EL7.AI
StocksMedium•28 October 2026•
3 min read

MGM’s Adjusted Consolidated Earnings Fall to $403 Million in Third Quarter

Key Facts

1Adjusted consolidated EBITDAre was $403 million, compared with $506 million a year earlier.
2Las Vegas Strip revenue fell 2% to $2.0 billion, and adjusted segment EBITDAre declined 12% to $531 million from $601 million.
3The average daily room rate in Las Vegas fell 8% to $218, while occupancy was 89%.
4MGM China revenue rose 5% year over year in the third quarter.

MGM Resorts reported adjusted consolidated EBITDAre of $403 million in the third quarter of 2026, compared with $506 million in the same period a year earlier. The company said revenue at its Las Vegas Strip resorts declined as average room rates fell, while its China business posted revenue growth. In its results statement, Chief Executive Bill Hornbuckle said lower room rates affected quarterly results, adding that October had "seen positive improvement." The results were released after the market close on October 28, in line with the timing the company announced in September. MGM made performance details available to investors on an earnings call held the same day.

On the Las Vegas Strip, revenue fell 2% to $2.0 billion, while adjusted segment EBITDAre declined 12% to $531 million from $601 million a year earlier. The average daily room rate fell 8% to $218, and room revenue dropped 6% to $622 million. Occupancy held at 89% during the quarter, according to the company’s operating data. Hornbuckle said lower room rates were a factor affecting results for the period, and linked his comments on October to a subsequent improvement in performance. Over a longer period, he said adjusted segment EBITDAre for the 12 months ended had grown about 70% since 2019.

At the group level, adjusted consolidated EBITDAre fell from $506 million in the third quarter of 2025 to $403 million in the corresponding quarter of 2026. In China, MGM China revenue rose 5% year over year, according to the CEO in the statement, in which he described the company’s diversified portfolio as an advantage. The result follows consolidated revenue of $4.5 billion in the second quarter of 2026, up 1% from a year earlier. Net income attributable to MGM Resorts in that quarter was $292 million, compared with $49 million in the second quarter of 2025. The comparison shows differing performance across the two periods, with adjusted consolidated EBITDAre down in the third quarter while revenue rose in the previous quarter.

MGM Digital revenue grew 6% to $184 million in the third quarter, while its adjusted segment EBITDAre loss narrowed to $4 million from $23 million a year earlier. In the North American BetMGM joint venture, distributions and brand licensing fees due to MGM Resorts totaled $34 million in the quarter. The figures reflect contributions from digital operations and the betting venture to group results alongside the resorts, with the digital segment’s loss improving year over year. On capital allocation, the CFO said the amended voting agreement announced on results day provides a supportive framework for pursuing value-creating share repurchases. The statement did not specify a value for the buyback program or a timeline for its implementation in the information presented here.

MGM announced on September 28 that third-quarter results would be released after the market close on October 28, and scheduled the earnings call for 5 p.m. Eastern time on the day of the release. The company said a replay of the call would be available through November 4. Commenting on the period ahead, Hornbuckle said October had improved after lower room rates affected the third quarter, while he also pointed to 5% revenue growth at MGM China. The company thus set weaker Las Vegas results alongside signs of growth in China and digital operations. The CEO also cited roughly 70% growth in adjusted Las Vegas Strip EBITDAre over the 12 months ended since 2019 in his assessment of the segment’s longer-term performance.