• Disney for adults, specializing in luxury resorts and casinos.
• Marriott or Hilton, but focused on operating large, integrated casino resorts.

• Casino Gaming: Provides a wide range of gambling opportunities, including slot machines, table games, and sports betting, across its integrated resorts.
• Hotel Accommodation: Offers luxury hotel rooms and suites for guests seeking lodging within its resort properties.
• Food & Beverage: Operates numerous restaurants, bars, and lounges providing diverse culinary experiences.
• Live Entertainment & Nightlife: Hosts concerts, theatrical shows, sporting events, and offers vibrant nightclub and dayclub experiences.
• Meetings, Conventions & & Exhibitions: Provides extensive facilities and services for corporate meetings, conferences, and trade shows.
• Retail & Wellness: Manages retail shops offering various goods and operates spas, salons, and fitness centers within its resorts.

MGM Resorts International (symbol: MGM) primarily sells its services and experiences directly to individuals. The company serves a diverse range of customers across its global portfolio of resorts, hotels, casinos, and entertainment venues.

Here are three major categories of individual customers that MGM serves:

• Leisure Tourists and Vacationers: This broad category includes individuals and families traveling for pleasure, seeking entertainment, dining, shows, shopping, and relaxation. They visit MGM properties for getaways, holidays, or special events, often driven by the resort's amenities and destination appeal.
• Gamblers and Casino Patrons: A core customer segment for MGM, these individuals are primarily motivated by gaming. This category encompasses both casual players who enjoy casino games as part of their leisure activities and high-net-worth individuals (often referred to as "high rollers" or VIPs) who generate significant revenue through high-stakes gaming.
• Business Travelers and Convention Attendees: These are individuals who stay at MGM properties while attending conferences, trade shows, corporate meetings, or other professional events. While their accommodations and event attendance may be company-sponsored, they are the direct consumers of hotel rooms, meeting facilities, dining, and other services offered by MGM resorts.

• Amadeus (AMADY)
• Shift4 (FOUR)

William J. Hornbuckle, Chief Executive Officer and President

A veteran of the gaming industry with four decades of experience, William J. Hornbuckle has been President and Chief Executive Officer of MGM Resorts International since July 2020, having served as Acting CEO and President since March 2020. His career at MGM Resorts International began in 1998, and he has held numerous leadership positions including President, Chief Operating Officer, Chief Marketing Officer, and President and Chief Operating Officer of several key properties like Mandalay Bay and MGM Grand Las Vegas. Before joining MGM, he was President and Chief Operating Officer for Caesars Palace, Las Vegas, and spent a significant part of his early career with Mirage Resorts, where he was involved in the opening of The Mirage in 1989. Mr. Hornbuckle is a founder of Bank of George, a local banking institution. He holds a Bachelor of Science Degree in Hotel Administration from the University of Nevada, Las Vegas.

Jonathan Halkyard, Chief Financial Officer

Jonathan Halkyard was appointed Chief Financial Officer of MGM Resorts International in January 2021. Prior to this, he served as President and CEO of Extended Stay America, Inc. and ESH Hospitality, its paired-share REIT, and was Chief Operating Officer and Chief Financial Officer at the company. Mr. Halkyard also spent 13 years in leadership roles at Caesars Entertainment (formerly Harrah's Entertainment), including serving as Chief Financial Officer from 2006. During his time at Caesars, he led major acquisitions and was part of the leadership team that oversaw the $30 billion sale of Caesars Entertainment to private equity firms TPG and Apollo. He also served as EVP and CFO of NV Energy from 2012 to 2013. Mr. Halkyard holds an MBA from Harvard Business School and a Bachelor's degree in Economics from Colgate University.

Corey Sanders, Chief Operating Officer

Corey Sanders is the Chief Operating Officer for MGM Resorts International, overseeing the company's Las Vegas and regional properties, along with corporate departments such as Hospitality, Gaming, Design and Construction, and Strategic Initiatives. Before his appointment as Chief Operating Officer, Mr. Sanders held the position of Chief Financial Officer and Treasurer for the company. His tenure with MGM Resorts includes roles such as Chief Operating Officer for Core Brands and Executive Vice President of Operations for MGM MIRAGE. Mr. Sanders earned a Bachelor of Arts degree in Economics from UCLA.

John M. McManus, Chief Legal and Administrative Officer and Secretary

John M. McManus serves as Chief Legal and Administrative Officer and Secretary for MGM Resorts International. In this capacity, he is responsible for the company's legal affairs, government affairs, corporate communications, corporate security, risk management, and compliance departments. Mr. McManus joined MGM in 2001 and has provided legal counsel in various roles within the parent company and its operating subsidiaries. Prior to MGM, he was Executive Vice President, General Counsel, and Secretary for the Sahara Hotel & Casino, and worked as an associate attorney at a Las Vegas law firm.

Jyoti Chopra, Senior Vice President and Chief People, Inclusion and Sustainability Officer

Jyoti Chopra is the Senior Vice President and Chief People, Inclusion and Sustainability Officer for MGM Resorts International. In this role, she leads human resources, social impact, and sustainability initiatives, including environmental, social, and governance (ESG) reporting, and oversees the MGM Resorts Foundation. Before joining MGM Resorts in 2019, Ms. Chopra was Senior Vice President at Pearson Plc. Her prior experience also includes serving as Chief Diversity Officer and Managing Director of Global Citizenship and Sustainability for Bank of New York Mellon, and as global leader of communications and public relations at Deloitte Touche Tohmatsu Limited. She began her career at the United Nations, where she developed a global media and advocacy campaign for women and children at UNICEF. Ms. Chopra holds a Bachelor of Arts Honors degree in Journalism from New York University and an MBA from the Saïd Business School, University of Oxford.

