MGM Resorts: Q3 revenue declines 1% to $4.2bn, net loss improves 94%

MGM Resorts International has reported its financial results for the third quarter of 2026, having witnessed a 1% decrease in net revenue to $4.2bn but a 94% improvement for the operator’s net loss to $17.1m. 

Just prior to releasing its Q3 2026 report, MGM Resorts amended its voting agreement with People Incorporated on October 28, following the media company’s decision to withdraw its $18bn acquisition proposal. 

Speaking on the amended agreement, MGM Resorts CFO Jonathan Halkyard said: "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.

"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."

Alongside the decrease in net revenue for Q3, MGM Resorts’ adjusted EBITDA fell 20.4% year-over-year to $402.8m. MGM’s revenue decrease was primarily a result of softer performances in Las Vegas and from regional operations, which fell 1.5% and 7.7%, respectively, to nearly $2bn and $883.2m. 

Both MGM China and MGM Digital managed to increase their respective revenues during Q3, however, rising 4.6% and 5.5% for totals of $1.1bn and $183.7m. 

Casino operations led the way with just over $2.3bn of revenue for Q3, equating to growth of 0.5%. Rooms drove an additional $763m of revenue during the quarterly period, but witnessed a decrease of 4.1%. 

Revenue from food & beverage and entertainment, retail & other operations totaled $741.5m and $403m for Q3, respectively, representing decreases of 1% and 2.3%. 

Casino revenue from Las Vegas Strip Resorts operations actually managed to increase 8% to $488m, but rooms revenue from the sector decreased 6% to $622m. Regional operations accounted for $626m of MGM’s total casino revenue for Q3, equating to a decrease of 10%. 

MGM China’s casino revenue climbed 4% to $981m, even while table game drop decreased 10% to nearly $3.7bn during Q3. 

While MGM witnessed a net loss for the quarterly period, operating income totaled nearly $118.7m, representing a notable increase from the $112.9m loss reported for Q3 2025. 

Despite People Inc. choosing to withdraw its $18bn takeover bid of MGM Resorts in late September, MGM President & CEO Bill Hornbuckle indicated the operator could explore its own acquisition of the media company over the next few months.