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MGM Resorts International director Keith Meister disclosed approximately $51.74 million in stock purchases following the company’s quarterly results and share sell-off.
According to Finbold, the disclosure covered 1,745,592 shares purchased between Oct. 30 and Nov. 2. MGM’s third-quarter results showed lower revenue and earnings, with weaker Las Vegas performance alongside growth in Macau.
Corvex Funds Increase MGM Holdings
A Form 4 filed with the Securities and Exchange Commission on Nov. 3 detailed three transactions. The weighted average purchase price was $29.64 per share.
The largest purchase involved 1,504,076 shares at $29.75 each on Oct. 30, totaling approximately $44.75 million. The other transactions covered 233,998 shares at $28.92 and 7,518 shares at $30.24.
The reported position rose 32.6%, from 5,347,978 shares to 7,093,570 shares.
Investment funds managed by Corvex Management hold the shares. Meister controls Corvex’s general partner and has served on MGM’s board since 2019. He disclaimed beneficial ownership except to the extent of his pecuniary interest in the securities.
Las Vegas Room Rates and Earnings Decline
MGM reported third-quarter revenue of $4.2 billion, down 1% year over year. Adjusted EBITDA fell 20% to $403 million.
Adjusted earnings per share swung to an 11-cent loss from a 24-cent profit in the same quarter of 2025.
Las Vegas operations revenue declined 2% to $2 billion. Adjusted EBITDAR fell 12% to $531 million.
Average daily room rates dropped 8% to $218. Revenue per available room also declined 8%, to $193.
Macau and Digital Businesses Post Growth
MGM China revenue increased 5% year over year to $1.1 billion. Its Macau market share reached a record 17.1%.
MGM Digital revenue rose 6% to $184 million. Its adjusted EBITDAR loss narrowed to $4 million from $23 million.
BetMGM contributed $34 million in distributions and branding license fees during the quarter.
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Source: As reported by Finbold.
