MGM Posts Adjusted Loss of $0.11 per Share in Third Quarter, Wider Than FactSet Estimate

Key Facts

MGM Resorts posted a diluted adjusted loss of $0.11 per share in the third quarter ended September 30, 2026, compared with earnings of $0.24 per share a year earlier, according to results announced by the company on October 28. The loss was wider than FactSet’s estimate of $0.04 per share, according to MarketScreener. On a net basis, the loss attributable to MGM narrowed to $17 million from $285 million in the corresponding quarter of 2025. Consolidated revenue was $4.2 billion, down 1% year over year. Adjusted operating earnings fell, however, with consolidated adjusted EBITDA declining to $403 million from $506 million a year earlier.

Expectations before the announcement pointed to earnings of about 11 cents per share and revenue of around $4.25 billion for the quarter ended in September, according to a Reuters report published via Investing.com. That would have represented a decline from the second quarter, when the company earned 59 cents per share on revenue of $4.5 billion. The report also said earnings-per-share estimates had fallen 61% in the two months before the results announcement, while revenue estimates declined 1.7% over the same period. The comparison shows that the quarter’s result fell short of pre-announcement expectations, while the operating downturn had already been reflected in lower analyst estimates. On revenue, the gap between the actual result and the $4.25 billion estimate was limited, while the adjusted loss and its wider-than-FactSet-estimated margin stood out as the report’s biggest surprises.

Some of the weakness was concentrated at the Las Vegas Strip resorts, where revenue fell 2% to $2 billion and Segment Adjusted EBITDAR declined to $531 million from $601 million a year earlier. The average daily room rate was $218, down 8%, while room revenue fell 6% to $622 million. The occupancy rate held at 89%, unchanged from the third quarter of the previous year. Chief Executive Bill Hornbuckle said that “lower room rates during the third quarter impacted our results,” adding that October “has seen a meaningful improvement.” He also said Segment Adjusted EBITDAR for the Las Vegas resorts in the twelve months ended in the third quarter was up nearly 70% compared with 2019.

Regional operations presented a more resilient picture after excluding the impact of exits: same-store revenue rose 1% to $883 million, compared with $873 million a year earlier. Reported segment revenue, meanwhile, fell 8% from $957 million to $883 million. MGM Digital revenue increased 6% to $184 million from $174 million, and its Segment Adjusted EBITDAR loss narrowed to $4 million, compared with a loss of $23 million a year earlier. Distributions and brand licensing fees received by MGM from the BetMGM North America venture totaled about $34 million in the quarter. Digital and regional operations thus contrasted with the decline in operating indicators at the Las Vegas resorts.

In the market, MGM shares closed at $27.99 on October 27, according to EL7 data. In the October 28 session, the stock fell 2.57% to $27.27, then rose 0.23% in after-hours trading to $27.33, according to Investing.com. The regular-session closing price was near the stock’s 52-week low of $27.2, according to the same source. The company announced its quarterly results on October 28, while Hornbuckle pointed to an improvement in October after room rates weighed on third-quarter results. His comment remains management’s latest time reference on the business trajectory after the period covered by the results.