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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$12.2B
P/E ratio
49×
Forward P/E
18×
Revenue (FY25)
$17.5B
EV / EBITDA
16×
Enterprise value
$38.6B
Rev. growth
+5%
Net income (Q1'26)
$125M
In plain English
MGM Resorts runs the casino-hotels that line the Las Vegas Strip (Bellagio, MGM Grand, Aria, Mandalay Bay, the Cosmopolitan) plus regional US casinos and a controlling stake in MGM China's Macau resorts — and increasingly bets online through BetMGM, its 50/50 venture with Entain, and the LeoVegas digital business. It is asset-light by design: it sold most of the buildings to landlord VICI and now pays rent, while sweating the gaming floors, hotel rooms, restaurants and shows that fund the whole operation.
In simple terms
What MGM Resorts International really sells
MGM Resorts runs the casino-hotels that line the Las Vegas Strip (Bellagio, MGM Grand, Aria, Mandalay Bay, the Cosmopolitan) plus regional US casinos and a controlling stake in MGM China's Macau resorts — and increasingly bets online through BetMGM, its 50/50 venture with Entain, and the LeoVegas digital business. It is asset-light by design: it sold most of the buildings to landlord VICI and now pays rent, while sweating the gaming floors, hotel rooms, restaurants and shows that fund the whole operation.
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