• Proliferation and Adoption of Online Gambling and Sports Betting: While MGM operates BetMGM, the increasing legalization and widespread adoption of online casinos and sportsbooks by consumers (including those offered by competitors like DraftKings and FanDuel, as well as pure-play online entities) poses a significant threat. This trend can cannibalize demand for physical casino visits by offering the convenience of gambling from anywhere, anytime, potentially reducing foot traffic, gaming revenue, and the need for the full integrated resort experience at brick-and-mortar properties.
• Sustained Reduction in Business Travel and Corporate Conventions: The post-pandemic shift towards hybrid and remote work models has prompted many corporations to re-evaluate the necessity and frequency of large-scale in-person meetings, conventions, and business travel. Companies are increasingly opting for virtual events, smaller regional gatherings, or reduced travel budgets. MGM's business model heavily relies on its vast convention facilities and group bookings to fill hotel rooms mid-week and drive significant non-gaming revenue. A sustained or permanent reduction in demand for corporate conventions and business travel would directly impact a crucial and profitable segment of MGM's operations.

MGM Resorts International (symbol: MGM) operates across several core business segments, primarily gaming and casinos, hospitality and accommodations (hotels and resorts), and entertainment and live events. The addressable market sizes for these main products and services are outlined below:

• Gaming and Casinos (Global): The combined market size of the global casinos and online gambling industry reached approximately $305.8 billion as of April 2024.
• Gaming and Casinos (U.S.): The U.S. casino market was valued at approximately USD 99.05 billion in 2024.
• Online Gambling (Global): The global online gambling market generated a revenue of USD 78.66 billion in 2024.
• Online Gambling (North America): The North America online gambling market size was estimated at USD 16.56 billion in 2024.
• Online Gambling (U.S.): The U.S. online gambling market size was estimated at USD 12.68 billion in 2024.
• Hospitality and Accommodations (Hotels & Resorts) (Global): The market size for global hotels and resorts was $1.7 trillion in 2024.
• Hospitality and Accommodations (Hotels & Resorts) (U.S.): The U.S. hotels market size was estimated at USD 263.21 billion in 2024.
• Entertainment and Live Events (Global): The global live entertainment market is projected to reach USD 202.90 billion in 2025.
• Food and Beverage: null
• Retail and Other Services: null

MGM Resorts International (MGM) is focused on several key drivers to fuel its revenue growth over the next two to three years:

1. Expansion of BetMGM and Digital Gaming: BetMGM, the company's online gaming and sports betting joint venture, is projected to be a significant revenue contributor. The company anticipates BetMGM's revenue to reach approximately $2.5 billion, with continued focus on profitability and expansion into new markets such as Brazil. MGM Digital, the consolidated international digital business, is also expected to grow and achieve profitability in the coming years.

2. International Market Expansion: MGM is actively pursuing growth in international markets. MGM China has demonstrated strong performance, achieving record results and increasing market share. The company is also developing an integrated resort in Osaka, Japan, set to open in 2030, which is expected to generate substantial gross gaming revenue. Additionally, MGM is pursuing opportunities for gaming in Dubai and monitoring developments for potential casino legalization in Thailand.

3. Las Vegas Strip Resort Enhancements and Convention Business: MGM is investing in its Las Vegas properties, including a $300 million renovation of rooms at MGM Grand, aimed at attracting leisure and business travelers. The return of the group and convention season, coupled with strong future bookings, is anticipated to drive revenue growth in this segment.

4. Operational Efficiencies and Cost Management: While not a direct revenue driver, MGM is targeting significant operational efficiencies and cost savings, with expected EBITDA enhancements of $200 million, with $150 million anticipated in 2025. These efforts aim to improve profitability and free up capital for growth initiatives.

Share Repurchases

• MGM has maintained an aggressive share repurchase program, buying back nearly 45% of its outstanding shares since the beginning of 2021.
• In April 2025, a new $2 billion share repurchase program was authorized by the Board of Directors, supplementing the approximately $337 million remaining under a November 2023 plan.
• The company repurchased approximately 33 million shares for $1.4 billion in 2024 and 15 million shares for $494 million in the first quarter of 2025.

Share Issuance

• The 2022 Omnibus Incentive Plan allows for the grant of up to approximately 18 million shares or stock-based awards to eligible individuals.

Inbound Investments

• In 2021, MGM Growth Properties (MGP) acquired the real estate assets of MGM Springfield from MGM Resorts International for approximately $400 million in cash.
• BetMGM, a 50/50 venture, is expected to provide a cash distribution of at least $100 million to MGM Resorts by year-end 2025.

Outbound Investments

• MGM acquired LeoVegas for $604 million in August 2022, and its subsidiary LeoVegas Group further acquired Push Gaming for $150 million in April 2023, expanding its online gaming presence.
• MGM is undertaking significant integrated resort developments in Osaka, Japan (expected opening by 2030 with MGM's equity investment likely less than $2.5 billion), and Dubai (on track for the second half of 2028).
• In June 2024, MGM's subsidiary, LeoVegas Group, agreed to acquire the U.S. sportsbook and online casino platform from Tipico Group Ltd.

Capital Expenditures

• Projected domestic capital expenditures for 2025 are approximately $750-800 million, with roughly $600 million allocated for maintenance capital and the remainder for growth initiatives.
• Planned capital expenditures for 2024 were approximately $830-860 million domestically and an estimated $200-250 million at MGM China.
• Capital expenditures are primarily focused on maintaining and enhancing existing assets, extending their useful lives, improving operating efficiency, and developing new integrated resorts in locations like Japan and Dubai.