Net sales were largely flat and adjusted profits were down to start the year for the Strip’s largest casino operator, which said strong weekends and luxury demand continued to help offset persistent midweek softness in parts of the Las Vegas portfolio.
MGM Resorts International reported $2.2 billion in net income in the first three months of 2026 from its nine casinos and four non-gaming hotels in Las Vegas, according to financial filings with the US Securities and Exchange Commission. Quarterly adjusted earnings from the Las Vegas market decreased 8 percent from $811 million to $749 million.
Gaming revenue from Las Vegas Strip resorts totaled $513 million in the quarter, down 5 percent from a year earlier, driven by declines in table game volume and slightly lower win rates, according to company filings. The table game drop fell 3 percent to $1.46 billion, while the slot handle was basically unchanged at $5.69 billion.
On the hotel side, room revenue was flat at $751 million as occupancy fell to 92 percent from 94 percent a year earlier. The average daily room rate was flat at $257, while revenue per available room fell 2 percent to $238.
During an earnings call Wednesday, MGM executives said overall demand in Las Vegas remains resilient, with strong weekend performance and solid results at the luxury level helping to balance weakness in more price-sensitive segments of the market, while emphasizing that the company’s overall fundamentals remain solid.
Chief executive Bill Hornbuckle said the company saw momentum build in the quarter despite a weaker January comparison.
“As the quarter progressed, each month got progressively better,” he said on Wednesday’s call with analysts and investors, later noting that April was “good.”
Looking ahead, Hornbuckle replied, “We see growth throughout the year.”
Executives pointed to continued softness in lower-level demand that has persisted since mid-2025, although they said there are early signs of stabilization heading into the summer booking period.
Chief Operating Officer Ayesha Molino said the company has responded with pricing and packaging strategies aimed at value-sensitive customers.
“We had seen some softness that really started toward the second quarter of last year. And it’s been pretty consistent,” Molino said. “We’ve implemented strategies toward that … comprehensive (package), as well as overall cost control. And it’s been productive.”
What began in downtown Las Vegas two summers ago at the Plaza hotel-casino has spread to other parts of the Valley as attendance has declined and concerns over pricing have grown. Strip operators, such as MGM and Caesars Entertainment, are now leaning toward package deals that include hotels, restaurants, entertainment and resort fees in an effort to broaden appeal among cost-conscious travelers.
“We continue to watch closely as the summer unfolds in terms of what happens with that customer,” Molino said.
Despite uneven performance in some segments, executives emphasized that weekends remain strong across the Strip, driven in part by major events and entertainment programming, while convention demand continues to support midweek occupancy.
Hornbuckle pointed to the role of Las Vegas sports and entertainment in driving demand, noting continued momentum from Allegiant Stadium events and other large-scale programming across the market.
“We’ve all seen the success and what it means to Las Vegas when these sports teams come,” he said.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
