G2E 2026: Casino CEOs Weigh Vegas Pricing, Deals and Asia

The CEOs of Caesars, MGM Resorts and Wynn Resorts shared the G2E 2026 stage in Las Vegas on Tuesday. CNBC's Contessa Brewer moderated the CEO Outlook panel. The session came a week after Caesars shareholders approved a $17.6 billion sale to Fertitta Entertainment and People Inc.'s withdrawal of its MGM bid. Investors came looking for answers on pricing, visitation and growth.

The executives described a market cycle rather than a slump. They also stood united against prediction markets.

Las Vegas CEOs Balance High Prices, Rising Costs and Value Guests

Brewer pressed MGM CEO Bill Hornbuckle on $24 bottles of water and pricey cocktails. Hornbuckle said the luxury segment is performing well and convention business is up 11%. He conceded that higher airfares and gas prices are squeezing the average customer. Even so, he warned against ignoring those guests. "We have to pay attention to that segment, or we're going to lose it," Hornbuckle said.

Wynn Resorts CEO Craig Billings said operating costs in Las Vegas have climbed. He added that operators must weigh occupancy against room rates. Caesars CEO Tom Reeg said the market has returned to pre-pandemic patterns after the post-reopening bubble. The Las Vegas Convention and Visitors Authority counted 38.5 million visitors in 2025, down 7.5% from 2024 and well below the 2019 peak of 42.5 million.

Caesars Sale Awaits Regulators as People Inc. Drops Its MGM Bid

The panel followed a busy week for Caesars and MGM. Caesars shareholders approved Fertitta Entertainment's $31-per-share cash offer on Sept. 22. The deal still requires regulatory approval before it can close, according to a Caesars SEC filing.

Fertitta executives previously told Nevada regulators they expect the approval process to take nine to 10 months. On Sept. 23, a day after the Caesars vote, People Inc. withdrew its roughly $18 billion proposal for MGM. "We didn't feel the mix was coming together in the way we had hoped," People Inc. Chairman Barry Diller said in a statement.

People Inc. still owns about 27% of MGM, according to its SEC filing. MGM's board said the company will continue as a standalone business. Together, the two outcomes give investors a clearer picture of Strip ownership heading into 2027.

MGM Osaka Stays on Track While Macau's Premium Guests Keep Spending

Hornbuckle said MGM Osaka remains on schedule and on budget for a 2030 opening. The $10 billion integrated resort in Japan is MGM's largest development project. Hornbuckle expects it to quickly become a $2 billion annual cash-flow business. He pointed to the resort's monopoly position in a country of 124 million people.

Macau, where MGM holds a controlling stake in MGM China, also came up. Visitor arrivals in Macau rose 6.1% to nearly 4.5 million in August, a record for the month. Hornbuckle and Billings said spending by premium mass guests, high-value players just below the VIP tier, now moves largely independently of visitor volume. That distinction matters to investors weighing their exposure to Macau.