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MGM Resorts International (MGM)

MGM Resorts International is a global gaming and entertainment company that operates through various segments, including domestic and international casino properties, online gaming, and other hospitality services. The company's primary business involves operating casino properties that offer gaming, hotel accommodations, convention spaces, dining, entertainment, retail, and other resort amenities . MGM also has a significant presence in online gaming through its consolidated subsidiary LV Lion Holding Limited (LeoVegas) and its 50% owned venture, BetMGM, LLC .

  1. Las Vegas Strip Resorts - Operates casino properties on the Las Vegas Strip, offering gaming, hotel accommodations, food and beverage services, entertainment, retail, and other resort amenities.
  2. MGM China - Manages casino operations in Macau, focusing on gaming and hospitality services.
  3. Regional Operations - Includes casino properties outside of Las Vegas and Macau, providing gaming and hospitality services.
  4. Online Gaming - Engages in online gaming through BetMGM and LeoVegas, offering digital gaming and betting services.

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NamePositionExternal RolesShort Bio

Corey I. Sanders

Executive

Chief Operating Officer

None

COO since December 2020, previously CFO and COO for MGM's core brand and regional properties.

Gary M. Fritz

Executive

President, MGM Resorts International Interactive

None

President of Interactive since October 2022, oversees BetMGM and digital initiatives, previously Managing Director of Digital M&A.

John M. McManus

Executive

Chief Legal and Administrative Officer

None

Chief Legal Officer since September 2022, previously EVP, General Counsel, and Secretary.

Jonathan S. Halkyard

Executive

Chief Financial Officer and Treasurer

None

CFO since January 2021, previously CEO of Extended Stay America and CFO of NV Energy.

William J. Hornbuckle

Executive

Chief Executive Officer and President

None

CEO since July 2020, led MGM through the COVID-19 pandemic, previously COO and President of Mandalay Bay Resort & Casino.

View Report →

Alexis M. Herman

Board

Director

Chair and CEO of New Ventures LLC; Director at Cummins Inc., Entergy Corp., and The Coca-Cola Company; Trustee of National Urban League.

Director since 2002, former U.S. Secretary of Labor, extensive experience in corporate governance and public service.

Barry Diller

Board

Director

Chairman and Senior Executive of IAC and Expedia Group; Director at The Coca-Cola Company; Member of The Business Council.

Director since 2020, extensive leadership in media and internet industries, former CEO of Fox and Paramount Pictures.

Benjamin S. Winston

Board

Director

Founding Partner of Fulwell 73; Producer of major entertainment projects like The Late Late Show and Friends: The Reunion.

Director since 2023, Emmy-winning producer and director, extensive experience in entertainment and media.

Daniel J. Taylor

Board

Director

Chairman of Light Efficient Design; Director of MGM China.

Director since 2007, former CFO of MGM Studios, extensive experience in finance and governance.

Janet G. Swartz

Board

Director

EVP of Strategic Operations at Carnival Corporation; President of Princess Cruises Community Foundation.

Director since 2018, extensive leadership in cruise and leisure industries, led Carnival's digital transformation initiatives.

Joseph M. Levin

Board

Director

CEO of IAC; Chairman of Angi Inc.; Former Chairman of Vimeo and Match Group.

Director since 2020, extensive experience in media, internet, and strategic transactions.

Keith A. Meister

Board

Director

Founder and CIO of Corvex Management; Director of BetMGM; Trustee of American Museum of Natural History.

Director since 2019, extensive experience in finance, capital markets, and strategic development.

Mary Chris Jammet

Board

Director

Founder of Bristol Partners LLC; Director at Adams Funds; Member of Loyola University Maryland's Finance Advisory Board.

Director since 2014, extensive experience in finance and governance, consultant to early-stage companies.

Paul J. Salem

Board

Chairman of the Board

Co-Founder and CEO of Salem Capital Management; Chair of Woods Hole Oceanographic Institute; Trustee at Brown University.

Chairman since 2020, Director since 2018, extensive private equity experience, former Senior Managing Director at Providence Equity Partners.

