Overview
- Bill Hornbuckle acknowledged customer frustration over items like a $26 Fiji water and a $12 coffee, saying the company lost control of the narrative over the summer.
- About 90% of identified price adjustments have been implemented, according to CFO Jonathan Halkyard, while resort and parking fees remain in place.
- MGM reported $2.0 billion in Las Vegas net revenue for Q3, down from 2024, with room renovations at MGM Grand cited as a major factor in the decline.
- Executives said a late-September Fabulous 5-Day Sale nearly doubled booking pace for the week and yielded roughly 300,000 room nights.
- Hornbuckle attributed weaker visitation to factors including 400,000 fewer Spirit Airlines travelers, fewer drive-in visitors from Southern California, and lower international travel tied to earlier political comments and tariffs.