MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS

Lower Las Vegas room rates accompanied weaker adjusted earnings, while China and digital revenue increased.

Rhea-AI Summary

MGM Resorts International (NYSE: MGM) reported third-quarter 2026 revenue of $4.2 billion, down 1% from the prior-year quarter. Net loss narrowed to $17 million from $285 million, and diluted loss per share narrowed to $0.07 from $1.05. Consolidated adjusted EBITDA, an adjusted earnings measure, fell to $403 million from $506 million; adjusted loss per share was $0.11 versus earnings of $0.24.

Las Vegas Strip revenue fell 2% to $2.0 billion, with room revenue down 6%. Regional revenue fell 8% to $883 million, but rose 1% excluding dispositions. MGM China revenue increased 5% to $1.1 billion and quarterly market share reached a record 17.1%, although adjusted segment earnings declined 7%. MGM Digital revenue rose 6% to $184 million as its adjusted segment loss narrowed. BetMGM North America distributions and branding license fees to MGM Resorts totaled $34 million.

18 points · 0 major

MixediHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 18 points

How the balance works

Positive

• Moderate pointThird-quarter net loss narrowed to $17 million from $285 million a year earlier.
• Moderate pointMGM China third-quarter revenue rose 5% to $1.1 billion, a quarterly record.
• Moderate pointLas Vegas Strip third-quarter casino revenue rose 8% to $488 million year over year.
• Minor pointThird-quarter diluted loss per share narrowed to $0.07 from $1.05 a year earlier.
• Minor pointMGM China quarterly market share reached a record 17.1%.

13 minor points

• Minor pointRegional same-store third-quarter revenue increased 1% to $883 million from $873 million.
• Minor pointMGM Digital third-quarter revenue increased 6% to $184 million from $174 million.
• Minor pointMGM Digital adjusted segment loss narrowed to $4 million from $23 million a year earlier.
• Minor pointBetMGM North America distributions and branding license fees delivered $34 million to MGM Resorts in 3Q2026.
• Minor pointMGM's share of BetMGM North America operating income rose to $26.743 million from $23.725 million year over year.
• Minor pointMGM's share of other unconsolidated affiliates' operating income rose to $4.621 million from $1.917 million year over year.
• Minor pointLas Vegas Strip third-quarter table games win rose 17% to $363 million year over year.
• Minor pointLas Vegas Strip third-quarter table games drop rose 5% to $1.435 billion year over year.
• Minor pointLas Vegas Strip third-quarter slot win rose 2% to $582 million; slot handle increased 1% year over year.
• Minor pointMGM China third-quarter casino revenue rose 4% to $981 million year over year.
• Minor pointMGM China third-quarter main floor table games win increased 1% to $1.021 billion year over year.
• Minor pointMGM Resorts said October Las Vegas performance had rebounded favorably after lower third-quarter room rates.
• Minor pointMGM Resorts repurchased nearly half its outstanding share count over the past five years.

Negative

• Moderate pointConsolidated third-quarter revenue declined 1% to $4.2 billion year over year.
• Moderate pointConsolidated third-quarter adjusted EBITDA fell to $403 million from $506 million a year earlier.
• Moderate pointThird-quarter adjusted EPS shifted to a $0.11 loss from earnings of $0.24 a year earlier.
• Moderate pointLas Vegas Strip third-quarter revenue declined 2% to $2.0 billion year over year.
• Moderate pointLas Vegas Strip third-quarter adjusted segment earnings fell 12% to $531 million from $601 million.
• Moderate pointLas Vegas Strip third-quarter room revenue declined 6% to $622 million year over year.
• Moderate pointRegional third-quarter revenue declined 8% to $883 million from $957 million.
• Moderate pointRegional third-quarter adjusted segment earnings fell 18% to $243 million from $296 million.
• Moderate pointMGM China third-quarter adjusted segment earnings fell 7% to $264 million from $284 million.

