A sharp drop in earnings overshadowed MGM Resorts International’s third-quarter trading, even as its online and China operations pushed against the tide.
Consolidated adjusted EBITDA slumped 20% to $403m for the three months ending 30 September, marking one of the group’s more difficult quarterly earnings pictures in recent memory.
Total revenue came in at $4.21bn, a 1% year-on-year decline from the $4.25bn recorded during the same period in 2025, with the shortfall driven largely by weakness across US land-based properties.
Lower costs did provide some cushion, narrowing the group’s net loss to $17m and preventing the earnings decline from feeding through fully to the bottom line.
The Las Vegas Strip Resorts, MGM’s single largest revenue contributor, posted a 2% fall to $1.95bn, with softer rooms revenue pulling the segment down despite casino revenue rising 8% year-on-year.
Regional Operations had a notably harder quarter, with revenue declining 8% to $883m as a weaker slots handle dragged slots win down by 11% and table games win slipped a further 2%.
China proved a more encouraging story, with MGM’s operations there growing revenue by 4% to $981m, a result made more impressive given a 10% decline in main floor table game drop.
MGM Digital also extended its run of growth, adding 6% year-on-year to reach $184m in quarterly revenue, with the group’s BetMGM joint venture with Entain separately reporting a 7% revenue increase.
Chief Executive Bill Hornbuckle made clear he views the digital division as a genuine bright spot, noting traction in markets beyond the United States, and said: “Despite predictive, despite everything else, digital had a great quarter. We are showing real growth in the UK and some of our other markets on MGM’s wholly-owned Digital.”
Hornbuckle also addressed the closure of MGM’s operations in Brazil, describing the situation as unfortunate while noting the exit has at least removed a layer of operational costs from the group’s expense base.
The results paint a picture of a business navigating a transitional moment, where legacy land-based revenues face structural pressure while digital channels steadily build their contribution to overall group performance.
