MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS
MGM Resorts International (MGM) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS • Regional Operations increased revenue 1% on a same-store basis • MGM China achieved record quarterly revenue as well as record quarterly market share of 17.1% • BetMGM North Americ
How this was made
The 30-second read
Why it matters
The earnings release narrows losses and shows modest growth in digital and China segments, offering a potential catalyst for short‑term price movement.
Market read
First‑report earnings for a large‑cap casino operator; the narrowed loss and digital growth may prompt traders to adjust positions.
What to watch
The $34 m branding‑license fee to BetMGM and the upcoming MGM Osaka project could drive future earnings but are not reflected in the current quarter.
MGM Resorts reported third-quarter consolidated revenue of $4.2 billion, down 1% from the prior year quarter, while Consolidated Adjusted EBITDA fell to $403 million from $506 million.
MGM China and MGM Digital grew revenue, Regional Operations same-store revenue increased, and the attributable net loss narrowed sharply, but consolidated revenue declined, Las Vegas Strip and Regional EBITDAR fell, and Consolidated Adjusted EBITDA declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenue, three months ended September 30, 2026GAAP | $4.2B | – | decrease of 1% |
| Casino revenue, three months ended September 30, 2026GAAP | $ 2,304,393 | – | – |
| Rooms revenue, three months ended September 30, 2026GAAP | $ 762,999 | – | – |
| Food and beverage revenue, three months ended September 30, 2026GAAP | $ 741,476 | – | – |
| Entertainment, retail and other revenue, three months ended September 30, 2026GAAP | $403.0M | – | – |
| Operating income (loss), three months ended September 30, 2026GAAP | $118.7M | – | – |
| Income (loss) before income taxes, three months ended September 30, 2026GAAP | $21.89M | – | – |
| Benefit (provision) for income taxes, three months ended September 30, 2026GAAP | $17.31M | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | $39.21M | – | – |
| Net income (loss) attributable to MGM Resorts International, three months ended September 30, 2026GAAP | −$17.11M | – | – |
| Diluted loss per share, three months ended September 30, 2026GAAP | $ (0.07) | – | – |
| Adjusted diluted earnings (loss) per share, three months ended September 30, 2026non-GAAP | $ (0.11) | – | – |
| Consolidated Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $402.8M | – | – |
| Income from unconsolidated affiliates, three months ended September 30, 2026GAAP | $31.36M | – | – |
| BetMGM North America Venture share of operating income, three months ended September 30, 2026GAAP | $ 26,743 | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $ 2,395,957 | – | – |
| Long-term debt, net as of September 30, 2026GAAP | $ 5,668,986 | – | – |
| Casino revenue, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 488 | – | 8 % |
| Table games drop, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 1,435 | – | 5 % |
| Table games win, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 363 | – | 17 % |
| Table games win %, Las Vegas Strip Resorts, three months ended September 30, 2026other | 25.3 % | – | – |
| Slot handle, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 6,200 | – | 1 % |
| Slot win, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 582 | – | 2 % |
| Slot win %, Las Vegas Strip Resorts, three months ended September 30, 2026other | 9.4 % | – | – |
| Room revenue, Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 622 | – | (6) % |
| Occupancy, Las Vegas Strip Resorts, three months ended September 30, 2026other | 89 % | – | – |
| Average daily rate (ADR), Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 218 | – | (8) % |
| Revenue per available room (RevPAR), Las Vegas Strip Resorts, three months ended September 30, 2026other | $ 193 | – | (8) % |
| Casino revenue, Regional Operations, three months ended September 30, 2026other | $ 626 | – | (10) % |
| Slot handle, Regional Operations, three months ended September 30, 2026other | $ 6,309 | – | (9) % |
| Slot win, Regional Operations, three months ended September 30, 2026other | $ 629 | – | (11) % |
| Casino revenue, MGM China, three months ended September 30, 2026other | $ 981 | – | 4 % |
| Main floor table games drop, MGM China, three months ended September 30, 2026other | $ 3,682 | – | (10) % |
| Main floor table games win, MGM China, three months ended September 30, 2026other | $ 1,021 | – | 1 % |
| Main floor table games win %, MGM China, three months ended September 30, 2026other | 27.7 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas Strip ResortsLower room rates during the third quarter impacted results. Casino revenue increased 8 %, while room revenue declined (6) %, ADR declined (8) %, and RevPAR declined (8) %. | $2B | – | decrease of 2% |
| Regional OperationsSame-store revenue was $883 million compared to $873 million, an increase of 1%. Reported results reflect the disposition of MGM Northfield Park. | $883M | – | decrease of 8% |
| MGM ChinaMGM China achieved record quarterly revenue and record quarterly market share of 17.1%. Intercompany branding license fee expense increased by $22 million over the prior year quarter. | $1.1B | – | increase of 5% |
| MGM DigitalSegment Adjusted EBITDAR loss improved to $4 million from a loss of $23 million. | $184M | – | increase of 6% |
| Management and other operationsSupplemental revenue was $ 52,514 for the three months ended September 30, 2026, compared with $ 47,197. | $ 52,514 | – | – |
Capital returns
- The amended voting agreement announced earlier today establishes a framework that enables MGM Resorts to pursue value-creating share repurchases.
