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Casino resort operator with major Las Vegas Strip properties, regional US casinos, Macau operations and the BetMGM online betting joint venture.
Casino resort operator with major Las Vegas Strip properties, regional US casinos, Macau operations and the BetMGM online betting joint venture.
Sells casino play, hotel rooms, food and entertainment, with Las Vegas contributing the most and its Macau business run through a separately listed subsidiary. It sold most of its property ownership to real-estate investment trusts, mainly VICI, and now pays rent on those resorts. A consortium it leads holds the licence for a casino resort in Osaka, Japan.
Moat: narrow (scale, brand, regulatory licence). The largest Las Vegas Strip footprint and iconic resort brands give scale and marketing/loyalty advantages.
Headquarters: Las Vegas, Nevada, US · Founded: 1986 · Employees: 78,000
Size MGM Resorts (MGM) is a United States Consumer Discretionary company (Casinos/Gaming) with a market value of $8.18B, the 871st largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.34 on 6 Nov 2026.
Performance Over six months the shares fell 16.6%, against -11.4% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 19 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +6.2%); the operating margin is 5.8% (peer median 19.7%).
Valuation It trades at 24.0× forward earnings against a peer median of 12.3× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points below its cost of capital (6.7% WACC).
Credit MGM Resorts has 5 bonds outstanding ($3.77B), rated BB- by the agencies and trading like BB at a weighted spread of 160 bp.
Short interest Short interest is 9.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.7B | $17.5B | $17.2B | $16.2B | $13.1B |
| Revenue growth | — | +2% | +7% | +23% | — |
| Gross profit | $6.63B | $6.77B | $7.02B | $6.80B | $2.99B |
| EBITDA | $2.13B | $2.35B | $2.49B | $2.40B | $2.20B |
| Net income | $691M | $211M | $744M | $1.14B | $1.44B |
| Free cash flow | $1.61B | $1.67B | $1.21B | $1.77B | $1.00B |
| Capital expenditure | $914M | $1.07B | $1.15B | $932M | $765M |
| Total debt | $29.7B | $31.6B | $31.9B | $31.6B | $34.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MGM Resorts MGM | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% |
| Caesars Entertainment CZR | $5.96B | +4% | +3% | 17% | n/a | 5.8% |
| Wynn Resorts WYNN | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% |
| Las Vegas Sands LVS | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% |
| Flutter Entertainment FLUT | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MGM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +5.8% | 9th highest of 19 |
| 6-month return | -16.6% | -11.4% | 7th lowest of 19 |
| Distance from 52-week high | -37.3% | -32.6% | 9th lowest of 19 |
| Revenue growth (TTM) | +2.6% | +6.2% | 7th lowest of 19 |
| Operating margin | 5.8% | 19.7% | 2nd lowest of 19 |
| Forward P/E | 24.0× | 12.3× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 2.1% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +27.7% | +26.8% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | -11.7 pp | -22.2 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -4.2 pp | +7.6 pp | 2nd lowest of 19 |
| EV / EBITDA | 17.1× | 8.5× | most expensive of 18 |
| Net debt / EBITDA | 12.8× | 2.7× | most indebted of 19 |
| Bond spread | 160 bp | 218 bp | 4th tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Las Vegas Sands LVS | United States | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% | +34.7% |
| Aristocrat Leisure ALL.AX | Australia | $26.9B | +27% | -1% | 32% | 24.8× | 9.5% | +8.8% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
MGM Resorts has 5 bonds outstanding with $3.77B face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 6.11%, a spread of 160 bp over government bonds.