Dive Brief:
- MGM Resorts International reported consolidated net revenues of $4.6 billion in the fourth quarter of 2025, a 6% year-over-year increase, despite headwinds in Las Vegas, according to an earnings report published Thursday.
- In Vegas, where MGM Resorts operates prominent resorts along the Strip, the operator saw net revenues decline 3% year over year in Q4, while adjusted EBITDAR dropped 4%.
- MGM Resorts reported year-over-year revenue declines in Las Vegas for each quarter of 2025. Despite a year of negative market performance, CEO Bill Hornbuckle said the company is “full of optimism” entering 2026 driven by factors including a “solid base of group and convention business” in Sin City.
Dive Insight:
For full-year 2025, MGM Resorts saw consolidated net revenues increase 2% year over year. In its Las Vegas segment, however, the company posted year-over-year net revenue and adjusted EBITDAR declines of 4% and 8%, respectively, according to the earnings report.
The results come after Las Vegas experienced significant tourism disruptions in 2025 that continued into the fourth quarter. In December alone, visitor volume to the market was down 9.2% compared to the prior year, according to the Las Vegas Convention and Visitors Authority.
During a Thursday earnings call, Hornbuckle pointed to a weakened tourism environment, saying that on the heels of a “difficult” 2025, the market still needs a solution for Canadian and leisure travel declines.
In Q4, MGM Resorts saw occupancy, ADR and RevPAR at its Las Vegas properties decline year over year, with RevPAR, specifically, down 10% in the quarter, per the report.
Despite recent declines, Hornbuckle said on the call that he sees a “path to grow in Las Vegas for the full year of 2026.”
“There has always been, and always will be, extraordinary value here in Las Vegas,” he said.
MGM Resorts will benefit this year from various capital projects completed in 2025, including the $300 million room remodel of MGM Grand, Hornbuckle said. He noted that group and convention demand in the market is also pacing strongly for 2026 and beyond.
Las Vegas’ geographic proximity to major sporting events, including this weekend’s Super Bowl in Northern California and upcoming World Cup matches in Los Angeles, will benefit MGM Resorts, Hornbuckle said.
