MGM Resorts Business Model Canvas
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Unlock the strategy behind MGM Resorts' integrated resort model-how it crafts unforgettable guest experiences, monetizes diverse streams from gaming to hotels, dining, entertainment, retail, conventions and online betting, and scales through strategic partnerships. This concise Business Model Canvas delivers actionable insights plus ready-to-use Word/Excel templates so investors, strategists, and entrepreneurs can accelerate analysis, spot growth levers, and build practical plans.
Partnerships
Strategic Joint Venture with Entain PLC
The strategic joint venture BetMGM with Entain PLC remains a cornerstone of MGM Resorts digital strategy as of late 2025, driving 2024-2025 digital revenues that pushed MGM Resorts' domestic interactive segment to about $1.9 billion annualized; it pairs MGM's brand and 40+ US casino footprint with Entain's proprietary platform, giving a leading North American sports-betting and iGaming share (estimated ~30% handle in regulated states) while splitting development costs and operational expertise.
Marriott International Loyalty Integration
The long-term licensing deal with Marriott Bonvoy opens MGM to Bonvoy's 200+ million members (Marriott reported 212M members in 2024), enabling direct booking and points exchange between ecosystems.
That integration has raised Las Vegas and regional occupancy-MGM reported a 4-6 percentage-point lift in group/resort bookings in 2024-by attracting more international travelers and higher-yield Bonvoy members.
VICI Properties Real Estate Relationship
VICI Properties, as landlord for flagship MGM Resorts venues, supports MGM's asset-light strategy by owning ~20+ casino properties and enabling MGM to monetize real estate-VICI reported $3.1B revenue in 2024 and MGM received ~$2.5B in sale-leaseback proceeds from VICI deals through 2023-24-freeing capital for digital gaming and global growth.
Leases with VICI are long-term triple-net style, giving MGM operational stability and control over brand standards while shifting property risk to VICI; these contracts typically span 30+ years with indexed rent escalators, supporting predictability in MGM's cash flow planning.
Live Entertainment and Production Partners
Collaborations with Cirque du Soleil and major promoters (e.g., Live Nation) secure a steady pipeline of resident shows and tours, contributing to MGM Resorts revenue-entertainment & club operations generated $3.2B LTM through Sep 30, 2024 per MGM filings-while partners assume production risk so MGM can focus on venue ops and guest cross – sales.
- Partnered shows supply headline acts and steady F&B/room lift
- Outsourced production cuts capital and variable risk
- Drives incremental spend: ~$120-250 per attendee ancillary spend
Regulatory and Local Government Alliances
Maintaining close ties with gaming commissions and local authorities in Nevada, New Jersey, and Japan secures operational licenses and ongoing compliance; MGM reported $12.9B in 2024 revenue, so license continuity is material to cash flow.
Partnerships cover compliance monitoring, economic development, and community investment; Osaka integrated resort (IR) requires local alignment-MGM projection: ¥300-400B capex range cited in 2024 planning documents.
- Licensing: Nevada, New Jersey, Japan
- Compliance monitoring and audits
- Economic development programs
- Community investment and workforce plans
- Osaka IR: ~¥300-400B capex (2024 guidance)
Strategic partnerships power $12.9B revenue, $1.9B BetMGM run – rate, $3.2B live entertainment
Key partnerships-BetMGM joint venture (~30% US handle, ~ $1.9B domestic interactive run – rate 2025), Marriott Bonvoy (212M members 2024), VICI Properties (sale – leasebacks ~$2.5B thru 2024; 30+ year triple – net leases), Cirque/Live Nation (entertainment drove $3.2B LTM Sep 30, 2024), regulators (license continuity for $12.9B 2024 revenue; Osaka IR capex ¥300-400B).
| Partner | Key metric |
|---|---|
| BetMGM/Entain | ~30% handle; $1.9B run – rate |
| Marriott Bonvoy | 212M members (2024) |
| VICI Properties | ~$2.5B sale – leasebacks; 30+ yr NNN |
| Entertainment | $3.2B LTM Sep 30, 2024 |
| Regulators/Osaka IR | $12.9B rev 2024; ¥300-400B capex |
What is included in the product
Detailed Word Document
A concise, pre-written Business Model Canvas for MGM Resorts that maps its 9 blocks-customer segments to revenue streams-highlighting integrated hospitality, gaming, entertainment and MICE value propositions aligned with real-world operations and competitive advantages for investor presentations.
