At a glance
MGM Resorts International is worth $7.73B, about 40 times its fiscal 2025 earnings. Revenue grew 1.7% to $17.54B in fiscal 2025, with 1.2% kept as profit; over 5 years it has grown 27.7% a year. It pays no dividend; it spent $9.41B buying back its shares over FY2021–FY2025. The stock returned −4.6% over the past year with dividends reinvested and −8.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 77.7% in the 2020 crash (S&P 500: 33.7%) and 44.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 13 months after the lows.
The business in plain English
MGM Resorts International runs casino resorts and online gambling businesses. It makes money when guests gamble, book hotel rooms, eat and drink, and buy tickets for shows. Its customers include high-stakes gamblers, convention groups, business travelers and value-minded tourists. In fiscal 2025, which ended December 31, 2025, revenue was about $17.5 billion. Casino play brought in 53.9%, hotel rooms 19.3%, food and beverage 17.4%, and entertainment, retail and other 9.5%.
The Las Vegas Strip is the biggest segment, at 48.1% of revenue. MGM's Strip resorts include Bellagio, Aria, The Cosmopolitan, MGM Grand and Mandalay Bay. More than half of their revenue usually comes from spending other than gambling. MGM China, which MGM owns about 56% of, runs MGM Macau and MGM Cotai and brought in 25.4%. Regional Operations, including Borgata in Atlantic City and MGM National Harbor in Maryland, added 21.5%. Most of that regional revenue comes from gambling.
MGM does not own the real estate of its 16 US casino properties. It leases them under triple net leases, which means it pays rent plus property taxes, insurance and upkeep. Online, it owns LeoVegas, which operates mainly in Europe and Brazil. It also owns half of BetMGM in North America and 50% of a venture developing a casino resort in Osaka, Japan.
Price history
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MGM -4.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $9.45B | 53.9% |
| Rooms | $3.38B | 19.3% |
| Food and beverage | $3.05B | 17.4% |
| Entertainment, retail and other | $1.66B | 9.5% |
By business segment
| Las Vegas Strip Resorts | $8.44B | 48.1% |
| MGM China | $4.46B | 25.4% |
| Regional Operations | $3.77B | 21.5% |
By geography
| United States | $12.41B | 70.8% |
| China | $4.46B | 25.5% |
| Other | $662.0M | 3.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.21B, down 0.9% from a year earlier, and net income was $-17.1M.
- For fiscal 2025, revenue was $17.54B (+1.7% year over year; +27.7% a year from FY2020 to FY2025) with a 1.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +27.7% good |
|---|---|
| Operating margin | 5.7% watch |
| Free cash flow margin | 8.3% watch |
| Return on equity (FY2025) | 8.5% watch |
| Return on assets (FY2025) | 0.5% weak |
| Net cash (cash minus debt) | $-3.27B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.16B | $-1.03B | $-1.76B |
| FY2021 | $9.68B | $1.25B | $882.7M |
| FY2022 | $13.13B | $1.47B | $991.4M |
| FY2023 | $16.16B | $1.14B | $1.76B |
| FY2024 | $17.24B | $746.6M | $1.21B |
| FY2025 | $17.54B | $205.9M | $1.46B |
Valuation snapshot
| Market value | $7.73B |
|---|---|
| P/E ratio | 40.2 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
MGM Resorts International’s market value went from $16.53B at the end of 2016 to $7.73B on Nov 2, 2026, down 53%; since the end of 2025 it is down 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $7.73B | -22.5% |
| 2025 | $9.98B | -3.3% |
| 2024 | $10.32B | -32.4% |
| 2023 | $15.26B | +18.5% |
| 2022 | $12.88B | -38.8% |
| 2021 | $21.05B | +35.2% |
| 2020 | $15.56B | -9.2% |
| 2019 | $17.13B | +34.0% |
| 2018 | $12.79B | -32.3% |
| 2017 | $18.90B | +14.4% |
| 2016 | $16.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MGM price data to Nov 2, 2026 | -16.3% | -4.6% | -5.5% | -8.6% | +2.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.3% |
| 2025 | +5.3% |
| 2024 | -22.4% |
| 2023 | +33.3% |
| 2022 | -25.3% |
| 2021 | +42.5% |
| 2020 | -4.5% |
| 2019 | +39.7% |
| 2018 | -26.1% |
| 2017 | +17.5% |
| 2016 | +26.9% |
| 2015 | +6.3% |
| 2014 | -9.1% |
| 2013 | +102.1% |
| 2012 | +11.6% |
| 2011 | -29.8% |
| 2010 | +62.8% |
| 2009 | -33.7% |
| 2008 | -83.6% |
| 2007 | +46.5% |
| 2006 | +56.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 97.7% over that stretch · deepest drop along the way 98.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 71.2% over that stretch · deepest drop along the way 77.7%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.1% over that stretch · deepest drop along the way 44%, back to its old high 12.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| DAVIS SELECTED ADVISERS | 9.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.37% | Mar 31, 2026 |
| BlackRock, Inc. | 4.7% | Jun 30, 2025 |
ETFs with the most weight in MGM
| DUSA Davis Select U.S. Equity ETF | 6.05% |
| DWLD Davis Select Worldwide ETF | 4.54% |
| GENZ VanEck Digital Native Economy ETF | 3.52% |
| BETZ Roundhill Sports Betting & iGaming ETF | 2.35% |
| GK AdvisorShares Gerber Kawasaki ETF | 0.98% |
| SPHB Invesco S&P 500® High Beta ETF | 0.82% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 0.58% |
| RPV Invesco S&P 500® Pure Value ETF | 0.52% |
What could go wrong
- Large rent bills on leased US casinos. All of MGM's US casinos are leased. It pays a significant portion of its cash flow as rent, which leaves less for growth and debt payments when business slows.
