MGM Resorts International (MGM) Business Profile

What it does

MGM Resorts International is a gaming and entertainment company headquartered in Las Vegas. Founded in 2000, it is led by Chief Executive Officer and President William J. Hornbuckle. It operates through subsidiaries and ventures that run casino resorts and online gaming businesses.

Its resorts combine casinos with hotel rooms, restaurants, bars, entertainment, retail and meeting space. Customers can visit to gamble, attend a convention or show, take a vacation, or use the properties for business travel. The company also offers online casino games and sports betting, allowing customers in licensed markets to play without visiting a resort.

As of December 31, 2025, MGM operated 16 domestic casino properties and, through its controlling interest in MGM China, two casino resorts in Macau. Its domestic properties include Bellagio, Aria and MGM Grand Las Vegas, as well as regional casinos such as Borgata and MGM National Harbor. MGM subsequently sold the operations of MGM Northfield Park.

MGM Digital includes LeoVegas, an international online gaming business. MGM also owns half of the BetMGM North America venture and half of MGM Osaka, the venture developing an integrated resort in Japan. Those ventures are not consolidated into MGM’s reported operating segments. MGM leases the real estate of its domestic properties rather than owning it under its asset-light model.

How it makes money

MGM earns money from casino play, hotel stays, food and drink, entertainment and other resort services, as well as online gaming. Most revenue comes from customers wagering with cash or paying for non-gaming services with cash or credit cards. Its casinos and digital operations generally run around the clock, although customer volume and spending vary with conventions, events, holidays and gaming activity.

The company reports four segments. Las Vegas Strip Resorts typically derives more than half of its net revenue from non-gaming activities, including rooms, dining and entertainment. Regional Operations typically derives most of its net revenue from gaming. MGM China operates MGM Macau and MGM Cotai, with revenue primarily from casino gaming. MGM Digital earns revenue from online casino games, slots, table games, live-dealer games and sports betting.

Casino revenue depends on how much customers wager and the proportion the casino retains, known as the win or hold percentage. MGM cannot fully control that percentage. Hotel revenue depends on occupancy and room rates; the number of visitors also affects what the company can charge for rooms and other amenities. Convention and meeting facilities help bring guests to properties during midweek and off-peak periods.

BetMGM North America is an unconsolidated venture rather than an MGM Digital operating segment. MGM can receive cash from it through distributions and branding license fees. The company also earns management services revenue and leases some space to third-party retail and food operators.

In 2025, consolidated net revenue increased 2% from 2024. In the third quarter of 2026, MGM Digital net revenue increased 6% year over year.

Customers and how it sells

MGM serves premium gaming customers, leisure and wholesale travelers, business travelers and groups such as conventions and trade associations. Its properties also cater to value-oriented travelers. While results do not depend on individual key customers, a significant portion of operating income comes from high-end gaming customers, whose activity can make results variable.

In the United States, MGM operates resorts on the Las Vegas Strip and regional properties in markets including Detroit, Atlantic City, Mississippi and Maryland. In Macau, MGM China operates MGM Macau and MGM Cotai. Main-floor gaming has provided the majority of MGM China’s casino revenue in recent years; the resorts also offer premium gaming spaces and non-gaming amenities.

MGM reaches guests through its properties, direct marketing and channels including online advertising, television and social media. Its tiered MGM Rewards program lets customers earn benefits across gaming and non-gaming activities. MGM China has separate loyalty programs for gaming and non-gaming customers.

MGM Digital operates internationally, primarily in Europe and, through a consolidated venture, in Brazil. Its online customers must be in jurisdictions where the business is licensed. In the third quarter of 2026, MGM said the Brazilian market had shut down and that it was monitoring the situation. MGM China’s market share was 19.2% in September 2026.

Suppliers and costs

MGM’s domestic property operations use leased real estate under triple-net agreements. As of December 31, 2025, the company was required to make $1.8 billion in annual contractual cash rent payments to landlords over the following twelve months. The leases have annual escalators and also require MGM to pay substantially all associated costs, including real estate taxes, insurance, utilities and routine maintenance. They also require specified capital spending at the properties.

