MGM Resorts International (MGM)

MGM Resorts International is a Delaware holding company incorporated in 1986 that, through its subsidiaries, operates as a global gaming and entertainment company offering hotels, casinos, meeting/convention space, entertainment, dining, nightlife, retail, and sports betting/online gaming. As of December 31, 2024, the company operates 16 domestic casino properties and, through its approximately 56% controlling interest in MGM China Holdings Limited (owner of MGM Grand Paradise), operates two casino properties in Macau (MGM Macau and MGM Cotai). It also holds a 50% interest in Osaka IR KK, developing an integrated resort in Osaka, Japan, and conducts global online gaming through its consolidated subsidiary LeoVegas and its 50%-owned unconsolidated affiliate BetMGM North America Venture.

The company operates a triple-net lease structure for its domestic real estate and has pursued an asset-light strategy, monetizing real estate to fund growth in digital gaming, international expansion, and shareholder returns. It reports four segments: Las Vegas Strip Resorts (including Aria, Bellagio, The Cosmopolitan, MGM Grand Las Vegas, Mandalay Bay, Luxor, New York-New York, Excalibur, and Park MGM), Regional Operations (including MGM Grand Detroit, Beau Rivage, Borgata, MGM National Harbor, MGM Springfield, Empire City, and MGM Northfield Park), MGM China, and MGM Digital. Las Vegas Strip revenue is weighted toward non-gaming amenities, while Regional Operations revenue is primarily gaming-driven; MGM China revenue stems mainly from main-floor gaming under a government-issued concession.

MGM Digital, anchored by Sweden/Malta-based LeoVegas, generates revenue from iGaming, digital slots, table games, live dealer, and online sports betting internationally, primarily in Europe. The company competes with other gaming and hospitality operators domestically and internationally, as well as with lotteries and other legalized gaming forms, competing on location, property quality, service, entertainment, digital offerings, and loyalty programs such as MGM Rewards, M life, and Golden Lion Club. Strategic growth initiatives include the Osaka integrated resort, expansion of BetMGM, pursuit of a full-scale commercial gaming license for Empire City in New York, a non-gaming management agreement for Bellagio, Aria, and MGM Grand brands in Dubai, and exploration of new markets including Thailand.

MGM Resorts emphasizes technology and data analytics to drive personalized marketing and operational efficiency, and maintains a broad sustainability program targeting emissions reductions, renewable energy use, water stewardship, and responsible gaming initiatives (including GameSense and LeoSafePlay). As of December 31, 2024, the company employed approximately 45,000 full-time and 18,000 part-time domestic employees, plus about 13,000 at MGM China and 2,000 at LeoVegas, with roughly 38,000 employees covered by collective bargaining agreements. The company holds significant trademarks (e.g., MGM, Bellagio, Aria, Mandalay Bay, LeoVegas, BetMGM) and operates under extensive gaming and other regulatory frameworks across the jurisdictions in which it does business.