MGM Resorts (MGM) Q3 2026 Earnings Report
MX:MGM Q3 2026 EPS Results
- Actual EPS
- -MXN 2.07
- Consensus EPS
- MXN 0.68
- Beat/Miss
- Missed by -MXN 2.74
- One Year Ago EPS
- MXN 4.51
MX:MGM Q3 2026 Revenue Results
- Actual Revenue
- MXN 79.12B
- Expected Revenue
- MXN 79.17B
- Beat/Miss
- Missed by -MXN 47.75M
- YoY Revenue Growth
- -0.91%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
MX:MGM Upcoming Earnings
MGM Resorts's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:MGM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by strong casino and slot performance, record MGM China revenue and market share, rapid BetMGM profitability growth, improving MGM Digital results, a solid balance sheet, and continued progress at MGM Osaka. These strengths were tempered by Las Vegas room-rate and EBITDAR pressure, elevated travel costs, regional EBITDAR declines, Macau margin and promotional pressures, and uncertainty surrounding Brazil.
Company Guidance
MGM said convention room nights remain on pace to represent 20% of total room night mix for the full year; October is looking a lot more like July, which was “pretty much flat year on year,” while August was “down about mid single digits” and September was “down high single digits” broadly in terms of ADR, with November benefiting from a robust Formula 1 calendar and December requiring additional business to fill convention rotation. BetMGM maintained the full year guidance conveyed last quarter, while MGM China continued guiding to a margin range of “mid twenties to high twenties.” MGM Osaka remains on time and on budget for a 2030 opening, with approximately ¥150 billion to ¥160 billion or about $1 billion US dollars planned in each of 2027 and 2028, fully completing funding commitments.
- Shareholder Agreement ClarifiedPeople Inc. withdrew its offer after being unable to assemble a syndicate. An amended voting agreement restricts People Inc. from purchasing additional shares once ownership reaches 29.9% and confirms that it will vote with the board on a change-of-control transaction.
- Long-Term Las Vegas EBITDAR GrowthTrailing 12-month Las Vegas Strip EBITDAR was nearly 70% higher than the full-year 2019 level.
- Las Vegas Casino Revenue and Slot Win StrengthThird-quarter Las Vegas casino revenue grew 8% year over year, driven by record third-quarter slot win. High-end play remained strong, supported in part by the second annual $5 million slot tournament.
- Strong Group and Convention PerformanceMGM actualized more than 500,000 room nights in the third quarter, exceeding internal expectations for convention room-night revenue. Group and convention business is expected to represent 20% of total room-night mix for the full year.
- Improved Guest Satisfaction ScoresMGM reported its best third-quarter Gold Plus and all-guest NPF scores.
- Positive Las Vegas Event CalendarOctober began with solid group and convention activity, a busy citywide event calendar, three NFL games, and strong table-games play. The remaining months include Players' Era, the NFR Rodeo, the Las Vegas Bowl, Formula 1, and additional major NCAA events in the first quarter of 2027.
- Regional Casino Revenue and Slot PerformanceRegional operations delivered their best third-quarter casino revenue and an all-time best quarterly slot win. Same-store revenue increased 1%, while same-store slot drop and win each increased 4%.
- Regional Capital Investment and Efficiency InitiativesMain tower renovations at Borgata are underway, and MGM continues targeted capital investments across its regional portfolio. Regional teams also achieved a net reduction in same-store FTEs while remaining focused on operational efficiency.
- Record MGM China Revenue and Market ShareMGM China achieved record quarterly revenue. September market share was 19.2%, and third-quarter market share reached a record 17.1%. Strong performance continued into October, with Golden Week visitation up 10% year over year at the two properties.
- MGM China Premium-Mass and Product MomentumPremium mass continued to drive growth. The renovated Cotai Supreme Club generated longer playing times and higher playing levels among high-end customers, while the Cotai high-limit slot area attracted more rated players and drove higher slot volumes.
