MGM Resorts International
MGM Resorts International operates casino resorts and entertainment destinations in the United States and Macau, combining hotel rooms, gaming floors, convention space, restaurants, nightlife, retail, and live entertainment. It also runs digital gaming through MGM Digital, including online sports betting and iGaming, and holds interests in ventures such as BetMGM North America and MGM Osaka.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueIntegrated resort properties on the Las Vegas Strip with gaming, lodging, dining, entertainment, and convention space.
Casino resorts outside Las Vegas that serve local and drive-in gaming and hotel demand.
Macau casino resorts MGM Macau and MGM Cotai, focused on premium gaming and high-end visitors.
Online gaming portfolio including iGaming, digital slots and table games, live dealer, and sports betting.
Unconsolidated ventures, management activities, and development interests such as BetMGM North America and MGM Osaka.
Products
Reported · share of revenue- Casino53.9 %
- Occupancy19.3 %
- Food and Beverage17.4 %
- Entertainment Retail and Other9.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
MGM sells to a mix of premium gaming customers, leisure travelers, business travelers, and group customers such as conventions and trade associations. In Macau, the customer base skews toward main-floor and premium players, while the digital business serves licensed-market online gaming users. The company also relies on loyalty-program members and repeat guests who respond to personalized offers and cross-property benefits.
High-value casino guests who spend on table games, slots, and high-limit experiences across Las Vegas and Macau.
Guests buying hotel stays, dining, nightlife, and entertainment at destination resorts.
Corporate groups, trade associations, and meeting planners using convention space and room blocks.
Local and drive-in customers at regional properties who visit for gaming and short-stay resort use.
Licensed-market customers using MGM Digital for iGaming, live dealer, and online sports betting.
Strategy
MGM’s strategy is to keep reinvesting in its resorts to protect pricing power, guest experience, and competitive position in major destination markets. It is also expanding digital gaming and using loyalty, analytics, and cross-channel marketing to deepen customer engagement across physical and online properties. Longer term, the company is building optionality through MGM China, MGM Osaka, and broader international online gaming opportunities.
Premium rooms, dining, entertainment, and convention space support pricing and repeat visitation.
Online gaming can extend the brand beyond physical resorts and diversify revenue.
Cross-property rewards increase customer lifetime value and improve retention.
Macau and Japan provide long-duration growth opportunities outside the U.S.
Geography
2025MGM’s core physical footprint is in the United States, especially Las Vegas and regional U.S. gaming markets, with a major international presence in Macau through MGM China. Its digital business is international but concentrated in licensed European markets and Brazil through LeoVegas, while MGM Osaka represents a long-dated Japan development commitment. Geography matters because the company’s results depend on local tourism, gaming regulation, convention demand, and market-specific competition.
Share of the revenue the company reports by geography.
Risks
MGM is exposed to heavy fixed obligations from leases, debt, and development commitments, which can pressure liquidity if demand weakens. Its results are also sensitive to tourism, convention timing, premium gaming volumes, and competition from other resorts and online operators. Cybersecurity, regulation, and reputation are material risks because the business handles customer data, operates in licensed gaming markets, and depends on brand trust.
- Substantial lease and debt obligationsImpact: HighLikelihood: High
Triple net rent, guarantees, and indebtedness can constrain cash flow and investment capacity.
Exposure: Domestic properties and corporate liquidity
- Demand volatility in gaming and hospitalityImpact: HighLikelihood: Medium
Results depend on tourism, convention timing, premium play, and event calendars.
Exposure - Cybersecurity and data privacy incidentsImpact: HighLikelihood: Medium
A prior cyber issue caused shutdowns, revenue disruption, and legal exposure.
Exposure: Domestic properties and digital platforms
- Regulatory and concession riskImpact: HighLikelihood: Medium
Gaming operations depend on licenses, concessions, and jurisdiction-specific tax regimes.
Exposure - Competitive pressure from resorts and online gamingImpact: MediumLikelihood: Medium
New capacity and digital competitors can reduce occupancy, gaming volume, and pricing power.
Exposure - Reputation and ESG scrutinyImpact: MediumLikelihood: Low
Brand damage can affect customer loyalty, employee retention, and regulatory relationships.
Exposure: Enterprise-wide
Accounting
Judgemental itemsAnnual rent payments and escalators materially affect reported operating costs and cash obligations.
Impact: Affects EBITDA, leverage analysis, and liquidity assessment
Empire City goodwill was fully impaired after forecast assumptions changed.
Impact: Can create large non-cash charges and signal weaker asset economics
Property values depend on expected gaming and hotel cash flows, which can shift with market conditions.
Impact: May reduce asset carrying values and earnings
Convention schedules, holidays, and major events can move quarterly revenue and margins.
Impact: Makes interim results less comparable period to period
Management uses Adjusted EBITDA to evaluate performance in a capital-intensive gaming model.
Impact: Important for valuation, but excludes rent, depreciation, and certain items
Similar listed companies
Publicly listed companies with a comparable business focus.
Las Vegas Sands Corp
LVS · Hotels & Motels
Wynn Resorts, Limited
WYNN · Hotels & Motels
Studio City International Holdings Limited
MSC · Hotels & Motels
Studio City International Holdings Ltd owns and operates Studio City, a large integrated resort in Cotai, Macau.
Red Rock Resorts, Inc.
RRR · Hotels & Motels
Imax Corporation
IMAX · Photographic Equipment & Supplies
IMAX Corp designs and monetizes premium large-format cinema technology, combining proprietary projection, sound, auditorium design, and software with film remastering and content distribution.
Melco Resorts & Entertainment LTD
MLCO · Hotels & Motels
Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resort properties focused on gaming, hotels, retail, dining, and entertainment.
Last updated: 24/09/2026