Rose McKinney-James

Board

Director

Managing Principal of Energy Works Consulting; Director at Ioneer Ltd. and Pacific Premier Bancorp.

Director since 2005, Chair of MGM's Corporate Social Responsibility and Sustainability Committee, extensive experience in energy and governance.

  1. Given the increases in unit labor costs due to collective bargaining agreements, how confident are you in maintaining Las Vegas margins in the mid-30s, especially as non-gaming revenue grows and potentially offsets stability in the gaming business?

  2. With the reported decline in midweek slot revenue and a shift in convention mix impacting the core gaming customer, what strategies are you implementing to drive growth in the gaming segment and attract higher-margin customers?

  3. Considering the significant investments in BetMGM and other digital ventures, is there a point at which you would reconsider investing in the digital segment if it doesn't deliver the expected results and instead allocate more resources to your core business?

  4. Given your aggressive share repurchase program and the remaining excess cash, do you anticipate needing to increase leverage to finance future buybacks, and how would that impact your balance sheet and ability to invest in growth opportunities like the New York expansion?

  5. Noting some softness in the lower end of your regional markets and slight declines in unrated play, are there macroeconomic concerns you foresee that could further affect these segments, and how are you mitigating potential risks related to consumer spending patterns?

Program DetailsProgram 1Program 2
Approval DateMarch 2022 November 2023
End Date/DurationCompleted Ongoing
Total additional amount$2.0 billion $2.0 billion
Remaining authorization amount$0 $946 million
DetailsCompleted Active, part of strategy to enhance free cash flow per share
YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
2025$1,175 5.75% Senior Notes, 5.25% MGM China Senior Notes 5.75%, 5.25% 16.8% = (1,175 / 7,000) * 100
2026$1,150 5.875% MGM China Senior Notes, 4.625% Senior Notes 5.875%, 4.625% 16.4% = (1,150 / 7,000) * 100
2027$1,425 5.5% Senior Notes, 4.75% MGM China Senior Notes 5.5%, 4.75% 20.4% = (1,425 / 7,000) * 100
2028$750 4.75% Senior Notes 4.75% 10.7% = (750 / 7,000) * 100
2029$850 6.125% Senior Notes 6.125% 12.1% = (850 / 7,000) * 100
2031$500 7.125% MGM China Senior Notes 7.125% 7.1% = (500 / 7,000) * 100
2032$750 6.5% Senior Notes 6.5% 10.7% = (750 / 7,000) * 100
2036$552 7% Debentures 7% 7.9% = (552 / 7,000) * 100
NameStart DateEnd DateReason for Change
Deloitte & Touche LLP2002 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Tipico's U.S. platform

2024

Planned acquisition by MGM Resorts International’s subsidiary, LeoVegas Group of Tipico’s U.S. sportsbook and online casino product and technology platform, expected to complete in Q3 2024 subject to customary closing conditions. The deal enhances MGM’s digital gaming ecosystem by integrating Tipico’s high-quality product, pricing, and U.S.-facing management teams.

Angstrom

2024

Planned acquisition for BetMGM aimed at integrating Angstrom’s technology to deliver beneficial pricing and differentiated tech solutions for single-game parlay pricing, with a focus on improved profitability by 2025 as part of its sports product enhancement strategy.

Push Gaming Holding Limited

2023

Completed acquisition by LeoVegas (a subsidiary of MGM Resorts) for a total of $145 million, acquiring an 86% stake with allocations for goodwill and amortizable intangible assets, supporting MGM’s strategy to expand its international digital gaming content and capabilities.

The Cosmopolitan of Las Vegas

2022

Completed acquisition by MGM Resorts for approximately $1.7 billion, combining a cash purchase for the operating business with a long-term (30-year) lease for the property, aimed at expanding MGM’s market share and enhancing guest experiences on the Las Vegas Strip.

LeoVegas

2022

Completed acquisition by MGM Resorts, announced in May and finalized by September 2022, involving a public offer plus open market purchases totaling about $556 million for a 67% stake; the strategic move was intended to scale MGM’s global online gaming footprint.

