MGM Resorts Hits Record $4.5B Revenue as Vegas Conventions Surge

LAS VEGAS — MGM Resorts International reported record consolidated net revenues of $4.5 billion for the first quarter of 2026, a 4% increase from the prior year, as announced in its Wednesday earnings release. Las Vegas operations led the charge with net revenues climbing to $2.2 billion, up slightly from $2.18 billion in Q1 2025 — the Strip's first year-over-year gain since Q3 2024 despite tough leisure comparisons. CEO Bill Hornbuckle credited robust group and convention bookings, a new all-inclusive promotion and guest room remodels at MGM Grand for the momentum.

Conventions packed the Las Vegas Convention Center and Mandalay Bay, drawing high-spending attendees amid a post-pandemic boom in trade shows. Entertainment venues like the Colosseum at Caesars Palace and T-Mobile Arena amplified the surge, with non-gaming revenue streams bolstering casinos such as Bellagio and Aria. Hornbuckle noted the performance defied headwinds, including an adjusted EBITDAR dip of 8%.

Yet broader Nevada tourism paints a mixed picture. Visitor counts plunged to their lowest in years, down 3.17 million from records set just 12 months prior, with 2024's 41.67 million trailing 2023's 40.8 million peak only marginally before sliding further. Hotel occupancy fell while average daily rates soared to $270 per night from $188, prioritizing luxury events at the Sphere and major sports over mass tourism. HVS Hospitality Advisors pegged 2024's average daily rate at a record $193.16 and revenue per available room at $161.48, though CoStar reported Strip RevPAR declines leading all top U.S. markets in 2025.

MGM and Caesars Entertainment, controlling most Strip inventory, posted record rates amid dropping occupancy, underscoring a pivot to affluent visitors as interest rates near 4.5% squeeze everyday travelers. Regional casinos in Reno and Laughlin mirrored the resilience, but the Strip's evolution highlights Nevada's high-stakes gamble on premium experiences over volume.