MGM Resorts Q3 revenue slips 1%, posts $17M loss
MGM China and MGM Digital grew revenue, while Las Vegas and Regional Operations reported lower revenue and segment Adjusted EBITDAR.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
MGM Resorts International (MGM) reported third-quarter 2026 consolidated revenue of $4.2 billion, down 1% from the prior-year quarter, and a net loss attributable to MGM Resorts of $17 million, compared with a $285 million loss. Consolidated Adjusted EBITDA was $403 million, versus $506 million, while diluted loss per share was $0.07 versus $1.05. Adjusted EPS, a supplemental non-GAAP measure, was a $0.11 loss per share compared with earnings of $0.24.
MGM China reported record quarterly revenue and record quarterly market share of 17.1%; its revenue rose 5% to $1.1 billion. MGM Digital revenue increased 6% to $184 million. Las Vegas Strip Resorts revenue declined 2% to $2.0 billion, and Regional Operations revenue declined 8% to $883 million, while Regional same-store revenue increased 1% to $883 million. Segment Adjusted EBITDAR declined 12% in Las Vegas, 18% in Regional Operations, and 7% at MGM China. Management said an amended voting agreement establishes a framework for pursuing share repurchases.
3 points · 0 major0 major · 4 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
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.
Positive
- Moderate pointMGM Resorts' attributable net loss was $17 million versus $285 million.
- Moderate pointMGM China revenue rose 5% to $1.1 billion in third-quarter 2026.
- Minor pointMGM Digital revenue increased 6% to $184 million in third-quarter 2026.
Negative
- Moderate pointConsolidated Adjusted EBITDA was $403 million, versus $506 million in 2025.
- Moderate pointAdjusted EPS was a $0.11 loss per share, versus $0.24 earnings.
- Minor pointLas Vegas Segment Adjusted EBITDAR decreased 12% to $531 million.
- Minor pointRegional Operations Segment Adjusted EBITDAR decreased 18% to $243 million.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Consolidated revenue: $4.2 billion
Net loss attributable to MGM Resorts: $17 million loss
Consolidated Adjusted EBITDA: $403 million
+4 more
7 metrics
Consolidated revenue
$4.2 billion
Third quarter 2026; down 1% from the prior-year quarter
Net loss attributable to MGM Resorts
$17 million loss
Third quarter 2026; compared with a $285 million loss in the prior-year quarter
Consolidated Adjusted EBITDA
$403 million
Third quarter 2026; compared with $506 million in the prior-year quarter
Adjusted EPS
$0.11 loss per share
Third quarter 2026; compared with $0.24 earnings per share in the prior-year quarter
MGM China revenue
$1.1 billion
Third quarter 2026; increased 5% from the prior-year quarter
MGM China market share
17.1%
Record quarterly market share
MGM Digital revenue
$184 million
Third quarter 2026; increased 6% from the prior-year quarter
Key Terms
Segment Adjusted EBITDAR, Consolidated Adjusted EBITDA, Adjusted EPS, RevPAR, +1 more
5 terms
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.
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.
Adjusted EPS financial
"Adjusted EPS of $(0.11) in the current quarter"
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.
RevPAR financial
"Revenue per available room (RevPAR)"
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.
same-store revenue financial
"Same-store revenue (adjusted for dispositions)"
Same-store revenue measures the change in sales at locations that have been open for a defined prior period, excluding newly opened or recently closed outlets, so it tracks performance of only established units. It matters to investors because it isolates organic growth or decline—like comparing how the same set of shops did this year versus last—helping reveal true demand trends, management effectiveness, and whether growth comes from stronger operations or simply from opening more locations.
Earnings Snapshot
Consolidated revenue: $4.2 billion
Three months ended September 30, 2026
Consolidated revenue
$4.2 billion
Down 1% from the prior-year quarter
Net loss attributable to MGM Resorts
$17 million loss
Compared with a $285 million loss in the prior-year quarter
Consolidated Adjusted EBITDA
$403 million
Compared with $506 million in the prior-year quarter
Diluted loss per share
$0.07 loss per share
Compared with $1.05 loss per share in the prior-year quarter
Adjusted EPS
$0.11 loss per share
Compared with $0.24 earnings per share in the prior-year quarter
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did MGM Resorts International (MGM) report for Q3 2026?
MGM Resorts reported $4.2 billion in consolidated revenue for the third quarter of 2026, down 1% from the prior-year quarter. MGM China revenue increased 5% to $1.1 billion, while MGM Digital revenue increased 6% to $184 million.
What net loss did MGM Resorts International (MGM) report for Q3 2026?
Net loss attributable to MGM Resorts was $17 million for the third quarter of 2026, compared with a $285 million net loss in the prior-year quarter. Diluted loss per share was $0.07, versus $1.05, while Adjusted EPS was a $0.11 loss per share, compared with $0.24 earnings.
What were MGM Resorts International (MGM)'s Las Vegas hotel metrics in Q3 2026?
Las Vegas Strip Resorts occupancy was 89%, unchanged from the prior-year quarter. Average daily rate was $218, down 8%, and RevPAR was $193, down 8%; room revenue was $622 million, down 6%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 28, 2026
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices – Zip Code)
Registrant’s Telephone Number, Including Area Code: (702 ) 693-7120
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
| New York Stock Exchange | |||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CRF § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CRF § 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
This current report on Form 8-K is being furnished to disclose the press release issued by the Registrant on October 28, 2026. The purpose of the press release, furnished as Exhibit 99.1, was to announce the Registrant’s results of operations for the quarter ended September 30, 2026. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits:
Exhibit Number | Description | |||||||
99.1 | Press release of the Registrant dated October 28, 2026, announcing financial results for the quarter ended September 30, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MGM Resorts International | ||||||||
| Date: October 28, 2026 | By: | /s/ Todd Meinert | ||||||
| Todd Meinert | ||||||||
| Title: Senior Vice President and Chief Accounting Officer | ||||||||
Exhibit 99.1
MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS
•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, Nevada, October 28, 2026 – 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%
Page 1 of 11
•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 | % | ||||||||||
Page 2 of 11
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 | ||||||||
Page 3 of 11
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.
Page 4 of 11
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.
Page 5 of 11
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.
Page 6 of 11
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 | |||||
Page 7 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| 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 (loss) 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 | |||||||||||||||||||
Page 8 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| September 30, 2026 | December 31, 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 | ||||||||
Page 9 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – REVENUE
(In thousands)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 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, 2026 | September 30, 2025 | September 30, 2026 | September 30, 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, 2026 | September 30, 2025 | September 30, 2026 | September 30, 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 | |||||||||||||||
Page 10 of 11
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, 2026 | September 30, 2025 | September 30, 2026 | September 30, 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.
Page 11 of 11