KEY TAKEAWAYS
MGM Resorts International (NYSE: MGM) earns money in four main ways, and each behaves differently. Its Las Vegas Strip resorts sell hotel rooms, food, entertainment and gaming; its regional casinos are mostly gaming businesses; its majority-owned MGM China subsidiary runs two resorts in Macau under a gaming concession; and its digital arm, built on LeoVegas, sells online gaming in Europe and Brazil. A fifth piece, a 50% stake in the BetMGM venture, is held outside the consolidated numbers.
In fiscal 2025 the company reported consolidated net revenues of $17.5 billion, an increase of about 1.7% from $17.2 billion, according to its fourth-quarter release of February 5, 2026 and its annual report on Form 10-K. The portfolio is built to balance itself: weaker Las Vegas revenue in 2025 was offset by growth in Macau and digital. This article explains each segment, shows the arithmetic, and compares 2025 with the second quarter of 2026, as of October 2026. It analyzes the company as a business and is not investment advice.
How MGM Resorts Is Structured
As of December 31, 2025, MGM operated 16 domestic casino properties and, through an approximately 56% controlling interest in MGM China Holdings, two casino resorts in Macau, MGM Macau and MGM Cotai. It also holds a 50% interest in MGM Osaka Corporation, an unconsolidated affiliate developing an integrated resort in Japan, and a 50% interest in the BetMGM North America venture. Online gaming outside that venture runs through its consolidated LeoVegas subsidiary.
The company reports four segments. Las Vegas Strip Resorts covers nine resort groups, including Aria, Bellagio, The Cosmopolitan and MGM Grand Las Vegas. Regional Operations covers properties in states such as Michigan, Mississippi, New Jersey, Maryland, Massachusetts, New York and Ohio. MGM China covers the Macau resorts, and MGM Digital covers LeoVegas and other consolidated interactive businesses. The segments earn revenue differently: the 10-K says over half of Las Vegas Strip net revenue typically comes from non-gaming operations such as hotels, food and beverage and entertainment, while most Regional Operations revenue typically comes from gaming, and MGM China’s revenue is primarily gaming under its concession.
That difference drives the strategy the company describes: marketing to different customers and using large convention and meeting facilities to fill hotel rooms, which the 10-K says also improves labor utilization. In Macau, the 10-K points to main floor gaming and premium mass products as the primary source of expected growth.
Where the Revenue and Profit Come From
Fiscal 2025 net revenues by segment were $8,441.5 million for Las Vegas Strip Resorts, $3,772.3 million for Regional Operations, $4,461.7 million for MGM China, $654.2 million for MGM Digital and $207.9 million for management and other operations, a total of $17,537.7 million. Prior-year figures were $8,816.1 million, $3,720.3 million, $4,022.4 million, $552.0 million and $129.7 million, a total of $17,240.5 million.
On that basis Las Vegas Strip Resorts was about 48.1% of 2025 net revenues ($8,441.5 ÷ $17,537.7), MGM China 25.4%, Regional Operations 21.5%, MGM Digital 3.7% and management and other 1.2%. Year over year, the Strip fell about 4.2%, Regional rose about 1.4%, MGM China rose about 10.9% and MGM Digital rose about 18.5%. Macau and digital supplied all of the growth, which is why the consolidated total still rose.
The company’s primary profit measure by segment is Segment Adjusted EBITDAR, defined in the release as earnings before interest, taxes, depreciation and amortization and several other items, and before triple net lease rent expense, corporate expense and stock compensation. For 2025 the release reports about $2.9 billion for Las Vegas Strip (down 8% from $3.1 billion), $1.2 billion for Regional Operations (up 2%), $1.2 billion for MGM China (up 11%) and a loss of $90 million for MGM Digital (versus a $77 million loss).
Because the release rounds EBITDAR to $0.1 billion, margins are approximate: about 34% for Las Vegas Strip ($2.9 ÷ $8.44), about 32% for Regional ($1.2 ÷ $3.77) and about 27% for MGM China ($1.2 ÷ $4.46). Adding the four reported segment figures gives roughly $5.2 billion, while Consolidated Adjusted EBITDA, which is struck after rent and corporate costs, was $2.4 billion, about 13.7% of net revenues. The difference is largely the items the segment measure excludes, and the release does not itemize it.
Net income attributable to MGM Resorts was $206 million in 2025 against $747 million in 2024, and diluted earnings per share were $0.76 against $2.40. The company’s non-GAAP Adjusted EPS was $3.31 against $2.59. The gap between GAAP and adjusted per-share figures is explained in the release by items such as foreign currency losses, property transactions and a change in the fair value of foreign currency contracts.
What the Structure Means for the Strategy
The structure gives MGM three engines with different risks. The Strip depends on visitor volumes, room pricing and conventions; the company’s CEO described headwinds in Las Vegas in the fourth quarter of 2025 while pointing to a solid base of group and convention business. Regional casinos are stable and cash generative but rarely grow fast. Macau is the growth engine, and the company’s 2025 annual report states that MGM China held full-year market share above 16% and achieved record Segment Adjusted EBITDAR in 2025.
