MGM Q3 2026 Earnings Loom as Boyd Flags Weaker Vegas Travel

MGM Resorts International will report third-quarter 2026 results after the market closes on Wednesday, Oct. 28. The release comes six days after Boyd Gaming flagged weaker destination travel to Las Vegas.

Boyd's numbers offer an early read on Las Vegas visitor demand heading into MGM's report.

Analysts expect MGM to post adjusted earnings of $0.10 per share on $4.21 billion in revenue. This will also be MGM's first quarterly report since People Inc. withdrew its $18 billion takeover proposal in September. Investors will watch MGM's Las Vegas Strip results closely.

Boyd Gaming Q3 Revenue Slips as Las Vegas Visitor Demand Softens

Boyd Gaming reported third-quarter revenue of $990.5 million on Oct. 22, down 1.4% from $1.004 billion a year earlier. Revenue in the Las Vegas Locals segment slipped 1.6% to $207.4 million from $210.8 million. Downtown Las Vegas revenue fell nearly 11%, to $47.4 million from $53.2 million.

Boyd tied the Downtown decline to softer destination business and fewer visitors from Hawaii. Several major storms in Hawaii, along with higher airfares, weighed on travel from the islands. The company said the weakness hit hardest at the Orleans, part of its Locals segment. Renovation work at the Suncoast, another Locals property, also disrupted results.

"In Las Vegas, play from local residents remained strong," Boyd CEO Keith Smith said on the earnings call.

Locals Strength Cushions Boyd as Hawaiian Airfares Begin to Ease

Boyd's local customer base offset part of the destination slowdown. Excluding the Orleans and Suncoast, Locals revenue and adjusted EBITDAR each grew 3%, and gaming revenue rose 3.5%. Margins for those properties held at 47%, in line with the third quarters of 2024 and 2025. Companywide adjusted EBITDAR dipped to $319.6 million from $321.8 million a year earlier.

Boyd finished renovating the Suncoast's public spaces at the end of the quarter. The property's hotel room remodel should wrap up in the first quarter of 2027.

Boyd also returned nearly $180 million to shareholders through buybacks and dividends. Management said airfares from Hawaii to Las Vegas remain elevated but have started to ease.

MGM Q3 Estimates: Lower Strip Profit, Support From BetMGM

Wall Street estimates for MGM vary widely ahead of Wednesday's report. Forecasts from 11 analysts range from a loss of $0.07 per share to earnings of $0.43 per share. The consensus calls for Las Vegas Strip revenue of about $1.99 billion, up slightly from $1.98 billion in the third quarter of 2025. Strip EBITDA, however, is projected to fall to $582 million from $601 million, pointing to thinner margins.

MGM's digital business may offer support. BetMGM, MGM's joint venture with Entain, already reported third-quarter net revenue of $710 million, up 7% year over year. On the corporate front, MGM will remain independent after People Inc. dropped its bid in September. "The Board remains excited to continue to lead MGM Resorts as a standalone company," MGM Chairman Paul Salem said.