Recent press releases and 8-K filings for MGM.

MGM Resorts to sell Northfield Park operations to Clairvest
·$MGM
M&A
New Projects/Investments
  • Clairvest Group Inc. and Clairvest Equity Partners VII will acquire the operations of MGM Northfield Park from MGM Resorts International for US$546 million in cash, subject to customary purchase price adjustments.
  • The transaction entails approximately US$165 million of equity investment, with Clairvest’s direct exposure representing 4–5% of book value.
  • Northfield Park is a regional racino in Northfield, Ohio, featuring 74,000 sq ft of gaming space, about 1,600 video lottery terminals, a half-mile harness racetrack, 10 food and beverage outlets, and an 1,820-seat entertainment venue.
  • Closing is subject to Ohio gaming and racing regulatory approvals and antitrust clearance, with completion expected in the first half of 2026.
5 days ago
MGM Resorts International to sell operations of MGM Northfield Park for $546 million
·$MGM
M&A
  • MGM Resorts agreed to sell the operations of MGM Northfield Park to Clairvest-managed private equity funds for $546 million in cash.
  • The transaction values the property at an approximate 6.6x multiple on trailing twelve-month Adjusted EBITDA ended June 30, 2025.
  • Estimated net cash proceeds after taxes and transaction costs are $420 million, and annual rent under the VICI master lease will be reduced by $54 million at closing.
  • Originally acquired in 2019 for $275 million, the deal is expected to close in H1 2026, subject to customary regulatory approvals.
5 days ago
MGM Resorts International amends master lease amid Northfield Park lease transfer
·$MGM
M&A
New Projects/Investments
  • VICI Properties will lease the real property of MGM Northfield Park in Ohio to a Clairvest affiliate under a new 25-year lease (with three 10-year renewal options), featuring an initial annual base rent of $53.0 million (rising to $54.0 million if closing occurs after May 1, 2026) and 2.0 % annual escalations.
  • VICI will amend its Master Lease with MGM Resorts, reducing MGM’s annual base rent by $53.0 million (or $54.0 million if post-May 1, 2026) to reflect MGM’s divestiture of Northfield Park operations.
  • The Northfield Park lease includes escalation equal to the greater of 2.0 % per annum or CPI (capped at 3.0 %) starting in 2032, and a minimum capital expenditure requirement of 1.0 % of annual net revenue.
  • Both the new lease and the master lease amendment are expected to close in H1 2026, subject to customary closing conditions and regulatory approvals.
5 days ago
MGM Resorts withdraws bid for Yonkers casino license
·$MGM
New Projects/Investments
  • MGM Resorts withdrew its bid for a full-scale Yonkers casino license after state guidance cut license terms to 15 years (from 30) and a crowded field of four nearby proposals undermined returns on its $2.3 billion investment.
  • The exit leaves three contenders for up to three downstate New York licenses, including proposals near Citi Field, the former Trump golf course in the Bronx, and a Resorts World expansion in Queens.
  • MGM will continue operating Empire City Casino, which has contributed over $5 billion to New York education funding—$1.6 billion since 2019—under its ownership.
  • The decision reshapes the competitive landscape of one of the last untapped U.S. casino markets; Empire City was last year the sixth highest-grossing commercial casino property outside Nevada and Mississippi.
6 days ago
MGM Resorts withdraws Yonkers casino license application
·$MGM
New Projects/Investments
  • MGM Yonkers Inc. withdrew its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board after shifting competitive and economic assumptions.
  • The decision halts a $2.3 billion investment as changes in the local market and a reduction in the expected license term from 30 to 15 years undermined projected returns.
  • Since acquiring Empire City Casino in 2019, MGM has generated over $5 billion for New York State education—including $1.6 billion during its ownership—through the property’s operations.
