MGM Resorts Posts Q3 Net Loss of $17M as Revenue Dips 1%

MGM Resorts International reported a net loss attributable to the company of $17 million for the quarter ended September 30, 2026, in results released on October 28, 2026. Consolidated revenue came to $4.2 billion, a decline of 1 percent from the prior-year quarter, while Consolidated Adjusted EBITDA dropped to $403 million from $506 million. The company cited lower Las Vegas Strip room rates as a factor, while MGM China posted a record quarter. On the same day, MGM announced an amended voting agreement with People Incorporated, which MGM describes as its largest shareholder, following People’s withdrawal of its proposal to acquire MGM.

The Headline Numbers

Revenue for the third quarter totaled $4,211.9 million, against $4,250.5 million a year earlier, according to MGM’s income statement. That is a decline of about 0.9 percent, which the company rounds to 1 percent in its summary.

The bottom line improved sharply from the prior-year quarter. The net loss narrowed from $285 million to $17 million, and diluted loss per share shrank from $1.05 to $0.07. The company reported operating income of $118.7 million, compared with an operating loss of $112.9 million in the third quarter of 2025.

Part of that swing traces to a charge in the prior-year quarter. MGM’s reconciliation shows that the prior-year quarter carried a goodwill impairment of $256.1 million, and the income statement records no impairment for the 2026 quarter. Adjusted earnings per share moved the other way, from $0.24 a year ago to a loss of $0.11, because the adjusted measure strips out items such as property transactions, impairments, and foreign-currency effects.

Over the first nine months of 2026, revenue reached $13,117.6 million versus $12,932.4 million in the same period of 2025. Nine-month operating income was $923.6 million, compared with $676.8 million a year earlier. The nine-month income statement also shows a net credit of $264.9 million under property transactions.

Chief executive Bill Hornbuckle said that lower room rates in the quarter had affected results but that “October has rebounded favorably.” He also pointed out that trailing-twelve-month Adjusted EBITDAR for the Las Vegas Strip segment has grown by nearly 70 percent since calendar year 2019. MGM did not provide a specific October figure in the release, so the size of that rebound is not quantified.

Segment-by-Segment Results

MGM reports profit by segment using Segment Adjusted EBITDAR, which excludes items such as triple-net lease rent, depreciation and amortization, and corporate expense. The table below compares each operating segment with the prior-year quarter, using the company’s published figures in U.S. dollars.

The release rounds the larger revenue figures to the nearest $0.1 billion, so the table shows the stated percentage change rather than a prior-year amount. Three of the four segments reported lower EBITDAR than a year earlier, with the Las Vegas Strip down 12 percent, Regional Operations down 18 percent, and MGM China down 7 percent. MGM Digital was the exception, narrowing its loss.

The weaker segment profits are consistent with the drop in Consolidated Adjusted EBITDA from $506 million to $403 million, a decline of about 20 percent by this site’s calculation. Revenue held up better than profit, falling only about 1 percent on a consolidated basis.

Las Vegas Strip: Strong Hold, Softer Rates

The Las Vegas Strip Resorts segment generated about $2.0 billion in revenue, a decrease of 2 percent. Segment Adjusted EBITDAR fell to $531 million from $601 million, a decline of 12 percent.

The casino floor performed well. Casino revenue rose to $488 million from $450 million, an 8 percent gain, and table games drop increased 5 percent to $1,435 million. Table games win climbed 17 percent to $363 million, and the table games win percentage reached 25.3 percent compared with 22.6 percent a year earlier, a gap of 2.7 percentage points.

Hotel results pulled the other way. Room revenue declined 6 percent to $622 million, even though occupancy held steady at 89 percent in both quarters. Average daily rate fell 8 percent to $218, and revenue per available room dropped 8 percent to $193, from $210. In other words, the rooms were as full as before, but guests paid less per night.

Casino revenue rose while room revenue fell, and the release does not say how much each contributed to the profit decline. Table games win percentage, often called hold, is the share of table-game drop that the casino keeps as win.

Regional Operations After the Northfield Park Sale

Regional Operations posted revenue of $883 million, down 8 percent from $957 million. The headline decline reflects a property sale: MGM disposed of MGM Northfield Park on April 21, 2026, and on a same-store basis, which excludes disposed operations, revenue rose 1 percent from $873 million.

Profit followed a different path. Segment Adjusted EBITDAR dropped 18 percent to $243 million, and the same-store version fell 7 percent from $260 million. Even after adjusting for the sale, profit declined, which means the drop is not only a result of selling a property.

