LAS VEGAS (FOX5) — Executives from the operators of several high-profile Las Vegas properties discussed the perception of the city’s steep prices during earnings calls this week.
Both MGM Resorts International and Caesars Entertainment executives addressed the sky-high prices that they said impacted market demand.
“Look, we lost control of the narrative over the summer. I think we would all agree to that in hindsight. When we look at the $150 million, we think about resort fees and park fees and some of the other things that were fee-based inside that number,” said Bill Hornbuckle, MGM CEO.
During the MGM Resorts International earnings call on Wednesday, Oct. 29, Hornbuckle addressed backlash over the high prices of bottled water.
“When we think about pricing and things that got everyone’s attention, whether it’s the infamous bottle of water, where a Starbucks Coffee [at] Excalibur cost $12, shame on us,” Hornbuckle said. “We should have been more sensitive to the overall experience at a place like Excalibur to those customers. You can’t have a $29 room and a $12 coffee.”
A day before the MGM meeting, Caesars’ executives broke down their earnings for the third quarter of 2025. While addressing pricing, CEO Tom Reeg touted steady foot traffic reported for the quarter.
“I don’t discount that there are areas in our business and in Las Vegas that might have gotten over their skis pricing-wise. To put in context, we’re in a quarter where, while we’re talking about pricing and degradation to demand, our occupancy percentage was over 90% in the quarter.”
Moving forward, officials say they have addressed those concerns. And are thankful for the value the “Fabulous 5-day sale” brought to the Valley.
“We think we hope we believe, and we price corrected. I think the sale that the community did and we participated in a meaningful way, demonstrated we understand value, we understand Las Vegas,” said Hornbuckle.
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