KEY TAKEAWAYS
The Short Answer
MGM Resorts International reported third-quarter 2026 revenue of $4,211.9 million, a decrease of 0.9% from $4,250.5 million in the same quarter of 2025. Consolidated Adjusted EBITDA, the company’s non-GAAP profit measure, fell 20.4% to $402.8 million from $505.8 million. The net loss attributable to the company was $17.1 million, much smaller than the $285.3 million loss in the prior-year quarter, which included a large goodwill impairment charge.
This analysis reads the company’s October 28, 2026 earnings release for the quarter ended September 30, 2026. It separates the headline loss from the operating picture, walks through each segment, and shows where the figures are affected by definitions, one-off items and table games hold. The company is analyzed here as a business using its own definitions, and nothing here is investment advice.
How MGM Resorts Reports Its Business
MGM Resorts reports revenue and profit by segment: Las Vegas Strip Resorts, Regional Operations, MGM China and MGM Digital, plus management and other operations. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; the company states that it does not include the BetMGM North America Venture, which is an unconsolidated 50/50 venture and appears in the results as income from unconsolidated affiliates. Our profile of MGM Resorts’ business model covers how these pieces fit together.
The release uses two profit measures that readers often confuse. Segment Adjusted EBITDAR is the company’s segment profit measure, calculated before triple net lease rent expense. Consolidated Adjusted EBITDA is earnings before interest and other non-operating items, income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. In the company’s reconciliation, rent expense, corporate costs and stock compensation are deducted on the way from segment totals to the consolidated figure. Both are non-GAAP measures, and the company notes other companies may define them differently.
The year-over-year comparison also has a structural wrinkle. MGM disposed of MGM Northfield Park on April 21, 2026, so the company reports same-store figures for Regional Operations that exclude it from the prior-year period. For general revenue vocabulary, see our explainer on GGR vs NGR.
The Numbers: Third Quarter 2026
For the quarter ended September 30, 2026, MGM Resorts reported revenue of $4,211.9 million, compared with $4,250.5 million a year earlier. By revenue type, casino revenue was $2,304.4 million, up 0.5%, while rooms fell 4.1% to $763.0 million, food and beverage fell 1.0% to $741.5 million and entertainment, retail and other fell 2.3% to $403.0 million.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $4,211.9 | $4,250.5 | −0.9% |
| Consolidated Adjusted EBITDA | $402.8 | $505.8 | −20.4% |
| Operating income (loss) | $118.7 | $(112.9) | n/a |
| Net loss attributable to MGM Resorts | $(17.1) | $(285.3) | narrower by $268.1 |
| Diluted loss per share | $(0.07) | $(1.05) | n/a |
| Adjusted EPS | $(0.11) | $0.24 | n/a |
Margin is the lens that shows the squeeze. Dividing Adjusted EBITDA by revenue gives 9.6% for Q3 2026 and 11.9% for Q3 2025.
The GAAP bottom line moved the other way. The net loss attributable to MGM Resorts narrowed by $268.1 million to $17.1 million, and operating income was a positive $118.7 million against a loss of $112.9 million. The prior-year quarter’s expenses included $256.1 million of goodwill impairment and $101.8 million of property transactions, net; the current quarter had no goodwill impairment and $7.6 million of property transactions, net. These items are excluded from Adjusted EBITDA, which is why the two measures diverge. Net income attributable to noncontrolling interests was $56.3 million, which separates total net income of $39.2 million from the $17.1 million loss attributable to MGM Resorts.
What Drove the Quarter
In its release, the company attributed the pressure on the Las Vegas Strip to lower room rates. The figures support that: Strip average daily rate (ADR) fell 8% to $218 from $236, revenue per available room (RevPAR) fell 8% to $193 from $210, and room revenue dropped 6% to $622 million, while occupancy held at 89%. Rate, not occupancy, drove the Strip decline. Segment Adjusted EBITDAR fell 11.7% to $530.8 million, a margin of about 27.2% against 30.3%.
Casino results on the Strip were better but need care. Table games win rose 17% to $363 million on drop of $1,435 million, up 5%, and win percentage was 25.3% against 22.6%. A higher win percentage means the casino kept a larger share of what was wagered, partly a matter of chance, so that gain may not repeat. Slot win rose to $582 million from $570 million.
