Las Vegas saw fewer visitors in June, but MGM Resorts isn’t panicking. In fact, its leadership says bookings are already bouncing back—and they’ve got the data to prove it.
The Las Vegas Convention and Visitors Authority (LVCVA) confirmed Wednesday what many local businesses had already been feeling: foot traffic was noticeably down. Visitation fell by 11.3% compared to June last year, and conference attendance took a hit too, down 10.7%. Yet, just hours later, MGM Resorts International struck a far more hopeful tone.
Tourism Dips but Revenue Holds Steady
The timing of the LVCVA’s update wasn’t ideal for MGM Resorts, which was preparing to brief investors later that same day. But despite the decline in tourists, MGM’s second-quarter earnings showed resilience.
MGM reported revenue of $4.4 billion for Q2 2025—a modest 2% gain over last year. That alone raised a few eyebrows. How does revenue go up when fewer people are walking through the doors?
Turns out, spending per visitor might be rising. Or at least, MGM’s operations outside Las Vegas helped keep the topline numbers looking healthy. Their subsidiary, MGM China, was a standout performer, posting $1.1 billion in revenue—a 9% increase from Q2 2024.
That said, not everything sparkled.
Income Dips Despite Growth in Key Markets
Net income took a substantial hit. MGM reported just $49 million in net income for the quarter, down from $187 million a year ago. Adjusted EBITDA stood at $648 million, up slightly from $635 million in the previous year. So yes, the business remains profitable, but margins are getting tighter.
The main issue? Operating costs and weaker performance in certain Las Vegas segments, especially group bookings and midweek traffic.
One sentence, short and sharp: They made more money, but they kept less of it.
Hornbuckle Leans on Past Patterns
Still, MGM’s president and CEO Bill Hornbuckle sounded calm during the investor call.
He pointed out that while bookings had dipped sharply for around nine weeks beginning in May, the trend had reversed. “Now over the last month, those bookings have increased,” he said. “For the last four weeks in a row, we’ve seen an increase.”
Hornbuckle chalked it up to the nature of Vegas tourism—where last-minute planning is more the norm than the exception. In summer especially, people book close to their travel dates. That trend, he noted, tends to skew investor perceptions when reviewing quarterly snapshots.
“We’re a particularly reactionary market in the summer,” he said. “Fifty percent of our bookings come within 30 odd days.”
That’s not just spin—it’s backed by years of visitor behaviour.
What’s Hitting Las Vegas Hard?
So what’s driving the visitation slump? A few factors may be in play, though not all are easily proven.
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Airfare and hotel rates have ticked up again, following post-COVID peaks.
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A string of triple-digit heatwave days in June may have deterred casual visitors.
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Conference planners have begun shifting towards hybrid and virtual models again, trimming travel costs.
Here’s how visitation and conference attendance have changed from June 2024 to June 2025:
| Category | June 2024 | June 2025 | Change (%) |
|---|---|---|---|
| Total Visitors | 3.59 million | 3.18 million | -11.3% |
| Convention Attendance | 520,000 | 464,400 | -10.7% |
| Hotel Occupancy | 84.5% | 78.3% | -7.3% |
Interestingly, hotel occupancy fell less than overall visitor numbers, suggesting longer stays or stronger retention of higher-spending travellers.
China Pulls Its Weight
If the Las Vegas Strip was limping, MGM China was jogging ahead. The Macau-based operations delivered strong year-over-year growth, with revenue climbing from $1.0 billion to $1.1 billion.
That’s a 9% boost—nothing to sneeze at.
Macau’s recovery from pandemic-era travel restrictions continues to accelerate, especially as mainland Chinese travellers return in droves. And unlike Vegas, where short-term booking dominates, Macau’s market has a more predictable pattern, helping MGM hedge its overall risk.
It also explains why MGM’s global revenue looked healthier than what local Vegas businesses might have guessed just by looking around the Strip.
Confidence Returns—For Now
For all the focus on numbers, the real mood of the MGM earnings call came down to one word: confidence.
Hornbuckle repeatedly referenced historical patterns, suggesting that Las Vegas always finds a way to bounce back after soft spells. Whether it’s post-recession slumps, pandemic lockdowns, or extreme weather—Sin City has seen it all.
“History gives us confidence,” he said plainly.
And sure enough, the most recent data shows bookings have now risen for four weeks straight. That bodes well for late summer and the all-important autumn conference season.
But—because there’s always a ‘but’—this confidence hinges on the short-term booking cycle holding up. If demand stalls again in August, September might feel the ripple.
Investors Watching, But Not Worrying—Yet
Investors weren’t overly rattled by the numbers. MGM’s stock dipped slightly after the earnings call, but no dramatic moves.
Analysts appear to be taking the long view, focusing on:
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The strong performance in Asia
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Booking momentum in Vegas
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Resilience in revenue growth, despite softer attendance
That doesn’t mean they’re ignoring the warning signs. The margin compression and weak conference numbers will be monitored closely next quarter.
One thing is clear: Las Vegas is in a bit of a lull, but not a freefall. And MGM is betting that the tide has already begun to turn.
