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. 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. Key drivers included strong convention attendance, a new all-inclusive promotion and ongoing guest room remodels at MGM Grand Las Vegas.

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. Conventiongoers alone surged 33.4% to top 140,000 for CONEXPO, pushing first-quarter attendance to nearly 2 million, up 12.3%. Hotel metrics soared with 84.8% occupancy, $207 average daily rates and $175 revenue per available room — the second-best March on record.

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. 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. These gains underscore Las Vegas' pivot to conventions as leisure softens, injecting vitality into Nevada's $80 billion tourism sector.