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MGM Resorts International serves travelers, convention guests and gamblers at resorts such as Bellagio and MGM Grand Las Vegas. Its Las Vegas Strip resorts are its largest revenue source, and most of their revenue comes from rooms, dining, entertainment and other non-gaming services. By contrast, its regional U.S. casinos and its controlled subsidiary MGM China, which operates MGM Macau and MGM Cotai, earn mainly from gaming.
Online gaming is a smaller business. MGM operates internationally through LeoVegas and participates in North American online casino gaming and sports betting through BetMGM, its joint venture with Entain.
The business depends heavily on visitor numbers, which also affect room rates and spending on resort amenities. Many major resorts are concentrated on the Las Vegas Strip, while the Macau properties draw heavily on visitors from mainland China. MGM leases its U.S. properties and must pay rent, maintain them and fund improvements regardless of their performance.
Casino and online gaming operations require local licenses. MGM China’s Macau business depends on MGM Grand Paradise’s gaming concession and its investment obligations. MGM is also restricted from participating in gaming businesses in mainland China, Macau, Hong Kong and Taiwan other than through MGM China.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
MGM also depends on Entain, its equal partner in BetMGM and the provider of the venture’s U.S. gaming technology.
Wynn Resorts vies with MGM for guests spending on luxury casino resorts in Las Vegas and Macau, including gaming, rooms and dining. Watch Wynn’s results in those two markets for a read on competition for the high-end guests who contribute significantly to MGM’s operating income.
Caesars Entertainment competes with MGM for U.S. casino-resort guests and customers betting on sports or playing casino games online. Its Caesars Rewards program connects spending at resorts and online, making its cross-channel customer marketing worth watching for pressure on MGM’s share of those customers’ spending.
Las Vegas Sands’ Macau casino resorts compete with MGM Macau and MGM Cotai for mass-market and premium gaming visitors who also spend on rooms, dining and entertainment. Watch Sands’ Macau mass-market gaming business: MGM China earns most of its casino revenue on the main floor and expects that business to lead future growth.
Melco Resorts competes with MGM China for Chinese visitors’ spending at Macau casino resorts. Macau generated a significant majority of Melco’s revenue in each of 2023–2025, so its Macau results offer a focused view of a rival serving that visitor base.
PENN Entertainment competes with MGM for regional casino guests spending on slots, table games, food and rooms, and for online sports-betting and casino players. Watch how PENN uses its casinos and PENN Play loyalty program to bring customers onto its own online betting platform.
Boyd Gaming competes with MGM’s regional casinos for gaming customers and with its digital businesses for online casino players. Boyd Interactive also licenses online casino platforms to other operators in the U.S. and Canada, so distinguish that business from its consumer-facing casino results when assessing competition with MGM.
MGM pays VICI Properties to use casino real estate under long-term leases while bearing property costs such as taxes, insurance and maintenance—the triple-net structure. Watch changes to those leases and rent increases: MGM’s triple-net rent expense totaled $2.3 billion in 2025.
Flutter Entertainment’s FanDuel and international betting brands compete with MGM’s BetMGM and LeoVegas for sports bettors and online casino players. Watch its sportsbook revenue after winnings and promotional costs, rather than betting activity alone, when comparing the competing businesses.
DraftKings competes with MGM’s BetMGM venture for U.S. online sports-betting and casino customers. Watch its revenue from bets after paying winners, but allow for short-term swings from sporting outcomes before reading those changes as a shift in competition.
Red Rock Resorts, Inc. competes with MGM’s Las Vegas resorts for gaming and entertainment spending, but primarily serves local residents rather than visitors. Its slot revenue is the clearest line to watch for that customer base: slot play generates approximately 80% of its casino revenue.
Bally’s Corporation competes with MGM’s regional casinos and digital gaming businesses for U.S. casino guests and online wagering customers. Its U.S. casino operations and Bally Bet Sportsbook & Casino are the businesses to watch for that overlap, rather than its broader lottery and technology operations.
Studio City’s Macau resort competes with MGM Cotai for mass-market visitors’ gaming and hospitality spending; a Melco subsidiary runs its casino, while Studio City International runs the non-gaming businesses. Watch the casino’s mass-market table-game revenue for competition in the main-floor gaming business that drives most of MGM China’s casino revenue.
