MGM Resorts International
Business Model Analysis
How MGM Resorts Makes Money
Annual Revenue: $17.5B
- How does MGM Resorts make money?
- MGM Resorts makes money from Casino Gaming, Hotel Rooms, Food, Beverage, Entertainment, And Retail and MGM China.
MGM Resorts generates revenue primarily through Casinos, with roughly $17.5B in annual revenue.
Core Growth Engine: MGM is pairing capital discipline with selective growth. In 2026 it sold the operations of MGM Northfield Park in Ohio for $546 million in cash and withdrew from the downstate New York (Yonkers) commercial casino license...
Revenue Model & Pricing
MGM Resorts earns money by operating integrated resorts and collecting spending on casino gaming, hotel rooms, food and beverage, entertainment, retail and conventions. It reports four main segments: Las Vegas Strip Resorts (its largest profit pool), Regional Operations (properties such as Borgata, MGM National Harbor and MGM Grand Detroit), MGM China (MGM Macau and MGM Cotai), and MGM Digital (LeoVegas and international online gaming). Its 50/50 BetMGM joint venture with Entain is accounted for separately and began paying cash distributions to MGM in 2025. Because most buildings are leased under long-term triple-net leases, MGM pays fixed rent to landlords such as VICI Properties while keeping the operating cash flow.
Core Revenue Streams
Casino Gaming
MajorSlot, table-game, and other casino revenue across Las Vegas, regional U.S. properties, and Macau.
Hotel Rooms
MajorRoom revenue from MGM's owned, leased, and operated resort portfolio.
Food, Beverage, Entertainment, And Retail
MaterialRestaurants, nightlife, shows, retail, attractions, and other resort spending.
MGM China
MaterialRevenue from MGM's Macau resort operations through MGM China.
Digital Gaming
GrowthSports betting and iGaming revenue through BetMGM in regulated markets.
Growth Strategy
MGM is pairing capital discipline with selective growth. In 2026 it sold the operations of MGM Northfield Park in Ohio for $546 million in cash and withdrew from the downstate New York (Yonkers) commercial casino license process, while continuing to fund Osaka, Dubai, Las Vegas luxury reinvestment and MGM Digital. Management has pointed to BetMGM's goal of $500 million in EBITDA and to MGM Digital reaching profitability.
How MGM Resorts Makes Money: FAQ
How does MGM Resorts generate revenue across its integrated resort operations?
MGM generates revenue from casino gaming, hotel rooms, food and beverage, entertainment and retail, and conventions across Las Vegas, regional U.S. properties and Macau, plus online gaming through MGM Digital. Total 2025 revenue was $17.54 billion.
What percentage of MGM's revenue comes from non-gaming amenities?
On the Las Vegas Strip, non-gaming revenue (hotel rooms, fine dining, conventions, live entertainment, and nightlife) accounts for approximately 70% to 75% of total revenue. Las Vegas evolved from a pure gambling destination into an international luxury lifestyle, convention, and sports entertainment capital.
How does the 'Asset-Light' triple-net lease model work for MGM Resorts?
Under triple-net Master Leases with real estate investment trusts (primarily VICI Properties and Blackstone Real Estate), REITs own the underlying land and physical buildings. MGM Resorts acts as the operating tenant, paying predictable annual cash rent while retaining operational control and all cash flows generated by the casino resorts.
What is MGM's integrated resort project in Osaka, Japan?
MGM Resorts, in a 50:50 consortium with Japan's ORIX Corporation, won the historic concession to develop Japan's first-ever licensed integrated casino resort: MGM Osaka on Yumeshima Island. The $10+ billion mega-resort project includes luxury hotels, 20,000-person convention facilities, Japanese cultural pavilions, and high-end gaming, targeting opening around 2030.
How does MGM monetize live entertainment and sports residencies in Las Vegas?
MGM operates premier entertainment venues including T-Mobile Arena (home of the NHL Vegas Golden Knights), the MGM Grand Garden Arena, and Dolby Live at Park MGM. MGM monetizes multi-year concert residencies (such as Bruno Mars, Lady Gaga, and Aerosmith) and exclusive Cirque du Soleil shows, driving hotel occupancy and premium room rates.
What is MGM's convention and business meeting strategy?
MGM operates over 4 million square feet of convention, meeting, and exhibition space across the Las Vegas Strip (including the Mandalay Bay Convention Center, one of the largest in North America), filling hotel rooms with corporate business travelers during mid-week off-peak periods.
How does BetMGM drive omnichannel customer acquisition for physical casinos?
BetMGM serves as an omnichannel digital acquisition funnel: online sports bettors and iGaming players earn MGM Rewards points digitally, which they redeem for free hotel stays, dining, and show tickets at physical Las Vegas and regional MGM resorts, increasing overall customer lifetime value.
What is LeoVegas and how does it drive MGM's international online expansion?
In 2022, MGM Resorts acquired European digital gaming operator LeoVegas AB for $607 million. LeoVegas provides proprietary online casino and sports betting technology, allowing MGM to expand digital gaming across Europe, the UK, Latin America, and international regulated markets outside North America.
How does MGM Resorts make money beyond casino gambling?
Unlike Asian casino operators where high-stakes gambling represents the vast majority of income, MGM Las Vegas generates over 70% of its revenue from non-gaming amenities. These include luxury hotel rooms and suites, world-renowned celebrity chef restaurants, convention space rentals, and high-margin live entertainment residencies and sporting events at T-Mobile Arena.
What is MGM's "asset-light" real estate strategy?
MGM Resorts completed a historic corporate transformation by selling almost all of its physical resort real estate to real estate investment trusts (primarily VICI Properties and Blackstone) for tens of billions of dollars. MGM then leases the properties back under long-term triple-net master leases. This freed immense liquid capital for stock buybacks, debt retirement, digital expansion, and international resort development in Japan.
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