MGM Resorts International announced a 1% decrease in revenue for the third quarter of 2026, totaling $4.2 billion. Despite this decline, the company's net loss narrowed significantly to $17 million from a previous loss of $285 million. However, the adjusted EBITDA also dropped to $403 million, down from $506 million in the same period last year.
In contrast, MGM China reported a positive change, with a 5% increase in revenue, reaching $1.1 billion. MGM Digital also saw growth, with revenue rising by 6% to $184 million. On the other hand, revenue from regional operations fell by 8% to $883 million, although same-store revenue did increase by 1% after considering property sales.
Revenue from MGM's resorts on the Las Vegas Strip decreased by 2% to $1.95 billion, largely due to lower room rates which overshadowed positive casino performance. Casino revenue improved by 8%, amounting to $488 million, but room revenue declined by 6% to $622 million. The average daily room rate fell by 8%, hitting $218, and revenue per available room also dropped by 8%, down to $193, while occupancy rates remained steady at 89%.
The adjusted EBITDAR for this segment fell by 12%, recorded at $531 million. In regional operations, profitability decreased with an adjusted EBITDAR decline of 18%. MGM China's adjusted EBITDAR also faced a 7% decrease, resulting in $264 million. Conversely, MGM Digital managed to reduce its adjusted EBITDAR loss from $23 million a year ago to $4 million this quarter.
MGM President and CEO Bill Hornbuckle addressed the challenges posed by high airfares and fuel prices, noting that jet fuel prices reached record highs in September. He highlighted a 12% increase in domestic airfares since March 2026, while fares to Las Vegas surged approximately 45% year-on-year. High gas prices also have had a significant impact on consumers. As a result, the company maintained flat occupancy levels, albeit at reduced room rates. Hornbuckle remarked that the pricing pressures, especially with airline tickets to Las Vegas, were significant.
Positive indicators were noted for October, with executives pointing out improvements in room-rate trends resembling those of July, contrary to the weaker months that followed. Hornbuckle reaffirmed MGM's dedication to being a leader in gaming entertainment, stating, "it starts here in Las Vegas."