- MGM Resorts stated that it repurchased nearly half of its outstanding share count over the past five years.
What drove it
- MGM China reported record quarterly revenue and record quarterly market share of 17.1%.
- BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in 3Q2026.
- MGM Digital revenue increased 6%, and its Segment Adjusted EBITDAR loss improved to $4 million from $23 million.
- Las Vegas Strip Resorts casino revenue increased 8%, table games win increased 17%, and slot win increased 2%.
- Regional Operations same-store revenue increased 1% after adjusting for dispositions.
Concerns
- Consolidated revenue decreased 1% and Consolidated Adjusted EBITDA declined from $506 million to $403 million.
- Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 12% to $531 million.
- Regional Operations revenue decreased 8%, Segment Adjusted EBITDAR decreased 18%, and same-store Segment Adjusted EBITDAR decreased 7%.
- MGM China Segment Adjusted EBITDAR decreased 7% to $264 million despite revenue growth.
- Las Vegas Strip Resorts room revenue declined 6%, ADR declined 8%, and RevPAR declined 8%.
- Adjusted EPS was $(0.11), compared with $0.24 in the prior year quarter.
What to watch
- Management said October has rebounded favorably after lower room rates during the third quarter.
- Las Vegas Strip room-rate trends, including ADR and RevPAR.
- MGM China's revenue, market share, intercompany branding license fee expense, and Segment Adjusted EBITDAR.
- Regional Operations same-store revenue and Same-Store Segment Adjusted EBITDAR following the MGM Northfield Park disposition.
- Growth and profitability at MGM Digital and distributions and branding license fees from the BetMGM North America Venture.
- Execution of MGM Osaka and the company's stated share-repurchase plans.
Balance sheet and cash flow
- Cash and cash equivalents were $ 2,395,957 as of September 30, 2026, compared with $ 2,062,994 as of December 31, 2025.
- Long-term debt, net was $ 5,668,986 as of September 30, 2026, compared with $ 6,230,141 as of December 31, 2025.
- Operating lease liabilities were $ 23,749,751 as of September 30, 2026, compared with $ 24,962,742 as of December 31, 2025.
- Total liabilities were $ 36,096,810 as of September 30, 2026, compared with $ 38,097,468 as of December 31, 2025.
- Cash flow from operations, capital expenditures, and free cash flow were not reported in the release.
Analysis
Third-quarter results were mixed. Consolidated revenue was $4.2 billion, down 1% from the prior year quarter, while Consolidated Adjusted EBITDA was $403 million compared with $506 million. MGM recorded net income of $39,207, but net loss attributable to MGM Resorts International was $ (17,108), compared with $ (285,255). Diluted loss per share was $ (0.07), while Adjusted EPS was $ (0.11), compared with $0.24 in the prior year quarter.
