MGM Grand to Close 33-Year-Old Buffet as Strip Revenues Drop 3%
MGM Grand will close its 33-year-old buffet on May 31, leaving just seven buffets on the Strip. In Q4 2025, Strip net revenues fell 3%, average daily room rates dropped 7% to $251, revenue per available room declined 10%, and full-year Strip EBITDAR was down 8%.
1. Buffet Closure Reflects Shift to Non-Gaming Revenue
When the MGM Grand Buffet shuts down on May 31, it will mark the end of a 33-year run and reduce buffets on the Strip to seven. The closure underscores operators’ pivot away from loss-leader food venues toward higher-margin hotel and non-gaming services.
2. Q4 2025 Strip Performance Slide
In Q4 2025, the Las Vegas Strip segment saw net revenues decline 3% year-over-year, average daily room rates fall 7% to $251, and revenue per available room drop 10%, contributing to an 8% full-year EBITDAR decrease.
3. Tourism Decline and Strategic Outlook
Visitor arrivals fell 7.5% to 38.5 million in 2025, with December down 9.2%, pressuring room pricing. Leadership points to completed renovations and strong group bookings as catalysts for recovery in 2026.