MGM Resorts International, the largest operator on the Las Vegas Strip, reported third-quarter 2026 results on Wednesday, Oct. 28, showing Strip revenue slipping as average room rates came down while occupancy held steady.
The numbers
- Las Vegas Strip net revenue: $1.95 billion, down 2% from a year earlier.
- Strip Adjusted EBITDAR: $531 million, down 12% from $601 million.
- Strip hotel occupancy: 89%, flat year over year.
- RevPAR (revenue per available room): $193, down 8% from $210.
- Company-wide net revenue: $4.2 billion, down 1%.
- MGM China: revenue up 5% to $1.1 billion.
- MGM Digital: revenue up 6% to $184 million.
MGM reported a net loss attributable to the company of $17 million for the quarter, or a diluted loss of 7 cents per share, according to the earnings release filed with the SEC.
Rooms stayed full, but for less
The key detail for Las Vegas is the split between occupancy and room revenue. Rooms were just as full as a year ago at 89%, but each available room brought in about 8% less. That points to lower nightly rates rather than fewer visitors at MGM’s Strip resorts, which include Bellagio, ARIA, MGM Grand, Mandalay Bay, Park MGM, New York-New York, Luxor and Excalibur.
The results land the same week state regulators reported September Strip gaming win edged up while statewide win was flat, a mixed picture for the local tourism economy.
What it means for locals and visitors
Visitors: Softer room rates at major Strip resorts can mean better hotel deals, especially midweek. It is worth comparing prices directly on resort sites before booking.
Locals and workers: Lower profit on the Strip is something to watch for hospitality workers and businesses tied to tourism, from restaurants to rideshare and limo drivers. Occupancy holding near 90% is the steadier sign: the crowds are still coming.