During Thursday’s investors call, MGM Resorts President and CEO Bill Hornbuckle admitted to a slight downturn in revenue on the Las Vegas Strip in 2025.
“Last year marked a return to a more balanced environment after several years of exceptional growth in Las Vegas,” Hornbuckle said. “Even with the Las Vegas-specific headwinds, we were able to achieve record full-year slot win in 2025, driven by our luxury offerings. From this reset baseline, we see a path to growth in Las Vegas for the full year of 2026.”
For 2025, MGM Resorts posted net revenue of $17.5 billion compared to $17.2 billion in 2024, an increase of 2%. But MGM’s Las Vegas properties generated $8.4 billion during 2025 compared to $8.8 billion in the prior year, a decrease of 4%.
Hornbuckle stated that MGM will benefit from a full-year contribution from various capital projects in 2025, especially room renovations at the MGM Grand.
“We had anywhere from 700 to 1,000 rooms offline per day for most of last year,” Hornbuckle noted. “But that will not be the case in 2026. We’ve received tremendous positive feedback on the refreshed product and will have the full complement of rooms available this year.”
Hornbuckle also cited the continuation of a relationship with the F1 race in Las Vegas for the next five years, the NCAA football championship set for the city 2027, the impending move of Major League Baseball’s the A’s in 2028, and the possibility of an NBA team being awarded to the city as positive indicators.
“There’s nothing comparable Las Vegas,” Hornbuckle said. “People are visiting to have unforgettable experiences, and their exceptional value is the optionality of what our guests can enjoy and discover on any particular visit.”
Hornbuckle cited potential macro catalysts that could benefit both Las Vegas and MGM more broadly, such as lower-trending interest rates, certain tax regulations, including no tax on overtime and tips, and other stimuli benefiting consumers, and further progress at the Las Vegas airport, where “50% of the lost capacity left by value airlines and select international carriers has been back-filled by other airlines.”
Hornbuckle cited several differentiators that he expects will act as improvements for this year’s first quarter, including the Conn-Agg, the Las Vegas-based construction expo, as one notable difference maker. He also expects high-end gaming to improve.
“Given the positioning of our assets, the programming, particularly May and beyond, you’re going to see some really strong performance,” Hornbuckle said. “Obviously, the MGM (Grand) is a big piece for us. I’ve never seen a remodel impact a property the way that one did, only because we had so many rooms out at the same time.”
In 2026, MGM Resorts will pay more attention to leisure customers. MGM Chief Operating Officer Ayesha Molino said that segment of customers will be prioritized.
“Like a lot of companies in the hospitality industry, I think over the last year or so we did see that shortening of the booking window,” Molino said. “That said, we’re paying close attention to that customer and we are starting to see a response, particularly to large-scale events, that feels positive to us in terms of some of the broader initiatives.”
