MGM Resorts International
CorpDigest
MGM Resorts International
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$16.43B
Market Cap
$9.5B
Net Income
$1.1B
Employees
65,000
Revenue grew from $13.44 billion in FY2022 to $15.77 billion in FY2023 and $16.43 billion in FY2024 — a steady post-pandemic recovery that reflects the durability of Las Vegas leisure and convention demand. Net income of $1.14 billion in FY2024 reflects the operating costs of 29 properties globally, the $1.1 billion in annual VICI lease obligations, and the ongoing investment in BetMGM's digital platform. Market capitalization of $9.5 billion against $16.43 billion in revenue implies the market assigns a modest multiple to MGM's operating cash flows — appropriate for a company with significant fixed lease obligations and capital expenditure requirements across 29 properties. Adjusted EBITDAR of approximately $4.2 billion, which adds back rent expense to EBITDA, is the figure the company uses to demonstrate operating cash generation before lease costs. The BetMGM acquisition of Entain's 50% stake for $1.5 billion in 2024 doubled MGM's investment in digital gaming. BetMGM holds a top-three market share position in US online sports betting and online casino markets, competing against DraftKings and FanDuel for the digital wagering customer who does not necessarily visit a physical MGM property. The financial return on the $1.5 billion payment will be measured in BetMGM's market share trajectory and unit economics over the next several years. The 2023 ransomware attack created an estimated $100 million in lost revenue during the 10-day operational disruption. Cybersecurity insurance partially offset the cost, but the event introduced a material operational risk into investor analysis of any large casino operator that MGM did not face at comparable scale before 2023.
Revenue Trend Analysis
YoY Change
+4.2%
2-Year CAGR
+10.6%
Peak Year
2024
Trend
Consistent Growth
MGM Resorts International has reported revenue across 3 fiscal years, compounding at +10.6% annually over 2 years. The most recent year saw a 4.2% increase versus the prior year. Revenue peaked in 2024 at $16.4B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $16.4B | $1.1B | +4.2% |
| FY2023 | $15.8B | — | +17.3% |
| FY2022 | $13.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
MGM Resorts' revenue trajectory reflects both the pandemic destruction and the remarkably strong recovery of Las Vegas gaming and tourism. Revenue fell to approximately $5.2 billion in fiscal 2020 as properties were closed for months and operated under capacity restrictions throughout the year. The recovery began in 2021 as vaccination rates increased and Nevada lifted restrictions; revenue reached approximately $9.7 billion in 2021. By 2022, Las Vegas Strip properties had essentially normalized: fiscal 2022 revenue was $13.4 billion. Revenue grew further to $15.8 billion in fiscal 2023 and $16.4 billion in fiscal 2024, driven by continued strength in Las Vegas leisure demand, growing convention business, and the MGM Grand Garden Arena and T-Mobile Arena (which MGM co-owns) hosting premier entertainment events. The revenue growth reflects the structural evolution of Las Vegas Strip economics: the mix of entertainment, food and beverage, and non-gaming amenities has expanded relative to gaming, which means total resort spending has increased even as the gaming contribution has become a smaller percentage of total revenue. Average daily room rates at Las Vegas Strip properties reached record levels in 2022–2024 as demand exceeded supply, and food and beverage revenue from celebrity chef restaurants and premium dining experiences grew substantially.
MGM's transition to an asset-light operating model — through the MGM Growth Properties REIT creation in 2016 and the subsequent sale of MGP to VICI Properties in 2022 — fundamentally changed how the company's financial metrics should be evaluated. Under the old model, MGM owned the real estate of its casino hotels, and the asset base was enormous: the properties were worth tens of billions of dollars on the balance sheet. Owning the real estate meant MGM's return on assets was diluted by the large property values, but the company benefited fully from any property appreciation. Under the asset-light model, MGM is primarily an operator. It pays rent to VICI Properties under long-term triple-net leases and retains the operating economics — the casino revenue, hotel margin, entertainment, and food and beverage earnings — without owning the underlying real estate. The financial metrics that matter for asset-light operators are operating margins (how efficiently the company converts revenue to operating profit), free cash flow generation (cash available after lease payments and maintenance capex), and return on invested capital in the operating business. The annual rent obligations to VICI run approximately $1.2–1.4 billion and are a fixed cost that must be serviced before equity investors receive value. MGM's market cap of approximately $9.5 billion against $16.4 billion in revenue reflects the lease obligations and the capital structure that results from the sale-leaseback transactions.
MGM's Las Vegas Strip properties generate the substantial majority of its U.S. gaming revenue — approximately 60–70% of domestic net revenue — creating geographic concentration risk that investors must evaluate alongside the company's growth story. The concentration is both a strength and a vulnerability. As a strength: Las Vegas is the world's most recognized gaming and entertainment destination, with a self-reinforcing brand that markets itself globally. Major sporting events (Super Bowl in Las Vegas in 2024, Formula 1 Las Vegas Grand Prix from 2023), headliner residencies, and marquee boxing events generate demand that regional casinos cannot compete for. The opening of the Las Vegas Raiders stadium and the potential for major league sports franchises has structurally elevated Las Vegas's entertainment appeal beyond what it was even five years ago. As a vulnerability: when a macro event affects U.S. discretionary travel — as occurred in 2001 (9/11), 2008–2009 (financial crisis), and 2020 (pandemic) — Las Vegas Strip properties experience sharp, rapid revenue declines that regional casinos are somewhat more insulated from (because driving distance demand is stickier than air travel demand). MGM's regional properties in Maryland, Massachusetts, New Jersey, and Michigan provide some geographic diversification, but they cannot fully buffer a severe Las Vegas demand shock. The company also has meaningful Macau exposure, which adds China geopolitical risk.
MGM Resorts has maintained an aggressive share repurchase program alongside strategic investments in BetMGM and ongoing property maintenance and improvement capex. The buyback program has been substantial: between 2021 and 2024, MGM repurchased billions of dollars of its own shares, reducing the share count significantly. The rationale for buybacks at MGM's historical price levels reflects management's conviction that the shares trade at a discount to intrinsic value — particularly given the real estate value embedded in the VICI lease structure and the option value of BetMGM's growth trajectory. The $1.5 billion acquisition of Entain's BetMGM stake in 2024 represented a one-time capital deployment that accelerates digital gaming growth at the cost of near-term buyback capacity. Ongoing capital investments include room renovation programs at aging Strip properties (maintaining the physical quality standards that support premium room rates), technology infrastructure for digital check-in and gaming systems, and the cybersecurity investments that the 2023 attack made urgently necessary. The tension in capital allocation is between the proven high-return buyback strategy (when shares are meaningfully below intrinsic value) and the opportunity to reinvest in BetMGM and physical property improvements that could drive future revenue growth. Management has generally balanced both, but the BetMGM full acquisition shifts near-term capital allocation toward digital growth investment.
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CorpDigest. "MGM Resorts International Revenue & Financials." CorpDigest, https://corpdigest.com/company/mgm-resorts/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>MGM Resorts International reported $16B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/mgm-resorts/financials" target="_blank" rel="noopener">CorpDigest — MGM Resorts International financials</a></div>