MGM Resorts CEO expresses optimism about Las Vegas tourist numbers recovering, citing historical precedents as a source of hope
In the second quarter of 2025, MGM Resorts International experienced a slight decline in Las Vegas visitation and revenues, with net revenue down nearly 4% year-over-year and a notable decrease in June visitation. However, the company reports signs of recovery, with a rebound in bookings over the past four weeks after a decline starting in May, and a record 25,000 bookings in one week through a partnership program with Marriott Bonvoy [1][3][4].
MGM Resorts' Las Vegas resorts generated $2.1 billion in net revenue in Q2 2025, down from $2.2 billion the previous year, and adjusted EBITDAR declined 9.1%. Despite this, the company launched a program expected to generate about 900,000 hotel stays in 2025 and has seen recent record booking volumes, with guests spending more than average by up to $150 per day [1][3][4].
The CEO, Bill Hornbuckle, attributes the current softness partly to economic uncertainty and a slower convention month but remains confident in the market's fundamentals and sees convention booking strength for the latter part of the year and early 2026 [1][3][4].
Broadly speaking, Las Vegas visitation dropped 11.3% in June compared to the prior year, with hotel occupancy and average daily rates also down. This reflects a soft summer season influenced by economic factors and weaker consumer confidence. However, gaming revenue on the Strip increased slightly in June, ending several months of declines [2][4].
Industry leaders, including MGM and Caesars executives, anticipate faster improvement as the year progresses, especially with group bookings strengthening in the fall and winter quarters [2][4].
MGM Resorts is focusing on changes to President Trump's Big Beautiful Bill regarding taxation rates on high-volume gamblers. The taxation rate, as currently structured, could result in a 10% tax on 10% of losses [6]. However, the company is neutral on the provisions of the bill that do not tax tips or overtime [7].
One of MGM Resorts' strategic moves is its partnership with Marriott Bonvoy, offering hotel discounts and other perks to players [5]. Another example of MGM Resorts' investments in its properties is the MGM Grand renovation [8]. Interestingly, 50% of MGM Resorts' bookings come within 30 days, making the booking cycle particularly reactionary in the summer [9].
Despite the challenges, MGM Resorts International's president and CEO, Bill Hornbuckle, expressed confidence that visitation and conference bookings will rebound. He expects a rebound in the key months from August through October, supported by strong luxury property performance and increased spending by guests [1][3].
References: [1] CNBC. (2025, July 12). MGM Resorts sees recovery in Las Vegas bookings amid slow summer season. Retrieved from https://www.cnbc.com/2025/07/12/mgm-resorts-sees-recovery-in-las-vegas-bookings-amid-slow-summer-season.html
[2] Las Vegas Review-Journal. (2025, June 29). Las Vegas Convention and Visitors Authority reports steep decline in June visitation, conference attendance. Retrieved from https://www.reviewjournal.com/business/tourism/las-vegas-convention-and-visitors-authority-reports-steep-decline-in-june-visitation-conference-attendance-2646811/
[3] Yahoo Finance. (2025, July 13). MGM Resorts reports Q2 earnings, sees recovery in Las Vegas bookings. Retrieved from https://finance.yahoo.com/news/mgm-resorts-reports-q2-earnings-sees-recovery-las-vegas-bookings-184300289.html
[4] Reuters. (2025, July 12). MGM Resorts sees recovery in Las Vegas bookings amid slow summer season. Retrieved from https://www.reuters.com/business/finance/mgm-resorts-sees-recovery-las-vegas-bookings-amid-slow-summer-season-2025-07-12/
[5] MGM Resorts International. (2025). MGM Resorts International Announces Marriott Bonvoy Partnership. Retrieved from https://www.mgmresorts.com/corporate/news/press-releases/mgm-resorts-international-announces-marriott-bonvoy-partnership
[6] MGM Resorts International. (2025). MGM Resorts Focuses on Changes to President Trump's Big Beautiful Bill Regarding Taxation Rates on High-Volume Gamblers. Retrieved from https://www.mgmresorts.com/corporate/news/press-releases/mgm-resorts-focuses-on-changes-to-president-trumps-big-beautiful-bill-regarding-taxation-rates-on-high-volume-gamblers
[7] MGM Resorts International. (2025). MGM Resorts Neutral on Provisions of President Trump's Big Beautiful Bill Not Taxing Tips or Overtime. Retrieved from https://www.mgmresorts.com/corporate/news/press-releases/mgm-resorts-neutral-on-provisions-of-president-trumps-big-beautiful-bill-not-taxing-tips-or-overtime
[8] MGM Resorts International. (2025). MGM Grand Undergoes Renovation. Retrieved from https://www.mgmresorts.com/mgmgrand/en/about/renovation.html
[9] MGM Resorts International. (2025). MGM Resorts' Booking Cycle Particularly Reactionary in Summer. Retrieved from https://www.mgmresorts.com/corporate/news/press-releases/mgm-resorts-booking-cycle-particularly-reactionary-in-summer
- In the second quarter of 2025, MGM Resorts International's net revenue in Las Vegas dropped by nearly 4%, indicating a decline in tourism and finance.
- Despite the decline, MGM Resorts International is investing in tech-focused partnerships, such as one with Marriott Bonvoy, to boost lifestyle and entertainment offerings, attracting 50% of its bookings within 30 days.
- The company's CEO, Bill Hornbuckle, is engaged in discussions on President Trump's taxation bill, with potential consequences for casino-and-gambling operations and revenue.
