BetMGM cash reaches MGM as Strip earnings fall 12% and US iGaming growth slows

MGM Resorts International reported its third quarter 2026 financial results on October 28, 2026. The company's online partner BetMGM paid MGM $34 million in distributions and brand license fees, contributing to a declining Strip earnings, which fell by 12%. Despite this challenge, BetMGM's profit surged by 112% in the quarter. However, its iGaming segment's growth lagged behind the slowing US market, with a 6% increase in profit, while iGaming revenue grew by 6% to $483 million.

BetMGM now receives both distributions and brand license fees, with a total of $68 million paid to its two owners, Entain and MGM, compared to the initial estimated $100 million in the fourth quarter of 2025. The online venture holds a 14% share of gross gaming revenue across its active markets, with a 20% stake in iGaming and 8% in online sports betting.

MGM Resorts expects net revenue between $2.9 billion and $3.1 billion and adjusted EBITDA between $300 million and $350 million for 2026, but now anticipates results near the lower end of these ranges. The company's regional operations saw a reported revenue drop to $883.2 million from $956.9 million, reflecting the April 2026 sale of MGM Northfield Park’s operations for $546 million.

Despite this setback, MGM Digital, which includes LeoVegas, showed a slight increase in revenue to $184 million. Next, DraftKings is set to release its third-quarter 2026 results on November 5, 2026, followed by a conference call on November 6, at 8:30 a.m. ET.