9 minor points

• Minor pointLas Vegas Strip third-quarter average daily room rate fell 8% to $218 from $236.
• Minor pointLas Vegas Strip third-quarter revenue per available room fell 8% to $193 from $210.
• Minor pointRegional same-store third-quarter adjusted segment earnings declined 7% to $243 million from $260 million.
• Minor pointRegional third-quarter casino revenue declined 10% to $626 million year over year.
• Minor pointRegional third-quarter table games drop declined 1% to $1.050 billion year over year.
• Minor pointRegional third-quarter table games win declined 2% to $200 million year over year.
• Minor pointRegional third-quarter slot handle fell 9% to $6.309 billion year over year.
• Minor pointRegional third-quarter slot win declined 11% to $629 million year over year.
• Minor pointMGM China third-quarter main floor table games drop declined 10% to $3.682 billion year over year.

Key Figures

Consolidated revenue: $4.2 billion, down 1% Net loss attributable to MGM Resorts: $17 million vs. $285 million Consolidated Adjusted EBITDA: $403 million vs. $506 million +5 more

Consolidated revenue

$4.2 billion, down 1%

Q3 2026 vs. prior-year quarter

Net loss attributable to MGM Resorts

$17 million vs. $285 million

Q3 2026 vs. prior-year quarter

Consolidated Adjusted EBITDA

$403 million vs. $506 million

Q3 2026 vs. prior-year quarter

Adjusted EPS

$(0.11) vs. $0.24

Q3 2026 vs. prior-year quarter

Las Vegas Strip Segment Adjusted EBITDAR

$531 million vs. $601 million; down 12%

Q3 2026 vs. prior-year quarter

Regional Operations same-store revenue

$883 million vs. $873 million; up 1%

Q3 2026 vs. prior-year quarter

MGM China revenue

$1.1 billion; up 5%

Q3 2026 vs. prior-year quarter

MGM Digital revenue

$184 million vs. $174 million; up 6%

Q3 2026 vs. prior-year quarter

Previous Earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   Q2 earnings

   24h Move

   -0.4%

   Revenue and net income rose, while adjusted EPS and consolidated adjusted EBITDA declined.

2. Apr 29

   Q1 earnings

   24h Move

   -0.8%

   Revenue rose, net income was positive, and MGM Digital revenue increased.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted eps, consolidated adjusted ebitda, segment adjusted ebitdar, revpar, +1 more

5 terms

adjusted eps financial

"Adjusted diluted earnings (loss) per share ("Adjusted EPS")"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

consolidated adjusted ebitda financial

"Consolidated Adjusted EBITDA of $403 million in the current quarter"

Consolidated adjusted EBITDA is a company’s combined operating profit across all its units before interest, taxes, depreciation and amortization, further cleaned up by removing one‑time, noncash or unusual items so it shows the ongoing cash-generating performance. Think of it as the business’s engine power after stripping out financing, tax rules and one-off events—investors use it to compare operating health and value companies, but it’s not a formal accounting measure.

segment adjusted ebitdar financial

"Segment Adjusted EBITDAR of $531 million in the current quarter"

A segment adjusted EBITDAR is a profitability measure for a particular business unit that starts with operating profit and then adds back interest, taxes, depreciation, amortization and rent, plus one-time or non-recurring items specific to that segment. It isolates the segment’s underlying cash-generating performance by removing financing, accounting and unusual effects, helping investors compare and value different parts of a company — like judging store performance by sales and running costs while ignoring differing lease or loan arrangements.

revpar financial

"RevPAR is hotel revenue per available room."

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

non-gaap financial

"Same-Store Segment Adjusted EBITDAR is a non-GAAP measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

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• Regional Operations increased revenue 1% on a same-store basis
• MGM China achieved record quarterly revenue as well as record quarterly market share of 17.1%
• BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in 3Q2026

LAS VEGAS, Oct. 28, 2026 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2026.

"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. Our diverse portfolio remains an advantage, with MGM China achieving 5% revenue growth and strong market share performance, while our digital businesses - including our BetMGM North America Venture and MGM Digital - reported strong topline growth during the third quarter," said Bill Hornbuckle, President & CEO of MGM Resorts International. "MGM Resorts remains dedicated to our mission to be the world's largest gaming and entertainment company with global integrated resorts, a leading digital presence, and, notably, an enviable growth pipeline with MGM Osaka to drive future value."

