MGM Resorts International +

MGM Resorts International

Company

Ticker

MGM

DKNG

LVS

WYNN

Headquarter

Las Vegas ,NV

Boston ,MA

Las Vegas ,NV

CEO

William Joseph Hornbuckle

Jason D. Robins

Robert Glen Goldstein

Craig Scott Billings

Industry

Gambling, Resorts & Casinos

Stock Price

Market Cap

$9.34 B

$10.83 B

$38.64 B

$11.79 B

Employees

Years

2024
2025
2026

2024
2025
2026

2024
2025
2026

2023
2024
2025

Employees

45.00 K
45.00 K
44.00 K

4.40 K
5.10 K
5.50 K

38.70 K
40.30 K
41.50 K

27.00 K
27.80 K
28.00 K

Y/Y

2.17%

2.22%

4.76%

15.91%

7.84%

8.4%

4.13%

2.98%

0.19%

2.96%

0.72%

Income Statement

Revenue

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue

$16.16 B
$17.24 B
$17.54 B

$3.67 B
$4.77 B
$6.05 B

$10.37 B
$11.30 B
$13.02 B

$6.53 B
$7.13 B
$7.14 B

Y/Y

23.13%

6.66%

1.75%

63.6%

30.07%

26.99%

152.36%

8.93%

15.22%

73.87%

9.13%

0.14%

Revenue by Products / Services

Years

2025

2025

2025

2024

Revenue by Geography

Years

2025

2025

2025

2024

Research and Development

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Research and Development

$355.16 M
$397.11 M
$459.91 M

Y/Y

11.6%

11.81%

15.81%

Operating Income

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income

$1.89 B
$1.49 B
$1.00 B

-$789.23 M
-$609.00 M
-$15.82 M

$2.36 B
$2.47 B
$3.09 B

$840.17 M
$1.13 B
$1.16 B

Y/Y

31.41%

21.2%

32.79%

47.79%

22.84%

97.4%

405.84%

4.71%

25.26%

934.53%

34.82%

2.13%

Tax Rate (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Tax Rate (%)

10.72%
4.70%
-11.38%

-1.29%
14.56%
53.53%

19.38%
10.61%
15.68%

-174.09%
0.57%
20.42%

Y/Y

86.1%

56.18%

342.3%

127.33%

1232.51%

267.76%

274.55%

45.24%

47.75%

12959.57%

100.33%

3468.82%

Net Income

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income

$1.14 B
$746.56 M
$206.25 M

-$802.14 M
-$507.29 M
$3.71 M

$1.22 B
$1.45 B
$1.63 B

$729.99 M
$501.08 M
$327.33 M

Y/Y

22.46%

34.64%

72.37%

41.67%

36.76%

100.73%

219.71%

18.43%

12.52%

272.23%

31.36%

34.67%

Revenue Per Employee

Years

2024
2025
2026

2024
2025
2026

2024
2025
2026

2023
2024
2025

Revenue Per Employee

$383.12 K
$389.83 K
-

$1.08 M
$1.19 M
-

$291.94 K
$323.00 K
-

$241.92 K
$256.40 K
$254.93 K

Y/Y

9.03%

1.75%

100%

24.16%

9.56%

100%

0.48%

10.64%

100%

73.55%

5.99%

0.58%

Net Income Per Employee

Years

2024
2025
2026

2024
2025
2026

2024
2025
2026

2023
2024
2025

Net Income Per Employee

$16.59 K
$4.58 K
-

-$115.29 K
$727.45
-

$37.36 K
$40.37 K
-

$27.04 K
$18.02 K
$11.69 K

Y/Y

33.18%

72.37%

100%

39.63%

100.63%

100%

9.25%

8.05%

100%

271.91%

33.33%

35.14%

Assets & Liabilities | Cash Flow

Total Assets

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2022
2023
2024

Total Assets

$42.37 B
$42.23 B
$41.37 B

$3.94 B
$4.28 B
$4.53 B

$21.78 B
$20.67 B
$21.92 B

$13.42 B
$14.00 B
$12.98 B

Y/Y

7.27%

0.32%

2.03%

2.36%

8.59%

5.77%

1.18%

5.11%

6.07%

7.06%

4.33%

7.28%

Total Liabilities

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2022
2023
2024

Total Liabilities

$38.00 B
$38.51 B
$38.10 B

$3.10 B
$3.27 B
$3.90 B

$17.67 B
$17.51 B
$19.99 B

$15.06 B
$15.10 B
$13.95 B

Y/Y

5.76%

1.34%

1.08%

14.24%

5.43%

19.13%

3.86%

0.95%

14.17%

12.63%

0.28%

7.62%

Capital Expenditures (Capex)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Capital Expenditures (Capex)

