$4.21B Revenue. 17.1% Record Market Share in China. Bill Hornbuckle & Jonathan Halkyard Navigate MGM’s Mixed Q3

MGM Resorts International has reported its financial and operating results for the quarter ended 30 September 2026, and the headline figure understates how differently the group’s businesses performed. Consolidated revenue came in at 4.2 billion dollars, down 1% on the prior year, with a net loss attributable to MGM of 17 million dollars.

That net loss was far narrower than the 285 million dollar loss recorded in the same quarter last year, a swing worth explaining rather than cheering. The release reported Q3 2026 on 28 October, and the comparison flatters partly because the prior-year period carried a large goodwill impairment that did not recur this time.

What MGM Resorts Reported in Its Q3 2026 Earnings

Consolidated Adjusted EBITDA was 403 million dollars, down from 506 million dollars a year earlier. Diluted loss per share was 0.07 dollars against a 1.05 dollar loss previously, while Adjusted EPS came in at negative 0.11 dollars compared with positive 0.24 dollars. So while the reported loss shrank, the group’s underlying earnings measure moved the other way, a reminder that the improved bottom line owes a good deal to the absence of last year’s impairment charge.

Why MGM China’s Record Market Share Matters

The clearest bright spot was Macau. MGM China revenue rose 5% to 1.1 billion dollars and the business achieved record quarterly market share of 17.1%. Segment Adjusted EBITDAR for the unit was 264 million dollars, down 7% year on year, so the share gain is a volume and positioning story rather than a margin one. For a group whose largest single segment sits on the Las Vegas Strip, a record quarter in Macau is a useful counterweight.

How the Las Vegas Strip Weighed on the Gaming Operator

Las Vegas is where the quarter softened. Strip revenue fell 2% to 2.0 billion dollars, and Segment Adjusted EBITDAR dropped 12% to 531 million dollars. The pressure came from rooms rather than tables: average daily rate fell 8% to 218 dollars and RevPAR fell 8% to 193 dollars, while occupancy held flat at 89%. Casino revenue on the Strip actually rose 8%, helped by a stronger table-games win percentage of 25.3%. Chief Executive Bill Hornbuckle noted the weaker room rates in the quarter but said October had rebounded favourably.

In his words:

“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, MGM Resorts International

What MGM Digital and BetMGM Signal for Online Gaming

The group’s online businesses continued to improve. MGM Digital, which the company says consists of LeoVegas and other consolidated interactive gaming subsidiaries and excludes BetMGM, grew revenue 6% to 184 million dollars and narrowed its Segment Adjusted EBITDAR loss to 4 million dollars from 23 million dollars a year earlier. Separately, the BetMGM North America Venture, the company’s 50/50 sports betting and online gaming joint venture, delivered distributions and branding licence fees to MGM of 34 million dollars in the quarter. The direction of travel for both is the detail operators tracking US online gaming will note.

What Comes Next for MGM Resorts and the Regulated Gaming Market?

The quarter shows diversification working as intended: growth in Macau and digital absorbed a softer Las Vegas room-rate period rather than letting it define the result. Management framed MGM Osaka, its integrated resort development in Japan, as the pipeline driver for future value, and the CFO tied an amended voting agreement announced the same day to planned share repurchases. The read for the wider regulated gaming market is that scale and geographic spread are doing the work they are supposed to do, though the softer underlying earnings measure means the recovery narrative still rests on Las Vegas room rates turning, which the company says began in October.

Source: MGM Resorts International