MGM Resorts Reports $4.2B in Revenue as Las Vegas Rates Pressure Earnings

Key Points MGM Resorts reported $4.2B in Q3 revenue, down 1% year-over-year MGM China revenue rose 5% to $1.1B, reaching a record 17.1% Macau market share MGM Digital narrowed its adjusted EBITDAR loss, and the company’s Osaka resort remained on track for a 2030 opening

Key Points

MGM Resorts reported $4.2B in Q3 revenue, down 1% year-over-year

MGM China revenue rose 5% to $1.1B, reaching a record 17.1% Macau market share

MGM Digital narrowed its adjusted EBITDAR loss, and the company’s Osaka resort remained on track for a 2030 opening

MGM Resorts International reported third-quarter 2026 revenue of $4.2 billion, down 1% year-over-year. Growth in Macau and the company’s digital operations was offset by declines in Las Vegas hotel room rates and regional results. 

MGM Resorts International

Macau

MGM Resorts Sees Las Vegas Room Rates Drop 8% in Q3

The casino operator reported a net loss of $17 million for the quarter ended September 30. This was an improvement over a loss of $285 million in the same period last year. However, adjusted EBITDA dropped 20% to $403 million from $506 million. 

net loss of $17 million

Las Vegas was MGM Resorts’ top revenue producer, contributing $2 billion in the quarter. Revenue fell 2% compared to last year, and segment adjusted EBITDAR fell 12% to $531 million. 

Las Vegas

MGM Resorts’

The bulk of the pressure came from cheaper accommodation prices. Average daily room rate fell 8% to $218, while revenue per available room dropped 8% to $193. The level of hotel occupancy was unchanged at 89%. 

cheaper accommodation prices

Management attributed leisure travel demand to higher airline fares and fuel costs. Airfares for flights to Las Vegas have risen substantially since last summer, making the destination more expensive for some visitors. 

Las Vegas

Casino operations provided a balance to the weaker hotel performance. Gaming revenue on the Las Vegas Strip climbed 8% to $488 million, aided by improved slots and high-end table action. MGM also secured more than 500,000 convention room nights in the quarter, topping in-house expectations. 

Gaming revenue

Las Vegas Strip

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CEO Bill Hornbuckle said that October is starting off better with stronger convention activity and a busy slate of events supporting demand. The company noted its Las Vegas properties should benefit from big sporting events and other events in the latter part of the year. 

CEO Bill Hornbuckle

MGM China Revenue Reaches $1.1B as Market Share Climbs to 17.1%

MGM China was one of the group’s strongest performers. Revenue grew 5% to $1.1 billion and the Macau business hit a quarterly market share record of 17.1%. The results came even as the overall casino gaming revenue in Macau fell 3.8%. 

MGM China

Macau

Macau

MGM China was helped by higher visitation, better gaming results and improvements to its premium gaming areas. Hotel occupancy at its two properties was 94.1%, compared with 93.5% a year ago. The segment’s adjusted EBITDAR fell 7% to $264 million. Management said the pressure was due in part to higher branding fees paid to MGM Resorts. 

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China

MGM Digital also had a good year, with revenue of $184 million, up 6% year over year. Adjusted EBITDAR loss was $4 million versus a loss of $23 million in the same quarter the previous year. 

MGM Digital

Digital growth was helped by BetMGM, with net revenue up 7% to $710 million in the third quarter. Adjusted EBITDA more than doubled to $86 million and the company reaffirmed its 2026 net revenue guidance of $2.9 billion to $3.1 billion. 

BetMGM

MGM Resorts is also moving forward with its integrated resort in Osaka, Japan. Construction was about 11% complete, and the project is on schedule for a planned opening in 2030. 

MGM Resorts

Osaka, Japan

The company recently pledged more than $4.6 million through its foundation to help fund 211 nonprofit grants in several regions across the US. The employees helped to identify and pick out the local beneficiaries. 

foundation

211 nonprofit grants

Separately, MGM was said to be considering a bid for People Inc. after the media company withdrew its offer for the casino operator. MGM later stated it had amended a voting agreement with People to cap any additional share purchases at 29.9% ownership and to align its voting on change-of-control transactions with MGM’s board.

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People Inc.

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