MGM Resorts slips to Q3 loss on lower Las Vegas room rates

MGM Resorts International (MGM) said in a filing on Oct. 28 that it posted an adjusted loss of 11 cents per share for the quarter ended Sept. 30, against an adjusted profit of 24 cents a year earlier. Lower room rates in Las Vegas weighed on the quarter.

Revenue was $4.21 billion, below the $4.27 billion consensus estimate compiled by Finnhub, and down 1% from a year earlier. Shares were little changed in after-hours trading as of 5:22 p.m. ET.

Here's how the company did:

• Revenue: $4.21 billion vs. $4.25 billion a year earlier, $4.27 billion expected, according to Finnhub
• Adjusted EPS: loss of 11 cents vs. profit of 24 cents a year earlier
• Diluted loss per share: 7 cents vs. $1.05 a year earlier
• Net loss attributable to MGM Resorts: $17 million vs. $285 million a year earlier
• Consolidated Adjusted EBITDA: $403 million vs. $506 million a year earlier

Chief Executive Bill Hornbuckle said in the release that "while lower room rates during the third quarter impacted our results, October has rebounded favorably."

Segment results

Las Vegas Strip Resorts revenue was $1.95 billion, down 2% from a year earlier. Segment Adjusted EBITDAR fell 12% to $531 million from $601 million.

The company's tables show average daily rate at the Las Vegas Strip Resorts fell 8% to $218 from $236, and revenue per available room fell 8% to $193 from $210. Occupancy was 89% in both periods.

Regional Operations revenue fell 8% to $883 million from $957 million. Same-store revenue, adjusted for dispositions, rose 1% to $883 million from $873 million. The company disposed of MGM Northfield Park on April 21, 2026.

MGM China revenue was $1.1 billion, up 5% from a year earlier. The company said the segment achieved record quarterly revenue and record quarterly market share of 17.1%. Segment Adjusted EBITDAR fell 7% to $264 million, and intercompany branding license fee expense rose $22 million.

MGM Digital revenue was $184 million, up 6%. Its segment Adjusted EBITDAR loss narrowed to $4 million from $23 million.

The company said the BetMGM North America Venture and branding license fees paid to MGM Resorts totaled $34 million in the third quarter of 2026.

Costs and charges

Depreciation and amortization rose to $276.4 million from $260.7 million. Interest expense, net of amounts capitalized, was $102.6 million, compared with $102.3 million a year earlier.

The prior-year quarter included a $256.1 million goodwill impairment. Property transactions, net, was an expense of $7.6 million, compared with $101.8 million a year earlier.

Share repurchases

Chief Financial Officer Jonathan Halkyard said the amended voting agreement with People and Barry Diller, announced the same day, "establishes a highly supportive framework that enables MGM Resorts to confidently pursue value-creating share repurchases." The release did not include a full-year forecast.