The two largest Las Vegas Strip casino operators remain optimistic in the face of recent data suggesting tourism and visitation levels are beginning to lag.
The Strip’s two largest casino operators remain optimistic in the face of recent data suggesting Las Vegas tourism and visitation levels are beginning to lag.
Top executives with MGM Resorts International and Caesars Entertainment expressed confidence in their respective operations and remained encouraged about the industry’s future during recent quarterly earnings calls.
Bill Hornbuckle, president and chief executive officer of MGM Resorts, said the company’s Las Vegas casino resorts performed well to begin 2025, with several properties meeting or exceeding key metrics during the first three months of the year.
The company’s Las Vegas Strip properties generated net revenue of $2.2 billion in the first quarter, compared to $2.3 billion over the same period last year. The 3 percent year-over-year decline is largely attributed to a decline in non-gaming revenue from not having the Super Bowl, which the city hosted in February 2024.
Casino revenue generated by MGM’s Las Vegas resorts increased 8 percent in 2025 compared to 2024, netting $538 million this year. Hotel room occupancy on the Strip went up 1 percent, according to financial filings.
“When I think about our business, it starts in Las Vegas, which remains on solid footing with our luxury offerings driving key results,” Hornbuckle said Wednesday during the company’s first-quarter earnings call, adding that the second quarter was starting off strong. “April will be a record hotel month for our Las Vegas Strip operations.”
Looking ahead, Hornbuckle said airline capacity at Harry Reid International Airport “remains scheduled at record levels” for the second quarter of this year.
“Overall, MGM is well-positioned for the future,” he said. “We have market-leading operations in Las Vegas and the regions, and our resorts have received significant investment and care over most recent years.”
The day before, Caesars Entertainment executives offered a similar narrative to investors and analysts during its first-quarter earnings call.
“While we recognize the tremendous uncertainty surrounding the economic impact of potential policy change in the U.S., we remain encouraged regarding the forward outlook of Las Vegas,” said Anthony Carano, president and chief operating officer of Reno-based Caesars Entertainment. “We continue to experience solid occupancy trends driven by both leisure and the group and convention customer.”
Tom Reeg, the company’s CEO, said group bookings were about 20 percent of their first-quarter room base, which was slightly higher than the full-year average. He said the company expects 2025 to be a record year for group bookings, with “particular strength” in the fourth quarter.
As for gaming, Reeg said that there has been no significant change in customer behavior, suggesting external economic conditions were not immediately impacting business.
“I think that we all live in a world where what’s happening in the stock market and on CNBC is the kind of the echo chamber we live in,” Reeg said Tuesday. “I think that the bulk of our customers, the bulk of U.S. consumers are not stock owners. What they see right now is gas prices are lower, people on CNBC are frightened, rich people are losing money. That is not a terrible combination for them.”
Caesars reported $1.003 billion in net revenue and $177 million in net income from its Las Vegas resorts for the quarter, according to company financials.
Earlier in the week, Las Vegas tourism data showed a noticeable decline, particularly in international travel. For the first three months of 2025, Las Vegas visitation was down almost 7 percent compared to 2024. For the first time since the pandemic, Las Vegas visitation declined for three consecutive months, with the back-to-back percentage declines in February and March the worst since the pandemic.
