MGM Resorts’ Las Vegas Revenue Dropped, But CEO Says Worst Is Over

Revenue at MGM Resorts’ Las Vegas Strip properties fell last year as leisure travel softened and fewer Canadians visited. But in more recent weeks, occupancy improved and showed early signs of durability.

“We exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory,” said CEO Bill Hornbuckle during an earnings call on Thursday.

MGM Resorts’ properties on The Strip generated $735 million in non-gaming revenue in the fourth quarter, an 11% year-over-year decline.

Despite the quarter’s slowdown, the company expects declines to have hit bottom.

“We need to solve for Canada and leisure travel, but generally speaking, we feel very positive — positive enough to think that we’re going to exit ’26 on a positive note,” Hornbuckle said.

The company’s 14 resorts on the Las Vegas Strip outperformed the