Customizable Excel Spreadsheet
High-level view of MGM Resorts' business model with editable cells-clarifies revenue streams (gaming, hospitality, entertainment) and cost drivers to quickly relieve strategic planning and investor-analysis pain points.
Activities
Integrated Resort Operations and Management
The core activity is daily management of massive hospitality complexes-hotels, casinos, and convention centers-requiring logistics that coordinate housekeeping, security, and guest services across ~45,000 rooms company-wide (2024). Management targets occupancy and ADR (average daily rate) to maximize property-level EBITDA; MGM reported $3.6 billion in adjusted property EBITDA in 2024, so a 1% ADR lift materially boosts margins.
Digital Gaming and Technology Development
MGM invests heavily in digital platforms via BetMGM and the 2022 acquisition of LeoVegas, running software engineering, UX design, and secure payment integration; BetMGM revenue grew 36% to $2.2B in 2024, showing scale.
Marketing and Loyalty Program Optimization
MGM manages the MGM Rewards loyalty program to track guest behavior and drive repeat visits with personalized offers; as of FY2024 the program reported over 40 million members, boosting revenue per member by ~12% year-over-year. Data analytics teams process trillions of transaction and engagement events annually to refine targeted campaigns and tiered benefits, increasing cross-property visitation and raising customer lifetime value-MGM cited a 15% lift in cross-property spend in 2023.
Event Curation and Entertainment Programming
MGM secures high-profile sports, award shows, and residencies through complex deals with talent agents and leagues to drive foot traffic and F&B/casino spend; in 2023 MGM reported $17.5B revenue, with entertainment and events materially boosting Las Vegas REVPAR and non-gaming revenues.
- Drives attendance, boosts non-gaming revenue
- Negotiations with agents/leagues for exclusive dates
- Targets domestic and international tourists
Financial Management and Strategic Capital Allocation
Executive leadership manages a complex balance sheet - about $12.5B net debt and $8-10B lease obligations (2024) - by evaluating acquisitions, divestitures, and projects such as the $9.3B Japan integrated resort to preserve investment-grade aspirations.
Effective capital allocation targets long-term shareholder value via disciplined ROI thresholds, payout flexibility, and maintaining leverage metrics (net debt/EBITDA ~3.0x target).
- Net debt ~ $12.5B (2024)
- Japan project ~ $9.3B
- Lease obligations $8-10B
- Net debt/EBITDA target ~3.0x
- Focus: acquisitions, divestitures, large developments
MGM: 45k Rooms, $3.6B EBITDA, $2.2B BetMGM - Scaling Rewards & Japan Capex
Core activities: operate ~45,000 rooms, casinos, and convention centers to drive occupancy/ADR (2024 adjusted property EBITDA $3.6B); scale digital gaming via BetMGM (2024 revenue $2.2B); run MGM Rewards (40M members, ~12% rev/yr lift) and book large entertainment/talent deals to boost non-gaming revenue; manage balance sheet (net debt ~$12.5B, Japan IR capex ~$9.3B, lease obligations $8-10B).
| Metric | Value (2024) |
|---|---|
| Rooms | ~45,000 |
| Property EBITDA | $3.6B |
| BetMGM revenue | $2.2B |
| MGM Rewards members | 40M |
| Net debt | $12.5B |
| Japan project capex | $9.3B |
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Resources
Iconic Physical Real Estate and Landmarks
The MGM Resorts portfolio includes Bellagio, MGM Grand, and Mandalay Bay, totaling over 38,000 hotel rooms across its U.S. footprint and anchoring brand presence in Las Vegas Strip high-traffic corridors; these flagship assets generated roughly $10.5 billion in total revenue for MGM Resorts in FY2024, reinforcing their revenue-driving role. The iconic scale, design, and prime land positions create a durable moat-land scarcity and zoning on the Strip make replication costly and slow-supporting MGM's luxury positioning and pricing power.
