Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Overhead that holds the rent dwarfs operating profit
General and administrative cost, where the filing books most lease expense, was 29.17% of revenue, so small sales moves hit profit hard.
For investorsWhat the profit depends on when the win rate settles
For foundersRunning the business without owning the buildings
Occupancy held at 89% while the room rate fell, so the rooms decline was price, not demand.
Higher win rates in Las Vegas and Macau lifted casino revenue, a lever the company says it does not fully control.
Outside shareholders in units like MGM China claimed more than consolidated net income, leaving MGM's own shareholders with a loss.
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Business Lens describes MGM Resorts from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
