MGM Resorts International is a global gaming and entertainment company. Its U.S. and international locations offer hotels and casinos, meeting and conference spaces, live and theatrical entertainment, a broad range of restaurant, nightlife, and retail services, online gaming, and sports betting.

The company's resort and casino properties are located in Las Vegas and various other cities throughout the U.S.. It also has two locations in the Chinese special administrative region of Macau.

It uses technology as well as digital and advanced data science/analytics to achieve the highest degree of customer experience and loyalty, employee productivity and engagement, and efficient operations and revenue growth.

MGM Resorts is committed to becoming the finest gaming and entertainment company in the world. Its financial strategy for delivering an attractive return on investment involves enhancing its properties to maintain exceptional customers experiences.

It also seeks growth opportunities in worldwide markets that may include the ownership, management, and operation of both gaming and non-gaming facilities. It also seeks access to new markets for iGaming and online sports betting.

MGM Resorts' Industry

MGM Resorts International (MGM) operates in the Resorts and Casinos industr𓂃y within the Consuꦑmer Cyclical sector.

Its operating results are tied to the volume of customers staying at its properties and the prices it can charge for its hotel rooms and amenities.

The company is committed to responsible gaming and gambling education. It uses its industry-leading program, GameSense, to promote positive play experiences and well-informed gaming decisions. All MGM Resorts employees are trained to support the company's commitment to responsible gaming.

MGM Resorts is also committed to environmental and social responsibility and a board committee is focused on corporate social responsibility and sustainability.

It assesses and implements projects and processes that can improve its environmental footprint. In particular, it focuses on greenhouse gas emissions, energy and water efficiency, and material disposal and diversion.

Competition

MGM Resorts competes with casinos, resorts, and hotels. Some of the company's biggest rivals are Caesars Entertainment Inc. (CZR), Las Vegas Sands Corp. (LVS), Marriott International Inc. (MAR), Wynn Resorts Ltd. (WYNN), and Hilton Worldwide Holdings Inc. (HLT).

The Las Vegas resorts compete with many hotel casinos in the downtown area, elsewhere in the Las Vegas area, and in regions outside of Las Vegas which offer gaming.

In U.S. areas outside Nevada, its competition is other hotel casinos in the same markets, gaming operators, and other leisure destinations. Location can be vital to its success.

MGM Resorts' main competitors in Macau are the five other allowed gaming concessionaires. Major gaming centers in other regions including Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia, and Las Vegas also pose a competitive threat.

MGM Resorts' Financials

As of June 2024, MGM Resorts' market capitalization was $12.71 billion.

MGM Resorts' 2023 annual report reported the company's financial results for the 2023 fiscal year (FY) ended Dec. 31, 2023. Additionally, on May 1, 2024, the company announced financial results for the quarter ended March 31, 2024.

Revenue

For FY 2023, total revenue was $16.16 billion, an increase of 23% over the previous year's $13.12 billion. For the first quarter of FY 2024, total revenue was $4.38 billion, an increase over the $3.87 billion for the previous year's first quarter.

Operating Income

For FY 2023, operating income was $1.89 billion, an increase of 31% over the previous year's operating income of $1.44 billion. For the first quarter of FY 2024, operating income was $458 million, a decrease from the $730 million in the previous year's first quarter.

Net Income

For FY 2023, net income was $1.31 billion, an increase of 536% over the previous year's $206 million. The amount attributable to MGM Resorts alone (without including that from non-controlling interests) was $1.14 billion.

For the first quarter of FY 2024, net income was $299 million, a decrease from the $479 million in the previous year's first quarter. The amount attributable to MGM Resorts alone was $217 million.

Revenue From Business Segments

MGM Resorts divides its business into three reportable segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. It provides net revenue and adjusted property EBITDAR figures for each. EBITDAR relates to earnings before accounting for certain income aဣnd expense items. It's MGM Resorts' primary profit measure for its reportabꦛle segments.

The majority of the Las Vegas Strip Resorts segment's net revenue comes from non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

The majority of the Regional Operations segment's net revenue comes from gaming operations. The same holds true for the MGM China segment.

MGM China's gaming operations are conducted under a gaming concession held by MGM Grand Paradise, a subsidiary of MGM China. Gaming in Macau is currently administered by the Macau Government through concessions awarded to six different concessionaires.

Las Vegas Strip Resorts

For FY 2023, net revenue was $8.8 billion, an increase of 5% over the previous year. EBITDAR was $3.19 billion, an increase of 2%.

For the first quarter of 2024, net revenue was $2.25 billion, an increase of 4% over the previous year's first quarter. EBITDAR was $$828 million, a decrease of 1%.

Regional Operations

For FY 2023, net revenue was $3.67 billion, a decrease of 4% from the previous year. EBITDAR was $1.13 billion, a decrease of 12%.

For the first quarter of 2024, net revenue was $909 million, a decrease of 4% from the previous year. EBITDAR was $274 million, a decrease of 12%.

MGM China

For FY 2023, net revenue was 3.15 billion, an increase of 368% over the previous year. EBITDAR was $867 million, an increase over the previous year's loss.

For the first quarter of 2024, net revenue was $1.05 billion, an increase of 71% over the previous year. EBITDAR was $301 million, an increase of 78%.

History and Leadership

MGM Resorts was founded in 1986 and is headquartered i🔯n Las Vegas, Nev.♌

The company dates back to properties established by Kirk Kerkorian, a highly successful businessperson who at one time owned the MGM Studio. Kerkorian founded MGM Grand, Inc. which acquired Mirage Resorts. Mirage Resorts became MGM Mirage and in 2010 was renamed MGM Resorts International.

Bill Hornbuckle is the CEO and president of MGM Resorts International. He has served in the latter position since 2012. He has played a prominent role in the domestic and international expansion of the company.

Hornbuckle began his Las Vegas career working as a room service attendant and busboy at the Jockey Club. He subsequently worked for Caesars Palace, the Golden Nugget, Treasure Island and The Mirage.

Corey Sanders is the company's COO. Jonathan Halkyard is Chief Financial Officer.

Recent Developments

• In May 2024, MGM Resorts announced that it had donated five million local community meals since 2016. This was a major goal related to its social impact and sustainability commitment, one which it achieved ahead of its projected 2025 schedule. The company noted that it had provided over 1.2 million meals to those in need in 2023 alone.

• In April 2024, MGM Resorts introduced its iGaming and online sports betting offering, BetMGM, in the Netherlands. The company's newest customers will enjoy an authentic Las Vegas experience that includes new product features, such as large-scale jackpots, loyalty rewards, exclusive slots, and exciting sports promotions.

The Bottom Line

MGM Resorts Inജternational is a global gaming and entertainment concern with national and international locations. Its properties offer hotels and casinos, meeting and conference spaces, live and theatrical entertainment experiences, and a variety of exciting restaurant, nightlife and retail establishments.

It operates in Las Vegas, other areas 🃏in the U.S., and in the Macau region of China.