Overview
- Las Vegas segment revenue fell nearly 10% year over year to $952 million in Q3, with net income declining to $132 million from $221 million.
- Average daily rate dropped a little over 6% and occupancy fell about five percentage points, equating to roughly 90,000 lost room nights.
- Table-game hold in Las Vegas decreased by almost 600 basis points, which the company said reduced results by a little over $30 million.
- Company-wide revenue was essentially flat at $2.87 billion, reflecting stability outside the Strip despite the summer slowdown.
- Management guides to slightly lower cash room revenue in Q4 versus last year, supported by stronger group calendars and events such as BravoCon and the Las Vegas Grand Prix, with record group volumes projected for 2025 and further strength in 2026.