"The amended voting agreement announced earlier today establishes a highly supportive framework that enables MGM Resorts to confidently pursue value-creating share repurchases as part of our ongoing commitment to enhancing shareholder value and driving longer-term growth," said Jonathan Halkyard, Chief Financial Officer of MGM Resorts International. "The combination of our attractive stock valuation, the repurchase of nearly half of our outstanding share count over the past five years, and pivotal growth drivers - including our digital portfolio and MGM Osaka - positions the company as a premier long-term opportunity."

Third Quarter 2026 Financial Highlights:

Consolidated Results

• Consolidated revenue of $4.2 billion, a decrease of 1% compared to the prior year quarter
• Net loss attributable to MGM Resorts was $17 million in the current quarter compared to net loss attributable to MGM Resorts of $285 million in the prior year quarter
• Consolidated Adjusted EBITDA of $403 million in the current quarter compared to $506 million in the prior year quarter
• Diluted loss per share of $0.07 in the current quarter compared to a loss per share of $1.05 in the prior year quarter
• Adjusted diluted earnings (loss) per share ("Adjusted EPS") of $(0.11) in the current quarter compared to $0.24 in the prior year quarter

Las Vegas Strip Resorts

• Revenue of $2.0 billion in the current quarter, a decrease of 2% compared to the prior year quarter
• Segment Adjusted EBITDAR of $531 million in the current quarter compared to $601 million in the prior year quarter, a decrease of 12%

Regional Operations

• Revenue of $883 million in the current quarter compared to $957 million in the prior year quarter, a decrease of 8%
• Same-store revenue (adjusted for dispositions) of $883 million in the current quarter compared to $873 million in the prior year quarter, an increase of 1%
• Segment Adjusted EBITDAR of $243 million in the current quarter compared to $296 million in the prior year quarter, a decrease of 18%
• Same-Store Segment Adjusted EBITDAR of $243 million in the current quarter compared to $260 million in the prior year quarter, a decrease of 7%

MGM China

• Revenue of $1.1 billion in the current quarter, an increase of 5% compared to the prior year quarter
• Segment Adjusted EBITDAR of $264 million in the current quarter compared to $284 million in the prior year quarter, a decrease of 7%
• Intercompany branding license fee expense increased by $22 million over the prior year quarter

MGM Digital ⁽¹⁾

• Revenue of $184 million in the current quarter compared to $174 million in the prior year quarter, an increase of 6%
• Segment Adjusted EBITDAR loss of $4 million in the current quarter compared to a loss of $23 million in the prior year quarter

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America Venture.

Adjusted EPS

The following table reconciles diluted loss per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):

Three Months Ended September 30,	2026		2025
Diluted loss per share	$                                        (0.07)		$                                        (1.05)
Property transactions, net	(0.06)		0.37
Goodwill impairment	—		0.94
Non-operating items:
Loss related to debt and equity investments	0.18		0.01
Foreign currency transaction gain	(0.06)		(0.06)
Change in the fair value of foreign currency contracts	(0.10)		0.15
Income tax impact on net income adjustments(1)	—		(0.12)
Adjusted EPS	$                                        (0.11)		$                                          0.24
(1)  The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in       which it occurs.

Las Vegas Strip Resorts

The following table shows key gaming statistics for Las Vegas Strip Resorts:

Three Months Ended September 30,	2026		2025	% Change
	(Dollars in millions)
Casino revenue	$                                488		$                                450	8 %
Table games drop	$                             1,435		$                             1,363	5 %
Table games win	$                                363		$                                309	17 %
Table games win %	25.3 %		22.6 %
Slot handle	$                             6,200		$                             6,155	1 %
Slot win	$                                582		$                                570	2 %
Slot win %	9.4 %		9.3 %

The following table shows key hotel statistics for Las Vegas Strip Resorts:

Three Months Ended September 30,	2026		2025	% Change
Room revenue (in millions)	$                                622		$                                660	(6) %
Occupancy	89 %		89 %
Average daily rate (ADR)	$                                218		$                                236	(8) %
Revenue per available room (RevPAR)	$                                193		$                                210	(8) %

