Corporate/Finance
MGM Resorts International reported third-quarter 2026 earnings on Wednesday, revealing a 1% year-over-year decline in consolidated revenues and a 20% drop in adjusted EBITDA. The results followed the announcement that MGM amended its Voting Agreement with People Inc., its largest shareholder, after People Inc. withdrew its proposal to acquire MGM in a go-private deal valued at over $18 billion. The amended agreement requires People Inc. and associated persons to vote with MGM's board on future change of control transactions and caps their ownership at 29.9%. People Inc. currently holds 66.8 million MGM shares, about 27% of the company. In Las Vegas, revenues fell 2% and segment adjusted EBITDAR dropped 12% year over year, with RevPAR and ADR each down 8% and occupancy flat. CEO Bill Hornbuckle cited macroeconomic headwinds and rising fuel prices affecting leisure and transient customers, but noted October has rebounded favorably. CFO Jonathan Halkyard highlighted the digital portfolio and MGM Osaka as pivotal growth drivers.
Caesars Entertainment's Q3 2026 earnings report shows Las Vegas net revenues down 2.3% year over year and adjusted EBITDA in the segment down 9.5%. Systemwide net revenues rose 2.5%, with regional and digital segments growing 5.9% and 4.8%. For the first nine months, systemwide net revenues increased 2.7% while Las Vegas was down 2%. The company did not host an earnings call due to its pending $17.6 billion acquisition by Fertitta Entertainment, which shareholders approved in September and which still requires antitrust clearance and gaming jurisdiction approvals. The deal is expected to take Caesars private and delist its stock from Nasdaq.
Hilton announced it will move its common stock listing from the New York Stock Exchange to Nasdaq, beginning trading on Nov. 5 under the ticker HLT. The company said the move aligns with its growth ambitions and innovation focus. CEO Chris Nassetta noted Nasdaq's alignment with Hilton's goals, while Nasdaq CEO Adena Friedman welcomed the hotel giant. Hilton's business strategy and capital allocation remain unchanged. The transfer ends a relationship with the NYSE that began in 1946 and follows a similar move by competitor Marriott in 2013.
Sandpiper Hospitality plans to add over 12 hotels to its management portfolio in the next 90 days, including in the Southwest and Midwest. The expansion introduces four new brands: Homewood Suites by Hilton, Hampton Inn by Hilton, Fairfield Inn & Suites from Marriott International and Holiday Inn Express from IHG Hotels & Resorts. It also adds hotels under three extended stay brands: Extended Stay America, Wyndham Hotels & Resorts' Echo Suites and Choice Hotels International's WoodSpring Suites. The Richmond, Virginia-based firm currently has more than 75 hotels open or under contract and manages 16 brands across 15 states. President and CEO Jim Darter said the growth reflects client trust and a focus on financial results and ROI.
The Board of Directors of Choice Hotels International has appointed Dominic Dragisich as President and Chief Executive Officer, with the appointment taking effect on August 31. Dragisich has been serving as interim CEO since the departure of former CEO Patrick Pacious and has been with the company for nearly a decade.
U.S. travel, leisure and hospitality M&A reached $39.6 billion in H1 2026, up 106.8% year over year, while deal volume fell 7.6%, per KPMG. The trend reflects a focus on larger, higher-conviction acquisitions, with quality assets expected to command premiums in H2.
Miami-based investment firm Gencom announced a restructuring into two divisions—Gencom Capital and Gencom Real Estate—along with several leadership appointments, including Alessandro Colantonio as head of Gencom Capital and Donald McGregor as president of Gencom Real Estate. The changes aim to support the firm's next phase of growth as a global real estate investment and hospitality platform.