It's like **Disney**, but for adults, operating massive resort complexes that combine luxury hotels, casinos, and world-class entertainment.

Imagine a **Marriott** or **Hilton** hotel, but each property is an entire entertainment city featuring a luxury hotel, casino, theaters, and extensive dining and shopping.

• Casino Gaming: MGM offers a wide array of gambling services including slot machines, table games, and sports betting for entertainment.
• Hotel Accommodations: The company provides diverse lodging options, from standard rooms to luxury suites, within its integrated resorts.
• Food & Beverage: MGM operates numerous restaurants, bars, and lounges offering a variety of dining and drinking experiences to guests.
• Meetings & Conventions: The company hosts and facilitates business events, conferences, and large group gatherings with dedicated facilities and services.
• Entertainment & Nightlife: MGM presents a broad spectrum of live shows, concerts, theatrical performances, and nightclub experiences.

MGM Resorts International (symbol: MGM) primarily serves individual customers, though it also hosts numerous corporate events and conventions. Its major customer categories include:

• Leisure Travelers and Tourists: This category encompasses individuals and families visiting MGM properties for vacations, entertainment, gambling, dining, shows, and nightlife. This is the company's largest and most recognizable customer base, seeking experiences in destinations like Las Vegas, Macau, and regional markets.

• Business Travelers and Convention/Conference Attendees: Individuals attending corporate meetings, trade shows, conventions, and other large-scale events hosted at MGM's extensive meeting and convention facilities. While event organizers (often other companies) contract the space, the actual customers utilizing the accommodations, food & beverage, and amenities are these individual attendees.

• High-Net-Worth Individuals and Premium Guests: A segment of customers seeking luxury accommodations, high-stakes gambling, exclusive experiences, and personalized service. These individuals often contribute significantly to the company's gaming revenue and premium services.

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William J. Hornbuckle, Chief Executive Officer and President
Mr. Hornbuckle has over 40 years of experience in the hospitality industry in Las Vegas. He began his career as a busboy and room service attendant before taking on managerial roles. He worked for 15 years at Wynn Resorts, opening The Mirage with Steve Wynn in 1989, and later became President of Caesars Palace in 1997. He joined MGM Resorts International in 1998 and has served in various leadership capacities including Chief Marketing Officer, President, Chief Operating Officer, and became Chief Executive Officer and President in July 2020. Mr. Hornbuckle oversaw MGM Resorts' acquisition of Mandalay Resort Group and has played a key role in expanding MGM's entertainment and sports betting through the creation of BetMGM. He also led the sale of MGM Growth Properties to Vici Properties and the acquisition of the remaining share of CityCenter and The Cosmopolitan of Las Vegas. He is a founding board member of GBank.

Jonathan Halkyard, Chief Financial Officer
Mr. Halkyard joined MGM Resorts as Chief Financial Officer in January 2021. Prior to this, he served as President and Chief Executive Officer of Extended Stay America, Inc., where he also held roles as Chief Financial Officer and Chief Operating Officer. From 2012 to 2013, he was Executive Vice President and Chief Financial Officer of NV Energy and led the sale of the company to MidAmerican Energy Holdings, a Berkshire Hathaway company. Mr. Halkyard spent 13 years in leadership roles at Caesars Entertainment (formerly Harrah's Entertainment), including Executive Vice President and Chief Financial Officer, where he was part of the team that oversaw the $30 billion sale of Caesars Entertainment in 2008 to an investor group led by private equity firms TPG and Apollo Management.

Corey Sanders, Chief Operating Officer
Mr. Sanders joined MGM Grand as a tax director in 1994 and has been with MGM Resorts for over 30 years. He has served as Chief Operating Officer for MGM Resorts International since June 2010. Prior to this role, he was the company's Chief Financial Officer and Treasurer. His extensive tenure also includes positions such as Chief Operating Officer for the company's Core Brand and Regional Properties, Executive Vice President of Operations for MGM MIRAGE, and Executive Vice President and Chief Financial Officer for MGM Grand Resorts and MGM Grand. Mr. Sanders oversees operations at MGM's wholly-owned properties in Las Vegas and regional locations. He is scheduled to retire as COO on December 31, 2025, and will serve as an advisor to the President and CEO through December 2026.

Steven J. Zanella, President of MGM Resorts Operations
Mr. Zanella is a veteran of the hospitality industry with over 30 years of experience, all of which have been with MGM Resorts since he joined in 1991 through the Management Associate Program. He has held numerous leadership positions within the company, including President & Chief Operating Officer of CityCenter (Aria Resort & Casino and Vdara Hotel & Spa), President & Chief Operating Officer of MGM Grand Detroit, and Chief Commercial Officer. In his former role as Chief Commercial Officer, he was responsible for Public Relations, Marketing, Direct Marketing, Group Sales, Social Media, Sports & Partnerships, Loyalty, and Commercial Strategy.

