MGM Resorts International CEO Bill Hornbuckle believes Las Vegas can bounce back from its current downturn.
Key Takeaways
- Hornbuckle says Las Vegas can recover from low visitor numbers.
- The MGM CEO cites major sporting events as key to driving success.
- He remains positive that upcoming conventions will boost tourism.
Speaking at the Global Gaming Expo, Hornbuckle admitted that 2025 has been a challenging year, with visitation down nearly 11% year-to-date and consistent drops across the summer months, according to the Las Vegas Review-Journal.
He reminded attendees that 2024 was one of the city’s best years on record, bolstered by major events like Super Bowl LVIII and the Las Vegas Grand Prix.
“As I look to the future, I think about, literally, the next 16 months are going to be the best convention months this city has ever had or ever seen. We remain bullish on Las Vegas. Fundamentally, I don’t think it’s broken in any way, shape or form,” said Hornbuckle.
He highlighted upcoming conventions and trade shows and pointed to infrastructure investment as a positive, though he also criticized recent federal policies like the $250 visa integrity fee, warning that such moves could undermine efforts to attract international visitors.
Baccarat props up Strip revenue
While Las Vegas Strip casinos posted strong revenue growth in July and August, much of it was driven by high-end baccarat play. The game’s hold percentages soared to 17.5% in July and 18.5% in August, which helped sustain casino revenue.
Other key indicators tell a different story. Visitation is down 8% in 2025, airline passenger traffic has fallen 4.5%, and revenue per available room has declined by 9%.
Efforts to fight the downturn include a recent Las Vegas Convention and Visitors Authority campaign with over 100 promotional deals. While some industry observers said the campaign may have helped, others labeled it underwhelming.
Further pressure is coming from a slowdown at Harry Reid International Airport, driven in part by Spirit Airlines' bankruptcy and declining passenger numbers.
MGM Empire City clears hurdle in New York
MGM also has more concrete reasons to be optimistic about its casino prospects. The proposed MGM Empire City Casino in Yonkers, New York, received approval from the Community Advisory Committee (CAC), allowing the project to move on to the next review phase, conducted by the state’s Gaming Facility Location Board (GFLB).
Empire City has operated as a video lottery terminal since 2006 and is now seeking a full casino license. CAC chair James Cavanaugh stressed that without a full license, the long-term future of the facility could be in jeopardy, especially if three new competitors open nearby.
MGM must now pay a $1-million application fee before entering the GFLB review process. Projects will be evaluated based on a range of factors, and final recommendations from the board are expected by Dec. 1.
Commercial licenses are anticipated by the end of the year.
