MGM Resorts International (MGM)

MGM Resorts International is a Delaware corporation, incorporated in 1986, that acts largely as a holding company. Through its subsidiaries it is a global gaming and entertainment company with hotels and casinos, meeting and conference space, live and theatrical entertainment, restaurant, nightlife and retail offerings, and sports betting and online gaming operations. As of December 31, 2025, it operates 16 domestic casino properties and, through an approximately 56% controlling interest in MGM China Holdings Limited, two casino properties in Macau. It also holds a 50% interest in MGM Osaka, an unconsolidated affiliate developing an integrated resort in Osaka, Japan, and a 50% interest in BetMGM, LLC, an unconsolidated online sports betting and iGaming venture. The company has pursued an asset-light model, leasing the real estate of its domestic properties under triple net leases.

The company has four reportable segments. Las Vegas Strip Resorts includes Aria (with Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas, Mandalay Bay, Luxor, New York-New York, Excalibur and Park MGM. Over half of this segment's net revenue typically comes from non-gaming operations such as hotel, food and beverage, and entertainment. Regional Operations includes MGM Grand Detroit, Beau Rivage, Borgata, MGM National Harbor, MGM Springfield, Empire City and MGM Northfield Park, and derives most of its net revenue from gaming. MGM China owns MGM Macau and MGM Cotai through MGM Grand Paradise, which operates under a Macau gaming concession, and earns revenue primarily from gaming. MGM Digital is the consolidated online gaming portfolio, mainly LeoVegas, which is headquartered in Sweden and Malta and operates mainly in Europe and Brazil. It offers iGaming, digital slots and table games, live dealer games and online sports betting. The company also has investments in unconsolidated affiliates and corporate and management operations, and a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria and MGM Grand brands to Dubai.

Customers of the U.S. resorts include premium gaming customers, leisure and wholesale travelers, business travelers, and convention and group customers. Convention space is used to drive midweek and off-peak business. In Macau, main floor gaming provides most casino revenue, supported by premium gaming lounges and villas for ultra-high-end customers. Digital customers are located within the licensed jurisdictions where the company operates. Most revenue is cash-based. Marketing relies on data-driven personalization and loyalty programs: MGM Rewards in the U.S., and M life and the Golden Lion Club at MGM China.

The company competes with other casino and hospitality companies in Las Vegas, regional markets and non-gaming destinations such as Hawaii. It also competes to a lesser extent with lotteries, off-track wagering and card parlors. In Macau its competitors are five other gaming concessionaires, along with gaming centers in Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia and Las Vegas. Online, its main competitors are other international online gaming companies. Its primary casino and hotel operations are owned and managed by the company, while other amenities may be owned and operated, managed by third parties, or leased to them. At December 31, 2025, it had approximately 44,000 full-time and 18,000 part-time U.S. employees and 16,000 international employees, with unions covering about 37,000 U.S. employees.