Las Vegas Sands Corp. earningsLVS
Las Vegas Sands’ Macau casinos compete with MGM Resorts for gaming customers, and its report offers a read on demand and competition in Macau’s mass-market gaming business.
Read Sands’ Macau mass-market gaming results alongside MGM China’s main-floor business. If both are strong, spending by the visitors they share appears well supported. If Sands is strong while MGM China lags, a rival may be capturing more of those customers’ gaming spend.
Boyd Gaming Corporation earningsBYD
Boyd Gaming’s regional casinos compete with MGM Resorts for slot and table-game customers, and its report shows how demand is holding up in a similar casino business.
Focus on Boyd’s casino results and compare them with the gaming-led revenue mix of MGM’s regional operations. If Boyd’s casino business holds up, spending on regional casino gaming appears supported. If it weakens, MGM may face softer demand as its regional casinos compete for slot and table-game revenue.
Caesars Entertainment, Inc. earningsCZR
Caesars connects resort visits and online play through Caesars Rewards, and its report shows whether a rival is drawing casino customers’ spending across channels that also matter to MGM Resorts.
Read Caesars’ resort and online results together. If both are strong, it is competing for customer spending both at its properties and online, increasing cross-channel pressure on MGM Resorts. If one is strong and the other weak, Caesars’ connection between the two channels may not be benefiting both businesses.
MGM RESORTS INTERNATIONAL earningsThis company
MGM Resorts earns from the Las Vegas Strip, regional casinos, Macau and digital gaming, and this report shows whether growth in Macau and digital can offset pressure on Las Vegas hotel and dining revenue.
Compare segment revenue with Segment Adjusted EBITDAR and margin for the Las Vegas Strip, MGM China and MGM Digital. EBITDAR is a measure of segment operating performance before interest, taxes, depreciation, amortization and rent. If Macau and digital grow while their margins hold, the added revenue is also supporting operating earnings and cushioning weaker Las Vegas rooms and dining. If revenue grows but margins do not hold, Las Vegas non-gaming weakness is still weighing on overall operations.
VICI Properties Inc. earningsVICI
MGM Resorts pays VICI Properties to use casino real estate while bearing many property costs, and VICI’s report can show whether that landlord relationship or its rent terms change.
Look for VICI’s disclosures on MGM-related lease income or lease changes, and connect them to MGM’s rent and property-cost obligations. If the arrangement is unchanged, MGM’s existing rent burden remains; that does not mean costs have fallen. If rent rises or terms change, less cash may be available for MGM’s operations and investment.
Fed Interest Rate Decision
MGM’s floating-rate debt means Fed decisions that shift borrowing rates can change interest paid on MGM China’s revolving facility and other repricing borrowings, leaving more or less cash for its resorts and gaming businesses.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates higher than expected, interest costs on debt that reprices may rise, leaving MGM China and the wider business less cash after debt service for resort operations and investment.
If it comes in below expectations
If the Fed sets rates lower than expected, interest costs on debt that reprices may ease, leaving MGM China and the wider business more cash after debt service for resort operations and investment.
DraftKings Inc. earningsDKNG
DraftKings competes with MGM Resorts’ BetMGM venture for U.S. online sports-betting and casino customers, and its report shows how revenue from bets after paying winners is changing.
Watch DraftKings’ betting revenue after paying winners, and whether changes reflect customer activity or short-term sporting outcomes. If growth reflects stronger customer activity, competition for BetMGM to win and retain online players is increasing. If the movement mainly reflects game outcomes, the figure alone does not show that MGM Resorts is losing customers.
Wynn Resorts Ltd earningsWYNN
Wynn competes with MGM Resorts in Las Vegas and Macau for high-end guests’ gaming, room and dining spend, and its report shows whether that customer group is still spending.
Read Wynn’s Las Vegas and Macau gaming results alongside rooms, dining and other non-gaming activity. If high-end guests support both gaming and resort spending in both markets, the customer group important to MGM Resorts’ results remains active. If both markets weaken, the same guests may bring less gaming and non-gaming revenue.
Retail Sales MoM (Oct)
Retail sales track consumer purchases, so they help indicate whether customers have more or less room to spend at MGM’s casinos, hotels, restaurants and entertainment venues, affecting what those businesses earn from gaming and non-gaming services.
Read retail sales as a signal about customer spending capacity: stronger sales may support gaming, hotel, dining and entertainment purchases at MGM, while weaker sales may make customers pull back from those discretionary expenses.
