MGM's Strip Revenue Grew. Strip Profits Dropped 8%. That's the Story Nobody's Leading With.
MGM posted $4.5 billion in record quarterly revenue and the Las Vegas Strip finally grew again after 18 months. But Strip EBITDAR fell 8% while occupancy slipped and RevPAR declined, which means the machine is running hotter and earning less... and that pattern should sound familiar to anyone who's managed a hotel through a cost cycle.