MGM Resorts has acknowledged that its summer pricing in Las Vegas sparked a public backlash and forced the company to make rapid changes. Executives said the controversy began when reports surfaced of steep markups on basic items, most notably a $26 bottle of water at one of its Strip hotels. The episode crystallized customer anger about perceived gouging and made pricing a public relations problem for the operator. On an earnings call, MGM Resorts’ leadership admitted the company “lost control of the narrative” and described the episode as a mistake. The CEO said the company reviewed its own practices after...

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