Regional Operations

The following table shows key gaming statistics for Regional Operations:

Three Months Ended September 30,	2026		2025	% Change
	(Dollars in millions)
Casino revenue	$                                626		$                                696	(10) %
Table games drop	$                             1,050		$                             1,061	(1) %
Table games win	$                                200		$                                205	(2) %
Table games win %	19.1 %		19.4 %
Slot handle	$                             6,309		$                             6,969	(9) %
Slot win	$                                629		$                                706	(11) %
Slot win %	10.0 %		10.1 %

MGM China

The following table shows key gaming statistics for MGM China:

Three Months Ended September 30,	2026		2025	% Change
	(Dollars in millions)
Casino revenue	$                                981		$                                947	4 %
Main floor table games drop	$                             3,682		$                             4,072	(10) %
Main floor table games win	$                             1,021		$                             1,006	1 %
Main floor table games win %	27.7 %		24.7 %

Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $41 million in the current quarter and $19 million in the prior year quarter.

Unconsolidated Affiliates

The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates:

Three Months Ended September 30,	2026		2025
	(In thousands)
BetMGM North America Venture	$                                     26,743		$                                     23,725
Other	4,621		1,917
	$                                     31,364		$                                     25,642

Conference Call Details 

MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com. 

The call will be accessible via the internet through http://investors.mgmresorts.com/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 9250061.

A replay of the call will be available through November 4, 2026. The replay may be accessed by dialing 1-855-669-9658 or 1-412-317-0088. The replay access code is 9853875.

"Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

"Same-Store Segment Adjusted EBITDAR" is Segment Adjusted EBITDAR further adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Regional Operations, we have excluded the Segment Adjusted EBITDAR of MGM Northfield Park for the periods prior to its disposition on April 21, 2026, as applicable.

Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Segment Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Segment Adjusted EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. A reconciliation of the Company's reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store Segment Adjusted EBITDAR is included in the financial schedules in this release.

"Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release.

"Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, goodwill impairment, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, and change in the fair value of foreign currency contracts.

Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.

RevPAR is hotel revenue per available room.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding its financial outlook; any benefits expected to be received from the Company's transactions and capital investments; the Company's ability to execute on its strategic plans, including the Company's development project in Japan; expectations regarding growth at MGM Digital, BetMGM North America Venture, or MGM China; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM North America Venture) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion and capital investment projects in Japan and Dubai; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company relies , through cyber-attacks, or otherwise; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS CONTACTS: 

Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance & Treasurer
srogers@mgmresorts.com
HOWARD WANG
Vice President of Investor Relations
hwang@mgmresorts.com
News Media
BRIAN AHERN
Executive Director of Communications
media@mgmresorts.com

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
			Three Months Ended						Nine Months Ended
			September 30,			September 30,			September 30,			September 30,
			2026			2025			2026			2025
Revenue
	Casino		$	2,304,393		$	2,293,996		$	7,066,433		$	6,875,942
	Rooms			762,999			795,236			2,479,996			2,519,045
	Food and beverage			741,476			748,597			2,348,648			2,296,949
	Entertainment, retail and other			403,023			412,635			1,222,525			1,240,480
				4,211,891			4,250,464			13,117,602			12,932,416
Expenses
	Casino			1,354,872			1,321,774			4,053,705			3,899,934
	Rooms			281,278			266,767			842,944			819,682
	Food and beverage			576,304			554,554			1,735,318			1,691,482
	Entertainment, retail and other			266,022			261,772			782,788			759,081
	General and administrative			1,228,504			1,240,178			3,774,596			3,618,767
	Corporate expense			133,485			125,257			402,138			391,704
	Preopening and start-up expenses			129			31			1,218			965
	Property transactions, net			7,578			101,775			(264,897)			117,368
	Goodwill impairment			-			256,133			111,019			256,133
	Depreciation and amortization			276,399			260,717			822,439			739,136
				4,124,571			4,388,958			12,261,268			12,294,252
Income from unconsolidated affiliates				31,364			25,642			67,228			38,606
Operating income (loss)				118,684			(112,852)			923,562			676,770
Non-operating income (expense)
	Interest expense, net of amounts capitalized			(102,607)			(102,287)			(305,425)			(315,140)
	Non-operating items from unconsolidated affiliates			(1,780)			5,942			(1,762)			2,149
	Other, net			7,597			(10,390)			21,288			(182,826)
				(96,790)			(106,735)			(285,899)			(495,817)
Income (loss) before income taxes				21,894			(219,587)			637,663			180,953
	Benefit (provision) for income taxes			17,313			12,858			(100,875)			(42,857)
Net income (loss)				39,207			(206,729)			536,788			138,096
	Less: Net income attributable to noncontrolling interests			(56,315)			(78,526)			(136,327)			(225,846)
Net income (loss) attributable to MGM Resorts International			$	(17,108)		$	(285,255)		$	400,461		$	(87,750)
Earnings per share
	Basic		$	(0.07)		$	(1.05)		$	1.54		$	(0.32)
	Diluted		$	(0.07)		$	(1.05)		$	1.52		$	(0.32)
Weighted average common shares outstanding
	Basic			251,964			272,517			254,105			277,610
	Diluted			251,964			272,517			257,442			277,610