The digital business is the clearest investment phase. MGM Digital grew revenue 18.5% but still lost money at the segment level in 2025. The BetMGM venture, which is 50% owned and accounted for as an equity investment, is a different case: the company reports that the venture distributed $135 million to MGM during the fourth quarter of 2025, returning over 20% of MGM’s cash investment, and the company’s 2025 annual report calls it the start of recurring distributions. The annual report also credits a nearly $470 million improvement in BetMGM’s annual EBITDA to more targeted acquisition and retention and better marketing efficiency.
Capital allocation follows the cash. In 2025 MGM repurchased 37.5 million shares, over $1.2 billion, according to the release, and received $153 million in distributions from MGM China. It also announced the sale of the Northfield Park operations, which closed on April 21, 2026, and continues to fund MGM Osaka. Those are choices about returning capital and building a new market, and the company’s own statements describe them; they are not evidence about what the shares are worth.
Comparison: 2025 and the Second Quarter of 2026
The second quarter of 2026 shows how the segments keep moving in different directions. The table compares the quarter ended June 30, 2026 with the prior-year quarter, as reported by the company on July 29, 2026.
| Segment | Revenue Q2 2026 | Revenue Q2 2025 | Segment Adjusted EBITDAR Q2 2026 / Q2 2025 |
|---|---|---|---|
| Las Vegas Strip Resorts | $2,170 (+3%) | $2,115 | $735 / $710 (margin about 33.9% vs 33.6%) |
| Regional Operations | $924 (−4%; same-store +3%) | $965 | $280 / $309 (same-store flat) |
| MGM China | $1,101 (about flat) | $1,110 | $257 / $301 (margin about 23.3% vs 27.1%) |
| MGM Digital | $196 (+20%) | $164 | −$31 / −$26 |
Consolidated revenue in the quarter was $4.5 billion, up 1%, while Consolidated Adjusted EBITDA was $610 million against $648 million, a decline of about 5.9%. Net income attributable to MGM was $292 million against $49 million, and Adjusted EPS was $0.59 against $0.79. The Las Vegas Strip grew for a second straight quarter, while MGM China’s EBITDAR fell 15%, and the company noted that an intercompany branding license fee at MGM China rose by $21 million, which eliminates on consolidation.
For the BetMGM venture, MGM’s second-quarter 2026 presentation, citing BetMGM’s own unaudited estimates, shows net revenue of $711 million (+3%) and Adjusted EBITDA of $74 million (−15%) for the quarter. BetMGM management attributed the weaker flow-through of revenue growth to tax increases in the second half of 2025 and certain technical issues. Those figures are the venture’s own non-GAAP estimates and are not consolidated into MGM’s revenue.
Risks, Limits and Misreadings
The first limit is definitions. Segment Adjusted EBITDAR excludes rent and corporate costs, so it is not comparable with Consolidated Adjusted EBITDA or with a competitor’s differently defined measure. The company itself notes that other companies may calculate Adjusted EBITDA differently, and that the measure does not reflect capital expenditures, interest, taxes or debt repayment.
The second limit is rounding. Full-year segment profit figures in the release are rounded to $0.1 billion, so the margins above can be off by a point or more. The third is mixing consolidated and unconsolidated results: BetMGM’s revenue and EBITDA are not part of MGM’s net revenues, and MGM’s equity income from the venture, which was $29.3 million in the fourth quarter of 2025 against a $42.3 million loss a year earlier, is reported separately.
The filings also list risks directly: economic conditions, competition with online operators and destination travel, changes in iGaming and online sports betting law, the costs and timing of projects in Japan and Dubai, and the September 2023 cybersecurity issue. Segment performance also swings with hold, because table game results in a quarter can move casino revenue without any change in customer volume.
Key Figures
| Segment | 2025 | 2024 | Change | 2025 share |
|---|---|---|---|---|
| Las Vegas Strip Resorts | 8,441,503 | 8,816,113 | −4.2% | 48.1% |
| Regional Operations | 3,772,333 | 3,720,322 | +1.4% | 21.5% |
| MGM China | 4,461,743 | 4,022,384 | +10.9% | 25.4% |
| MGM Digital | 654,190 | 552,012 | +18.5% | 3.7% |
| Management and other | 207,914 | 129,714 | +60.3% | 1.2% |
| Total | 17,537,683 | 17,240,545 | +1.7% | 100% |
Definitions: Segment Adjusted EBITDAR is the company’s segment profit measure before rent, corporate expense and stock compensation; Consolidated Adjusted EBITDA is a non-GAAP measure after those costs; Adjusted EPS is a non-GAAP per-share measure that excludes the items the company lists in its reconciliation.
Related Analysis
For another operator profile built on company filings, read How Flutter Entertainment’s Business Model Works. To see how a digital-only operator reports a quarter, see DraftKings Q2 2026 Results: Volume Up, Revenue Down. For the metrics behind casino revenue, see GGR vs NGR: Gross Gaming Revenue Explained, and for the supplier side of the casino floor, see How Gaming Suppliers Make Money: Sales vs Recurring Revenue.
Frequently Asked Questions
Sources & References
- MGM Resorts International — Fourth Quarter and Full Year 2025 Results (February 5, 2026)
- MGM Resorts International — Form 10-K for the fiscal year ended December 31, 2025 (SEC EDGAR)
- MGM Resorts International — Second Quarter 2026 Financial and Operating Results (July 29, 2026)
- MGM Resorts International — 2025 Annual Report to shareholders, including Form 10-K (SEC EDGAR)
- MGM Resorts International — Second Quarter 2026 Investor Presentation
