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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.
| 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?
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 developments and announcements about MGM.
Earnings
New Earnings (Q4 2024)
·Feb 13, 2025, 4:12 AMView full earnings summary →MGM’s Q4 shows a clear digital upswing—projecting over $1B in revenue with double-digit margins—plus 94% LV occupancy and record slot handle. But Q1 2025 must overcome a $65M Super Bowl gap. Can new revenue initiatives sustain these gains?
8-K Filings
8-K Filing
·23 hours agoFinancial ExhibitsView full 8-K filing →MGM Resorts expanded its board to 13 members on March 12, 2025 with the appointment of Donna Langley. Her compensation package includes a $100K annual retainer and RSUs with a target value of $53,750.
Press Releases
Press Release
·Feb 12, 2025, 1:49 AMView full press release →MGM Grand announces a $300M remodel of its main tower's 4,212 rooms and suites, set to complete in December 2025. New rooms will be available for reservation starting March 1, 2025, with 111 additional suites increasing the total to 753.