MGM Resorts Posts $17M Q3 Loss as Vegas Room Rates Slide

MGM Resorts International posted a $17 million net loss for the third quarter of 2026 as softer room pricing on the Las Vegas Strip weighed on results. The company released its results after the market closed on Oct. 28.

Consolidated revenue slipped 1% to $4.2 billion, while adjusted EBITDAR fell 20% to $403 million from $506 million a year earlier. Adjusted earnings per share came in at a loss of $0.11, compared with a $0.24 profit in the prior-year quarter. Record revenue in Macau and growth in digital gaming partly offset the Las Vegas slowdown.

Las Vegas Strip Room Rates Fall 8% as Casino Floor Gains

MGM's Las Vegas Strip Resorts segment generated $1.95 billion in revenue, down 2% year over year. Segment adjusted EBITDAR dropped 12% to $531 million from $601 million. Room pricing drove the decline, with average daily rate fell 8% to $218 from $236. Revenue per available room (RevPAR) also fell 8% to $193.

Occupancy held steady at 89%, but room revenue declined 6% to $622 million.

The casino floor fared better. Strip casino revenue rose 8% to $488 million, and table games win climbed 17% to $363 million. CEO Bill Hornbuckle said lower room rates during the quarter "impacted our results" but added that "October has rebounded favorably."

MGM China Hits Record Revenue as Digital Losses Narrow

MGM China delivered record quarterly revenue and captured an all-time high 17.1% share of the Macau market. Revenue increased 5% to $1.14 billion, but segment adjusted EBITDAR fell 7% to $264 million. A $22 million increase in intercompany branding license fee expense weighed on profitability. Main floor table games win edged up 1% to $1.02 billion. Hold improved to 27.7% from 24.7%, which offset a 10% decline in main floor drop, the value of chips purchased at tables.

On the digital side, MGM Digital, which includes LeoVegas, grew revenue 6% to $184 million. Its segment adjusted EBITDA loss narrowed to $4 million from $23 million. Distributions and license fees paid to MGM by the BetMGM North America Venture totaled $34 million. MGM's share of BetMGM operating income rose to $26.7 million from $23.7 million.

Regional Revenue Falls 8%, With Buybacks and Osaka Ahead

Regional Operations revenue fell 8% to $883 million, reflecting the April sale of MGM Northfield Park. On a same-store basis, revenue rose 1%, while segment adjusted EBITDA fell 7% to $243 million. Including Northfield Park in the prior-year figures, regional casino revenue dropped 10%, and slot win fell 11% to $629 million.

Separately, MGM announced an amended voting agreement on Oct. 28. CFO Jonathan Halkyard said the agreement "enables MGM Resorts to confidently pursue value-creating share repurchases." He noted that MGM has repurchased nearly half of its outstanding shares over the past five years. Looking further ahead, Hornbuckle pointed to MGM Osaka as a key growth driver. The Japan integrated resort remains on track to open in 2030.