MGM Resorts International (MGM) Earnings Date & Reports

Key Takeaways

• MGM Resorts reported third quarter 2026 net revenue of $4.21 billion, down 1% from $4.25 billion a year earlier and modestly below the roughly $4.25 billion consensus estimate.
• Adjusted earnings per share (EPS, or profit divided by shares outstanding) came in at a loss of $0.11, compared with a profit of $0.24 in the prior-year quarter and below analyst expectations of about $0.11.
• An 8% decline in Las Vegas Strip average daily rates (ADR, the average room price) to $218 pressured Strip segment Adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent), which fell 12% to $531 million.
• MGM China was a bright spot, growing revenue 5% to $1.14 billion and reaching a record quarterly market share of 17.1%.
• MGM Digital narrowed its Adjusted EBITDAR loss to $4 million from $23 million a year ago, moving closer to breakeven.
• Net loss attributable to MGM Resorts narrowed to $17.1 million, or $0.07 per share, from $285.3 million, or $1.05 per share, in the prior-year quarter.
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Earnings Context and Why It Matters

MGM Resorts' third quarter 2026 report arrives at a delicate moment for the Las Vegas Strip, the company's largest profit engine. Soft room pricing and uneven visitation have weighed on the segment, even as the company's Macau and digital businesses continue to gain traction. Investors are watching closely to see whether near-term Las Vegas weakness is a temporary dip or a sign of broader demand cooling. The results also test the company's diversified model, with MGM China's record market share and MGM Digital's narrowing losses offering potential offsets. With the stock trading near 52-week lows ahead of the release, this quarter's figures and management's tone on forward demand carry significant weight for sentiment.

Reported Results

MGM Resorts reported consolidated net revenue of $4.21 billion for the third quarter ended September 30, 2026, a 1% decrease from $4.25 billion a year earlier. Net loss attributable to MGM Resorts narrowed to $17.1 million, or $0.07 per share, from $285.3 million, or $1.05 per share, a year ago. Adjusted EPS was a loss of $0.11, down from a profit of $0.24 in the prior-year quarter. Consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) declined to $403 million from $506 million.

By segment, Las Vegas Strip Resorts revenue fell 2% to roughly $2.0 billion, with Strip Adjusted EBITDAR down 12% to $531 million. Regional Operations revenue declined 8% to $883 million on a reported basis but rose 1% on a same-store basis. MGM China revenue increased 5% to $1.14 billion, and MGM Digital revenue rose 6% to $184 million.

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Market Reaction and Investor Sentiment

The market entered this earnings event with subdued expectations, as analysts had revised third quarter EPS estimates sharply lower in the weeks leading up to the release amid concerns about Las Vegas Strip pricing. The reported adjusted loss of $0.11 per share missed the consensus figure of roughly $0.11, while revenue came in slightly below the approximately $4.25 billion estimate. The stock has been under significant pressure, having declined more than 38% over the prior three months and trading near 52-week lows. Post-earnings, investors are weighing the continued softness in Las Vegas room rates against management's comments that October Strip performance has rebounded favorably.

Forward Outlook and Key Factors to Monitor

Following this quarter, investors should focus on several themes. The most important is Las Vegas Strip room pricing. The 8% decline in ADR drove much of the margin compression this quarter, so any sustained recovery in rates, occupancy, or convention and group business will be central to restoring segment profitability.

Macau remains a key growth lever. MGM China's record 17.1% market share and 5% revenue growth show resilience, but investors will watch whether that momentum holds and how intercompany branding fees and operating costs trend.

On the digital side, MGM Digital's shrinking loss signals progress toward profitability, and the trajectory of the BetMGM North America venture remains worth monitoring.

Finally, capital allocation and balance sheet health are in focus. The company ended the quarter with about $2.4 billion in cash and reduced long-term debt to $5.7 billion, giving it flexibility to fund growth projects such as MGM Osaka while continuing shareholder returns. No formal guidance was provided, leaving investors to assess management's near-term commentary against one quarter of hard data.

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