Gaming statistics for the regional properties were softer. Casino revenue fell 10 percent to $626 million, table games drop slipped 1 percent to $1,050 million, and table games win decreased 2 percent to $200 million, with a win percentage of 19.1 percent compared with 19.4 percent. The regional casino figures were weaker across the board than the Las Vegas Strip numbers above, based on the release’s gaming statistics.

MGM China, MGM Digital and BetMGM

MGM China produced revenue of $1.1 billion, a 5 percent increase, and the company described both the quarterly revenue and the 17.1 percent market share as records. Casino revenue rose 4 percent to $981 million, according to the release.

The underlying gaming statistics were mixed. Main floor table games drop fell 10 percent to $3,682 million, but the win rose to $1,021 million from $1,006 million, helped by a higher win percentage of 27.7 percent against 24.7 percent. Segment Adjusted EBITDAR still declined 7 percent to $264 million, and MGM said an intercompany branding license fee expense was $22 million higher than in the prior year, a charge that eliminates in consolidation.

MGM Digital, which includes LeoVegas and other consolidated online gaming subsidiaries but not BetMGM, brought in $184 million, up 6 percent from $174 million. Its Adjusted EBITDAR loss narrowed to $4 million from $23 million in the prior-year quarter.

BetMGM is reported separately because it is a joint venture. MGM said distributions and branding license fees from the BetMGM North America venture totaled $34 million in the quarter. MGM’s share of the venture’s operating income was $26.7 million, up from $23.7 million, a rise of about 12.7 percent by this site’s calculation. Readers following the venture can also see the BetMGM NFL partnership in Canada covered earlier.

The Amended Voting Agreement

The results arrived alongside a governance announcement. MGM said it had amended its existing voting agreement with People Incorporated, formerly known as IAC, and Barry Diller. The amendment followed People’s withdrawal of a previously announced proposal to acquire MGM, according to the company’s statement.

According to MGM’s press release and its regulatory filing, People, Diller, and certain associated persons agreed, subject to conditions, to vote their shares in line with the board’s recommendation if a change-of-control transaction is put to a shareholder vote. They also agreed not to buy additional shares if that would take their combined ownership above 29.9 percent of the outstanding stock. In return, MGM agreed not to take defensive measures designed to be adverse to them while they comply with the agreement.

The filing records the covered entities’ holdings at 66,822,350 shares, or about 26.5 percent of outstanding shares, according to People’s amended ownership disclosure. The original agreement is dated April 3, 2026, and the amendment took effect on October 27, 2026.

MGM said the agreement does not require it or the covered entities to pursue any transaction and that none is contemplated. Chief financial officer Jonathan Halkyard said the arrangement gives MGM a supportive framework for share repurchases, and he noted that the company has bought back nearly half of its outstanding shares over the past five years.

How to Read These Figures

The results are unaudited, and several of the measures MGM highlights are non-GAAP. Segment Adjusted EBITDAR, Consolidated Adjusted EBITDA, and Adjusted EPS each exclude items that the company defines in its release, and they may not be comparable with similarly named measures at other companies.

The Las Vegas Strip table hold of 25.3 percent and the MGM China main floor hold of 27.7 percent were both higher than a year earlier. The release does not explain what drove those higher holds and offers no forecast for the fourth quarter.

The voting agreement should be read narrowly as well. It sets rules for how a large shareholder can vote and buy, but it does not announce a sale, a merger, or a buyback program with a stated size. Any repurchase or transaction would require a separate announcement.

What Comes Next

MGM scheduled a conference call at 5:00 p.m. Eastern time on October 28, 2026, to discuss the quarter, with supplemental slides posted on its investor relations website beforehand. A replay is available through November 4, 2026, according to the release.

The company also pointed to MGM Osaka, its integrated resort development in Japan, as a longer-term growth driver. The release gives no opening date or budget for that project, so none is reported here.

Full fourth-quarter figures will appear in MGM’s next earnings release, and the sources reviewed here did not give its date. Filings with the Securities and Exchange Commission and the company’s investor relations pages carry the official numbers.

Sources

• MGM Resorts International — Reports Third Quarter 2026 Financial and Operating Results (October 28, 2026)
• MGM Resorts International — MGM Resorts International and People Incorporated Enter into Amended Voting Agreement (October 28, 2026)
• U.S. Securities and Exchange Commission — MGM Resorts Form 8-K on the voting agreement amendment (October 2026)
• People Incorporated — Schedule 13D/A for MGM Resorts International (October 28, 2026)