MGM Resorts Swings to Adjusted Loss as Las Vegas Room Rates Slide

MGM Resorts International swung to an adjusted loss in the third quarter as lower room rates on the Las Vegas Strip and weaker regional results dragged on profit, though the casino operator said Wednesday that October "has rebounded favorably."

Consolidated revenue slipped 1% to $4.2 billion, and consolidated adjusted EBITDA fell to $403 million from $506 million a year earlier, according to the earnings release MGM filed with an 8-K on Wednesday. Adjusted EPS was a loss of 11 cents, compared with a profit of 24 cents a year ago.

Strip room rates slide

Net loss attributable to MGM narrowed to $17 million, or 7 cents a diluted share, from $285 million, or $1.05, in the year-ago quarter, which included a goodwill impairment.

On the Las Vegas Strip, revenue fell 2% to $2.0 billion and segment adjusted EBITDAR dropped 12% to $531 million from $601 million. Occupancy held at 89%, but the average daily room rate fell 8% to $218 and revenue per available room declined 8% to $193. Room revenue fell 6% to $622 million.

The casino floor helped offset some of that. Strip casino revenue rose 8% to $488 million, as table games win climbed 17% to $363 million and the hold percentage rose to 25.3% from 22.6%.

"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," CEO Bill Hornbuckle said in the release.

Macau and digital grow

MGM China posted record quarterly revenue of $1.1 billion, up 5%, and record quarterly market share of 17.1%. Its segment adjusted EBITDAR fell 7% to $264 million, partly because intercompany branding license fee expense rose by $22 million.

Regional Operations revenue fell 8% to $883 million, but rose 1% on a same-store basis that excludes MGM Northfield Park, which was sold in April. Same-store segment adjusted EBITDAR declined 7% to $243 million.

MGM Digital, which includes LeoVegas but not the BetMGM North America joint venture, grew revenue 6% to $184 million and narrowed its segment loss to $4 million from $23 million. BetMGM distributions and branding license fees paid to MGM totaled $34 million in the quarter. MGM's share of operating income from the BetMGM North America venture rose to $26.7 million from $23.7 million.

Buybacks in focus

CFO Jonathan Halkyard tied the company's capital plans to an amended voting agreement. "The amended voting agreement announced earlier today establishes a highly supportive framework that enables MGM Resorts to confidently pursue value-creating share repurchases," he said.

Halkyard said MGM has repurchased nearly half of its outstanding share count over the past five years, and he pointed to the company's digital portfolio and MGM Osaka as key growth drivers.

Sources

1. MGM Resorts International Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0000789570-26-000106)

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