Las Vegas Strip Resorts remained the principal source of earnings but weakened year over year. Revenue declined 2% to $2.0 billion and Segment Adjusted EBITDAR decreased 12% to $531 million. Casino revenue increased 8%, supported by 17% growth in table games win and 2% growth in slot win. Hotel metrics were weaker: room revenue declined 6%, occupancy was unchanged at 89%, ADR fell 8% to $218, and RevPAR fell 8% to $193. Management identified lower room rates as the factor that impacted third-quarter results and said October rebounded favorably.
Regional Operations reported an 8% revenue decline to $883 million and an 18% decline in Segment Adjusted EBITDAR to $243 million. On a same-store basis, revenue increased 1% to $883 million, but Same-Store Segment Adjusted EBITDAR decreased 7% to $243 million. MGM Northfield Park was excluded from same-store results following its April 21, 2026 disposition. Regional casino revenue declined 10%, slot handle declined 9%, and slot win declined 11%.
MGM China and digital operations supplied the revenue-growth offsets. MGM China revenue increased 5% to $1.1 billion and management reported record quarterly revenue and market share of 17.1%, although Segment Adjusted EBITDAR declined 7% to $264 million. MGM Digital revenue increased 6% to $184 million and its Segment Adjusted EBITDAR loss narrowed to $4 million from $23 million. The BetMGM North America Venture contributed $26,743 of MGM's share of operating income from unconsolidated affiliates, while BetMGM venture distributions and branding license fees totaled $34 million.
Liquidity metrics showed $2,395,957 of cash and cash equivalents and $5,668,986 of long-term debt, net, at September 30, 2026. The company highlighted an amended voting agreement that it said supports pursuing share repurchases, but it did not disclose third-quarter repurchase dollars, shares repurchased, dividends, operating cash flow, free cash flow, or formal financial guidance in this release. The near-term operating focus is the durability of October's Las Vegas recovery, China margins after higher branding license fee expense, regional same-store profitability, and continued digital growth.
Management, verbatim
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.
Bill Hornbuckle, President & CEO of MGM Resorts International
Our diverse portfolio remains an advantage, with MGM China achieving 5% revenue growth and strong market share performance, while our digital businesses - including our BetMGM North America Venture and MGM Digital - reported strong topline growth during the third quarter.
Bill Hornbuckle, President & CEO of MGM Resorts International
The amended voting agreement announced earlier today establishes a highly supportive framework that enables MGM Resorts to confidently pursue value-creating share repurchases as part of our ongoing commitment to enhancing shareholder value and driving longer-term growth.
Jonathan Halkyard, Chief Financial Officer of MGM Resorts International
Not in the filing
stated, not guessed- Forward financial guidance
- Comparison with prior guidance
- Gross margin
- Operating cash flow
- Capital expenditures
- Free cash flow
- Third-quarter share-repurchase amount and shares repurchased
- Dividend amount
- Detailed third-quarter capital-return activity
- Total revenue prior-year figure on the same financial-highlights line
- Quarterly gross profit
- Quarterly operating-expense guidance
- Tax-rate guidance
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is the first public disclosure of MGM Resorts' Q3 2026 financial results, providing fresh data for traders.
Ticker impact
MGM Resorts International filed its Q3 2026 earnings on Form 8‑K, reporting $4.2 bn revenue and a narrowed loss of $0.07 per share.
likely modest upside as the market prices in the narrowed loss and improved adjusted EPS
The company posted a loss of $0.07 versus $1.05 a year ago and adjusted EPS of -$0.11 versus +$0.24, indicating a turnaround that could attract buying pressure.
Market effects
Gaming and hospitality sector may see modest re‑rating as MGM’s loss narrowing suggests resilience in a soft revenue environment.
Las Vegas Strip and regional operations show mixed results, limiting broader regional impact.
MGM China’s 5% revenue growth and record market share could influence Asian gaming peers.
Counterpoint
Despite the loss narrowing, revenue declines across most segments may signal underlying demand weakness, warranting caution.
Key entities
- companyMGM Resorts International
US‑listed casino and hospitality operator (NYSE:MGM).
- affiliateBetMGM North America Venture
Digital gaming venture contributing $26.7 m of operating income.
