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.
- 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.
- Entain reported a 7% increase in H1 2025 net gaming revenue and an 11% rise in EBITDA, driven by strong BetMGM performance and growth in the UK, Ireland and Brazil.
- BetMGM’s H1 revenue is expected to reach at least $2.7 billion with EBITDA of $150 million, up from prior forecasts of $2.6 billion and $100 million respectively.
- The company upgraded full-year guidance to around 7% online net gaming revenue growth (constant currency) and raised EBITDA margin guidance to 25–26%, with group EBITDA now projected between £1.1 billion and £1.15 billion.
- CEO Stella David emphasized the ongoing transformation, enhanced technology and operational efficiencies, and targets generating over £0.5 billion in annual cash in the medium term.
- All major Las Vegas Strip casinos are now unionized under the Culinary Workers Union for the first time in the Strip’s 90-year history.
- The Venetian reversed its long-time holdout position after an ownership change, and the newly opened Fontainebleau signed its first deal, bringing about 60,000 hospitality workers under contract.
- New union contracts include a 32% wage increase over five years, plus access to health care, legal services, housing support, guaranteed days off, and safer working conditions.
- Las Vegas tourism faced headwinds, with visitation down 11% in June year-over-year and Strip hotel occupancy declining from 88% to 82%.
- Highest ever consolidated net revenues driven by global portfolio diversity—digital growth, record China and regional results offset Las Vegas headwinds.
- BetMGM North America raised 2025 guidance to at least $2.7 billion in net revenue and $150 million in EBITDA; Q2 EBITDA was $86 million with revenue up 36% year-over-year.
- Las Vegas adjusted EBITDAR declined $72 million due to a disruptive MGM Grand remodel (approx. $60 million impact) and midweek weakness; excluding MGM Grand, EBITDAR fell 2%; remodel completion in October should drive Q4 recovery.
- MGM China delivered record Q2 adjusted EBITDAR and 16.6% market share, up sequentially each month, and its board set a 50% payout policy, implying $150–200 million annual dividends to MGM Resorts.
- Repurchased 8 million shares for $217 million in Q2, reducing share count by 45% to date, with board approval for up to $2 billion more buybacks.
- Entain Plc upgraded full-year 2025 net revenue guidance for BetMGM to at least $2.6 billion, up from $2.4–$2.5 billion previously.
- BetMGM now expects annual EBITDA of at least $100 million, versus prior expectations of merely achieving positive EBITDA.
- Strong momentum continued into Q2 2025 with 34% year-over-year net revenue growth following robust Q1 performance.
- In 2024, BetMGM accounted for ~40% of Entain’s revenues ($2.1 billion), driving an 11% constant-currency top-line increase for Entain.
- Further details and updated guidance will be provided on July 29, 2025.
- Consolidated Financial Results: Q1 2025 net revenues reached $4.3 billion, with net income of $149 million, adjusted EBITDA of $637 million, and adjusted EPS of $0.69 .
- Strong Operational Performance: Achieved record hotel occupancy, improved slot win records, and a significant turnaround in the BetMGM venture with EBITDA improvements despite challenging market conditions .
- Aggressive Share Repurchase: Repurchased nearly 15 million shares for $494 million, with the Board authorizing an additional repurchase capacity of up to $2 billion .
- Strategic Growth Initiatives: Advancing investments in digital and international markets, including expanding its Marriott partnership and progress in projects in Japan and New York .
- Loyalty Milestone: The MGM Rewards program surpassed 50 million members, highlighting robust brand engagement .
- On April 15, 2025, MGM China Holdings Limited—a majority-owned MGM Resorts subsidiary—entered into an unsecured revolving credit facility of HK$23.4 billion, scheduled to mature 60 months from the agreement date.
- The facility proceeds will be used to refinance existing senior unsecured credit facilities and support ongoing working capital and corporate purposes.
- Digital initiatives are at the forefront, with BetMGM targeting roughly $2.5 billion and the digital interactive segment slated to grow, notably with an expansion in Brazil.
- The company is achieving operational efficiencies of about $150 million through strategic fee adjustments and technology-driven automation across properties.
- A $300 million renovation at the MGM Grand is underway to modernize rooms and infrastructure, aiming to enhance guest experience while incurring a short-term revenue impact of approximately $65 million.
- International expansion plans include a new project in Japan, with construction set to commence in April, and further exploratory efforts in Thailand to leverage emerging market opportunities.