MGM Resorts International, the largest operator on the Las Vegas Strip, reported third-quarter results on Wednesday, Oct. 28, showing its Strip business slipped as hotel room rates came down, while its Macau and online units grew. The same day, state regulators reported that Strip casinos won slightly more from gamblers in September than a year earlier.
The MGM numbers
- Strip revenue: $1.95 billion, down 2% from $1.98 billion a year ago.
- Strip profit (adjusted EBITDAR): $531 million, down 12% from $601 million.
- Hotel rooms: occupancy held at 89%, but the average daily rate fell to $218 from $236, pushing revenue per available room down 8% to $193.
- Company-wide: net revenue of $4.21 billion, down 1%, and a net loss of $17 million, compared with a $285 million loss in the same quarter last year.
- Growth areas: MGM China revenue rose 5% to $1.14 billion, a record, and MGM Digital revenue rose 6% to $184 million.
CEO Bill Hornbuckle said in the release that lower room rates weighed on the quarter but that October business has bounced back.
September gaming win edges up
The Nevada Gaming Control Board reported that Strip casinos won $693.5 million in September, up 0.8% from $687.8 million in September 2025. Statewide, casinos won $1.28 billion, essentially flat with a year ago, and the state collected about $81.1 million in percentage fees.
What it means for locals and visitors
For visitors, the drop in MGM’s average room rate is a sign that Strip hotels have been leaning on lower prices to keep rooms full, which can mean better midweek deals, especially when there is no big convention or event in town. For locals who work on the Strip, the steady 89% occupancy and a flat-to-slightly-up gaming win suggest crowds are holding even as spending per room softens. Rate-watchers should expect prices to jump around the Las Vegas Grand Prix in November, then compare again for December.