-$931.81 M
-$1.15 B
-$1.07 B

-$113.39 M
-$10.18 M
-$15.35 M

-$1.26 B
-$1.58 B
-$1.17 B

-$507.18 M
-$422.54 M
-

Y/Y

21.79%

23.48%

7.1%

9.4%

91.03%

50.86%

61.15%

25.7%

26.08%

43.88%

16.69%

100%

Profitability

Operating Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income Margin (%)

11.70%
8.65%
5.71%

-21.53%
-12.77%
-0.26%

22.71%
21.83%
23.73%

12.86%
15.89%
16.21%

Y/Y

6.72%

26.12%

33.94%

68.09%

40.68%

97.95%

221.19%

3.87%

8.72%

579.98%

23.55%

1.99%

Net Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Margin (%)

7.07%
4.33%
1.18%

-21.88%
-10.64%
0.06%

11.77%
12.80%
12.50%

11.18%
7.03%
4.59%

Y/Y

37.03%

38.72%

72.85%

64.42%

51.38%

100.58%

147.43%

8.72%

2.34%

199.06%

37.1%

34.77%

EBITDA

2022	4980803000.00
2023	2397216000.00
2024	2391392000.00
2025	1870229000.00

2022	-1273706000.00
2023	-586654000.00
2024	-319345000.00
2025	259671000.00

2022	351000000.00
2023	3920000000.00
2024	4112000000.00
2025	4499000000.00

2022	643167000.00
2023	1724162000.00
2024	1990703000.00
2025	1777511000.00

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

EBITDA

$2.40 B
$2.39 B
$1.87 B

-$586.65 M
-$319.35 M
$259.67 M

$3.92 B
$4.11 B
$4.50 B

$1.72 B
$1.99 B
$1.78 B

Y/Y

51.87%

0.24%

21.79%

53.94%

45.57%

181.31%

1016.81%

4.9%

9.41%

168.07%

15.46%

10.71%

Free Cash Flow (FCF)

2022	1001756000.00
2023	1767306000.00
2024	1211906000.00
2025	1667723000.00

2022	-729164000.00
2023	-115136000.00
2024	407591000.00
2025	647503000.00

2022	-1575000000.00
2023	1970000000.00
2024	1624000000.00
2025	1654000000.00

2022	-423776000.00
2023	740703000.00
2024	1003659000.00
2025	0.00

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Free Cash Flow (FCF)

$1.77 B
$1.21 B
$1.67 B

-$115.14 M
$407.59 M
$647.50 M

$1.97 B
$1.62 B
$1.65 B

$740.70 M
$1.00 B
-

Y/Y

76.42%

31.43%

37.61%

84.21%

454.01%

58.86%

225.08%

17.56%

1.85%

274.79%

35.5%

100%

Ratios

Return on Equity (ROE)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Equity (ROE)

29.97%
24.69%
8.49%

-95.46%
-50.20%
0.59%

29.65%
50.14%
0.00%

-290.39%
-223.53%
0.00%

Y/Y

1.71%

17.61%

65.62%

8.18%

47.42%

101.17%

212.82%

69.1%

100%

614.41%

23.02%

100%

Return on Assets (ROA)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Assets (ROA)

2.70%
1.77%
0.50%

-20.33%
-11.84%
0.08%

5.61%
7.00%
0.00%

5.22%
3.86%
0.00%

Y/Y

16.38%

34.43%

71.8%

40.26%

41.76%

100.69%

221.14%

24.8%

100%

265.08%

25.97%

100%

Debt to Equity

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Debt to Equity

829.55%
1,053.54%
2,311.01%

160.19%
132.10%
306.31%

340.68%
476.84%
1,014.97%

-5,318.63%
-5,427.18%
0.00%

Y/Y

17.9%

27%

119.36%

59.95%

17.53%

131.87%

17.25%

39.97%

112.85%

190.81%

2.04%

100%

Valuation

Enterprise Value

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value

$44.55 B
$40.09 B
$63.76 B

$16.38 B
$18.48 B
$13.11 B

$46.47 B
$47.85 B
$0.00

$20.74 B
$19.21 B
$0.00

Y/Y

6.56%

10%

59.04%

228.47%

12.78%

29.02%

0.17%

2.97%

100%

6.64%

7.37%

100%

Enterprise value to Revenue

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to Revenue

2.76
2.33
3.63

4.47
3.88
2.17

4.48
4.24
0.00

3.18
2.70
0.00

Y/Y

13.46%

15.62%

56.3%

100.78%

13.3%

44.1%

60.31%

5.47%

100%

38.67%

15.12%

100%

Enterprise value to EBITDA

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to EBITDA

18.58
16.76
34.09

-27.92
-57.85
50.50

11.85
11.64
0.00

12.03
9.65
0.00

Y/Y

121.4%

9.78%

103.35%

613.16%

107.18%

187.29%

91.03%

1.84%

100%

60.22%

19.77%

100%

MGM Resorts International Competitors & Alternatives

Income Statement

Assets & Liabilities | Cash Flow

Profitability

Ratios

Valuation

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