MGM Q3: Net Loss of $17M, Adjusted EBITDA Falls to $403M as Strip RevPAR Drops 8%
MGM is trading near its 52-week low of $27.2 (3.5% below the low) on elevated volume (2.1× avg).
Summary
MGM reported a $17 million third-quarter net loss and a drop in Consolidated Adjusted EBITDA to $403 million as Las Vegas Strip RevPAR fell 8%, offset by record MGM China revenue and a narrower digital loss.
Key Events · Earnings and Guidance · MGM
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Q3 Revenue Slips 1% to $4.2 Billion
Consolidated revenue was $4.2 billion versus $4.25 billion a year earlier, with Las Vegas Strip Resorts revenue down 2% to $2.0 billion and Regional Operations down 8% to $883 million.
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Adjusted EBITDA Falls to $403 Million
Consolidated Adjusted EBITDA dropped from $506 million to $403 million; Las Vegas Strip Segment Adjusted EBITDAR fell 12% to $531 million and Regional Operations Segment Adjusted EBITDAR fell 18% to $243 million.
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Net Loss Narrows to $17 Million
Net loss attributable to MGM Resorts was $17 million, or $0.07 per diluted share, versus a $285 million loss a year earlier that included a $256 million goodwill impairment; Adjusted EPS was $(0.11) versus $0.24.
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MGM China Sets Record Revenue and Share
MGM China revenue rose 5% to $1.1 billion with record quarterly market share of 17.1%, though Segment Adjusted EBITDAR fell 7% to $264 million as intercompany branding license fee expense rose $22 million.
Analysis · MGM · Real Estate & Construction
The core domestic business weakened across the board in the third quarter. Consolidated revenue slipped 1% to $4.2 billion, and Consolidated Adjusted EBITDA fell to $403 million from $506 million a year earlier. Las Vegas Strip Segment Adjusted EBITDAR dropped 12% to $531 million, with ADR down 8% to $218 and RevPAR down 8% to $193. Still, the company posted a net loss attributable to MGM of $17 million, or $0.07 per diluted share, far better than last year's $285 million loss, which had carried a $256 million goodwill impairment. MGM China was the bright spot, delivering record quarterly revenue of $1.1 billion, up 5%, and record 17.1% market share, while MGM Digital narrowed its Segment Adjusted EBITDAR loss to $4 million from $23 million. Management said October room rates have rebounded favorably, and the CFO tied an amended voting agreement announced earlier today to a framework supporting further buybacks — relevant with the stock near its 52-week low.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.7% of the 1581 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MGM was trading at $26.24 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $6.9B. The 52-week trading range was $27.20 to $51.59. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.