MGM Resorts (MGM) Q3 2026 Earnings
Adjusted EPS excludes property transactions, net of $(0.06) and a loss related to debt and equity investments of $0.18 per share. It also excludes a foreign currency transaction gain of $(0.06) and a change in fair value of foreign currency contracts of $(0.10) per share. GAAP diluted loss per share was $(0.07).
How Did MGM Stock React to Q3 2026 Earnings?
Did MGM Beat Earnings? Q3 2026 Results
No. MGM Resorts reported Q3 2026 earnings of $-0.11 a share on Oct 28, 2026, missing the $0.08 consensus estimate by 231.6%. Revenue was $4.2B against a $4.2B estimate.
MGM Resorts International delivered a disappointing third quarter of 2026, posting an adjusted loss of $0.11 per share against a consensus estimate of $0.08, a miss of roughly 231.58%, while revenue of $4.21 billion came in essentially flat with expectations but slipped 0.9% year over year. The central culprit was a softening Las Vegas Strip, where average daily rates fell 8% to $218 and RevPAR dropped 8% to $193, pressuring Strip Segment Adjusted EBITDAR down 12% to $530.78 million even as casino revenue on the Strip rose 8% on a favorable table hold. Consolidated Adjusted EBITDA fell to $402.79 million from $505.80 million a year ago, reflecting weakness that mirrored broader Strip softness seen across the sector. CEO Bill Hornbuckle acknowledged the room-rate drag but noted that October has rebounded favorably, and management pointed to MGM China's record market share of 17.1%, a narrowing loss in MGM Digital, and the long-term potential of MGM Osaka as reasons for measured optimism heading into year-end.
- Las Vegas Strip ADR fell 8% to $218 and RevPAR fell 8% to $193, with occupancy flat at 89%; room revenue was down 6%
- Las Vegas Strip casino revenue rose 8%, with table games win % of 25.3% vs 22.6% in the prior year
- MGM China delivered record quarterly revenue and record market share of 17.1%; main floor table games win % was 27.7% vs 24.7%
- MGM China intercompany branding license fee expense rose to $41 million from $19 million
- Regional Operations same-store revenue rose 1%, but reported revenue fell 8% due to the MGM Northfield Park disposition
- MGM Digital Segment Adjusted EBITDAR loss narrowed to $4 million from $23 million
- BetMGM North America Venture share of operating income rose to $26.7 million from $23.7 million; distributions and license fees to MGM totaled $34 million
“MGM Resorts remains highly focused on the successful operations of our businesses. Our trailing twelve months Las Vegas Strip Resorts Segment Adjusted EBITDAR has grown by nearly 70% since calendar year 2019 and, while lower room rates during the third quarter impacted our results, October has rebounded favorably.”
MGM Resorts CEO, on the earnings call
What Is MGM Resorts's Outlook?
Management said October results on the Las Vegas Strip rebounded favorably after lower room rates weighed on the third quarter. MGM pointed to MGM Osaka and its digital portfolio (BetMGM North America Venture and MGM Digital) as key future growth drivers. It also said an amended voting agreement provides a framework to pursue share repurchases. No formal financial guidance was provided.
MGM YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.2B | $4.3B | −0.9% |
| Operating Income | $118.7M | $38.9M | +205.2% |
| Net Income | −$17.1M | −$8.8M | +94.0% |
MGM Revenue by Segment
When Does MGM Resorts Report Next?
Figures from SEC filings and company reports. Not investment advice.