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
				September 30,			December 31,
				2026			2025
ASSETS
Current assets
	Cash and cash equivalents			$	2,395,957		$	2,062,994
	Accounts receivable, net				1,072,242			1,122,940
	Inventories				123,509			124,535
	Income tax receivable				36,114			220,154
	Prepaid expenses and other				560,981			486,419
	Assets held for sale				-			315,382
		Total current assets			4,188,803			4,332,424
Property and equipment, net					6,170,440			6,305,614
Investments in and advances to unconsolidated affiliates					673,379			536,066
Goodwill					4,765,627			4,901,960
Other intangible assets, net					1,229,520			1,356,676
Operating lease right-of-use assets, net					21,547,868			23,002,707
Deferred income taxes					128,321			89,792
Other long-term assets, net					770,114			848,547
				$	39,474,072		$	41,373,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
	Accounts and construction payable			$	425,490		$	421,502
	Accrued interest on long-term debt				95,314			71,845
	Other accrued liabilities				2,864,055			2,993,179
	Liabilities related to assets held for sale				-			25,581
		Total current liabilities			3,384,859			3,512,107
Deferred income taxes					2,591,836			2,617,067
Long-term debt, net					5,668,986			6,230,141
Operating lease liabilities					23,749,751			24,962,742
Other long-term obligations					701,378			775,411
		Total liabilities			36,096,810			38,097,468
Redeemable noncontrolling interests					8,527			21,777
Stockholders' equity
	Common stock, $0.01 par value: authorized 1,000,000,000 shares,
	issued and outstanding 251,601,576 and 258,323,143 shares				2,516			2,583
	Capital in excess of par value				11,536			-
	Retained earnings				2,291,614			2,106,836
	Accumulated other comprehensive income				198,743			320,498
		Total MGM Resorts International stockholders' equity			2,504,409			2,429,917
	Noncontrolling interests				864,326			824,624
		Total stockholders' equity			3,368,735			3,254,541
				$	39,474,072		$	41,373,786

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - REVENUE
(In thousands)
(Unaudited)
		Three Months Ended							Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Las Vegas Strip Resorts		$	1,954,340		$	1,984,637		$	6,304,815		$	6,275,449
Regional Operations			883,204			956,875			2,725,212			2,821,906
MGM China			1,138,167			1,087,728			3,361,083			3,225,293
MGM Digital			183,666			174,027			562,715			465,946
Management and other operations			52,514			47,197			163,777			143,822
		$	4,211,891		$	4,250,464		$	13,117,602		$	12,932,416
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR AND CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Las Vegas Strip Resorts		$	530,781		$	600,869		$	2,015,106		$	2,122,525
Regional Operations			242,622			295,521			782,275			883,219
MGM China			263,978			283,990			794,161			870,897
MGM Digital (1)			(4,209)			(23,248)			(60,695)			(83,339)
Unconsolidated affiliates - BetMGM and other (2)			31,364			25,642			67,228			38,606
Management and other operations			25,117			16,273			83,273			58,267
Stock compensation			(15,022)			(14,274)			(65,792)			(59,350)
Triple net lease rent expense			(548,903)			(564,658)			(1,665,718)			(1,693,549)
Corporate (3)			(122,938)			(114,311)			(356,497)			(346,904)
Consolidated Adjusted EBITDA		$	402,790		$	505,804		$	1,593,341		$	1,790,372
Additional Information:
Non-cash rent (4)		$	91,603		$	104,011		$	290,104		$	321,360

(1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

(2) Represents the Company's share of operating income of unconsolidated affiliates.

