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# MGM Resorts Q3 Revenue Slips 1% as Strip Revenue Falls 2%
- URL: https://www.igamingnews.biz/mgm-resorts-q3-strip-revenue-digital/
- Published: 2026-10-29T08:40:54.000Z
- Updated: 2026-10-29T08:42:59.000Z
- Description: MGM Resorts reported Q3 2026 revenue of $4.2 billion, down 1%, as Las Vegas Strip revenue fell 2% and MGM Digital revenue grew 6%, while MGM China rose 5%.
- Author: iGamingNews Editorial Desk
- Tags: Markets, United States, Casino

*Image credit: Source: MGM Resorts Q3 2026 results release (Exhibit 99.1 to Form 8-K), 28 October 2026\. Never imply stock depicts the actual event.*

**MGM Resorts reported third-quarter 2026 revenue of $4.2 billion, down 1%, and a net loss of $17 million, against a $285 million loss a year earlier. Las Vegas Strip revenue fell 2%, while MGM China and MGM Digital grew.**

- **Consolidated adjusted EBITDA:** $403 million, down from $506 million
- **Adjusted EPS:** a loss of $0.11, against earnings of $0.24
- **Net loss attributable to MGM Resorts:** $17 million, against $285 million

On our arithmetic, a $0.94 per share goodwill impairment in last year's quarter accounts for most of the swing in reported loss per share, which is why the reported figures improved while adjusted results fell.

## The Strip lost rate, not volume

Las Vegas Strip revenue fell 2% to $2.0 billion, and segment adjusted EBITDAR dropped 12% to $531 million. Room revenue fell 6% to $622 million while occupancy held at 89%. Casino revenue rose 8% to $488 million, and table games win reached 25.3% against 22.6% a year earlier.

Chief Executive Bill Hornbuckle tied the decline to pricing: "lower room rates during the third quarter impacted our results," but "October has rebounded favorably." The release does not give October figures.

## Regional and China told different stories

- **Regional operations:** revenue of $883 million, down 8%. Same-store revenue, which excludes dispositions, rose 1%, so most of the decline comes from properties no longer in the portfolio. Segment EBITDAR fell 18% to $243 million.
- **MGM China:** revenue of $1.1 billion, up 5%, with record quarterly revenue and record market share of 17.1%. Segment EBITDAR fell 7% to $264 million, The segment also absorbed a $22 million rise in intercompany branding fee expense.

## Digital is growing, but it is a small line

MGM Digital, which consists of LeoVegas and other consolidated subsidiaries, reported revenue of $184 million, up 6%. Its segment EBITDAR loss narrowed to $4 million from $23 million. On our arithmetic, MGM Digital is about 4% of group revenue.

The BetMGM North America Venture sits outside that line and is reported separately. The venture paid distributions and branding license fees totaling $34 million to MGM Resorts in the quarter. For the operator's own numbers, see [BetMGM's third-quarter results](https://www.igamingnews.biz/betmgm-q3-revenue-ebitda-guidance/).

## A voting agreement clears the way for buybacks

The company also announced an amended voting agreement on the same day. CFO Jonathan Halkyard said it "enables MGM Resorts to confidently pursue value-creating share repurchases." He pointed to the company's repurchase of nearly half its outstanding share count over the past five years.

For the property-ownership side of the sector, see [the casino real estate consolidation analysis](https://www.igamingnews.biz/casino-real-estate-reit-consolidation/).