(Las Vegas, February 6, 2026) – MGM Resorts International reported consolidated net revenues of $4.6 billion in the fourth quarter of 2025, a 6% increase year-over-year, despite facing challenges in the Las Vegas market.
The casino and resort operator saw overall revenue growth, but experienced declines in its Las Vegas properties amid tourism disruptions.
- MGM Resorts reported $4.6 billion in Q4 2025 revenue,up 6% year-over-year.
- Las Vegas net revenues declined 3% in Q4, with adjusted EBITDAR down 4%.
- CEO Bill Hornbuckle expressed optimism for 2026, citing strong group and convention business.
Las Vegas Headwinds Offset Gains
While MGM Resorts saw a 2% increase in consolidated net revenues for full-year 2025, its Las Vegas segment experienced a 4% year-over-year decline in net revenue and an 8% drop in adjusted EBITDAR, according to the company’s earnings report.The results reflect ongoing tourism disruptions that impacted las Vegas throughout 2025.
Visitor volume to Las vegas was down 9.2% in December alone compared to the prior year, the Las Vegas Convention and Visitors Authority reported.
During a Thursday earnings call, MGM Resorts CEO Bill Hornbuckle attributed the weakened performance to a challenging tourism environment, stating the market needs to address declines in Canadian and leisure travel. The company saw declines in occupancy,average daily rate (ADR),and revenue per available room (RevPAR) at its las Vegas properties in the fourth quarter,with RevPAR down 10%,per the report.
optimism for 2026 Growth
Despite the recent downturn, Hornbuckle expressed optimism for 2026, pointing to a “solid base of group and convention business” in Las Vegas. He stated, “There has always been, and always will be, extraordinary value here in las Vegas.”
MGM Resorts anticipates benefiting from completed capital projects, including the $300 million room remodel of MGM Grand.The company also expects a boost from major sporting events scheduled near Las Vegas, including the Super bowl in Northern California and upcoming World Cup matches in Los Angeles.
Why It Matters
MGM Resorts’ performance provides a key indicator of the health of the Las Vegas tourism market. The company’s Q4 results demonstrate that while overall revenue can still grow, the Las Vegas market remains sensitive to external factors like travel patterns and economic conditions. The company’s focus on group and convention business, coupled with investments in property upgrades and proximity to major events, signals a strategy to mitigate these risks and capitalize on future opportunities in the competitive Las Vegas
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