- Debt plus guarantees of landlords' loans. Total debt was about $5.7 billion, against $2.4 billion of cash, as of September 30, 2026. MGM also guarantees its landlords' debt on Bellagio, Mandalay Bay and MGM Grand Las Vegas.
- Heavy reliance on the Las Vegas Strip. The Las Vegas Strip produced 48.1% of fiscal 2025 revenue. A slowdown there, from fewer conventions to new rival resorts, would hurt MGM more than a casino operator spread across more places.
- Macau license is not guaranteed. MGM China, 25.4% of fiscal 2025 revenue, operates under a Macau gaming concession (a government license). Officials can end it in some cases without compensation, buy it back early, or refuse to extend it.
- Competition in Las Vegas, Macau and online. Las Vegas rivals have added rooms and convention space, and MGM China competes with five other Macau operators. Online sports betting and iGaming (online casino games) add more competition.
- Travel and spending can drop fast. Casino trips are optional spending. Weak economies, or wars, terrorism and disease outbreaks that cut air travel, can reduce visits quickly. Fiscal 2020 revenue was about $5.2 billion, versus $17.5 billion in 2025.
Recent events
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Executive or board change
- Major agreement signed; Quarterly results released; New debt or financial obligation
For income and retirement investors
MGM pays no regular dividend. It paid $0.1575 a share in fiscal 2020 and $0.01 a share in 2021 and 2022, then nothing from 2023 through 2025. In its annual report, MGM says it may not resume dividends in the foreseeable future or at all. The dividend yield was 0% as of October 28, 2026. Investors who want income from MGM would have to sell shares to raise cash. MGM has spent about $9.4 billion buying back its own stock over fiscal 2021–2025 instead, and its share count fell 46% between November 2021 and October 2026.
The shares fell hard in past downturns. They dropped 98.1% in the 2008 financial crisis and had not regained that peak as of October 28, 2026. They fell 77.7% in the 2020 COVID crash and recovered in about 11 months. In the 2022 bear market they fell 44% and recovered in about 13 months. A single stock like MGM carries more risk than a diversified fund.
Questions investors ask
Does MGM Resorts pay a dividend?
No. The dividend yield was 0% as of October 28, 2026. MGM paid $0.1575 a share in fiscal 2020 and $0.01 a share in 2021 and 2022, then nothing from 2023 through 2025. Its annual report says it has suspended regular dividends and may not resume them in the foreseeable future or at all. The company has returned cash through share buybacks instead, spending about $9.4 billion over fiscal 2021–2025.
How does MGM Resorts make money?
Mostly from gambling. The rest comes from hotel rooms, food and drink, and entertainment. In fiscal 2025, revenue was about $17.5 billion: casino 53.9%, rooms 19.3%, food and beverage 17.4%, and entertainment, retail and other 9.5%. By segment, Las Vegas Strip resorts such as Bellagio and MGM Grand brought in 48.1%, MGM China 25.4% and US regional casinos 21.5%. MGM also runs online gaming through LeoVegas and owns half of BetMGM.
Does MGM own its Las Vegas casinos?
No, not the real estate. MGM runs its US casinos but leases the land and buildings under triple net leases, so it pays rent plus property taxes, insurance and upkeep. This "asset-light" approach, which means owning fewer buildings, let MGM sell real estate and use the cash to strengthen its finances, grow and reward shareholders. The trade-off is that a significant portion of its cash flow goes to rent. MGM also guarantees its landlords' debt on Bellagio, Mandalay Bay and MGM Grand Las Vegas.
How much of MGM's business is in Macau?
About a quarter. MGM China brought in 25.4% of fiscal 2025 revenue, or about $4.5 billion. MGM owns about 56% of MGM China, which runs the MGM Macau and MGM Cotai resorts under a government gaming concession, a type of license. Most of its casino revenue comes from gambling on the main casino floor. The Macau government can end the concession in some cases without compensation, buy it back early or refuse to extend it.
How has MGM stock performed?
Weakly over most periods measured to October 28, 2026. The share price fell 25.3% year to date, 14.6% over one year, 20% in total over three years and 42% over five years. Over ten years it rose 11% in total. These are price returns, which leave out dividends. The stock swings widely. It dropped as much as 46.2% in the year to October 28, 2026, and 98.1% during the 2008 financial crisis.