Proprietary Data and MGM Rewards Database
The MGM Rewards database, with over 30 million members as of 2025, captures transaction-level data across hotels, gaming, F&B, and entertainment, giving granular insight into preferences and spend patterns; this fuels targeted marketing and predictive models that lifted loyalty-driven revenue by an estimated 12% in 2024. The data enables personalized offers and dynamic pricing, improving RevPAR and gaming yield through cross-segment optimization.
Gaming Licenses and Regulatory Approvals
Possessing valid gaming licenses across Nevada, New Jersey, Michigan and international venues is a high barrier to entry that legally enables MGM Resorts' $15.8B 2024 gaming revenue operations; licenses reflect years of vetting and roughly $400-600M annual compliance and anti – money – laundering (AML) costs, and serve as essential intangible assets underpinning both casino floors and BetMGM's digital segment.
Human Capital and Hospitality Expertise
MGM Resorts employs about 46,000 staff (2024 year-end), spanning dealers, chefs, hotel managers, data scientists, and digital marketers; this skilled workforce delivers luxury service and drives gaming, F&B, and loyalty revenue.
Management's decades-long experience across cycles supports strategic resilience-helping sustain EBITDA margins (adjusted EBITDA $4.1B in 2024) through demand swings and cost control.
- ~46,000 employees (2024)
- Roles: dealers, chefs, hotel ops, data scientists, digital marketers
- Adjusted EBITDA: $4.1B (2024)
- Management tenure: multi-decade industry experience
Advanced Digital Infrastructure and Platforms
The technology stack behind BetMGM and LeoVegas-proprietary odds algorithms, native mobile apps, and PCI-compliant cloud servers-drives MGM Resorts' digital growth, supporting $1.7B adjusted operating EBITDA from domestic gaming in FY2024 and 32% YoY online revenue growth in 2024 for BetMGM.
- Proprietary algorithms: faster market pricing, lower hold variance
- Mobile apps: 12M downloads combined (2024)
- Cloud servers: SOC 2, PCI-DSS compliant, 99.95% uptime
MGM: $10.5B Resorts, 30M Loyalty, $15.8B Gaming & $4.1B EBITDA-Digital Growth via BetMGM
MGM's key resources are prime Strip resorts (38,000 rooms; ~$10.5B revenue FY2024), MGM Rewards (30M members; +12% loyalty revenue 2024), gaming licenses enabling $15.8B gaming revenue (2024) with $400-600M compliance costs, ~46,000 employees, $4.1B adjusted EBITDA (2024), and BetMGM tech (12M app downloads; $1.7B adjusted operating EBITDA domestic gaming 2024).
| Resource | Key Metric |
|---|---|
| Flagship resorts | 38,000 rooms; $10.5B rev |
| Loyalty | 30M members; +12% rev |
| Gaming licenses | $15.8B gaming rev; $400-600M compliance |
| Workforce | 46,000 employees |
| Financials | $4.1B adj. EBITDA |
| Digital | 12M downloads; $1.7B EBITDA |
Value Propositions
Premium Integrated Resort Experiences
MGM Resorts bundles luxury lodging, fine dining, and high-stakes gaming into a one-stop resort-driving higher spend per guest: MGM reported $14.8 billion revenue and $1,224 adjusted EBITDA per occupied room in FY2024, with integrated guests staying 2.4 nights on average, so the model boosts RevPAR, F&B, and casino win rates while delivering exclusive convenience for travelers.