  • MGM plans to continue operating Empire City Casino in its current format, emphasizing its commitment to customers and the Yonkers community.
6 days ago
BetMGM provides Q3 2025 operational update and raises full-year guidance
·$MGM
Guidance Update
Dividends
New Projects/Investments
  • Reported Q3 net revenue of $667 million (up 23% Y/Y) and EBITDA of $41 million; year-to-date revenue rose 31% with EBITDA at $150 million.
  • Raised 2025 guidance to at least $2.75 billion in net revenue and approximately $200 million in EBITDA for the full year.
  • Will return at least $200 million of excess cash to Entain and MGM Resorts by year-end, targeting a minimum unrestricted cash balance of $100 million and moving to quarterly distributions of surplus cash.
  • Continued strong segment growth with online sports revenue of $202 million (+36% Y/Y) and iGaming net revenue up 21%, delivering $128 million of contribution in Q3.
  • Preparing to launch online sports in Missouri in December 2025, marking its first new jurisdiction since March 2024.
7 days ago
BetMGM reports Q3 2025 results and raises FY25 guidance
·$MGM
Earnings
Guidance Update
  • Q3 2025 Net Revenue of $667 million, up 23% YoY; iGaming revenue $454 million (+21% YoY) and Online Sports revenue $202 million (+36% YoY)
  • Q3 2025 EBITDA of $41 million, a $57 million YoY increase; year-to-date EBITDA of $150 million
  • Raised FY 2025 guidance to Net Revenue ≥ $2.75 billion and EBITDA ≈ $200 million, and expects to return ≥ $200 million to parent companies by year-end
  • Average monthly active users up 6% YoY and secured a 15% GGR market share across active U.S. iGaming and sports betting markets
7 days ago
MGM advances Empire City Casino expansion bid
·$MGM
New Projects/Investments
  • Yonkers Community Advisory Committee unanimously approved MGM's $2.3 billion Empire City Casino expansion bid (5-0), marking the first casino proposal in the greater NYC area to advance toward state approval.
  • The project includes new restaurants, a theater, and a parking garage, promising job creation and increased tax revenue, with MGM pledging dedicated funding to address flooding and public safety concerns.
  • Empire City Casino expansion competes for one of three downstate gaming licenses, with the New York Gaming Facility Location Board expected to decide by December 1, 2025.
Sep 25, 2025, 5:07 PM
MGM Resorts International enters employment agreements for CFO and CCO
·$MGM
Management Change
Executive Compensation
Hiring
  • On September 16, 2025, MGM entered into an employment agreement with Jonathan Halkyard as Chief Financial Officer and Treasurer, effective October 1, 2025 through September 30, 2029 with a $1.25 million base salary and 150% target annual bonus; excess bonus paid in deferred RSUs; eligible for annual equity grants targeted at $3.125 million (2025–2028).
  • Simultaneously, a subsidiary of MGM appointed Gary Fritz as Chief Commercial Officer and President, MGM Digital, for a term ending September 30, 2028 with a $1.5 million base salary and 175% target annual bonus; excess bonus paid in deferred RSUs; eligible for annual equity grants targeted at $4.5 million and a 25,000 RSU signing bonus.
  • Both agreements include severance protections (one year’s salary and earned bonus upon death/disability; continuation of base salary, target bonus and COBRA for no-cause or good-cause terminations), non-compete covenants and are subject to MGM’s incentive clawback policies.
Sep 19, 2025, 9:00 PM
MGM Resorts announces COO and Chief Commercial Officer appointments
·$MGM
Management Change
Hiring
  • Ayesha Molino will become Chief Operating Officer effective January 1, 2026, succeeding Corey Sanders, who will retire on December 31, 2025.
  • Gary Fritz is named Chief Commercial Officer and President of MGM Digital, assuming his new role immediately.
  • Molino, currently President & COO of ARIA and Vdara, has driven record EBITDAR, annual revenue, ADR and Gold+ NPS scores at ARIA.
  • Fritz, currently President of MGM Interactive, will consolidate Digital, Gaming, Marketing and Advertising to accelerate MGM’s omni-channel strategy, leveraging BetMGM’s international expansion.
Sep 18, 2025, 8:05 PM