The 12% decline in Las Vegas Strip Resorts Segment Adjusted EBITDAR and 8% RevPAR decline signal softening in the core Las Vegas market, while MGM China's record market share provides a partial offset. The amended voting agreement with People Incorporated removes near-term hostile takeover risk but the standstill at 29.9% limits further activist pressure. Monitor Q4 2026 Las Vegas trends and MGM China's ability to sustain market share gains.
Price Chart
Executive Summary
MGM Resorts reported Q3 2026 consolidated revenue of $4.2 billion, a 1% decline YoY, and a net loss attributable to MGM Resorts of $17 million, compared to a $285 million loss in the prior year quarter. Consolidated Adjusted EBITDA fell 20% to $403 million, driven by a 12% decline in Las Vegas Strip Resorts Segment Adjusted EBITDAR and an 18% decline in Regional Operations Segment Adjusted EBITDAR, partially offset by 5% revenue growth at MGM China. The results missed the consensus EPS estimate of $0.08 and were slightly below the revenue consensus of $4.21B.
Key Financial Metrics
Key Facts
- Consolidated revenue of $4.2 billion, a decrease of 1% compared to the prior year quarter
- Net loss attributable to MGM Resorts of $17 million, compared to net loss of $285 million in the prior year quarter
- Consolidated Adjusted EBITDA of $403 million, down 20% from $506 million in the prior year quarter
- Diluted loss per share of $0.07, compared to a loss per share of $1.05 in the prior year quarter
- Adjusted EPS of $(0.11), compared to $0.24 in the prior year quarter
- Las Vegas Strip Resorts revenue decreased 2% to $2.0 billion; Segment Adjusted EBITDAR decreased 12% to $531 million
- Regional Operations revenue decreased 8% to $883 million; same-store revenue increased 1% to $883 million
- MGM China revenue increased 5% to $1.1 billion; Segment Adjusted EBITDAR decreased 7% to $264 million
- MGM Digital revenue increased 6% to $184 million; Segment Adjusted EBITDAR loss improved to $4 million from a loss of $23 million
- BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in 3Q2026
- Las Vegas Strip Resorts RevPAR decreased 8% to $193, with ADR down 8% to $218 and occupancy flat at 89%
- Regional Operations casino revenue decreased 10% to $626 million; slot win decreased 11% to $629 million
- MGM China achieved record quarterly market share of 17.1%
- Amended voting agreement with People Incorporated (IAC) establishes a standstill provision capping beneficial ownership at 29.9%
Financial Impact
Consolidated Adjusted EBITDA declined 20% YoY to $403 million; net loss attributable to MGM Resorts was $17 million; Adjusted EPS was $(0.11) vs $0.24 in the prior year quarter
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Las Vegas Strip Resorts | $2.0B | -1.5% |
| Regional Operations | $883.2M | -7.7% |
| MGM China | $1.1B | +4.6% |
| MGM Digital | $183.7M | +5.5% |
| Management and other operations | $52.5M | +11.3% |
Risk Factors
- Continued weakness in Las Vegas Strip Resorts room rates and RevPAR
- Regional Operations same-store Segment Adjusted EBITDAR declined 7%, indicating margin pressure
- MGM China Segment Adjusted EBITDAR declined 7% despite revenue growth, partly due to a $22 million increase in intercompany branding license fees
- Consolidated Adjusted EBITDA margin compression from 11.9% to 9.6% YoY
- No explicit guidance provided for Q4 2026 or full year 2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000789570-26-000106 |
| Document: mgm-20261028.htm | 0000789570-26-000106 |
| Document: 0000789570-26-000106-index-headers.html | 0000789570-26-000106 |
| Document: 0000789570-26-000106-index.html | 0000789570-26-000106 |
| Document: 0000789570-26-000106.txt | 0000789570-26-000106 |
| 8-K Data (Synthetic) | 0000789570-26-000106 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $26.22 | awaiting T+5 | awaiting T+5 | $28.83 (−9.95%) |
Oct 28, 2026 1d ago | SC 13D/A | $27.27 | awaiting T+5 | awaiting T+5 | $28.83 (+5.72%) |
Oct 28, 2026 1d ago | 8-K | $27.27 | awaiting T+5 | awaiting T+5 | $28.83 (+5.72%) |
Oct 13, 2026 16d ago | Press Release | $29.40 $28.90 | ▼ −1.70% | ▼ −0.55% | $28.83 (−1.94%) |
Sep 28, 2026 4w ago | Press Release | $31.52 $30.54 | ▼ −3.11% | ▼ −5.06% | $28.83 (−8.53%) |
Sep 24, 2026 5w ago | SC 13D/A | $33.69 $30.47 | ▼ −9.56% | ▼ −9.14% | $28.83 (−14.43%) |
Sep 23, 2026 5w ago | Press Release | $33.69 $30.47 | ▼ −9.56% | ▼ −9.14% | $28.83 (−14.43%) |
Jul 29, 2026 13w ago | Press Release | $45.66 $44.70 | ▼ −2.10% | ▼ −5.73% | $28.83 (−36.86%) |
May 14, 2026 24w ago | 8-K | $36.95 $38.44 | ▲ +4.03% | ▲ +3.07% | $28.83 (−21.97%) |
Apr 7, 2026 29w ago | DEFA14A | $37.12 $38.36 | ▲ +3.35% | ▼ −0.17% | $28.83 (−22.33%) |
US Market Status
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