consolidated revenue of $4.2 billion for the period ended September 30, 2026, down 1% from the prior-year quarter, and a net loss attributable to the company of $17 million versus a $285 million net loss a year earlier.

Consolidated Adjusted EBITDA, a non-GAAP measure the company uses to evaluate operating performance, totaled $403 million versus $506 million in the prior-year quarter. Diluted loss per share was $0.07, compared with a loss of $1.05 a year earlier. Adjusted EPS, the company’s adjusted diluted per-share measure, showed a loss of $0.11 versus adjusted earnings of $0.24 in the third quarter of 2025.

President and Chief Executive Officer Bill Hornbuckle said lower room rates affected results during the quarter while pointing to longer-term gains in Las Vegas. “Our trailing twelve months Las Vegas Strip Resorts Segment Adjusted EBITDAR has grown by nearly 70% since calendar year 2019 and, while lower room rates during the third quarter impacted our results, October has rebounded favorably,” Hornbuckle said. He said MGM China achieved 5% revenue growth with strong market share performance, that the company’s digital businesses, including the BetMGM North America Venture and MGM Digital, reported strong topline growth in the quarter, and he cited MGM Osaka as part of the company’s growth pipeline.

Adjusted EPS excludes items including property transactions, goodwill impairment, gains and losses on debt and equity investments, and foreign currency effects. In the latest quarter, the reconciliation included a loss related to debt and equity investments of $0.18 per share. In the prior-year quarter, it included a goodwill impairment of $0.94 per share and net property transactions of $0.37 per share.

Chief Financial Officer Jonathan Halkyard pointed to an amended voting agreement announced earlier the same day. “The amended voting agreement announced earlier today establishes a highly supportive framework that enables MGM Resorts to confidently pursue value-creating share repurchases as part of our ongoing commitment to enhancing shareholder value and driving longer-term growth,” Halkyard said. He said the company has repurchased nearly half of its outstanding share count over the past five years.

Las Vegas Strip Resorts

Revenue at Las Vegas Strip Resorts fell 2% to $2.0 billion, and Segment Adjusted EBITDAR, which the company uses as the primary profit measure for its reportable segments, declined 12% to $531 million from $601 million.

Casino revenue in the segment rose 8% to $488 million. Table games drop increased 5% to $1,435 million, and table games win rose 17% to $363 million, with a win percentage of 25.3% versus 22.6% a year earlier. Slot handle rose 1% to $6,200 million, and slot win increased 2% to $582 million, with a slot win percentage of 9.4% versus 9.3%.

Room revenue fell 6% to $622 million. Occupancy was 89% in both periods, while the average daily rate fell 8% to $218 from $236 and revenue per available room fell 8% to $193 from $210.

Regional Operations

Regional Operations revenue fell 8% to $883 million from $957 million. On a same-store basis, adjusted for dispositions, revenue rose 1% to $883 million from $873 million. Segment Adjusted EBITDAR declined 18% to $243 million from $296 million, while Same-Store Segment Adjusted EBITDAR fell 7% to $243 million from $260 million.

The same-store measures exclude MGM Northfield Park for periods prior to its disposition on April 21, 2026. Casino revenue in the regional segment fell 10% to $626 million, with slot win down 11% to $629 million and table games win down 2% to $200 million.

MGM China and Digital Operations

MGM China revenue rose 5% to $1.1 billion, which the company described as record quarterly revenue alongside record quarterly market share of 17.1%. Segment Adjusted EBITDAR fell 7% to $264 million from $284 million. Intercompany branding license fee expense, which eliminates in consolidation, was $41 million versus $19 million a year earlier, an increase of $22 million.

Casino revenue at MGM China rose 4% to $981 million. Main floor table games drop fell 10% to $3,682 million, while main floor table games win rose 1% to $1,021 million, with a win percentage of 27.7% versus 24.7%.

MGM Digital, which consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming and does not include the BetMGM North America Venture, posted revenue of $184 million, up 6% from $174 million. The segment’s Adjusted EBITDAR loss narrowed to $4 million from a loss of $23 million.

Distributions and branding license fees from the BetMGM North America Venture to MGM Resorts totaled $34 million in the quarter. The company’s share of operating income from the venture was $26.7 million, versus $23.7 million a year earlier.

For the nine months ended September 30, 2026, consolidated revenue totaled $13.1 billion versus $12.9 billion a year earlier, and net income attributable to MGM Resorts was $400 million versus a net loss of $88 million. Diluted earnings per share for the period were $1.52, versus a loss of $0.32 per share.

MGM Resorts scheduled a conference call for 5:00 p.m. Eastern Time on October 28, 2026, to discuss the results, and said a replay would be available through November 4, 2026.