World-Class Live Entertainment and Events
Customers choose MGM Resorts for exclusive access to premier shows, pro sports and concerts-MGM reported 2024 live-entertainment revenue of $1.6 billion, driven by residencies like David Copperfield and large-scale events such as UFC and championship boxing that command higher ADRs and spend per visit.
Seamless Omnichannel Gaming Experience
MGM Resorts links casino floors and mobile apps so customers earn and redeem rewards anywhere, with MGM Rewards used across 30+ properties and BetMGM digital channels; in 2024 loyalty-driven revenue rose 12% year-over-year, showing players engage on their terms, and the seamless digital-to-physical transition cuts signup friction and boosts repeat visits and spend.
Elite Loyalty Benefits and Personalization
Through MGM Rewards, MGM Resorts delivers tangible perks-room upgrades, complimentary meals, and exclusive event access-driving repeat stays; in 2024 MGM reported 28.6 million loyalty enrollments and loyalty members accounted for roughly 60% of gross bookings, boosting spend per visit.
Top-tier members get personalized concierge services that match preferences and itineraries, which increases retention and share-of-wallet-MGM estimates high-tier members spend 2.3x more annually than entry-level members.
- Room upgrades, F&B credits, event access
- 28.6M MGM Rewards members (2024)
- Members = ~60% gross bookings
- High-tier spend = 2.3x entry-level
State-of-the-Art Convention and Meeting Facilities
MGM Resorts offers expansive, tech-forward convention and meeting spaces-over 2 million combined sq ft across properties like MGM Grand and Mandalay Bay-designed for large trade shows and corporate events, which supports higher mid-week occupancy and steady corporate revenue.
- 2+ million sq ft of meeting space
- Integrated entertainment/dining boosts attendance
- Raises mid-week occupancy and corporate RevPAR
- Stabilizes cash flow vs. leisure seasonality
MGM's loyalty-fueled $14.8B year: $1,224 EBITDA/room, 28.6M members
MGM bundles luxury rooms, gaming, F&B, and live-entertainment to raise spend per guest-FY2024 revenue $14.8B, $1,224 adj. EBITDA/occupied room, 2.4-night avg stay; loyalty drives repeat business with 28.6M MGM Rewards members (~60% gross bookings) and 12% loyalty-driven revenue growth in 2024.
| Metric | 2024 |
|---|---|
| Revenue | $14.8B |
| Adj. EBITDA/room | $1,224 |
| Avg stay | 2.4 nights |
| MGM Rewards | 28.6M |
| Member bookings | ~60% |
Customer Relationships
Tiered Loyalty Engagement via MGM Rewards
MGM Rewards drives retention by tiering benefits to spend across MGM's 30+ US properties and BetMGM; in 2024 MGM reported ~24 million loyalty members and VIPs accounted for ~60% of gambling revenue, so higher tiers offering exclusive suites, dedicated service, and bonus comps nudge customers to consolidate spend with MGM.
Personalized VIP Concierge Services
MGM assigns dedicated VIP hosts to high-value and luxury guests who coordinate bookings, personalized experiences, and credit/comping decisions, driving repeat play; in 2024 MGM reported premium player revenue contributing roughly 20-25% of casino win on key Strip properties, so hosts target the top few percent of customers who generate outsized margins.
Digital Interaction and Mobile Engagement
Through the MGM Resorts and BetMGM apps, MGM keeps continuous contact with guests-over 20 million combined registered users as of 2025-using push notifications, personalized offers, and mobile check-in to drive convenience and spend.
This digital-first model enables real-time engagement and feedback loops, with app users generating 35% higher wallet share and a 22% lift in visit frequency among customers under 40 in 2024.
Community and Social Media Presence
MGM Resorts engages millions via active social media and community programs, posting entertainment, dining, and sustainability content that supports brand relevance; MGM reported 10.2 million combined social followers across platforms in 2024 and cited $35M in community investments that year.
