MGM Resorts Q3 revenue slips 1% to $4.2B as Las Vegas room rates fall 8%

MGM Resorts International reported third-quarter 2026 net revenue of $4.2 billion, a 1% decline from a year earlier. The company said gains in Macau and its digital business were outweighed by lower hotel pricing in Las Vegas and softer regional results. Net loss for the quarter ended September 30 was $17 million, compared with a loss of $285 million a year before, while adjusted EBITDA dropped 20% to $403 million from $506 million.

Las Vegas remained the largest contributor, generating $2 billion in revenue, down 2%. Segment adjusted EBITDAR decreased 12% to $531 million. Average daily room rate fell 8% to $218 and revenue per available room declined 8% to $193, with occupancy flat at 89%. Management linked weaker leisure demand to higher airfares and fuel costs. Casino activity partly offset the hotel weakness: Strip gaming revenue rose 8% to $488 million, supported by stronger slots and high-end table play. MGM also booked more than 500,000 convention room nights. CEO Bill Hornbuckle said October had started better, with stronger convention activity and a busy event calendar.

MGM China grew revenue 5% to $1.1 billion and reached a record quarterly Macau market share of 17.1%, even though total Macau gaming revenue declined 3.8%. Hotel occupancy at its two properties was 94.1%, versus 93.5% a year earlier. Adjusted EBITDAR for the segment fell 7% to $264 million, which management partly attributed to higher branding fees paid to MGM Resorts.

MGM Digital revenue rose 6% to $184 million, and its adjusted EBITDAR loss narrowed to $4 million from $23 million. BetMGM net revenue increased 7% to $710 million, with adjusted EBITDA more than doubling to $86 million. The company reaffirmed its 2026 BetMGM net revenue guidance of $2.9 billion to $3.1 billion.

MGM said construction of its integrated resort in Osaka, Japan is about 11% complete and on schedule for a 2030 opening. Separately, MGM was reported to be weighing a bid for People Inc. after that company withdrew its offer for the casino operator. MGM said it amended a voting agreement with People to cap additional share purchases at 29.9% ownership and to align voting on change-of-control transactions with its board.