MGM Resorts Reports $4.2 Billion in Third-Quarter Revenue

MGM Resorts International reported that its revenue for the third quarter of 2026 was $4.2 billion. Revenue fell 1% year over year. Growth in Macau and digital operations was offset by lower room rates in Las Vegas. The company posted a net loss of $17 million, compared with $285 million in the same period last year. Adjusted EBITDA, however, fell 20%, from $506 million to $403 million.

Las Vegas was the company's largest source of revenue at $2 billion. Revenue in the region declined 2%, while EBITDAR fell 12% to $531 million. The average room rate dropped 8% to $218. Revenue per available room also fell 8% to $193. Occupancy remained unchanged at 89%. Management said that higher airfare and fuel costs reduced vacation demand.

Gaming partly offset the weak hotel performance. Las Vegas Strip gaming revenue rose 8% to $488 million. The company sold more than 500,000 convention room nights in the quarter, a figure that exceeded internal expectations. CEO Bill Hornbuckle said October had started better thanks to convention activity. He added that major sporting events would support demand toward the end of the year.

MGM China was one of the group's strongest segments. Revenue rose 5% to $1.1 billion. Its Macau market share reached a record 17.1%. Despite this, total gaming revenue in the region fell 3.8%. Room occupancy was 94.1%, up from 93.5% last year. The segment's EBITDAR fell 7% to $264 million. Management attributed this to higher branding fees paid to MGM Resorts.

In digital, MGM Digital grew 6% on $184 million in revenue, and its loss narrowed from $23 million to $4 million. BetMGM's net revenue rose 7% to $710 million. Its adjusted EBITDA rose to $86 million, more than doubling. The company reaffirmed its 2026 net revenue expectation of $2.9 billion to $3.1 billion. Construction of the integrated resort in Osaka is 11% complete, and the project is planned to open in 2030.