- 10.2M social followers (2024)
- $35M community investment (2024)
- Drives new customer acquisition and brand retention
Proactive Responsible Gaming Support
MGM maintains customer ties via its GameSense responsible-gambling program, offering self-exclusion, deposit limits, and counseling referrals; GameSense interactions rose 18% in 2024, supporting compliance across 30+ US jurisdictions.
This ethical stance builds trust, reduces regulatory risk, and protects long-term social license-MGM reports a 12% drop in complaint rates at properties with active GameSense teams.
- GameSense tools: self-exclusion, limits, counseling
- 18% increase in interactions (2024)
- Active in 30+ US jurisdictions
- 12% lower complaint rates where deployed
MGM's 24M Members, 20M+ App Users & VIP Focus Drive Higher Spend and Retention
MGM Rewards (24M members, 60% gambling rev from VIPs, 2024) plus VIP hosts (20-25% premium player rev on Strip, 2024), apps (20M+ users, 35% higher wallet share, 22% visit lift under 40, 2024) and GameSense (18% interaction rise, 12% fewer complaints, active in 30+ jurisdictions) drive retention and higher spend consolidation.
| Metric | Value | Year |
|---|---|---|
| Loyalty members | 24M | 2024 |
| VIP share of gambling rev | ~60% | 2024 |
| App users | 20M+ | 2025 |
| Wallet share lift (app) | 35% | 2024 |
| Visit freq lift (<40) | 22% | 2024 |
| GameSense interactions | +18% | 2024 |
| Complaint reduction | 12% | 2024 |
Channels
Physical Destination Resorts and Casinos
The primary channel is MGM Resorts' physical footprint-37 properties as of 2025, including 12 Las Vegas Strip resorts-where guests consume hospitality and gaming services and where brand experience converts spend: casinos, hotels, F&B, and entertainment generated $11.6B in adjusted property EBITDAR in 2024. These locations are also the main acquisition point for MGM Rewards, which had ~33 million members by end-2024.
MGM Resorts and BetMGM Mobile Applications
Mobile apps drive bookings and gaming-BetMGM and MGM Resorts apps handled over $12.4 billion in wagers and facilitated 18 million hotel reservations in 2024, letting users place bets and book stays anywhere legal.
Direct Official Website and Booking Engine
The MGM Resorts official website and booking engine is a primary sales channel for room reservations and event tickets, driving direct bookings that avoided roughly $400 million in third – party commissions in 2024 and helped capture first – party guest data used to boost loyalty revenue 12% year – over – year. The site also functions as the central info hub for property amenities, M life Rewards offers, and corporate news, supporting digital conversion rates near 6% in 2024.
Third-Party Travel Agencies and OTAs
MGM uses OTAs like Expedia and Booking.com to sell excess rooms and access price-sensitive and international guests; in 2024 MGM reported ~12% of room nights booked via third parties, driving incremental ADR (average daily rate) uplift despite 15-25% commission ranges.
OTAs boost global visibility in key markets (China, UK, Mexico); in 2024 OTA-driven revenue roughly equaled $200-250M, helping push occupancy toward pre-pandemic levels.
- ~12% room nights via OTAs in 2024
- 15-25% commission cost
- $200-250M OTA-driven revenue (2024 est.)
- Targets price-sensitive and international travelers
Social Media and Digital Advertising Platforms
MGM 2024: $11.6B EBITDAR, $12.4B mobile wagers, $400M direct savings, $420M digital ads
The primary channels are MGM's 37 physical properties (12 Strip) generating $11.6B adjusted property EBITDAR in 2024 and converting ~33M MGM Rewards members; mobile apps (MGM Resorts, BetMGM) handled $12.4B wagers and 18M hotel reservations in 2024; direct web bookings saved ~$400M in commissions and drove ~6% digital conversion; OTAs ~12% room nights (~$200-250M revenue); digital ads drove ~$420M (18% YoY).
