MGM Resorts Q3 2026 Results: Net Loss Narrows to $17 Million as Las Vegas Room Rates Fall and People Inc Talks End

MGM Resorts reported Q3 2026 results on 28 October, showing net revenues down 1% to $4.21 billion and a net loss of $17.1 million as lower room rates on the Las Vegas Strip offset a record quarter in Macau. The Las Vegas-based casino company, which also co-owns the US online operator BetMGM, closed the same day a chapter with its largest shareholder: People Inc and MGM amended their voting agreement after People dropped its plan to take the company private.

The loss compares with $285.3 million a year earlier, when MGM booked a $256.1 million goodwill impairment. There was no impairment in the latest quarter. Consolidated adjusted EBITDA, the operating profit measure MGM uses, fell 20% to $402.8 million from $505.8 million.

Q3 2026 results at a glance

The Strip and the regional casinos earned less, while MGM China and the digital business grew revenue. All figures below come from MGM's earnings release filed with the US Securities and Exchange Commission (SEC).

Diluted loss per share was $0.07, against $1.05 a year earlier. On an adjusted basis MGM lost $0.11 per share, compared with adjusted earnings of $0.24 in the third quarter of 2025. For the first nine months of 2026, the company still shows net income of $400.5 million, helped by $264.9 million in net gains on property transactions.

Las Vegas: room rates drive the decline

The Strip result rests on pricing, not empty rooms. MGM's hotels there ran at 89% occupancy in both years, but the average daily rate fell from $236 to $218 and revenue per available room (RevPAR) from $210 to $193.

Casino play held up better than hotel pricing. GamblingNews reported that Strip gaming revenue rose 8% to $488 million, and iGaming Business put table games win up 17% at $363 million. Chief executive Bill Hornbuckle pointed to weaker leisure and international travel, including fewer Canadian visitors, according to both outlets. GamblingNews said Hornbuckle described October as a stronger start, helped by conventions.

The pattern matches what rival Caesars Entertainment reported this week: its Q3 2026 results also showed Las Vegas profit falling while regional and digital units grew. Investors have punished the sector before when visitor numbers soften, as during the 2025 market slump that hit casino stocks.

Regional casinos: a sale explains most of the drop

Regional net revenues fell 8% to $883.2 million, but most of that gap is the sale of MGM Northfield Park in Ohio, completed on 21 April 2026. On a same-store basis, which strips out the sold property, regional revenue rose 1% from $873.2 million. Same-store segment adjusted EBITDAR fell 7% to $242.6 million. Trade press headlines quoting only the 8% fall leave out that context.

MGM China sets records despite a softer Macau market

MGM China, which runs MGM Macau and MGM Cotai, grew net revenues 5% to $1.14 billion, a quarterly record, and took a record 17.1% share of the Macau gaming market. GamblingNews reported that the overall Macau market fell 3.8% in the period.

Segment adjusted EBITDAR still fell 7% to $264.0 million. The release shows one reason: the branding license fee MGM China pays its parent rose to $41 million from $19 million. That is a cost for the Macau unit but income for MGM Resorts.

BetMGM and MGM Digital

BetMGM is the 50/50 US joint venture between MGM Resorts and Entain, the UK-listed operator. Entain's update of 13 October shows the venture's growth and a sharp rise in profit.

BetMGM kept its 2026 guidance of $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA, but said it expects to finish toward the lower end of both ranges. MGM's release shows the venture paid $34 million in distributions and branding fees to MGM in the quarter.

MGM Digital, the separate unit that holds MGM's online businesses outside the BetMGM venture, such as the LeoVegas group, grew revenue 6% to $183.7 million and cut its segment loss to $4.2 million from $23.2 million.

People Inc talks end with a new voting agreement

The People Inc saga is closed for now. People, the media company chaired by Barry Diller and formerly known as IAC, holds about 27% of MGM. It proposed in June 2026 to buy the shares it did not own at $48.30 each, valuing MGM at about $18 billion, then withdrew on 23 September, according to TheWrap.

MGM's 8-K filing shows that the parties signed an amendment on 27 October to the voting agreement they first agreed on 3 April 2026:

MGM's announcement says the agreement does not require any transaction and that none is contemplated. iGaming Business quoted Hornbuckle as saying "we're done" on talks with People. That contradicts GamblingNews, which wrote that MGM was reported to be weighing a bid for People; the filings do not support that.

Chief financial officer Jonathan Halkyard said the amendment allows share buybacks. MGM had 251.6 million shares outstanding at 30 September, down from 258.3 million at the end of 2025. iGaming Business reported that MGM made no repurchases in the third quarter.

Balance sheet and Osaka

MGM ended September with $2.40 billion in cash and equivalents and $5.67 billion in net long-term debt, down from $6.23 billion at the end of 2025. The release describes its growth pipeline as centered on the Japan integrated resort and also references Dubai, where MGM had applied for a UAE casino license.

According to iGaming Business and GamblingNews, management said on the call that MGM Osaka is about 11% complete and on time for a 2030 opening. The project, a partnership with ORIX first unveiled as Japan's first casino resort, is the first casino resort licensed under Japan's integrated resort law.

Status reviewed on 29 October 2026. Financial figures are from MGM Resorts' third-quarter release and SEC filings and Entain's BetMGM update; earnings-call remarks are attributed to the outlets that reported them. More business news and North America coverage.