MGM Resorts International — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenue was $4.2 billion, a 1% decrease compared to the prior year quarter.
• Net loss attributable to MGM Resorts was $17 million, an improvement from a $285 million loss in the prior year quarter.
• Consolidated Adjusted EBITDA was $403 million, down from $506 million in the prior year quarter.
• Diluted loss per share was $0.07, compared to a loss of $1.05 in the prior year quarter.
• Adjusted diluted earnings per share (Adjusted EPS) was $(0.11), compared to $0.24 in the prior year quarter.
• Las Vegas Strip Resorts revenue was $2.0 billion, a 2% decrease year-over-year.
• Las Vegas Strip Resorts Segment Adjusted EBITDAR was $531 million, a 12% decrease from $601 million in the prior year quarter.
• Regional Operations revenue was $883 million, an 8% decrease year-over-year; same-store revenue increased 1% to $883 million.
• Regional Operations Segment Adjusted EBITDAR was $243 million, an 18% decrease from $296 million; same-store Segment Adjusted EBITDAR decreased 7% to $243 million.
• MGM China revenue was $1.1 billion, a 5% increase year-over-year.
• MGM China Segment Adjusted EBITDAR was $264 million, a 7% decrease from $284 million.
• MGM Digital revenue was $184 million, a 6% increase year-over-year.
• MGM Digital Segment Adjusted EBITDAR loss was $4 million, an improvement from a $23 million loss in the prior year quarter.
• Cash and cash equivalents were $2.4 billion as of September 30, 2026, compared to $2.1 billion as of December 31, 2025.
• Long-term debt, net, was $5.7 billion as of September 30, 2026, compared to $6.2 billion as of December 31, 2025.

Guidance and Future Outlook:

• Management highlighted a "pivotal growth pipeline" with MGM Osaka as a key driver for future value.
• The amended voting agreement enables the company to pursue value-creating share repurchases.
• Management noted that while lower room rates in the third quarter impacted results, October rebounded favorably.
• The company expressed confidence in its diverse portfolio and digital businesses as growth drivers.

Business Segments and Product Lines:

• BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million in the third quarter of 2026.
• MGM China achieved a record quarterly market share of 17.1%.
• Las Vegas Strip Resorts table games win increased 17% to $363 million, with a win percentage of 25.3% compared to 22.6% in the prior year.
• Las Vegas Strip Resorts slot win increased 2% to $582 million, with a win percentage of 9.4% compared to 9.3% in the prior year.
• Las Vegas Strip Resorts occupancy remained flat at 89%, while Average Daily Rate (ADR) decreased 8% to $218 and RevPAR decreased 8% to $193.
• Regional Operations casino revenue decreased 10% to $626 million; slot win decreased 11% to $629 million.
• MGM China main floor table games win increased 1% to $1.02 billion, with a win percentage of 27.7% compared to 24.7% in the prior year.
• Intercompany branding license fee expense for MGM China increased by $22 million to $41 million in the current quarter compared to $19 million in the prior year quarter.
• Share of operating income from unconsolidated affiliates (BetMGM North America Venture and others) was $31.4 million, up from $25.6 million in the prior year quarter.

Market and Competitive Landscape:

• MGM China achieved a record quarterly market share of 17.1%.
• The company noted competition with online gaming and sports betting operators and destination travel locations globally.
• The company maintains a portfolio of 30 unique hotel and gaming destinations globally.

Risks and Challenges:

• Lower room rates during the third quarter negatively impacted Las Vegas Strip Resorts results.
• Forward-looking statements cite risks including economic conditions, market conditions, and competition.
• Risks include the design, timing, and costs of expansion projects in Japan and Dubai.
• Potential disruptions to information systems through cyber-attacks or other means are noted.
• Changes in applicable laws or regulations, particularly regarding iGaming and online sports betting, present risks.

Management Commentary and Tone:

• Bill Hornbuckle, President & CEO, stated the company remains "highly focused on the successful operations of our businesses" and emphasized the advantage of a diverse portfolio.
• Hornbuckle noted the trailing twelve months Las Vegas Strip Resorts Segment Adjusted EBITDAR has grown by nearly 70% since calendar year 2019.
• Jonathan Halkyard, Chief Financial Officer, described the amended voting agreement as a "highly supportive framework" enabling share repurchases to enhance shareholder value.
• Halkyard characterized the company as a "premier long-term opportunity" driven by attractive stock valuation, past repurchases, and growth drivers like the digital portfolio and MGM Osaka.

Other Key Points:

• An amended voting agreement was announced to facilitate share repurchases.
• MGM Resorts has repurchased nearly half of its outstanding share count over the past five years.
• The company is pursuing a targeted expansion in Asia through an integrated resort development in Japan (MGM Osaka).
• MGM Northfield Park was disposed of on April 21, 2026, and its results are excluded from same-store comparisons.
• The company reported a goodwill impairment of $256 million in the prior year quarter, with no impairment in the current quarter.
• Property transactions, net, resulted in a gain of $264.9 million in the nine months ended September 30, 2026, compared to a loss of $117.4 million in the prior year period.