The Las Vegas Convention and Visitors Authority reported Wednesday that visitation to the city was down 11.3% in June, and conference attendance was down 10.7%.
But during MGM Resorts International’s quarterly call with investors later in the day, president and CEO Bill Hornbuckle said that “history gives us confidence” that visitation and conference bookings will rebound.
“We saw, starting in May, about a nine-week decline in bookings,” Hornbuckle said. “And now over the last month those bookings have increased. For the last four weeks in a row, we’ve seen an increase in booking. And so that gives confidence, as we think about August, September and into October, remembering that the booking cycle here is short.
“Fifty percent of our bookings come within 30 odd days, so it’s particularly reactionary in the summer.”
MGM Resorts reported revenue of $4.4 billion in the second quarter of 2025, a 2% increase year-over-year. MGM China posted revenue of $1.1 billion, compared to $1.0 billion in the prior year quarter, a bump of 9%.
Net income was $49 million in the current quarter compared to $187 million year-over-year. Adjusted EBITDA was $648 million, compared to $635 million in 2Q24.
Hornbuckle noted that the decline in visitors to Las Vegas is due to many factors. He said that visitation from other countries, notably including Canada, has fallen off. And volume at Harry Reid International Airport has declined.
“I think that’s a consideration that we all need to think about going forward as it relates to evaluating customers and how to attract them and what to do,” Hornbuckle said. “We do feel solid about our ability to attract premium customers, and again, looking at the higher end of our spectrum and luxury with Cosmo, Aria, and the Bellagio. We continue to drive up occupancy and deals from those customers, but we do need to keep an eye on value.
“We’ve followed the headlines, as I think many have, in terms of the value equation, the value stories and what is being said about Las Vegas. And we do need to enhance that. Las Vegas is still an amazing value. Some of the rates out there this next midweek are comparable to things I’ve seen 20 years ago. And so to say Las Vegas is not a value, which I know has become a headline, is just not a complete reality. We all need to focus on that. We all need to change the narrative and continue to keep it positive.”
MGM Resorts has launched a program with Marriott Bonvoy, where its players can take advantage of hotel discounts and other perks. Hornbuckle stated the program is on track for about 900,000 hotel stays this year. He noted that recently there was a record of 25,000 bookings in a single week.
“Those customers continue to spend more than average,” Hornbuckle said, noting that those visitors were outspending others by as much as $150 per day. All is positive. They’ve jumped into the convention space with us in a meaningful way.”
Hornbuckle also commented on the recent passage of President Trump’s Big Beautiful Bill. MGM would like to see some fixes to that, notably the taxation rates on high-volume gamblers.
“You could win $1,000, lose $1,000 and end up with paying a 10% tax on 10% of your losses,” Hornbuckle noted. “We’re very focused on that as a starting point.”
Other provisions of the bill, notably raising the tax threshold on slot games from $1200 to $2000, are more favorable. No tax on tips or overtime is viewed neutrally.
The bonus depreciation provision of the bill, however, is a point of contention for MGM.
“We’re a company that invests in a lot of our properties, and the MGM Grand renovation is the latest example,” said MGM Resorts Chief Financial Officer Jonathan Halkyard. “This is one of the reasons why we’ve updated our tax forecast from a liability of approximately $100 million this year to actually a positive refund of $100 million in 2025, so it’s a pretty meaningful change, not only because of this, but in large part because of this bill, this law.”
