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MGM

MGM Resorts International

MGM

MGM Resorts International • NYSE
$35.29 ▲ 1.47% (+0.51)
Market Cap $9.65 B
52w High $41.32
52w Low $25.30
Dividend Yield 0%
P/E 176.45
Volume 1.85M
Outstanding Shares 273.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.25B ▼ $1.958B ▲ $-285.255M ▼ -6.711% ▼ $-1.05 ▼ $143.417M ▼
Q2-2025 $4.405B ▲ $1.555B ▼ $48.951M ▼ 1.111% ▼ $0.18 ▼ $481.315M ▼
Q1-2025 $4.277B ▼ $1.572B ▼ $148.554M ▼ 3.473% ▼ $0.52 $610.497M ▲
Q4-2024 $4.347B ▲ $1.661B ▲ $157.432M ▼ 3.622% ▼ $0.52 ▼ $523.494M ▼
Q3-2024 $4.183B $1.553B $184.578M 4.412% $0.61 $641.937M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.134B ▲ $41.411B ▼ $37.959B ▲ $2.676B ▼
Q2-2025 $1.958B ▼ $41.699B ▼ $37.957B ▼ $2.974B ▲
Q1-2025 $2.271B ▼ $41.903B ▼ $38.282B ▼ $2.854B ▼
Q4-2024 $2.416B ▼ $42.232B ▼ $38.512B ▼ $3.023B ▼
Q3-2024 $2.951B $42.741B $38.886B $3.232B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-206.729M ▼ $681.434M ▲ $-334.879M ▲ $-172.495M ▲ $176.281M ▲ $405.445M ▲
Q2-2025 $118.094M ▼ $645.87M ▲ $-378.29M ▼ $-589.686M ▼ $-313.328M ▼ $377.428M ▲
Q1-2025 $226.731M ▼ $547.079M ▼ $-227.04M ▲ $-470.219M ▲ $-145.091M ▲ $319.038M ▲
Q4-2024 $237.916M ▼ $671.555M ▲ $-403.925M ▲ $-790.482M ▼ $-534.999M ▼ $267.538M ▼
Q3-2024 $244.164M $667.431M $-493.829M $349.653M $536.788M $331.181M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $2.21Bn ▲$2.25Bn ▲$2.33Bn ▲$2.29Bn ▼
Entertainment Retail And Other
Entertainment Retail And Other
 $480.00M ▲$390.00M ▼$440.00M ▲$410.00M ▼
Food And Beverage
Food And Beverage
 $750.00M ▲$770.00M ▲$780.00M ▲$750.00M ▼
Occupancy
Occupancy
 $940.00M ▲$860.00M ▼$860.00M ▲$800.00M ▼

Five-Year Company Overview

Income Statement

Income Statement MGM’s business has clearly recovered from the pandemic shock and then kept growing. Over the last several years, revenue has climbed steadily, and profit levels are now solidly positive rather than swinging between gains and losses. Core operating profit and cash-style earnings have improved a lot since 2020, although the most recent year shows a small step down from the prior year rather than continued acceleration. Net income and earnings per share have been volatile, influenced not just by how the casinos perform but also by one‑off items, financing costs, and share count changes. Overall, the trend is from crisis to stability, with the company now firmly back in profitable territory but not on a smooth, straight‑line path upward.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset‑heavy resort and casino owner with meaningful leverage. Total assets have stayed relatively stable in recent years, while cash on hand has come down from the peak levels held during the pandemic. Debt remains high compared with the company’s equity base, meaning MGM is operating with substantial financial leverage. Equity has gradually shrunk, which magnifies both upside and downside for shareholders. In practical terms, MGM has valuable properties in prime locations but carries a sizeable debt load that requires ongoing discipline, especially in a cyclical, discretionary‑spending industry.

Cash Flow

Cash Flow Cash generation has turned into a real strength. Operating cash flow has been consistently positive for several years after the pandemic trough, and free cash flow remains solid even after funding capital spending on properties and technology. Investment in the business has been increasing but still leaves room for surplus cash. This healthier cash profile gives MGM flexibility to service debt, invest in growth projects, and return capital when it chooses, though that flexibility is still bounded by the high leverage on the balance sheet and the inherent volatility of gaming and tourism demand.

Competitive Edge

Competitive Edge MGM holds a strong position in Las Vegas and other key markets, with a portfolio of well‑known resorts and a powerful entertainment lineup. Its scale, iconic Strip properties, and recognizable brand create clear barriers for would‑be competitors. The MGM Rewards program links hotels, casinos, entertainment, and the BetMGM digital platform into a single ecosystem, encouraging guests to stay within the MGM universe. At the same time, the company faces intense competition from other destination resorts, regional casinos, and online betting operators, all in a sector that is highly sensitive to economic cycles and regulatory changes. MGM’s edge rests on brand strength, cross‑property integration, and data‑driven personalization rather than on any one property or market alone.

Innovation and R&D

Innovation and R&D MGM is leaning heavily into digital and technology‑driven innovation rather than traditional lab‑style R&D. The company has invested significantly in its app, loyalty program, and back‑end systems to create a smoother, more personalized guest journey. Use of artificial intelligence, data analytics, and cloud partnerships aims to optimize pricing, occupancy, marketing, and operations across the portfolio. BetMGM extends the brand into online sports betting and iGaming, tightly linked to on‑property rewards. Looking ahead, projects like the Osaka integrated resort and experiments with virtual experiences, NFTs, and metaverse‑style concepts show a willingness to explore new formats. The upside is a more diversified, modern business model; the risk is execution complexity and the long payback period for large, innovative projects.

Summary

MGM has transitioned from a pandemic‑driven slump to a position of renewed profitability and strong cash generation, supported by recovering travel, entertainment demand, and disciplined operations. Its balance sheet still carries heavy debt relative to equity, so financial risk has not disappeared, even though liquidity and cash flows look healthier than a few years ago. Competitively, MGM benefits from marquee properties, a huge loyalty base, and an increasingly integrated physical‑plus‑digital ecosystem anchored by BetMGM and the MGM Rewards platform. The company is clearly betting on technology, data, and international expansion to shape its next phase of growth. The main trade‑offs are between the attractive long‑term opportunities in digital gaming and global resorts and the ongoing exposure to leverage, economic cycles, and regulatory shifts in the gambling and hospitality industries.

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