The Strip’s largest casino operator is poised 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 income last year, down 4 percent, and $2.9 billion in core operating income, down 8 percent from 2024, according to public financial reports. In the final three months of 2025, MGM’s Strip operations reported $2.2 billion in net income, down 3 percent, with $735 million in core operating income, down 4 percent from the same quarter a year earlier.
Despite the weaker results, MGM executives struck an upbeat note about Las Vegas 2026 during a quarterly earnings call 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 profit hit a record last year and that the company’s luxury Strip properties — Aria, Bellagio and The Cosmopolitan — continued to outperform.
Completion of MGM Grand’s $300 million room renovation, which was a drag earlier in the year, helped stabilize fourth-quarter results, and the company expects the refreshed rooms to lift performance in 2026.
“’24 was a great year, and so ’25 was tough,” Hornbuckle told investors and analysts on the earnings call. “But overall we feel very positive. Positive enough to think we’ll go out of 26 and up.”
MGM executives said Las Vegas is showing signs of stabilization heading into 2026, with demand improving across several key demand segments.
Hornbuckle emphasized that group and convention bookings are 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-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 improved trajectory,” Hornbuckle said Thursday. “We continue to see the positive trends as we enter 2026 and expect to make even greater progress from a restored baseline in Las Vegas.”
The company highlighted operational improvements and technology upgrades as part of its turnaround 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 corporate 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, up 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@ theplayerlounge.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