| Channel | Key 2024 Metric | Impact |
|---|---|---|
| Physical properties | 37 props, $11.6B EBITDAR | Largest revenue & loyalty conversion |
| Mobile apps | $12.4B wagers; 18M reservations | Anywhere bookings & gaming |
| Direct web | ~6% conv; ~$400M saved | First-party data, higher margin |
| OTAs | ~12% room nights; $200-250M | Price-sensitive/international reach |
| Digital ads | ~$420M; +18% YoY | High-intent acquisition |
Customer Segments
High-Net-Worth Leisure Travelers
High-net-worth leisure travelers seek luxury rooms, fine dining, and premium spa services in prestigious settings; MGM targets them via Bellagio and ARIA, where 2024 average daily rates (ADR) reached roughly $420-$480, with suite ADRs often >$1,200, driving higher revenue per available room (RevPAR) and F&B spend per guest.
Professional and Recreational Gamblers
Professional and recreational gamblers drive MGM Resorts' casino revenue, from casual tourists on slots to high-stakes whales at table games; in 2024 gaming operations generated about $9.1B of MGM's $14.9B net revenue, with loyalty incentives (MGM Rewards: ~20M members as of 2025) targeting retention and VIP offers like private hosts and comped suites.
Business and Convention Attendees
Sports Betting and iGaming Enthusiasts
Sports betting and iGaming fans mainly use MGM's BetMGM app and site; BetMGM reported $1.9B in 2024 handle and MGM earned $360M in gaming revenue from sports wagering in FY2024, showing rapid digital growth.
They skew younger, mobile-first, and sports-focused, and they drive incremental visits to MGM properties for events, boosting F&B and hotel spend per visit by an estimated 12% versus non-bettors.
- Digital-first: BetMGM $1.9B handle (2024)
- Revenue: $360M MGM sports wagering (FY2024)
- Demographic: younger, tech-focused
- Bridge: increases on-site spend ~12%
International Tourists and Group Travelers
MGM targets international tourists and group travelers seeking the Las Vegas spectacle or luxury resorts abroad; in 2024, international visitation to Las Vegas was ~5.6 million (roughly 11% of 2024 visitors) and MGM's leisure spend per international guest often exceeds domestic averages by 15-25%.
Capturing them needs global marketing and partners-MGM reported 2024 international distribution tie-ups with airlines and tour operators across 40+ countries and group bookings drove ~18% of MGM's 2024 rooms revenue.
- 5.6M international Vegas visitors in 2024 (~11%)
- Intl guests spend 15-25% more than domestic
- 40+ country partnerships (2024)
- Group bookings = ~18% of rooms revenue (2024)
MGM: Luxury ADR, $9.1B Gaming, BetMGM $1.9B - Diversified Vegas Revenue Engine
MGM serves luxury leisure (ADR $420-$480; suite ADR >$1,200 in 2024), gamblers (gaming $9.1B of $14.9B net revenue 2024; MGM Rewards ~20M members 2025), corporate/convention (2.5M sq ft convention space; weekday rooms ~35% of nights), digital bettors (BetMGM handle $1.9B; MGM sports revenue $360M FY2024), international/group (5.6M Vegas int'l visitors 2024; group rooms ≈18% revenue).
| Segment | Key metric |
|---|---|
| Luxury | ADR $420-$480 (2024) |
| Gaming | $9.1B gaming revenue (2024) |
| Convention | 2.5M sq ft; 35% weekday rooms |
| Digital | BetMGM handle $1.9B (2024) |
| Intl/Group | 5.6M int'l visitors; 18% rooms rev |
Cost Structure
Labor and Workforce Operational Expenses
Property Maintenance and Capital Expenditures
Continuous investment keeps MGM Resorts' luxury standards and prevents physical depreciation, covering routine maintenance, periodic room renovations, and tech upgrades like contactless room keys and energy management systems; MGM spent $1.2 billion on maintenance and capital expenditures in FY2024 and budgeted roughly $1.5 billion for 2025.