Regional Operations is where the underlying weakness showed. Revenue fell 7.7% to $883.2 million, but on a same-store basis it rose 1%, from $873 million to $883 million, which means the disposed property explains the headline drop. Profit told a different story: same-store Segment Adjusted EBITDAR fell 7% to $243 million from $260 million. Regional casino revenue declined 10% to $626 million. The CEO’s commentary, as released, said October had rebounded favorably, a management statement that this analysis does not verify or forecast from.
Segment and Nine-Month Comparison
The segment table shows three of four segments earning less profit even as MGM China and MGM Digital grew revenue.
| Segment | Revenue 2026 | Revenue 2025 | Revenue change | Adj. EBITDAR 2026 | Adj. EBITDAR 2025 | Change |
|---|---|---|---|---|---|---|
| Las Vegas Strip Resorts | $1,954.3 | $1,984.6 | −1.5% | $530.8 | $600.9 | −11.7% |
| Regional Operations | $883.2 | $956.9 | −7.7% | $242.6 | $295.5 | −17.9% |
| MGM China | $1,138.2 | $1,087.7 | +4.6% | $264.0 | $284.0 | −7.0% |
| MGM Digital | $183.7 | $174.0 | +5.5% | $(4.2) | $(23.2) | loss narrowed |
MGM China revenue rose 4.6% to $1,138.2 million, and the company reported a record quarterly market share of 17.1%. Main floor table games drop fell 10% to $3,682 million, but win percentage rose to 27.7% from 24.7%, so revenue growth again leaned on hold. The company also noted that an intercompany branding license fee, which eliminates in consolidation, rose to $41 million from $19 million and raised segment expenses by $22 million. For MGM Digital, the segment loss narrowed to $4.2 million from $23.2 million.
Over the nine months ended September 30, revenue was $13,117.6 million, up 1.4% from $12,932.4 million, while Consolidated Adjusted EBITDA fell 11.0% to $1,593.3 million from $1,790.4 million. Net income attributable to MGM Resorts was $400.5 million, against a loss of $87.8 million, but the nine-month figure includes a net credit of $264.9 million in property transactions, net, which is excluded from Adjusted EBITDA. For other results from this reporting season, see DraftKings’ Q2 2026 results and Flutter’s Q2 2026 results.
Limits and Misreadings
The loss narrowing is not an operating improvement. The swing from a $285.3 million loss to a $17.1 million loss is mostly the absence of last year’s goodwill impairment, while the operating measure, Adjusted EBITDA, fell 20.4%. Reading only one of the two would mislead.
Hold matters. Table games win percentage rose in both Las Vegas and MGM China, so reported casino revenue was helped by a favorable win percentage, and the company does not quantify that effect in the release. Triple net lease rent expense, $548.9 million in the quarter, is large and sits between segment EBITDAR and consolidated Adjusted EBITDA, so segment figures cannot be compared directly with the consolidated total.
The release also reports that BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million, and that the company’s share of operating income from BetMGM was $26.7 million against $23.7 million. In a separate October 13, 2026 update, BetMGM reported Q3 net revenue of $710 million and Adjusted EBITDA of $86 million. Those are the venture’s own figures, not part of MGM’s consolidated revenue. Figures are as of October 28, 2026.
Key Figures and Definitions
The table lists the main reported figures. ADR is average daily room rate, RevPAR is room revenue per available room, win percentage is casino win as a share of the amount wagered, and Adjusted EBITDA is the company’s non-GAAP measure described above.
| Item | Figure | Period |
|---|---|---|
| Revenue | $4,211.9 million (−0.9%) | Q3 2026 |
| Consolidated Adjusted EBITDA | $402.8 million (−20.4%) | Q3 2026 |
| Net loss attributable | $(17.1) million vs $(285.3) million | Q3 2026 vs Q3 2025 |
| Las Vegas Strip ADR / RevPAR | $218 / $193 (both −8%) | Q3 2026 |
| Cash and cash equivalents | $2,396.0 million | Sept. 30, 2026 |
| Long-term debt, net | $5,669.0 million | Sept. 30, 2026 |
| Shares outstanding | 251.6 million | Sept. 30, 2026 |
| Nine-month revenue | $13,117.6 million (+1.4%) | Nine months to Sept. 30, 2026 |
Related Analysis
For how the company is built, read MGM Resorts’ business model. For results from other operators in the same reporting season, see DraftKings’ Q2 2026 results and Flutter’s Q2 2026 results. For the terms behind casino and digital revenue, see GGR vs NGR. The next question to watch is whether Las Vegas room rates and regional same-store profit recover in the fourth-quarter report.
