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 .
- 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.
- MGM China - Manages casino operations in Macau, focusing on gaming and hospitality services.
- Regional Operations - Includes casino properties outside of Las Vegas and Macau, providing gaming and hospitality services.
- Online Gaming - Engages in online gaming through BetMGM and LeoVegas, offering digital gaming and betting services.
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| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during MGM Resorts International earnings calls.
Barry Jonas
Truist Securities
4 questions for MGM
Brandt Montour
Barclays PLC
4 questions for MGM
Chad Beynon
Macquarie
4 questions for MGM
David Katz
Jefferies Financial Group Inc.
4 questions for MGM
John DeCree
CBRE
4 questions for MGM
Shaun Kelley
Bank of America Merrill Lynch
4 questions for MGM
Stephen Grambling
Morgan Stanley
4 questions for MGM
Carlo Santarelli
Deutsche Bank
3 questions for MGM
Daniel Politzer
Wells Fargo
3 questions for MGM
Steven Wieczynski
Stifel
2 questions for MGM
Joseph Greff
JPMorgan Chase & Co.
1 question for MGM
Robin Farley
UBS
1 question for MGM
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.