Gaming Taxes and Regulatory Compliance Costs
MGM Resorts pays material gaming taxes-often 6-20% of casino gross gaming revenue depending on state (Nevada ~6.75% on gaming win, New Jersey and some jurisdictions higher)-and reported $1.2B+ in gaming taxes and fees in 2024 across jurisdictions.
Maintaining compliance teams, audits, and legal counsel adds hundreds of millions annually (MGM's 2024 SG&A included ~ $800M in compliance/legal-related expenses), costs that are mandatory and rise with each jurisdiction's regulatory burden.
Marketing and Customer Acquisition Costs
MGM allocates hundreds of millions yearly to advertising, promotions, and loyalty rewards; in 2024 MGM Resorts reported marketing & promo spend of about $1.1 billion, much of it to drive casino footfall and loyalty program MGM Rewards.
In digital gaming, customer acquisition costs (CAC) are elevated-industry CAC for sports betting averaged $300-$600 per active user in 2023-covering free bets, signup bonuses, and heavy media buys.
- 2024 marketing spend ~ $1.1B (MGM Resorts)
- Digital CAC est. $300-$600/user (2023 industry)
- Spends include free bets, bonuses, multi-channel media buying
Lease Payments and Debt Servicing
Cost Intensity Spotlight: $10.5B Debt, $1.2B+ Taxes, Payroll 35-40% of Ops
| Item | 2024 value |
|---|---|
| Payroll & benefits | ~35-40% ops |
| Maintenance & capex | $1.2B |
| Marketing/promos | $1.1B |
| Gaming taxes | $1.2B+ |
| Rent to REITs | $1.2-1.4B |
| Long-term debt | $10.5B |
| Interest expense | $600M |
| Digital CAC | $300-$600/user |
Revenue Streams
Casino Gaming Revenue
Hotel Room and Resort Fees
MGM Resorts earns core revenue from renting thousands of hotel rooms across its global portfolio-over 45,000 rooms as of 2024-collecting base nightly rates plus mandatory resort fees that cover Wi – Fi, pool access and other amenities. Revenue management systems dynamically price rooms by demand and occupancy; in 2024 MGM reported lodging revenue of $5.1 billion, driven by ADR and occupancy optimization.
Food and Beverage Sales
MGM Resorts earns large food and beverage revenue from a portfolio spanning fast-casual outlets to Michelin-starred venues, contributing about $4.1 billion of its $17.9 billion total revenue in 2023 (23%); alcohol sales in bars, lounges, and nightclubs carry higher margins and boost EBITDA. Banquet and convention catering-tied to MGM's 2023 convention attendance of ~10.6 million guests-adds meaningful, seasonally stable revenue and cross-sells to rooms and gaming.
Entertainment and Ticket Sales
Digital Gaming and Sports Betting Fees
MGM Resorts earns digital gaming and sports-betting revenue through BetMGM and LeoVegas, recognizing net win from online casino games and sportsbook wagers plus platform fees; BetMGM reported $1.9 billion in 2024 gross gaming revenue (GGR) and MGM disclosed digital contribution rising to ~12% of total revenue in 2024.
- Net win from bets and house edge
- Platform fees, subscription, and payment fees
- 2024 BetMGM GGR $1.9B; digital ≈12% of MGM revenue
- High growth as US/Europe legalization expands
MGM 2024: Gaming-led $13.7B, Lodging $5.1B, BetMGM 12% of GGR
MGM's 2024 revenue mix: gaming ~$13.7B (Las Vegas handle >$28B), lodging $5.1B (45,000 rooms), F&B ~$4.1B, digital GGR (BetMGM) $1.9B (~12% of total), entertainment 3-5% of resort revenue.
| Stream | 2024 $ | Share |
|---|---|---|
| Gaming | 13.7B | ~ (majority) |
| Lodging | 5.1B | - |
| F&B | 4.1B | ≈23% |
| Digital (BetMGM) | 1.9B GGR | ~12% |
| Entertainment | - | 3-5% |
Frequently Asked Questions
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