MGM Resorts International MGM
MGM Resorts International is referred to as the "Company," "MGM Resorts," or the "Registrant," and together with its subsidiaries may also be referred to as "we," "us" or "our."
MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, as well as sports betting and online gaming operations.
We believe we operate several of the finest casino properties in the world and we continually reinvest in our properties to maintain our competitive advantage. We make significant investments in our properties through newly remodeled hotel rooms, restaurants, entertainment and nightlife offerings, as well as other new features and amenities. We believe we operate the highest quality resorts in each of the markets in which we operate. Ensuring our properties are the premier resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests. We also believe that through our online gaming operations, we can create a scaled global online gaming business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.54B | $17.24B | $16.16B | $13.13B | $9.68B | $5.16B | $12.90B | $11.76B | $10.80B | $9.48B |
| SG&A | $4.88B | $4.83B | $4.70B | $4.23B | $2.51B | $2.12B | $2.10B | $1.76B | $1.56B | $1.38B |
| Total operating expenses | $16.61B | $15.66B | $14.21B | $11.53B | $7.49B | $5.85B | $9.08B | $10.44B | $9.23B | $7.93B |
| Operating income | $1.00B | $1.49B | $1.89B | $1.44B | $2.28B | -$642.4M | $3.94B | $1.47B | $1.71B | $2.08B |
| Interest expense | $419.0M | $443.2M | $460.3M | $595.0M | $799.6M | $676.4M | $847.9M | $769.5M | $668.7M | $694.8M |
| Pre-tax income | $280.8M | $1.12B | $1.47B | $903.8M | $1.46B | -$1.51B | $2.85B | $634.0M | $960.8M | $1.26B |
| Income tax | $240.1M | $52.5M | $157.8M | $697.1M | $253.4M | $191.6M | $632.3M | $50.1M | $1.13B | $21.7M |
| Net income | $205.9M | $746.6M | $1.14B | $1.47B | $1.25B | -$1.03B | $2.05B | $466.8M | $1.95B | $1.10B |
| EPS, basic | 0.77 | 2.42 | 3.22 | 3.52 | 2.44 | -2.02 | 3.90 | 0.82 | 3.38 | 1.94 |
| EPS, diluted | 0.76 | 2.40 | 3.19 | 3.49 | 2.41 | -2.02 | 3.88 | 0.81 | 3.34 | 1.92 |
| Shares, diluted (wtd. avg.) | $277.3M | $310.2M | $358.6M | $413.0M | $487.4M | $494.2M | $527.6M | $549.5M | $578.8M | $573.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.06B | $2.42B | $3.01B | $6.04B | $5.20B | $5.10B | $2.33B | $1.53B | $1.50B | $1.45B |
| Receivables | $1.12B | $1.07B | $929.1M | $852.1M | $583.9M | $316.5M | $612.7M | $657.2M | $542.3M | $542.9M |
| Inventory | $124.5M | $140.6M | $141.7M | $126.1M | $96.4M | $88.3M | $102.9M | $110.8M | $102.3M | $97.7M |
| Total current assets | $4.33B | $4.36B | $4.91B | $8.15B | $6.42B | $5.95B | $4.01B | $2.53B | $2.38B | $2.23B |
| Property, plant and equipment | — | — | $5.45B | $5.22B | $14.44B | $14.63B | $18.29B | $20.73B | $19.64B | $18.43B |
| Goodwill | $4.90B | $5.15B | $5.17B | $5.03B | $3.48B | $2.09B | $2.08B | $1.82B | $1.81B | $1.82B |
| Other intangibles | $1.36B | $1.72B | $1.72B | $1.55B | $3.62B | $3.64B | $3.83B | $3.94B | $3.88B | $4.09B |
| Total assets | $41.37B | $42.23B | $42.37B | $45.69B | $40.90B | $36.49B | $33.88B | $30.21B | $29.16B | $28.17B |
| Accounts payable | $421.5M | $412.7M | $461.7M | $369.8M | $286.2M | $142.5M | $235.4M | $302.6M | $255.0M | $250.5M |
| Short-term debt | — | — | $0 | $1.29B | $1.00B | $0 | $0 | $43.4M | $158.0M | $8.4M |
| Total current liabilities | $3.51B | $3.35B | $3.13B | $4.52B | $3.44B | $1.86B | $3.19B | $2.95B | $3.14B | $2.29B |
| Long-term debt | $6.23B | $6.36B | $6.34B | $7.43B | $11.77B | $12.38B | $11.17B | $15.09B | $12.75B | $12.98B |
| Total liabilities | $38.10B | $38.51B | $38.00B | — | — | — | $21.11B | $19.64B | $17.47B | $18.15B |
| Retained earnings | $2.11B | $3.08B | $3.66B | $4.79B | $4.34B | $3.09B | $4.20B | $2.42B | $2.22B | $545.8M |
| Total equity | $2.43B | $3.02B | $4.33B | $5.21B | $10.98B | $11.18B | $12.66B | $10.47B | $11.61B | $9.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.53B | $2.36B | $2.69B | $1.76B | $1.37B | -$1.49B | $1.81B | $1.72B | $2.21B | $1.53B |
| Stock-based compensation | $90.5M | $80.2M | $73.6M | $71.3M | $65.2M | $107.0M | $88.8M | $70.2M | $62.5M | $55.5M |
| Capital expenditure | $1.07B | $1.15B | $931.8M | $765.1M | $490.7M | $270.6M | $739.0M | $1.49B | $1.86B | $2.26B |
| Investing cash flow | -$1.14B | -$1.28B | -$714.2M | $2.12B | $1.54B | $2.16B | $3.52B | -$2.08B | -$1.58B | -$2.28B |
| Financing cash flow | -$1.73B | -$1.56B | -$5.00B | -$3.02B | -$2.81B | $2.10B | -$4.53B | $389.2M | -$568.8M | $519.4M |
| Dividends paid | — | $0 | $0 | $4.0M | $4.8M | $77.6M | $271.3M | $260.6M | $252.0M | $0 |
| Buybacks | $1.23B | $1.36B | $2.29B | $2.78B | $1.75B | $353.7M | $1.03B | $1.28B | $327.5M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000789570-26-000018.
Others in SIC 7011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| LVS | LAS VEGAS SANDS CORP | $28.74B | 18.9x | 15.2% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| WYNN | WYNN RESORTS LTD | $9.43B | 29.2x | 0.1% |
| CZR | Caesars Entertainment, Inc. | $6.05B | — | 2.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |
| WH | WYNDHAM HOTELS & RESORTS, INC. | $5.33B | 28.7x | 1.8% |