MGM Resorts Reports Decline in Las Vegas Revenue, But CEO Sees Improvement

Company says tourism is stabilizing after a year of weakening leisure travel and hotel demand.

Published on Feb. 5, 2026

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MGM Resorts saw revenue at its Las Vegas Strip properties fall last year as leisure travel softened and fewer Canadians visited the city. However, the company's CEO says the worst may be over, with occupancy improving in recent weeks and showing signs of durability.

Why it matters

Las Vegas has long been a key market for MGM Resorts, so declines in revenue and tourism are significant for the company's overall performance. The CEO's comments suggest the tourism industry in Las Vegas may be starting to recover, which could have broader implications for the city's economy.

The details

MGM Resorts' Las Vegas Strip properties generated $735 million in non-gaming revenue in the fourth quarter, an 11% year-over-year decline. The company says it needs to address the drop in Canadian visitors and overall leisure travel, but CEO Bill Hornbuckle expressed optimism that the company will end 2026 on a positive note.

  • In the fourth quarter of 2025, MGM Resorts' Las Vegas Strip properties saw an 11% year-over-year decline in non-gaming revenue.
  • In recent weeks, MGM Resorts has seen occupancy improve and show signs of durability.

The players

Bill Hornbuckle

CEO of MGM Resorts.

MGM Resorts

A major casino and hospitality company with 14 resorts on the Las Vegas Strip.

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What they’re saying

“We exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory.”

— Bill Hornbuckle, CEO (skift.com)

“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.”

— Bill Hornbuckle, CEO (skift.com)

What’s next

The company will continue to monitor trends in leisure travel and work to attract more Canadian visitors to its Las Vegas properties.

The takeaway

While MGM Resorts faced declines in Las Vegas revenue last year, the CEO's optimistic outlook suggests the tourism industry in the city may be starting to recover, which could have positive implications for the company and the broader Las Vegas economy.