G2E: Casino CEOs Bullish On Las Vegas, Money Pouring Into City

LAS VEGAS — Despite the current global conflict over the Strait of Hormuz, Wynn Resorts has missed only one day of construction on its $5 billion Al Marjan Island project in the United Arab Emirates, company CEO Craig Billings said Monday. The casino resort project is slated to open in late 2027.

Billings’ comments were part of a Global Gaming Expo (G2E) Main State presentation that brought together CEOs from this city’s three biggest casino companies. Bill Hornbuckle of MGM International and Tom Reeg of Caesars Entertainment joined Billings for a talk moderated by CNBC’s Contessa Brewer.

The CEOs shared thoughts on their Las Vegas properties and dealing with the “K-shaped economy,” international endeavors, the shutdown of Brazil’s online gambling market, and prediction markets.

Two days after the conversation at the biggest gaming conference and trade show in the U.S., the Las Vegas Convention and Visitors Bureau released its August report, which showed a year-over-year and month-over-month decline in visitors. Passenger counts at Harry Reid International Airport and hotel occupancy rates dropped against August 2025 while the average daily rate for a room fell about $7 compared to July.

All three CEOs acknowledged the K-shaped economy, which indicates that high earners are spending and lower earners are pulling back. Brewer asked if the companies were leaning too much into the luxury sector with high-priced waters, cocktails, and parking.

“The luxury segment continues to do exceptionally well,” Hornbuckle said, while also pointing out convention business in Las Vegas is up for the year. “Our average rates have crept up from like the 35th-biggest market to like No. 17 or 18, but we're still 40% lower [on hotel rates] than New York,” Hornbuckle said. “We're 7% lower than L.A. Las Vegas still is an incredible value.

“Do we have expenses that continue to creep in all things? Absolutely. When people talk about parking and resort fees and water, they are all part and parcel to a bigger mix. We have to be careful, and we have to pay attention to that segment or we’re going to lose it.”

Hornbuckle also pointed to a 60% increase in airfare out of Southern California and the loss of Spirit Airlines as having recent impact.

Las Vegas an ‘event-driven economy’

Billings said that Las Vegas performs best when it “fires on all cylinders,” and he noted entertainment options like the Sphere and the NFL Raiders are critical to overall success. The new Athletics’ Major League Baseball stadium and a new NBA team and arena will only continue to power the city’s “event-driven economy.” He said the city has never had more “capital deployed” from outside the gaming industry than it has in recent years.

Reeg said Las Vegas remains a key destination — not just for visitors, but for investors, as is evidenced by the agreement Caesars made to be acquired by Tilman Fertitta and the interest Barry Diller’s People Inc. showed in considering a deal with MGM.

“You’ve got [some] of the most successful builders of business in the world over decades, and where are they looking for value? They are looking at Las Vegas,” Reeg said. “At the same time, we’re talking about, ‘Gee, is Las Vegas permanently impaired?’ You have some of the smartest people in the world saying, ‘How do I get in?’”

Brewer challenged him, asking if those people are looking for value or a bargain. Reeg answered, “I think it’s both.”

As the three were speaking, construction continued across the street from The Venetian, host of the conference, on the Hard Rock guitar, rising along Las Vegas Boulevard. Hard Rock International, owned by Florida’s Seminole Tribe, bought the former Mirage site in 2021. Hard Rock bought the Mirage operations from MGM and is leasing the land from VICI Properties.

Hard Rock is dramatically expanding the building footprint — gone are the Mirage volcano, palm trees, and lagoon that fronted the street. All have been filled and construction reaches to the street. Hard Rock is adding two theaters as the $5 billion project moves toward a late 2027 opening date.

Wynn Al Marjan, MGM Osaka in progress

As Hard Rock focuses its construction on the Strip, Wynn and MGM are working on construction projects abroad.

Wynn’s Al Marjan project has been less hampered by the global situation than outsiders may have expected. Billings said the company committed an additional $600 million to the project, an infusion he described as “conflict related.” The funding has mostly been to accommodate increased shipping and supply chain costs.

“We missed one day of construction. One day,” he said. “The emirates have done just an incredible job of security. Life on the ground in the UAE is completely normal. … The vast majority of conflict-related costs came down to two things. There was really a two-, three-month period where supply chains were re-forming … so that saw some material cost increases, and shipping rates went way up because no one would insure.”

In Osaka, Japan, Hornbuckle explained, MGM’s project will be on a manmade island. “We’ve been playing in the mud for over a year,” he said, “and we’re finally coming out of the dirt. You can see the structure, steel is being laid, so on time and on budget.” He said the footprint is 18 million square feet, and the casino is “literally” four times the Bellagio’s size.

The more than $10 billion casino resort is set to open in 2030. Japan in 2018 authorized a maximum of three integrated resorts, but no other operator has been approved to build. Hornbuckle said given the size of Japan, he’s not overly concerned about competition. “If we don’t have a five-year head start [on any other projects], I’d be shocked.”

Brazil shutdown a challenge

In South America, MGM and Caesars have online platforms in Brazil that have been taken down due to a ban imposed by President Luiz Inácio Lula da Silva ahead of the country’s election, which begins Sunday and runs through Oct. 25.

According to the Associated Press, the Brazilian government reported Monday that it has shut down 506 online gaming platforms. The ban includes advertising, and it is unclear how long it will be in effect.

Hornbuckle called the shutdown “unfortunate,” saying his company would not have entered the market if it believed it was so volatile. The loss of revenue will likely show in quarterly earnings reports from both MGM and Caesars. In 2025, operators in Brazil reported a combined total of $7 billion in gross gaming revenue.

“It’s not great,” Hornbuckle said of the government’s turnabout. “But the amount of capital and resource as compared to our global picture” isn’t make or break.

Casino companies say no to predictions

Closer to home, all three CEOs said their companies are steering clear of prediction markets, which have been roiling the state-regulated gambling market for more than 18 months. A key reason the land-based casino companies haven’t joined the fray is the fear of putting their gambling licenses at home and abroad at risk. Nearly every regulator in the U.S. has provisions in which they can penalize operators they find are breaking the law anywhere they are licensed. Nevada currently bans prediction markets.

Reeg called the platforms, which offer sports contracts that mimic traditional sports betting, “illegal,” though he did say that companies offering them in the current climate would benefit from a database and experience should the platforms ultimately be deemed legal gambling.

“If they want to play by the rules and come to Nevada, god bless ’em,” Hornbuckle said. When Brewer asked Hornbuckle why MGM wasn’t offering predictions, he said “there’s got to be principles,” while pointing to the concern about putting licenses at risk at home and abroad.