MGM Resorts International reported a 1% year-on-year decline in consolidated revenue to $4.2 billion in the third quarter of 2026, as weaker Las Vegas Strip results offset growth in other parts of its business. Net loss narrowed to $17 million from $285 million a year earlier, while adjusted EBITDA fell to $403 million from $506 million.
Performance varied across MGM’s operating segments. MGM China revenue increased 5% year-on-year to $1.1 billion, while MGM Digital revenue rose 6% to $184 million. Regional operations, meanwhile, reported an 8% decline in revenue to $883 million, although same-store revenue increased 1% when adjusted for dispositions.
Profitability weakened across the company’s major segments, with adjusted EBITDAR falling 12% to $531 million at the Las Vegas Strip resorts, 18% to $243 million in regional operations, and 7% to $264 million at MGM China. MGM Digital was a notable exception, narrowing its adjusted EBITDAR loss to $4 million from $23 million a year earlier.
The company posted a 2% year-on-year decline in revenue from its Las Vegas Strip operations to $1.95 billion, as falling room rates offset stronger casino results. Segment adjusted EBITDAR fell 12% to $531 million. Still, the segment remained MGM’s largest revenue-generating segment.
Las Vegas casino revenue rose 8% to $488 million, supported by stronger table-game and slot-machine results. However, room revenue declined 6% to $622 million, while the average daily room rate fell 8% to $218. Revenue per available room also decreased 8% to $193, while occupancy remained stable at 89%.
MGM President and Chief Executive Officer Bill Hornbuckle attributed the pressure to higher travel costs, including increased airfares and gasoline prices, which affected leisure travelers’ budgets.
“Jet fuel prices hit a record high in September, and while domestic airfares have risen an average of 12% since March ’26, we saw airline pricing to Las Vegas up about 45% in 3Q versus last summer,” Hornbuckle said.
“Gas prices also remain high, impacting customer wallets. Consequently, our 3Q performance achieved flat occupancy, but at lower room rates,” he added.
Hornbuckle said the impact extended beyond the lower-spending customers who had weighed on the market the previous summer.
“This summer, because of pricing, most notably, air pricing into this market, it extended beyond just that,” he said.
Las Vegas Strip room prices fell 10.6% in September from a year earlier, compared with a 6.3% decline across the city. MGM Chief Financial Officer Jonathan Halkyard said room rates were relatively stable in July before declining more sharply in August and September.
“We experienced an increase in mix from the leisure customer over the hot summer months, which resulted in pressured rates against similar occupancy that we had last year,” Halkyard said.
Hornbuckle also pointed to weakness in Canadian and international travel, saying, “Las Vegas has been hurt more than most.”
MGM executives said early fourth-quarter trends were more encouraging, although they cautioned that it was too early to determine whether the summer slowdown had bottomed out.
“October right now is looking a lot more like July,” Halkyard said, referring to the improvement in room-rate trends after the declines in August and September.
Hornbuckle said October’s event calendar and convention activity were supporting performance. The company also expects November to benefit from Formula One and other major events, while its sales teams are working to replace convention business that typically rotates out of December.
“In Las Vegas, we are encouraged by what we see in October, but even more encouraged by what we see on the horizon. The upcoming marquee sporting events and teams further cement the global consensus that Las Vegas remains irreplaceable,” Hornbuckle said.
He added that the city’s hospitality infrastructure and ability to host major international events positioned it to benefit from the continued development of its sports and entertainment business.
“MGM remains committed to being the global leader in gaming entertainment, and it starts here in Las Vegas,” Hornbuckle said.
He added that Las Vegas had historically experienced uneven growth but had continued to expand over time, pointing to the city’s evolution as a sports and entertainment destination and the company’s digital and international expansion opportunities.
Separately, MGM announced an amendment to its existing voting agreement with People, Inc., its largest shareholder. The amended agreement restricts People from purchasing additional shares once its ownership reaches 29.9% and confirms that it will vote with MGM’s board in connection with a change-of-control transaction.
Hornbuckle said the amendment aligned the shareholder with MGM’s long-term strategic plan and its commitment to maximizing shareholder value.
Hornbuckle later described the agreement as “all about unlocking the 25% value in their shares.”