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# MGM's Las Vegas Strip Profit Falls 12% As Payroll Climbs, And Asset-Sale Gains Prop Up The Nine Months
- URL: https://www.bullished.co/mgms-las-vegas-strip-profit-falls-12-as-payroll-climbs-and-asset-sale-gains-prop-up-the-052a46cc/
- Published: 2026-10-28T21:13:59.000Z
- Updated: 2026-10-28T21:13:59.000Z
- Description: MGM's third-quarter Strip earnings fell to $531 million from $601 million, and nine-month operating income includes a $265 million property gain.
- Author: Matteo Parrino
- Tags: Earnings, MGM, Industry: Consumer Discretionary

[MGM Resorts](https://www.bullished.co/tag/mgm/), the casino and entertainment company behind Bellagio, MGM Grand and Aria, saw Las Vegas Strip earnings [fall to $531 million](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000107/mgm-20260930.htm?ref=bullished.co) in the third quarter from $601 million a year earlier, a 12% drop, according to its 10-Q filed Wednesday. Over nine months, operating income of $924 million leans on a $265 million gain on property transactions, most of it from selling a casino.

## Payroll up, rooms cheaper

The company attributes the Strip decline mainly to higher payroll-related expenses, lower revenue, and the absence of $23 million in business-interruption insurance proceeds it received a year earlier. Strip payroll expense was $682 million against $639 million, while Strip revenue slipped 2% to $1.95 billion.

Room revenue drove the revenue dip: average daily rate fell to $218 from $236 at 89% occupancy in both periods. Casino revenue rose, helped by a higher table-games win percentage of 25.3% against 22.6%.

The company reported a third-quarter net loss attributable to MGM of $17 million, or [$0.07 per diluted share](https://www.9news.com/article/syndication/associatedpress/mgm-q3-earnings-snapshot/616-7b679587-c2b0-44ec-acf2-27c460d1e740?ref=bullished.co), against a $285 million loss a year earlier. Consolidated Adjusted EBITDA, an earnings measure that strips out property transactions and impairments, fell to $403 million from $506 million.

## One-time gains carry the nine months

Nine-month operating income rose 36%, but the filing credits a $265 million gain in property transactions, of which $253 million came from selling MGM Northfield Park for $546 million in cash. A $51 million gain from partially ending the VICI lease also sits in that line. The prior year carried a $256 million goodwill charge and $93 million of other write-downs tied to Empire City, and the current period includes a $111 million goodwill charge in MGM Digital.

Nine-month Consolidated Adjusted EBITDA fell to $1.59 billion from $1.79 billion, and operating cash flow dropped to $1.7 billion from $1.9 billion.

## Buybacks, Osaka and a voting cap

MGM paid $262 million for share repurchases over nine months, the same figure the [prior quarter's 10-Q](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000076/mgm-20260630.htm?ref=bullished.co) showed at six months, so the third quarter added none. Last year's nine-month buyback bill was $717 million. About $1.4 billion remains under the April 2025 authorization. It repaid $400 million of 4.625% notes in September and held $2.4 billion of cash.

In October MGM funded JPY19.4 billion, about $123 million, into MGM Osaka. About JPY333.0 billion, roughly $2.1 billion, remains to be funded quarterly through 2028\. MGM China's revolver stood at $331 million at September 30.

Separately, an [8-K](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000104/mgm-20261027.htm?ref=bullished.co) filed Wednesday describes an amended voting agreement with People Incorporated and Barry Diller that [caps their ownership at 29.9%](https://money.usnews.com/investing/news/articles/2026-10-28/mgm-resorts-amends-voting-agreement-after-people-inc-withdraws-takeover-proposal?ref=bullished.co). CFO Jonathan Halkyard said the framework lets MGM "confidently pursue value-creating share repurchases."

The $443 million sale of MGM Springfield to Clairvest-managed funds, agreed in March, is still pending and carries termination rights and approvals the company says are largely outside its control.

### Sources

- [10-Q Filing — MGM Resorts International (MGM)](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000107/mgm-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — MGM Resorts International (MGM), Q2 FY2026 filed 2026-07-29 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000076/mgm-20260630.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — MGM Resorts International, filed 2026-10-28 (Items 1.01, 7.01, 9.01)](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000104/mgm-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, mgmex991q32026earningrelea.htm) — MGM Resorts International, filed 2026-10-28](https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000106/mgmex991q32026earningrelea.htm?ref=bullished.co) — SEC EDGAR
- [MGM Resorts Non-GAAP EPS of -$0.11 misses by $0.19, revenue of $4.21B in-line (NYSE:MGM) | Seeking Alpha](https://seekingalpha.com/news/4659582-mgm-resorts-non-gaap-eps-of-0%5F11-misses-by-0%5F19-revenue-of-4%5F21b-in-line?ref=bullished.co) — seekingalpha.com
- [Las Vegas casinos see tepid gaming win growth in September (MGM:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4658926-las-vegas-casinos-see-tepid-gaming-win-growth-in-september?ref=bullished.co) — seekingalpha.com
- [MGM Resorts Amends Voting Agreement After People Inc Withdraws Takeover Proposal](https://money.usnews.com/investing/news/articles/2026-10-28/mgm-resorts-amends-voting-agreement-after-people-inc-withdraws-takeover-proposal?ref=bullished.co) — Reuters
- [MGM Resorts, People Inc. to vote with MGM board on change of control (MGM:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4658905-mgm-resorts-people-inc-to-vote-with-mgm-board-on-change-of-control?ref=bullished.co) — seekingalpha.com
- [MGM: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/mgm-q3-earnings-snapshot/616-7b679587-c2b0-44ec-acf2-27c460d1e740?ref=bullished.co) — Associated Press

### More on MGM Resorts

- [MGM's Las Vegas Strip Room Rate Falls 8% To $218, Pulling Adjusted Profit Down To $403 Million](https://www.bullished.co/mgms-las-vegas-strip-room-rate-falls-8-to-218-pulling-adjusted-profit-down-to-403-million-091aaaa2/)
- [Diller's People Inc. Accepts 29.9% Ceiling On Its MGM Resorts Stake](https://www.bullished.co/dillers-people-inc-accepts-29-9-ceiling-on-its-mgm-resorts-stake-33e8ef75/)
- [MGM Caps Its Largest Shareholder's Stake At 29.9% After People Drops Its Takeover Bid](https://www.bullished.co/mgm-caps-its-largest-shareholders-stake-at-29-9-after-people-drops-its-takeover-bid-2a33978d/)

[All MGM Resorts (MGM) coverage →](https://www.bullished.co/tag/mgm/)