Key Highlights

  • Net revenues were USD 4.21 billion in Q3 2026, roughly 1% below the USD 4.25 billion reported a year earlier.
  • Las Vegas Strip average daily rate fell to USD 218 from USD 236, cutting segment Adjusted EBITDAR by 12%.
  • Operating income was USD 118.7 million, compared with a USD 112.9 million loss that included goodwill and asset impairments.
  • Cash stood at USD 2.4 billion, the USD 2.3 billion revolver was undrawn, and USD 1.4 billion of buybacks remained.

MGM Resorts International (NYSE:MGM) reported third-quarter 2026 net revenues of USD 4.21 billion, in line with a consensus estimate of USD 4.21 billion and down from USD 4.25 billion in the same quarter of 2025. Casino revenue edged up to USD 2.30 billion, while room revenue declined to USD 763.0 million from USD 795.2 million.

Net loss attributable to the company was USD 17.1 million, or USD 0.07 per diluted share on a GAAP basis, compared with a loss of USD 285.3 million, or USD 1.05 per share, a year earlier. Against a consensus estimate of USD 0.04 in earnings per share, the comparison measure showed a loss of USD 0.11 per share, below that estimate, while the GAAP loss was USD 0.07 per share. Consolidated Adjusted EBITDA, a non-GAAP measure, was USD 402.8 million versus USD 505.8 million.

Segment Detail: Strip Rooms Soften, Macau Records

Las Vegas Strip Resorts revenue slipped 2% to USD 1.95 billion. Occupancy held at 89%, but ADR dropped to USD 218 and revenue per available room to USD 193 from USD 210. Casino revenue benefited from a table games win percentage of 25.3%, against 22.6%. Segment Adjusted EBITDAR fell to USD 530.8 million from USD 600.9 million, reflecting higher payroll costs, lower revenue and USD 23 million of business interruption proceeds recorded a year earlier.

Regional Operations revenue fell 8% to USD 883.2 million after the sale of Northfield Park. Revenue in China rose 5% to USD 1.14 billion, and the company cited a record third-quarter market share of 17.1%. Segment Adjusted EBITDAR there declined 7% to USD 264.0 million, mainly because an intercompany branding fee increased by USD 22 million. Digital segment revenue rose 6%, and its Adjusted EBITDAR loss narrowed to USD 4.2 million from USD 23.2 million.

Capital Allocation, Japan Funding and Shareholder News

CEO Bill Hornbuckle said the company's largest shareholder withdrew its earlier offer and that a voting agreement was amended to bar further share purchases once its ownership reaches 29.9%. He attributed the Las Vegas shortfall mostly to room rates, pointing to higher airfares, record jet fuel prices and elevated gas prices. Management reported solid group and convention activity in October and more than 500,000 convention room nights in the third quarter.

The company's chief financial officer said about JPY 114 billion has been spent on the Osaka project, with roughly JPY 150 billion to JPY 160 billion, or about USD 1 billion, targeted in each of 2027 and 2028. The project targets a 2030 opening. Through nine months the company repurchased about 7 million shares for USD 253 million. Operating income included a USD 111 million goodwill impairment charge for the nine months and a USD 253 million gain on the Northfield Park sale.

What Remains Open

Several measurable items frame the coming quarters. Las Vegas ADR of USD 218 versus USD 236 is the clearest rate marker, along with management's comment that December group business rotates lower. The China unit's September market share of 19.2% is the second. The third is the debt calendar, which includes a USD 675 million senior note tranche due within 12 months against USD 2.4 billion of cash. The fourth is capital deployment, with USD 1.4 billion of remaining repurchase authorization alongside the Osaka funding schedule of roughly USD 1 billion in each of the next two years.