On Thursday, MGM Resorts International chief executive officer Bill Hornbuckle reiterated his belief that social media claims that Las Vegas visitors are being overcharged are not valid.
“We Ran 98% This Weekend”
Speaking at the Bank of America Securities 2025 Gaming and Lodging Conference in New York City, Hornbuckle, who previously expressed his confidence in a recovery in terms of visitation and conference bookings, emphasized that “the fundamentals of Las Vegas are strong” despite an 8% drop in tourists this year.
“I read a headline the other day that Las Vegas is dead,” he said with a laugh. “No, Las Vegas isn’t dead. We ran 98% this weekend. Full stop. We’re far from dead. (The drop off) is at the lower end, the value-oriented folks who go to the Excalibur or Luxor.”
The CEO, who also noted that high-end properties Bellagio, Aria, and Cosmopolitan are still strong but have seen some softness compared to the “atmospheric” 2023 and 2024 seasons, believes Las Vegas is and will continue to be “a huge value for consumers at all levels.”
Just last month, Circa Resort & Casino’s chief executive officer, Derek Stevens, expressed a similar opinion regarding the alleged declining interest in Sin City visits, calling the “Vegas is dying” narrative overstated.
Hornbuckle went on to highlight citywide efforts by the Las Vegas Convention and Visitors Authority to promote the city in Canada and through a new national campaign.
“We’re going back through our pricing on things people touch every day that matter,” he said. “Tonight, you can check into New York-New York or Excalibur for 85 bucks, including resort fee. You can get a $5 beer and bet on a $5 table. We’ve looked at the marketplace and we’re going to make a difference where it helps.”
Top Events to Look Forward To This Fall
Looking ahead, Hornbuckle expressed confidence in the fall event and convention season, pointing to the Crawford-Canelo fight, the Las Vegas Raiders’ NFL games, and Paul McCartney’s October concert.
“Continuing the fall event program with the convention foundation back in play will change the whole story,” he said. He also touted improvements in group bookings and new Marriott partnerships that accept Bonvoy points.
MGM faced challenges over the summer, including a major remodelling project at MGM Grand affecting 800 rooms and the bankruptcy of Spirit Airlines, which cut air travel by nearly 400,000 seats. Still, Hornbuckle strongly believes in the company’s diversified portfolio and the solid regional resorts and growth in Japan and across digital businesses.
Internationally, MGM’s Macau operations are rebounding with 25 million annual visitors and a redesigned casino floor. Hornbuckle noted that “we went deeply into that, asking customers what they want to see and do, and we’ve been rewarded for it.”
On the BetMGM front, Hornbuckle reported a $400 million turnaround in a year, boosted by marketing and product improvements. “We’ve stopped losing share and are taking back some share,” he said, projecting further growth.
Finally, Hornbuckle addressed prediction markets under the Commodity Futures Trading Commission, noting their view that “prediction markets invite the federal government into a space it’s never been”, which is not something they would like to see. “Officially, it is not something we endorse,” the CEO added.