MGM Resorts' Strip Growth Streak Ends on Lower Room Rates

The Tip Desk · November 1, 2026 · 3 min read

Third-quarter revenue was $4.2 billion, with Las Vegas Strip Resorts down 2% after two quarters of year-over-year growth.

MGM Resorts International (MGM) reported third-quarter revenue of $4.2 billion, a 1% decline from a year earlier, reversing the 1% year-over-year increase recorded in the second quarter.

The global gaming company posted a net loss attributable to MGM Resorts of $17 million, compared with a $285 million net loss a year earlier. Diluted loss per share was $0.07, versus a $1.05 loss a year earlier. Adjusted diluted earnings per share were $(0.11), compared with $0.24 a year earlier. Consolidated Adjusted EBITDA was $403 million, down from $506 million a year earlier.

Las Vegas Strip Resorts, the company’s largest reportable segment, generated $2.0 billion of revenue, down 2% from a year earlier after two consecutive quarters of year-over-year growth, including a 3% increase in the second quarter. Segment Adjusted EBITDAR fell 12% to $531 million from $601 million.

Room revenue declined 6% to $622 million as average daily rate fell 8% to $218 and RevPAR fell 8% to $193, with occupancy unchanged at 89%. Casino revenue rose 8% to $488 million. Table games drop increased 5% to $1.44 billion and table games win rose 17% to $363 million. Slot handle was $6.20 billion and slot win was $582 million. President and CEO Bill Hornbuckle said lower room rates during the third quarter impacted results and that October has rebounded favorably.

Regional Operations revenue was $883 million, down 8% from a year earlier. Same-store revenue, adjusted for dispositions, rose 1% to $883 million from $873 million. Segment Adjusted EBITDAR fell 18% to $243 million from $296 million; same-store Segment Adjusted EBITDAR declined 7% to $243 million from $260 million. Regional casino revenue fell 10% to $626 million, with slot handle down 9% to $6.31 billion and slot win down 11% to $629 million.

MGM China revenue rose 5% to $1.1 billion, after being relatively flat in the second quarter. The company said it achieved record quarterly revenue and a record 17.1% market share. Segment Adjusted EBITDAR declined 7% to $264 million from $284 million. Intercompany branding license fee expense, which eliminates in consolidation, was $41 million, up $22 million from the prior-year quarter. Casino revenue rose 4% to $981 million. Main-floor table games drop fell 10% to $3.68 billion, while main-floor win rose 1% to $1.02 billion and win percentage rose to 27.7% from 24.7%.

MGM Digital revenue increased 6% to $184 million from $174 million, after 20% year-over-year growth in the second quarter. The segment’s Adjusted EBITDAR loss narrowed to $4 million from a $23 million loss a year earlier. BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in the third quarter. The company’s share of BetMGM North America Venture operating income was $26.7 million, versus $23.7 million a year earlier.

Hornbuckle said trailing-twelve-months Las Vegas Strip Resorts Segment Adjusted EBITDAR has grown by nearly 70% since calendar year 2019. Chief Financial Officer Jonathan Halkyard said an amended voting agreement announced the same day establishes a framework that enables MGM Resorts to pursue value-creating share repurchases.