Gary Fritz, Chief Commercial Officer and President of MGM Digital
Mr. Fritz is responsible for evaluating and leading all strategic digital gaming initiatives globally for MGM Resorts and serves as a strategic advisor to the CEO. He is also a member of the Executive Committee and a Board Director for BetMGM and LeoVegas. Mr. Fritz has a comprehensive background in leading multi-national companies in global strategy and expansion, with previous roles at Rakuten, TripAdvisor, Expedia, and McKinsey & Company. From 2016 to 2020, he served as President, APAC and Chief Growth Officer for TripAdvisor, where he led all Asia Pacific operations, long-range planning, and mergers and acquisitions for the company. Most recently, he was Head of Gaming for IAC.

The accelerating shift of gaming revenue from high-margin land-based casinos to lower-margin online gaming and sports betting platforms, which could cannibalize their core physical resort profitability.

MGM Resorts International (MGM) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Growth and Expansion of BetMGM and Digital Gaming: MGM is prioritizing its digital gaming ventures, particularly BetMGM, with projections for significant revenue increases. CEO Bill Hornbuckle anticipates approximately $2.5 billion in revenue from BetMGM and an additional half-billion from the broader internet interactive group, with new market entry in Brazil on the horizon. BetMGM has already achieved profitability and recorded strong gaming results. Management views international digital expansion, including in Europe and Brazil, as key drivers of future profitability and revenue streams.
2. Continued Robust Performance of MGM China: The company expects sustained strong growth from its Macau operations. MGM China reported a 17% year-over-year increase in net revenues in Q3 2025, reaching $1.1 billion, and a 20% surge in adjusted EBITDAR, marking a record for the third quarter. This growth is largely attributed to the recovery of operations following the removal of COVID-19 travel restrictions and strong performance in both mass and VIP gaming segments across MGM Cotai and MGM Macau.
3. Revitalization and Investment in Las Vegas Strip Resorts: MGM Resorts is investing significantly in its core Las Vegas properties. A $300 million renovation of rooms at MGM Grand is underway, with completion expected by the end of 2025. These property enhancements, coupled with a robust pipeline of group and convention bookings for 2026 (up 12%) and a strategic partnership with Marriott, are anticipated to stabilize and drive growth in the Las Vegas market by attracting both leisure and business travelers.
4. New Product Offerings and Enhanced Customer Experiences: The introduction of new dining concepts and expanded entertainment options across its properties aims to broaden customer appeal and increase non-gaming revenue. Upcoming openings in late 2025 include new restaurants like Gymkhana at ARIA and CARBONE Riviera at Bellagio. Additionally, initiatives like "MGM Resorts Connections" are designed to simplify group bookings for hotels, dining, entertainment, and other amenities, potentially increasing overall visitation and spending.

Share Repurchases

• MGM Resorts repurchased approximately $1.4 billion of shares in 2024, reducing overall shares outstanding by more than 40% since 2021.
• In 2023, the company repurchased $2.3 billion of its shares.
• In the first quarter of 2025, MGM Resorts repurchased approximately 15 million shares for $494 million, and in the second quarter of 2025, the company repurchased 8 million shares for $217 million.
• The Board of Directors authorized a new $2 billion share repurchase plan in November 2023 and an additional $2 billion share repurchase plan in April 2025. Approximately $2.1 billion remained available under the authorized repurchase programs as of June 30, 2025.

Share Issuance

No significant share issuances were identified over the last 3-5 years.

Outbound Investments

• MGM Resorts is progressing with the development of integrated resorts in Japan (Osaka) and Dubai, with the Osaka project proceeding for a 2030 opening and the Dubai project on track for the second half of 2028.
• In June 2024, MGM Resorts, in partnership with Playtech, launched "MGM Live," a live casino offering streaming from its Las Vegas Strip properties.
• The company advanced its international digital strategy by announcing a venture with Grupo Globo in Q3 2024 to pursue a sports betting and iGaming license in Brazil.

Capital Expenditures

• MGM Resorts' capital expenditures for the fiscal years were approximately $270.58 million in 2020, $490.70 million in 2021, $931.81 million in 2023, and $1.15 billion in 2024.
• Planned capital expenditures for 2025 are approximately $750-800 million domestically.
• Primary focuses of capital expenditures include global expansion with integrated resorts in Japan and Dubai, as well as significant renovations such as the MGM Grand room remodel in Las Vegas.