MGM Resorts Q3 2026: $17M Loss, Record Macau Share
MGM Resorts International narrowed its net loss to $17 million in the third quarter as record results in Macau and growth in its digital businesses partly offset weaker room pricing on the Las Vegas Strip. Consolidated revenue was $4.2 billion, down 1% on the prior-year quarter, according to the company's third-quarter 2026 earnings release.
The loss compares with a $285 million net loss a year earlier, which included a goodwill impairment. Adjusted earnings per share came in at a loss of $0.11 against a $0.24 profit in the third quarter of 2025, and consolidated adjusted EBITDA fell to $403 million from $506 million. Investors in the group's online arm may also want to read our coverage of BetMGM's own third-quarter results.
Las Vegas Strip Feels Lower Room Rates
Las Vegas Strip Resorts generated $2.0 billion in revenue, a 2% decline, and segment adjusted EBITDAR dropped 12% to $531 million from $601 million. Chief executive Bill Hornbuckle pointed to lower room rates during the quarter, while saying October has rebounded favorably.
The hotel numbers show the pressure. Average daily rate fell 8% to $218 and revenue per available room fell 8% to $193, with occupancy unchanged at 89%. Room revenue slipped 6% to $622 million.
The casino floor told a different story. Strip casino revenue rose 8% to $488 million, helped by a table games win of $363 million, up 17%, on a hold of 25.3% compared with 22.6% a year ago. Slot win rose 2% to $582 million.
Regional Operations And MGM China
Regional Operations reported revenue of $883 million, down 8% from $957 million, because of property dispositions. On a same-store basis, revenue rose 1% from $873 million. Segment adjusted EBITDAR fell 18% to $243 million, or 7% lower on a same-store basis. Regional casino revenue declined 10% to $626 million, with slot win down 11%.
MGM China was the standout. Revenue rose 5% to $1.1 billion, and the company said it achieved record quarterly revenue and a record quarterly market share of 17.1%. Segment adjusted EBITDAR slipped 7% to $264 million, partly because an intercompany branding licence fee was $22 million higher than a year earlier. Main floor table games drop fell 10% to $3.68 billion, but win was up 1% at $1.02 billion on a higher hold.
Our recent look at why MGM and Caesars are staying out of prediction markets shows another side of how the company positions its digital strategy.
Digital Business Turns A Corner
MGM Digital, which comprises LeoVegas and other consolidated online subsidiaries and excludes the BetMGM North America venture, grew revenue 6% to $184 million. Its segment adjusted EBITDAR loss narrowed sharply to $4 million from $23 million.
BetMGM North America Venture distributions and branding licence fees to MGM Resorts totalled $34 million in the quarter. MGM's share of operating income from the BetMGM venture was $26.7 million, up from $23.7 million, and its share of operating income from all unconsolidated affiliates was $31.4 million compared with $25.6 million.
Readers curious about the online products behind those numbers can browse our guide to US online casinos, which includes the BetMGM brand in the states where it operates.
Buybacks And Osaka
The release also referenced an amended voting agreement announced earlier on October 28. Chief financial officer Jonathan Halkyard said it provides a framework that lets the company pursue share repurchases with confidence, noting that MGM has bought back nearly half of its outstanding shares over the past five years.
Hornbuckle highlighted MGM Osaka as the main growth pipeline. He also said trailing twelve-month Las Vegas Strip adjusted EBITDAR has grown by nearly 70% since calendar year 2019. The company held its earnings call at 5:00 p.m. Eastern Time on October 28, with a replay available through November 4, 2026.
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