MGM reports Q3 revenue of $4.2bn as Las Vegas Strip weakens

MGM Resorts International reported consolidated revenue of $4.2bn for Q3 2026, a 1% decline year on year, as weaker Las Vegas Strip results offset growth in other parts of the business, the company said. The net loss narrowed to $17m from $285m a year earlier, while adjusted EBITDA fell to $403m from $506m.

MGM China revenue rose 5% year on year to $1.1bn, and MGM Digital revenue increased 6% to $184m. Regional operations reported an 8% decline in revenue to $883m, though same-store revenue rose 1% when adjusted for dispositions. Adjusted EBITDAR fell 12% to $531m at the Las Vegas Strip resorts, 18% to $243m in regional operations and 7% to $264m at MGM China, while MGM Digital narrowed its adjusted EBITDAR loss to $4m from $23m.

Revenue from Las Vegas Strip operations fell 2% year on year to $1.95bn, which the company said reflected lower room rates against stronger casino results. Las Vegas casino revenue rose 8% to $488m, while room revenue declined 6% to $622m. The average daily room rate fell 8% to $218 and revenue per available room fell 8% to $193, with occupancy stable at 89%.

According to MGM President and Chief Executive Officer Bill Hornbuckle, the squeeze came from costlier travel, with airfares and gasoline prices eating into what leisure visitors could spend. He noted that jet fuel reached a record price in September, domestic airfares were up an average of 12% since March '26, and airline pricing to Las Vegas ran roughly 45% higher in 3Q than the previous summer. Gasoline costs, he added, stayed elevated and continued to weigh on customers, so the quarter delivered flat occupancy at reduced room rates.

That pressure, Hornbuckle indicated, reached past the budget-conscious guests who had troubled the market a year earlier, driven largely by what it cost to fly into the destination. Strip room prices in September were 10.6% below the same month a year before, a steeper drop than the 6.3% seen citywide. Chief Financial Officer Jonathan Halkyard explained that rates held fairly steady in July and then fell harder in August and September, with a leisure-heavy customer mix over the summer pushing rates down even as occupancy matched last year's level.

Canadian and international visitors have also pulled back, and in Hornbuckle's words, “Las Vegas has been hurt more than most.” Even so, MGM executives described early fourth-quarter trends as more encouraging, while warning that it was too soon to say the summer slump had reached its low point. Halkyard compared October to July, and Hornbuckle credited the month's events and convention business for the support. Formula One and other major events are expected to lift November, and sales teams are seeking replacements for convention business that normally rotates out of December.

In a separate announcement, MGM said it had amended the voting agreement it holds with its largest shareholder, People, Inc. Under the revised terms, People cannot buy more shares after its stake hits 29.9%, and it has committed to back MGM's board in any change-of-control deal. Hornbuckle said the change brought the shareholder into line with MGM's long-term strategy and its goal of maximizing shareholder value, and he later characterized the arrangement as “all about unlocking the 25% value in their shares.”