MGM Revenue Falls 1% to $4.2 Billion Despite Macau Record
Key Facts
MGM Resorts International reported consolidated revenue of $4.2 billion in the third quarter of 2026, down 1% year over year, while consolidated adjusted EBITDA fell to $403 million from $506 million a year earlier. The company said its net loss attributable to it was $17 million, compared with a loss of $285 million in the third quarter of 2025. Performance varied across its operations: MGM China posted record quarterly revenue and market share, while revenue at its Las Vegas Strip resorts declined. CEO Bill Hornbuckle attributed the quarter’s results to lower room rates and said October saw a favorable recovery. The divergence shows that record Macau figures did not prevent declines in group revenue and adjusted earnings.
MGM China generated revenue of about $1.1 billion, up 5% from the same quarter a year earlier, and its quarterly market share reached a record 17.1%. But Segment Adjusted EBITDAR, a measure of segment earnings before interest, taxes, depreciation and amortization, fell 7% to $264 million from $284 million. In Las Vegas, revenue at Strip resorts declined 2% to $2.0 billion, while the same measure fell 12% to $531 million from $601 million. The average daily room rate fell 8% to $218, and revenue per available room also declined 8% to $193, while occupancy held steady at 89%. Hornbuckle said lower room rates affected the quarter’s results, adding: "October saw a favorable recovery."
In its regional operations, MGM reported revenue of $883 million, down 8% on a reported basis. Adjusted for disposals, comparable revenue rose 1%, from $873 million in the third quarter of 2025 to $883 million. MGM Digital revenue increased 6% to $184 million, compared with $174 million a year earlier. The segment improved from a Segment Adjusted EBITDAR loss of $23 million to a loss of $4 million. Hornbuckle said the digital business posted strong revenue growth, while noting that the BetMGM North America Venture is reported separately from MGM Digital. In the second quarter, MGM reported consolidated revenue of $4.5 billion, up 1%, and net income attributable to the company of $292 million, compared with $49 million a year earlier; MGM Digital revenue then rose 20% year over year.
Among digital gaming companies, Rush Street Interactive reported third-quarter revenue of $385.9 million, up 39% from $277.9 million in the same period of 2025. Net income rose 93% to $28.7 million, while Adjusted EBITDA increased 73% to $62.2 million. In July, the company raised its 2026 revenue guidance to a range of $1.56 billion to $1.60 billion, equivalent to annual growth of 38% to 41%. It then estimated full-year Adjusted EBITDA at $245 million to $265 million, with expected growth of 59% to 72%. The outlook places the quarter’s result within the annual growth trajectory the company had previously set, with revenue and profitability expanding together.
In electronic manufacturing, Plexus reported revenue of $1.427 billion in its fourth quarter of fiscal 2026, a GAAP operating margin of 6.0% and diluted earnings per share of $2.51. In its third fiscal quarter, the company had reported record revenue of $1.305 billion, a GAAP operating margin of 4.7% and diluted earnings per share of $1.58. In July, it forecast fourth-quarter fiscal revenue of $1.330 billion to $1.380 billion, and the reported figure came in above that range. This comparison concerns Plexus’s manufacturing results, which are separate from the gaming and hospitality companies covered in the report. The margin and per-share earnings figures, alongside revenue, show the profitability measures the company reported for the quarter.
In a separate economic indicator, the Conference Board’s U.S. consumer confidence index rose 7.5 points to 91.7 in October, from 84.2 in September. The Present Situation Index rose to 120.4, while the Expectations Index recovered to 72.6. The board said improving views of current and expected business conditions drove the increase and also linked the recovery to falling gasoline prices. MGM had reported that lower room rates affected results at its Las Vegas resorts, while improved confidence indicates a rise in the overall index measuring households’ perceptions of the economy. The board scheduled the next reading for Tuesday, November 24, 2026, at 10 a.m. Eastern Time.
MGM had scheduled a call to discuss its third-quarter results for October 28, 2026, at 5:00 p.m. Eastern Time, with a replay available through November 4. The company’s stock closed at $27.99 on October 27, compared with $28.54 in the previous session. The price move is part of the available closing data for the period, while the reported results center on declines in group revenue and adjusted earnings against record figures at MGM China. October’s performance, which the CEO described as a favorable recovery, remains part of management’s commentary on the quarter. The next consumer confidence reading is scheduled for November 24 at 10 a.m. Eastern Time.