MGM Resorts International experienced a slight revenue drop of 1% year-on-year in the third quarter of 2026, with earnings reaching $4.2 billion. The company reported a reduced net loss of $17 million, a significant improvement from a loss of $285 million the previous year. Adjusted EBITDA also fell to $403 million, down from $506 million in the same quarter last year.
In contrast, MGM China saw a revenue increase of 5%, bringing in $1.1 billion, while MGM Digital reported a 6% climb to $184 million. However, regional operations faced challenges, with revenues declining by 8% to $883 million. When excluding property sales, same-store revenue showed a modest increase of 1%.
Revenue from MGM's resorts on the Las Vegas Strip fell by 2%, totaling $1.95 billion. The decline was attributed to lower room rates that offset strong casino performance, which saw an 8% increase in revenue to $488 million. Meanwhile, room revenue dropped by 6% to $622 million, with the average daily room rate also decreasing by 8% to $218, leading to a drop in revenue per available room to $193. Despite these challenges, occupancy rates remained stable at 89%.
The overall adjusted EBITDAR for the segment fell by 12%, totaling $531 million. The decline in profitability extended to regional operations, where adjusted EBITDAR fell by 18%, and MGM China, which saw a 7% decrease to $264 million. MGM Digital managed to decrease its adjusted EBITDAR loss from $23 million a year prior to just $4 million in the latest quarter.
MGM President and CEO Bill Hornbuckle noted the impact of rising costs, saying, "Jet fuel prices hit a record high in September, and while domestic airfares have risen an average of 12% since March ’26, we saw airline pricing to Las Vegas up about 45% in Q3 versus last summer. Gas prices also remain high, impacting customer wallets. Consequently, our Q3 performance achieved flat occupancy, but at lower room rate. This summer, because of pricing, most notably, air pricing into this market, it extended beyond just that."
Looking ahead, MGM executives reported that performance in October is showing signs of improvement, with room-rate trends beginning to resemble those of July rather than the weaker months that followed. Hornbuckle reaffirmed his commitment, stating, "MGM remains committed to being the global leader in gaming entertainment, and it starts here in Las Vegas."