MGM invests in hotel rooms, restaurants, entertainment and other amenities to maintain its resorts. Its planned consolidated capital expenditures for 2026 were approximately $950 million to $1.05 billion. Labor is another part of the operating model: as of December 31, 2025, collective bargaining agreements covered approximately 37,000 U.S. employees.

The company also has gaming taxes, debt and interest payments, marketing costs and technology requirements. Licensed digital markets carry gaming taxes, while operating casinos and online businesses requires compliance with regulations in each jurisdiction. MGM uses third parties to manage some amenities and leases space to outside retail and food operators. It relies on operating cash flow to fund expenditures, investments and debt repayment.

Competitive position

MGM competes with other gaming and hospitality companies for travelers and gaming customers. In Las Vegas, rivals include hotel casinos on and near the Strip, downtown and elsewhere in the area; MGM’s own Strip resorts also compete partly with one another. Regional properties compete with nearby casinos and leisure destinations. MGM identifies five other gaming concessionaires as key competitors in Macau, while its digital operations compete with international online gaming companies and other entertainment providers. MGM does not identify individual competitors by name in those descriptions.

MGM uses property locations, resort amenities, entertainment, employees, digital offerings and loyalty programs to compete. MGM Rewards connects benefits across gaming and non-gaming activities, and the company uses customer data to personalize offers. In licensed digital markets, gaming taxes and licensing requirements affect entry.

Our reading: MGM’s collection of resorts and convention facilities gives it a meaningful presence in its markets, but customers have many alternative casinos and destinations. Our reading: The loyalty program and connections between physical properties and online gaming can help retain customers, though the evidence does not establish how difficult rivals would find those relationships to replicate. Our reading: Licensing creates a barrier to entry, but it does not shield MGM from competition among licensed operators.

Growth opportunities

MGM’s growth plans include improving its existing resorts, expanding online gaming and developing an integrated resort in Osaka. At its properties, it invests in rooms, restaurants, gaming areas and entertainment to maintain and develop the guest offering. The company said renovations to Borgata’s main tower were underway in 2026.

MGM Osaka is developing the Japan resort with a partner. Construction progressed during 2025, and MGM said the project remained on time and on budget for a 2030 opening. The company also has a non-gaming management agreement to bring the Bellagio, Aria and MGM Grand brands to Dubai; it sees a potential opportunity for gaming expansion there.

Online, MGM is expanding BetMGM North America and its consolidated MGM Digital portfolio. BetMGM’s Nevada app and wallet allow customers who sign up while visiting a property to take their digital wallet home. MGM Digital is developing its technology platform and expanding its brands internationally. In August, it launched online sports betting in the UK on its own platform; MGM said the platform then drove over 80% of its online sports revenue.

Growth requires funding as well as customer demand. As of December 31, 2025, MGM expected to fund approximately JPY356.9 billion of remaining Osaka commitments through 2028. Project costs may increase, primarily because of inflation, although MGM said cost mitigation and additional financing could offset increases.

Structural risks

• Debt and rent: MGM has substantial debt and financial commitments, including rent and guarantees of certain landlords’ debt. These obligations can restrict spending and flexibility; a lease default could cause it to lose rights to the affected properties.
• Demand and competition: Results depend on visitor volumes and customer spending. MGM faces competition from casinos, other destinations and online gaming. It said macroeconomic headwinds affected leisure customers in the third quarter of 2026, with flat occupancy at lower room rates.
• Licensing and regulation: Casinos and online operations are extensively regulated and must maintain licenses and pay gaming taxes. The Macau government can terminate MGM Grand Paradise’s concession under certain circumstances or refuse an extension before expiry.
• Development and partners: Construction projects face cost, financing, permitting and scheduling risks. Co-investing in businesses such as MGM Osaka and BetMGM also reduces MGM’s ability to manage risk on its own.
• Technology and security: Cyberattacks or other system disruptions could impair service and sales. Failure to protect systems or customer information can also result in reputational damage, fines, lawsuits or restrictions on data use.

Bottom line

Our reading

MGM combines resort operations with online gaming and investments in ventures, with different revenue mixes across Las Vegas, regional casinos and Macau. Its property network and loyalty program support its ability to reach customers across those businesses, but competition remains broad. The asset-light model reduces real-estate ownership while leaving substantial rent commitments, and growth projects add funding needs alongside exposure to travel demand, gaming regulation and customer spending.