MGM Resorts Hits Record $4.5B Revenue on Las Vegas Convention Boom

LAS VEGAS — MGM Resorts International reported record consolidated net revenues of $4.5 billion for the first quarter of 2026, a 4% increase year-over-year, driven by robust convention and group bookings on the Las Vegas Strip.[1] The company's Las Vegas operations posted their first quarterly net revenue growth since Q3 2024, despite tough leisure comparisons, said CEO Bill Hornbuckle during a Wednesday earnings call.[1] Key drivers included strong convention attendance, a new all-inclusive promotion and ongoing guest room remodels at MGM Grand Las Vegas.[1] The Las Vegas Convention and Visitors Authority bolstered the trend, logging 3.45 million visitors in March — a 1.9% year-over-year rise — capped by mega-events like the NASCAR Pennzoil 400, March Madness and the triennial CONEXPO tradeshow.[3] Conventiongoers alone surged 33.4% to top 140,000 for CONEXPO, pushing first-quarter attendance to nearly 2 million, up 12.3%.[3] Hotel metrics soared with 84.8% occupancy, $207 average daily rates and $175 revenue per available room — the second-best March on record.[3] Hornbuckle remains bullish on Nevada's rebound, pointing to short booking cycles that captured late momentum, including a 31% jump in MGM Bonvoy channel reservations.[4] With the MGM Grand remodel set to wrap by October and heavyweights like the Formula 1 Grand Prix, college football championships and Final Four on deck through 2028, the Strip's gross gaming revenue has grown nearly 5% annually.[4] These gains underscore Las Vegas' pivot to conventions as leisure softens, injecting vitality into Nevada's $80 billion tourism sector.