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Company Overview – A Global Hospitality Powerhouse

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best‑in‑class hotels and casinos, state‑of‑the‑art meetings and conference spaces, live entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. The company was founded in 1986 by legendary entrepreneur Kirk Kerkorian, who built the International Hotel in 1962 and later the original MGM Grand Hotel.

Today, the MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The company employs approximately 60,000 people worldwide and operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and Sanya.

Official website: https://www.mgmresorts.com/

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Financial Performance – $17.5 Billion Revenue in 2025

MGM Resorts delivered strong financial results in 2025. The company reported full‑year consolidated net revenues of **$17.5 billion**, an increase from $17.2 billion in 2024. Adjusted EBITDA for 2025 came in at **$2.43 billion**, up from $2.41 billion in the prior year. Adjusted EPS was **$3.31**, compared with $2.59 in 2024.

In the fourth quarter of 2025, consolidated net revenues reached $4.6 billion**, a 6% increase year‑on‑year. Net income attributable to MGM Resorts was **$294 million, up 87% from $157 million in the prior‑year quarter, and Consolidated Adjusted EBITDA grew 20% to **$635 million**. Diluted earnings per share for Q4 2025 was $1.11, compared with $0.52 in the prior‑year quarter.

The company also repurchased 37.5 million shares in 2025, reducing shares outstanding by approximately 48% since the beginning of 2021. For 2026, analysts forecast revenue of approximately $17.7 billion** and earnings per share expected to soar 113% to **$1.69.

MGM Resorts Financial Highlights (2025)

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Business Segments – Las Vegas, Regional, China & Digital

MGM Resorts operates through four primary business segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital.

Las Vegas Strip Resorts – This segment includes iconic properties such as Bellagio, ARIA, MGM Grand, Mandalay Bay, Luxor, Excalibur, New York‑New York, and Park MGM. In Q4 2025, net revenues were $2.2 billion, a decrease of 3% year‑on‑year, reflecting the impact of renovation‑related room disruptions throughout much of 2025.

Regional Operations – These properties span the United States, including MGM National Harbor (Maryland), MGM Springfield (Massachusetts), MGM Grand Detroit (Michigan), Beau Rivage (Mississippi), Borgata (New Jersey), and others. Q4 2025 net revenues were $950 million, up 2% year‑on‑year.

MGM China – This segment operates MGM Macau and MGM Cotai. Q4 2025 net revenues surged 21% to $1.2 billion, with Segment Adjusted EBITDAR of $332 million. The segment achieved record market share of 16.1% in 2025.

MGM Digital – This includes BetMGM (a 50/50 joint venture with Entain) and other online gaming operations. Q4 2025 net revenues were $188 million, up 34% year‑on‑year. The BetMGM venture distributed $135 million to MGM Resorts during Q4 2025.

Q4 2025 Segment Performance

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Iconic Brand Portfolio – Bellagio, MGM Grand, ARIA and Beyond

MGM Resorts owns and operates some of the most recognizable resort brands in the hospitality industry. Its portfolio encompasses 31 unique hotel and gaming destinations globally.

Nevada (Las Vegas Strip) – Key properties include Bellagio (famous for its fountains and AAA Five Diamond rating), ARIA Resort & Casino (award‑winning sustainable design), MGM Grand ( “The Entertainment Authority” ), Mandalay Bay, Luxor, Excalibur, New York‑New York, Park MGM, and the non‑gaming Vdara Hotel & Spa.

Regional U.S. – The company operates MGM National Harbor (Maryland), MGM Springfield (Massachusetts), MGM Grand Detroit (Michigan), Beau Rivage (Mississippi), Borgata (New Jersey), and others.

Macau – MGM Resorts operates two properties in Macau: MGM Macau (inspired by the arts) and MGM Cotai (designed as a “jewelry box” with approximately 1,500 hotel rooms).

Diaoyutai MGM Hospitality – A joint venture between Diaoyutai State Guesthouse of China and MGM Resorts, this platform operates best‑in‑class non‑casino hotels, residences and retail facilities in China.

Official resource: 

MGM Resorts Destinations

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MGM China – Record HK$34.8 Billion Revenue in 2025

A subsidiary of MGM Resorts International (approximately 56% owned), achieved record results in 2025. Net revenue grew 11% year‑on‑year to HK$34.8 billion**, while Adjusted EBITDA rose 10% to a historic high of **HK$10 billion.

Key achievements in 2025:

• Market share reached a new high of 16.1%, up from 15.8% in 2024
• Property visitation rose 14% year‑on‑year
• Daily GGR was up 11%
• The Group maintained a healthy adjusted EBITDA margin of 28.8%
• Total liquidity of approximately HK$24 billion as of 31 December 2025

MGM China also received seven five‑star awards from Forbes Travel Guide in 2025, reflecting the team‘s dedication to exceptional experiences. The residency show “Macau 2049” at MGM COTAI, jointly created by MGM and acclaimed director Zhang Yimou, won the Weibo Cultural Tourism IP Award. The POLY MGM MUSEUM welcomed its one‑millionth visitor in 2025 and won the International Cooperation Award at “Top Ten Museum Exhibitions” in China.

Official source: 

MGM China Holdings Limited

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International Expansion – The US$10 Billion MGM Osaka

MGM Resorts is leading the development of Japan‘s first casino‑centered integrated resort (IR) in Osaka. The project is being developed by MGM Osaka Corp, a joint venture between MGM Resorts International and Orix Corp, alongside other minority local investors.

Project details:

• Total project cost: Approximately JPY1.51 trillion (US$9.66 billion – US$10 billion)
• Location: Yumeshima island in Osaka Bay, spanning roughly 49 hectares
• Opening target: Autumn 2030
• Construction status: As of May 2026, over 40% of foundation piles have been installed. The first concrete floor has been poured, and the first structural steel has been erected. The project remains on time and on budget

Main facility (MGM Osaka):

• 27‑story, 126‑meter‑high building with one basement level
• Two hotels with approximately 1,840 rooms in total
• Casino area exceeding 23,000 square meters, with approximately 470 table games and 6,400 electronic gaming machines
• Theater and international conference/exhibition facilities

The building‘s curved design is reminiscent of the Bellagio in Las Vegas. In May 2026, Nobuki Watanabe, a managing executive officer at Orix Corp, was appointed chairman of MGM Osaka Corp. Bill Hornbuckle remains representative director and president. A second round of IR bids in Japan is scheduled to run from May 2027 to November 2027.

Official source: 

MGM Resorts Japan

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MGM Resorts International has evolved from a single Las Vegas hotel into a $17.5 billion global hospitality and entertainment empire. With iconic brands including Bellagio, MGM Grand and ARIA, a dominant presence in Macau, a rapidly growing digital segment anchored by BetMGM, and the transformative US$10 billion MGM Osaka project on the horizon, the company is positioned for continued long‑term growth.

Official resources:

• MGM Resorts International: https://www.mgmresorts.com/
• MGM China Holdings: https://www.mgmchinaholdings.com/
• BetMGM: https://betmgm.com/

Sources: MGM Resorts International (official site), MGM China Holdings, Nasdaq, Yahoo Finance, Wikipedia, GGRAsia, The Yomiuri Shimbun, Simply Wall St

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