MGM — MGM Resorts International
Casinos & Resorts · Founded 1986 · Las Vegas, Nevada · CEO: Bill Hornbuckle
MGM Resorts International is a global hospitality and entertainment company with a premier collection of casino-resort destinations on the Las Vegas Strip (Bellagio, MGM Grand, Aria, Vdara, Park MGM, Mandalay Bay) and regional casinos across the United States. MGM has a 56% ownership stake in BetMGM, its online sports betting and casino partnership with Entain. MGM also operates world-class resorts in Macau and Japan (pending). The company sold its real estate to form MGM Growth Properties (merged into VICI Properties), creating a sale-leaseback model.
How MGM Resorts International Makes Money
Las Vegas Strip casino gaming revenue from table games and slot machines
Hotel, food and beverage, and entertainment revenue from premium resort properties
Regional casino gaming and resort revenue across U.S. properties
BetMGM online sports betting and iGaming revenue share
Key Metrics Investors Watch
- Las Vegas Strip net revenue growth and occupancy
- EBITDAR by segment (Las Vegas vs. Regional vs. International)
- BetMGM net gaming revenue and market share
- Macau recovery trajectory and visitation
- Share buyback pace and capital return
Competitive Advantages
- Bellagio, Aria, and MGM Grand are among the most recognized premium resort brands in the world
- Las Vegas Strip properties benefit from irreplaceable locations and massive convention infrastructure
- BetMGM is a top-3 U.S. online betting platform with strong iGaming capabilities
- Entertainment programming (concerts, boxing, UFC) drives premium hotel demand year-round
Key Risks
- Las Vegas Strip revenue is sensitive to business travel and convention attendance fluctuations
- Macau casino revenue is subject to Chinese government regulatory and access policies
- Operating lease obligations from MGM Growth Properties / VICI sale-leaseback are a fixed cost
- BetMGM faces intense competition from FanDuel and DraftKings for online betting market share
Dividend & Capital Return
MGM suspended its dividend during COVID and has focused capital on share buybacks and BetMGM digital investment rather than reinstating a dividend.
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Frequently Asked Questions
What properties does MGM own on the Las Vegas Strip?
MGM owns or operates Bellagio, MGM Grand, Aria, Vdara, Park MGM, New York-New York, Luxor, Excalibur, Mandalay Bay, and The Mirage (since sold to Hard Rock) on the Las Vegas Strip. Bellagio and Aria are the flagship luxury properties. This is educational content, not financial advice.
What is BetMGM?
BetMGM is MGM Resorts' online sports betting and casino platform, operated as a 50/50 joint venture with Entain (UK gaming company) in the U.S. BetMGM is one of the top three U.S. online gaming operators and has particularly strong iGaming (online casino) capabilities. This is educational content, not financial advice.
Does MGM pay a dividend?
MGM suspended its dividend during the COVID pandemic and has not reinstated it. The company has focused on share repurchases as its primary capital return method, buying back billions in shares over recent years. This is educational content, not financial advice.
What is MGM's Macau business?
MGM operates two integrated resort properties in Macau, China — MGM Macau and MGM Cotai. Macau is the world's largest gaming market. MGM Macau is one of six licensed casino concessionaires on the territory. Revenue is highly dependent on Chinese domestic and international high-roller visitation. This is educational content, not financial advice.
Is MGM a good investment?
MGM offers premier Las Vegas Strip asset exposure with growing online gaming (BetMGM) and potential Macau recovery upside. Its sale-leaseback structure creates fixed lease obligations that require strong occupancy to cover. Strip fundamentals, BetMGM profitability, and macro consumer spending are key drivers. This is educational content, not financial advice.
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Read moreCompany information is based on publicly available disclosures and widely-known business facts. No specific price, earnings, or real-time market data is included. This is educational content — not investment advice.