(3) Includes amounts related to MGM China of $17 million and $47 million for current quarter and current year, respectively, and of $13 million and $36 million for prior year quarter and prior year, respectively.

(4) Represents the excess of expense over cash paid related to triple net operating and ground leases.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA
(In thousands)
(Unaudited)
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Net income (loss) attributable to MGM Resorts International		$	(17,108)		$	(285,255)		$	400,461		$	(87,750)
Plus: Net income attributable to noncontrolling interests			56,315			78,526			136,327			225,846
Net income (loss)			39,207			(206,729)			536,788			138,096
Provision (benefit) for income taxes			(17,313)			(12,858)			100,875			42,857
Income (loss) before income taxes			21,894			(219,587)			637,663			180,953
Non-operating (income) expense:
Interest expense, net of amounts capitalized			102,607			102,287			305,425			315,140
Other, net			(5,817)			4,448			(19,526)			180,677
			96,790			106,735			285,899			495,817
Operating income (loss)			118,684			(112,852)			923,562			676,770
Preopening and start-up expenses			129			31			1,218			965
Property transactions, net			7,578			101,775			(264,897)			117,368
Goodwill impairment			-			256,133			111,019			256,133
Depreciation and amortization			276,399			260,717			822,439			739,136
Consolidated Adjusted EBITDA		$	402,790		$	505,804		$	1,593,341		$	1,790,372

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATIONS OF REGIONAL OPERATIONS REVENUE TO REGIONAL OPERATIONS SAME-STORE REVENUE
AND REGIONAL OPERATIONS SEGMENT ADJUSTED EBITDAR TO REGIONAL OPERATIONS SAME-STORE SEGMENT ADJUSTED EBITDAR
(In thousands)
(Unaudited)
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2026			2025			2026			2025
Regional Operations revenue		$	883,204		$	956,875		$	2,725,212		$	2,821,906
Dispositions (1)			-			(83,667)			(104,468)			(247,672)
Regional Operations same-store revenue		$	883,204		$	873,208		$	2,620,744		$	2,574,234
Regional Operations Segment Adjusted EBITDAR		$	242,622		$	295,521		$	782,275		$	883,219
Dispositions (1)			-			(35,790)			(44,464)			(106,956)
Regional Operations Same-Store Segment Adjusted EBITDAR		$	242,622		$	259,731		$	737,811		$	776,263

(1) Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as applicable, for the period prior to its disposition.

 

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SOURCE MGM Resorts International

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MGM Resorts' third-quarter 2026 revenue and earnings?

MGM Resorts reported $4.2 billion in revenue and a $17 million net loss attributable to MGM Resorts for the quarter ended September 30, 2026. Revenue declined 1% year over year, while the net loss narrowed from $285 million. Diluted loss per share was $0.07, compared with $1.05 a year earlier.

How did MGM China's revenue and market share perform in the third quarter of 2026?

MGM China achieved record quarterly revenue of $1.1 billion and record quarterly market share of 17.1%. Revenue increased 5% year over year, but adjusted segment earnings declined 7% to $264 million from $284 million.

Why do MGM Resorts' regional same-store results differ from reported results?

MGM Resorts' regional same-store results exclude MGM Northfield Park for periods before its disposition on April 21, 2026, as applicable. This removes the disposed operation from the comparison: reported regional third-quarter revenue fell 8%, while revenue adjusted for dispositions increased 1%.

How did MGM China's branding license expense change in the third quarter of 2026?

MGM China's intercompany branding license fee expense increased to $41 million from $19 million in the prior-year quarter. The expense eliminates in consolidation, so it does not remain an expense in MGM Resorts' consolidated results.