MGM Resorts International has announced a positive outlook for Las Vegas as it starts 2026, showing signs of recovery after a dip in revenue and earnings from its Strip properties in the previous year, based on insights shared during a quarterly earnings call and official company documents.
The earnings call occurred sooner than anticipated due to the unexpected release of financial documents. During this session, President and Chief Executive Officer Bill Hornbuckle noted that 2025 marked a transition following an extended period of robust growth in Las Vegas.
“Last year signified a return to a more balanced landscape after several years of outstanding growth in Las Vegas,” stated Hornbuckle. “Despite facing challenges specific to Las Vegas, we achieved remarkable full-year slot wins in 2025, propelled by our luxurious offerings. We believe this reset will pave the way for growth in Las Vegas throughout 2026.”
MGM’s portfolio on the Las Vegas Strip consists of nine casinos and four hotels without gaming options. These properties recorded a net revenue of $8.4 billion in 2025, reflecting a 4% drop from the previous year. The core operating earnings from the Strip stood at $2.9 billion, down 8% compared to 2024.
President and Chief Executive Officer Bill Hornbuckle
In the fourth quarter, net revenue from the Strip was $2.2 billion, showing a 3% decrease year over year, while core operating earnings dipped by 4% to $735 million. Hornbuckle mentioned that the performance of MGM’s Strip outlets in 2025 was.
The $300 million renovation project led to a reduced room inventory throughout much of the year. “For most of last year, we had between 700 to 1,000 rooms unavailable each day,” Hornbuckle stated. “However, that will change in 2026. We have received excellent feedback regarding the newly refreshed product and will have the complete number of rooms accessible this year.”
He acknowledged that the renovations impacted comparisons with the prior year. “2024 was exceptional, making 2025 challenging,” Hornbuckle explained to investors and analysts. “Nevertheless, we maintain a positive outlook, optimistic that we will finish 2026 with growth.”
On a consolidated basis, MGM reported a net revenue of $17.5 billion for 2025, marking a 2% increase from $17.2 billion in 2024. The consolidated adjusted EBITDA reached $2.4 billion, reflecting a 1% growth, incorporating contributions from MGM’s regional operations, MGM China, MGM Digital, and the BetMGM North America venture, alongside its Las Vegas Strip operations.
A glimpse at the refurbished rooms at MGM Grand
MGM leadership indicated that demand metrics in Las Vegas are on the rise. Group and convention bookings are ahead of the previous year, bolstered by a series of major trade shows and events scheduled throughout 2026. Hornbuckle projected mid-single-digit revenue growth on the Strip for 2026, fueled by leisure and group business.
“We concluded 2025 observing signs of stabilization in Las Vegas, with an upward trajectory,” Hornbuckle shared on Thursday. “We are witnessing these positive trends as we commence 2026 and anticipate even more progress from this reset baseline in Las Vegas.”
The company also highlighted several operational initiatives launched in 2025. Digital check-ins at MGM’s premium resorts surged by 18% during the year, and AI-driven concierge tools managed over 1 million guest interactions, which management reported improved wait and check-in durations.
Hornbuckle pointed to several upcoming developments expected to enhance visitation in the coming years. These include the continuation of the Formula One race in Las Vegas over the next five years, the NCAA football championship set for 2027, the potential move of Major League Baseball’s Athletics in 2028, and a prospective NBA franchise.
“Las Vegas is unmatched,” he emphasized. “Visitors come to create unforgettable memories, and their exceptional experience lies in the variety of attractions our guests can explore during their stay.”
MGM Chief Operating Officer Ayesha Molino indicated that the company will concentrate more on leisure travelers in 2026. “Like many firms in the hospitality sector, we have noted a shorter booking window over the past year or so,” Molino remarked.
“That said, we’re closely monitoring that customer segment, and we are starting to see a positive response, particularly regarding large-scale events, which bodes well for our broader initiatives.”