On G2E's main stage, Caesars' Tom Reeg said the post-pandemic surge has run its course, MGM's Bill Hornbuckle set Las Vegas room rates against New York and Los Angeles, and Wynn's Craig Billings weighed occupancy against rate. The panel came a week after Caesars shareholders approved a merger with Tilman Fertitta's company and Barry Diller's People Inc. withdrew its offer for MGM.
The desk · Oct 1, 2026
The Global Gaming Expo ran September 28 to October 1 at the Venetian Expo, with about 29,000 attendees expected. On Tuesday, September 29, the chief executives of Caesars Entertainment, MGM Resorts and Wynn Resorts shared the main stage for the CEO outlook panel, moderated by CNBC's Contessa Brewer. CDC Gaming and Yogonet reported what they said; the quotations below are from their accounts.
Tom Reeg of Caesars described a post-reopening bubble that moved from regional to destination markets: "We're still living through the impact of the pandemic and what we had was a bubble that started post reopening, then went to regional markets, then went to destination markets." On Las Vegas specifically: "We've had summers here, a couple that were exceedingly strong, and we've kind of gone back to the normal seasonality." Yogonet quoted him: "I think we're really back to where we were pre-pandemic." CDC Gaming reported that he pointed to occupancy settling from pandemic-era peaks of 98%.
The desk's latest collected figures are July's. The LVCVA's July executive summary counts 3,171,600 visitors, up 2.7% from July 2025, with hotel occupancy at 77.2% and an average daily rate of $157.45, up 1.8%. The Nevada Gaming Control Board put July Strip gaming win at $776.3 million, up 3.6%. Yogonet reported, citing airport data, that Harry Reid International handled 4,412,684 passengers in July, down 7.6%. Every month of the year so far is on the Economy page.
Bill Hornbuckle of MGM answered the complaints about prices. CDC Gaming reported that he acknowledged the $25 cocktails, $24 bottles of water and expensive meals visitors talk about, and the pressure higher airfares and gas prices put on them, and called Las Vegas "just in a cycle." Yogonet quoted him setting the city's room rates against two other big markets: "Our average rates have crept up from like the 35th biggest market to like No. 17 or 18, but we're still 40 percent lower (on hotel rates) than New York. We're 7 percent lower than L.A. Las Vegas still is an incredible value." He also said: "Convention business is up 11%." The accounts do not say which measure or period that figure covers; the LVCVA's citywide count of convention attendance fell 5.6% in July, after a first half that ran 12.6% ahead of 2025.
Craig Billings said Wynn aims at the upper end of the market, and added: "Operating costs in Las Vegas are higher than they used to be and you really have to think about occupancy versus rate."
Reeg spoke as the head of a company with a pending take-private deal. Caesars shareholders approved the $31-a-share merger with Fertitta Entertainment, Tilman Fertitta's company, valued at $17.6 billion, at a meeting in Reno the week before G2E, with approximately 65% of eligible shareholders in favor, iGaming Business reported. The Federal Trade Commission issued a second request for information on September 14. Reeg called it "not particularly material" and said "you shouldn't be surprised if a property or two ultimately gets divested." On going private: "We're forced as public companies to think in 90-day (periods) and that's not healthy." CDC Gaming reported that the Icahn Group's competing bid of $34 a share was rejected.
MGM is staying public for now. Barry Diller's People Inc. withdrew its June offer of $48.30 a share to take MGM private; Diller said, "We didn't feel the mix was coming together in the way we had hoped and we have decided not to pursue taking the company private at this time," and MGM chairman Paul Salem said the board "remains excited" about continuing as an independent company, iGaming Business reported. The Wall Street Journal has since reported, citing people close to the matter, that MGM is weighing a bid for People Inc. instead. CDC Gaming reported Reeg's observation that Diller, Icahn and Fertitta have all pursued Las Vegas companies this year.
CDC Gaming's account of the panel led with prediction markets, and all three executives were asked about them. Yogonet quoted Hornbuckle: "Prediction markets are hurting the industry, full stop," and, of the companies behind them, "If they want to come in Nevada and pay a license, and do what we all do, God bless them." CDC Gaming reported that MGM has stayed out of the business because of the risk to its licenses in Nevada, Macau and Japan. Reeg: "What I worry about is that something awful is going to happen in this interim period, because of the lack of regulation and oversight, that's going to tar all of us." Billings said Wynn has "no skin in the game" and sees "some benefit to Las Vegas" from wider online distribution of gaming.
Yogonet quoted Hornbuckle on MGM's integrated resort in Osaka: "If we don't have at least a five-year head start, I'd be absolutely shocked." Billings on Macau: "We remain very, very focused on the mid- and long-term in Macau."
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