Strip Casino Giant Sees Revenues Decline in 2025 as Las Vegas Tourism Dips

Despite the softer results, MGM executives struck an optimistic tone about Las Vegas in 2026 during a quarterly earnings call.

Feb. 5, 2026 at 8:55pm

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MGM Resorts International, the Strip's largest casino operator, saw its Las Vegas Strip operations generate $8.4 billion in net revenue in 2025, down 4% from the previous year, and $2.9 billion in core operating earnings, an 8% decline. In the fourth quarter of 2025, MGM's Strip operations posted $2.2 billion in net revenue, a 3% drop, with $735 million in core operating earnings, down 4% from the same quarter a year earlier. However, MGM executives expressed optimism about the company's prospects in Las Vegas in 2026, citing improving trends in group and convention bookings, a packed calendar of major events, and operational improvements and technology upgrades.

Why it matters

MGM Resorts is the largest casino operator on the Las Vegas Strip, and its financial performance is a key indicator of the overall health of the Las Vegas tourism industry. The decline in revenues and earnings in 2025 reflects a broader slump in Las Vegas tourism, which has implications for the local economy and the broader gaming industry.

The details

MGM Resorts' Las Vegas Strip operations, which include nine casinos and four non-gaming hotels, generated $8.4 billion in net revenue in 2025, down 4% from 2024, and $2.9 billion in core operating earnings, an 8% decline. In the fourth quarter of 2025, MGM's Strip operations posted $2.2 billion in net revenue, a 3% drop, with $735 million in core operating earnings, down 4% from the same quarter a year earlier. However, MGM executives said 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.

  • In 2025, MGM Resorts' Las Vegas Strip operations generated $8.4 billion in net revenue, down 4% from 2024.
  • In the fourth quarter of 2025, MGM's Strip operations posted $2.2 billion in net revenue, a 3% drop, with $735 million in core operating earnings, down 4% from the same quarter a year earlier.

The players

MGM Resorts International

The Strip's largest casino operator, with nine casinos and four non-gaming hotels on the Las Vegas Strip.

Bill Hornbuckle

The President and CEO of MGM Resorts.

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What they’re saying

“'24 was an amazing year, and so '25 was difficult. But, generally speaking, we feel very positive. Positive enough to think that we're going to exit 26 on an up.”

— Bill Hornbuckle, President and CEO, MGM Resorts (reviewjournal.com)

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

— Bill Hornbuckle, President and CEO, MGM Resorts (reviewjournal.com)

What’s next

MGM Resorts expects mid-single-digit revenue growth on the Las Vegas Strip in 2026, supported by both leisure and group business, as the company continues to see positive trends and make progress from a reset baseline.

The takeaway

The decline in revenues and earnings for MGM Resorts' Las Vegas Strip operations in 2025 reflects a broader slump in Las Vegas tourism, which has implications for the local economy and the broader gaming industry. However, the company remains optimistic about its prospects in 2026, citing improving trends in group and convention bookings, a packed calendar of major events, and operational improvements and technology upgrades.