MGM Resorts International's Las Vegas Strip revenue grew year over year for the first time in over a year in Q1 2026, with strong convention and group business driving much of the improvement.
The company reported Las Vegas net revenues of $2.2 billion for the first quarter, up from $2.18 billion in the same period last year as well as record first-quarter convention ADRs and catering and banquet revenues across its properties on the Strip.
Convention room nights accounted for 20% of the total room night mix at Las Vegas resorts, with major citywides like the Consumer Electronics Show and the CONEXPO-CON/AGG construction trade show contributing to that performance, according to MGM Resorts CEO Bill Hornbuckle.
The company expects the strong convention momentum to carry into the second quarter.
"We have some really good groups lined up for the summer," Hornbuckle told analysts during the group's Q1 earnings call on Wednesday. "We have Google coming back and a few others. Cisco is coming with a massive group this summer. We have over 4 million square feet of our own convention space."
The Canada effect
Although Hornbuckle also reported broader month-over-month improvement in Las Vegas, with March emerging as the strongest month, the market continued to face challenges in the quarter. The company's Las Vegas Strip RevPAR slipped 2%, falling to $238 from $242 a year ago, while occupancy declined from 94% to 92% and ADR was flat at $257.
Contributing to the headwinds is the fact that Canadian visitation is down around 30% to 40%, said Hornbuckle.
"The noise around Canada is real," he added. "We hope to improve that."
He also acknowledged that midweek occupancy at the Luxor and Excalibur casino hotels remains soft, but emphasized that MGM Resorts' recently launched all-inclusive-style packages at those properties are showing early promise.
According to Hornbuckle, roughly one-third of bookings through that promotion have come from first-time Las Vegas visitors, which he said was "important for future growth in Las Vegas." He estimated that Las Vegas' share of first-timers dropped to 8% to 9% last year, well below the historical norm of around 20%.
MGM Resorts chief operating officer Ayesha Molino added that customer response to the promotions has been "very positive," and that the company would assess "whether it should be scaled to other properties."