The Strip’s largest casino operator is ready to put 2025 in the rearview mirror, as the city’s tourism slump weighed on its fourth-quarter and full-year results.

MGM Resorts International’s Las Vegas Strip operations, which include nine casinos and four non-gaming hotels, generated $8.4 billion in net revenue last year, down 4 percent, and $2.9 billion in core operating earnings, an 8 percent decline from 2024, according to public financial filings. In the final three months of 2025, MGM’s Strip operations posted $2.2 billion in net revenue, a 3 percent drop, with $735 million in core operating earnings, down 4 percent from the same quarter a year earlier.

Despite the softer results, MGM executives struck an optimistic tone about Las Vegas in 2026 during a quarterly earnings call on Thursday. The call was conducted a week ahead of schedule because the financial documents were inadvertently published early.

MGM Resorts President and CEO Bill Hornbuckle said 2025 “marked a return to a more balanced environment” in Las Vegas after “several years of exceptional growth.” He noted that slot win hit a record last year, and that the company’s luxury Strip properties — Aria, Bellagio and The Cosmopolitan — continued to outperform.

The completion of the $300 million MGM Grand room renovation, which was a drag on results earlier in the year, helped stabilize fourth-quarter results, and the company expects the refreshed rooms to lift performance in 2026.

“’24 was an amazing year, and so ‘25 was difficult,” Hornbuckle told investors and analysts during the earnings call. “But, generally speaking, we feel very positive. Positive enough to think that we’re going to exit 26 on an up.”

MGM executives said Las Vegas is showing signs of stabilization heading into 2026, with demand improving across several key demand drivers.

Hornbuckle highlighted that group and convention bookings are pacing ahead of last year, and a packed calendar of major trade shows and events is expected to bring visitors to the city throughout the year. He said the Las Vegas-based company expects mid-single-digit revenue growth on the Strip in 2026, supported by both leisure and group business.

“We exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory,” Hornbuckle said Thursday. “We continue to see those positive trends as we begin 2026 and expect to make even greater progress from a reset baseline in Las Vegas.”

The company highlighted operational improvements and technology upgrades as part of its recovery strategy. Digital check-ins at top-tier resorts rose 18 percent last year, while AI-powered concierge tools handled more than 1 million guest chats, which executives said is helping reduce wait and check-in times.

On a companywide basis, MGM Resorts reported $17.5 billion in net revenue in 2025, up 2 percent from 2024, and $2.4 billion in consolidated adjusted EBITDA, an increase of 1 percent. The results reflect the combined performance of the Strip, regional operations, MGM China, and MGM Digital, as well as growth in its BetMGM North America venture.

Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.

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