- BetMGM North America Profitability GrowthThird-quarter BetMGM North America net revenue from operations increased 7%, while adjusted EBITDA increased 112%, representing greater than 100% flow-through from the top line. The venture maintained its full-year guidance.
- iGaming Remains the Primary Growth EngineiGaming generated nearly 70% of BetMGM North America's net revenue from operations. The iGaming segment grew 8% in the quarter, with improving player values driven by an emphasis on premium customers and a focus on multiproduct states in Nevada.
- MGM Digital Revenue and EBITDA ImprovementMGM Digital net revenue increased 6%, or approximately $10 million, while EBITDAR improved by $19 million and the quarterly loss narrowed to $4 million. The BetMGM brand also delivered 8% top-line growth in B2C channels, led by gains in the Netherlands and the United Kingdom.
- Digital Platform ExpansionBetMGM launched online sports betting in the United Kingdom on its proprietary platform, which now drives more than 80% of online sports revenue. MGM also revamped its casino product and invested in enhanced data models to improve the user experience.
- BetMGM Distributions and Branding FeesBetMGM distributions and branding license fees to MGM Resorts totaled $34 million during the quarter.
- MGM Osaka Progressing on ScheduleMGM Osaka remains on time and on budget for a 2030 opening. Approximately 70% of foundation piles have been completed, construction around the ground level is progressing, and the overall project is approximately 11% complete.
- Osaka Funding Plan and Project CapitalizationMGM has spent approximately ¥114 billion on Japan to date and expects to deploy approximately ¥150 billion to ¥160 billion, or about $1 billion, in each of 2027 and 2028 to complete its funding commitments. The project is fully funded through MGM and ORIX commitments and a senior credit facility in Japan.
- Manageable Near-Term Debt MaturitiesMGM reported minimal near-term refinancing risk, with only one tranche of domestic debt, the $675 million senior-notes issue, maturing within the next 12 months. The revolving credit facility was undrawn.
- Share Repurchase Capacity and Prior ExecutionMGM has approximately $1.4 billion of remaining authorization under its current share repurchase program and has repurchased 250 million shares over the past three or four years.
- Lower 2026 Cash Tax GuidanceCash-tax guidance for 2026 was reduced materially as a result of fine-tuning capital expenditures and their tax treatment, along with work related to refunds.
- High-End Customer Demand Remained ProductiveManagement said high-end play remained productive in both Macau and Las Vegas, including some of the largest customers in the company's history in Las Vegas.
- International Travel Showing Signs of RecoveryMexico continued to grow and became MGM's number-one international source market. Canada had rebounded from being down 30-something percent to Las Vegas, and management described international travel as being on the mend.
- Potential Mid-Atlantic iGaming OpportunitiesManagement said Virginia came close to legalizing iGaming and that there has been dialogue with Maryland. MGM is hopeful about opportunities in both states and plans to remain actively involved, while noting that there are no promises.
MX:MGM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 6.09- | 30.06 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.68-2.07 | 4.51 | -145.83% (-6.58) | |
| Jul 29, 2026 | 2026 (Q2) | 10.5011.08 | 14.84 | -25.32% (-3.76) | |
| Apr 29, 2026 | 2026 (Q1) | 9.309.21 | 12.96 | -28.99% (-3.76) | |
| Feb 05, 2026 | 2025 (Q4) | 12.6630.06 | 8.45 | 255.56% (+21.60) | |
| Oct 29, 2025 | 2025 (Q3) | 7.804.51 | 10.14 | -55.56% (-5.64) | |
| Jul 30, 2025 | 2025 (Q2) | 10.9014.84 | 16.16 | -8.14% (-1.32) | |
| Apr 30, 2025 | 2025 (Q1) | 8.7212.96 | 13.9 | -6.76% (-0.94) | |
| Feb 12, 2025 | 2024 (Q4) | 5.698.45 | 19.91 | -57.55% (-11.46) | |
| Oct 30, 2024 | 2024 (Q3) | 11.1810.14 | 12.02 | -15.63% (-1.88) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed