MGM Resorts reported flat year-over-year sales for Q3 2026, aligned with Wall Street’s revenue forecasts, but delivered a notable shortfall on adjusted profitability. Management attributed the quarter’s mixed performance to strong casino activity, record slot revenues, and robust group and convention demand in Las Vegas, counterbalanced by weaker leisure travel and lower room rates. CEO Bill Hornbuckle described the operating environment as “notable” for macroeconomic headwinds, specifically highlighting rising airline and fuel costs that pressured occupancy and spending among transient customers. The company also pointed to record results at MGM China and ongoing growth at BetMGM as key operational highlights.
Is now the time to buy MGM? Find out in our full research report (it’s free for active Edge members).
MGM Resorts (MGM) Q3 2026 highlights:
- Revenue $4.21 billion vs S&P analysts’ estimates of $4.23 billion (flat year on year, in line)
- Adjusted EPS -$0.11 vs S&P analysts’ estimates of $0.08 (significant miss)
- Adjusted EBITDA $402.8 million vs analyst estimates of $1.02 billion (9.6% margin, 60.4% miss)
- Operating margin 2.8%, up from -2.7% in the same quarter last year
- Market capitalization $7.29 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from MGM Resorts’s Q3 earnings call
- Brandt Montour (Barclays) asked about the trajectory of leisure demand in Las Vegas; CEO Bill Hornbuckle and COO Ayesha Khanna Molino described sequential improvement in October but noted lingering macroeconomic impacts on consumer behavior.
- David Katz (Jefferies) pressed on capital deployment between share buybacks, Japan investment, and digital expansion; CFO Jonathan Halkyard emphasized continued prioritization of Osaka and buybacks, with digital investments being carefully evaluated.
- Robin Farley (UBS) inquired about high-end player trends globally; Hornbuckle stated that both Las Vegas and Macau experienced strong high-end play, counter to some competitor commentary.
- Shaun Kelley (Bank of America) questioned the mix shift in Las Vegas revenue and margin flow-through; management highlighted a rise in high-end casino marketing and ongoing efforts to manage labor and operational costs.
- Dan Politzer (JPMorgan) sought clarity on Las Vegas RevPAR declines and market health; Hornbuckle pointed to higher airfares and international travel challenges as key factors, but reaffirmed belief in long-term growth.
Catalysts in upcoming quarters
In the coming quarters, our analysts will focus on (1) the pace of recovery in Las Vegas leisure and group bookings, especially as marquee events fill the calendar, (2) continued margin improvement and cost control across regional and international segments, and (3) execution on digital expansion, particularly regulatory developments in Brazil and potential new iGaming states in the U.S. Progress on the Osaka project and capital allocation decisions will also be closely tracked.
MGM Resorts currently trades at $29.82, up from $27.27 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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