Question 1

What properties does MGM Resorts operate globally?

Accepted Answer

MGM Resorts operates 31 unique hotel and gaming destinations globally, including 16 properties in the United States and 2 in China (MGM Macau and MGM Cotai). The portfolio includes iconic Las Vegas properties such as Bellagio, ARIA, MGM Grand, Mandalay Bay, The Cosmopolitan, Park MGM, New York-New York, Luxor, and Excalibur. The company also operates regional properties across the United States. In 2024, MGM rebranded the Delano Tower at Mandalay Bay to W Las Vegas, creating a partnership with Marriott that allows guests to earn and redeem Marriott Bonvoy points at MGM destinations.

Question 2

How did MGM Resorts perform financially in 2024?

Accepted Answer

MGM Resorts achieved record-breaking financial performance in 2024, posting consolidated net revenue of $17.24 billion, representing a 7% increase over 2023 and the best full-year consolidated net revenues in company history. The company generated consolidated Adjusted EBITDA of $2.4 billion compared to $2.3 billion in the prior year. MGM China was a standout performer, achieving record full-year Segment Adjusted EBITDAR of $1.1 billion, a 25% increase from the prior year. Las Vegas Strip Resorts generated $8.82 billion in revenue, remaining MGM's primary revenue source. The company demonstrated strong capital discipline, repurchasing over 33 million shares in 2024 and reducing shares outstanding by more than 40% since 2021.

Question 3

What is BetMGM and how is it performing?

Accepted Answer

BetMGM is a 50/50 joint venture between MGM Resorts and Entain that offers sports betting and online gaming across North America through market-leading brands including BetMGM and partypoker. In 2024, MGM Digital (which includes BetMGM) showed impressive growth with revenue increasing 28% year-over-year. BetMGM accelerated its revenue growth throughout 2024 and is expected to achieve profitability in 2025. The platform has gained significant market share in both iGaming and sports betting, with iGaming market share reaching 23% in February 2025, up from 21.5% in Q4 2024. Sports betting is already legal in 38 US states, providing substantial growth runway for BetMGM's continued expansion.

Question 4

What is MGM Resorts' partnership with Marriott Bonvoy?

Accepted Answer

MGM Resorts formed a groundbreaking partnership with Marriott Bonvoy, creating the MGM Collection with Marriott Bonvoy. This strategic alliance allows guests to earn and redeem Marriott Bonvoy points for stays at MGM Resorts destinations across Las Vegas and beyond. The partnership provides MGM properties access to Marriott's extensive distribution system and loyalty program, which includes over 200 million members worldwide. A key example of this partnership is the 2024 rebranding of the Delano Tower at Mandalay Bay to W Las Vegas, which can now benefit from Marriott's global reach while maintaining MGM's operational excellence and entertainment offerings.

Question 5

How is MGM Resorts positioned in the groups and meetings business?

Accepted Answer

MGM Resorts has established itself as the industry leader in groups and meetings business, with over 2.2 million room nights on the books for 2025. In December 2024, MGM closed its strongest convention-booked month ever, with bookings 43% higher than the previous record month. The company's extensive portfolio of properties on the Las Vegas Strip provides unmatched capacity and flexibility for meetings, conventions, and special events. MGM offers comprehensive meeting and conference spaces, state-of-the-art technology, world-class dining options, and spectacular entertainment that creates memorable experiences for convention attendees. This leadership position in group business provides stable, high-value revenue streams and demonstrates MGM's ability to serve the corporate and association markets.

Question 6

What employee benefits and perks does MGM Resorts offer?

Accepted Answer

MGM Resorts offers a comprehensive benefits package emphasizing health, wellness, and work-life balance. Health insurance starts almost immediately with the company paying a large portion of premiums. The company provides coverage for life insurance, short-term and long-term disability, and an Employee Assistance Program offering confidential counseling services. Retirement benefits include a 401(k) plan with company matching and an Employee Stock Purchase Plan allowing employees to purchase company stock at a discount. Vacation time ranges from 104 hours (13 days) for new employees to 224 hours (28 days) for those with 12+ years of tenure, plus paid parental leave. Professional development opportunities include on-the-job training, workshops, leadership programs, and tuition assistance. Employees receive exclusive deals on hotel stays at iconic resorts, discounts on spa treatments, dining, and entertainment across MGM properties. The company emphasizes that authentic and meaningful relationships are the heartbeat of its culture.

Question 7

What is MGM Resorts' approach to sustainability?

Accepted Answer

MGM Resorts demonstrates strong commitment to environmental sustainability through significant investments in renewable energy and responsible operations. In September 2024, the company contracted with Escape Solar for a $340 million solar facility to help power its Las Vegas Strip casinos, representing one of the largest renewable energy commitments in the hospitality industry. This investment aligns with MGM's broader environmental strategy to reduce carbon emissions and transition to cleaner energy sources. The company integrates sustainability into its operations through energy efficiency programs, water conservation initiatives, waste reduction efforts, and sustainable building practices. MGM's sustainability efforts extend beyond environmental concerns to include social responsibility programs, community engagement, and ethical business practices across its global operations.

Question 8

What recent property developments has MGM Resorts undertaken?

Accepted Answer

MGM Resorts has undertaken several significant property development and renovation projects in 2024. The company completed the rebranding of the Delano Tower at Mandalay Bay to W Las Vegas, creating a partnership with Marriott Bonvoy. The renovation project at MGM Grand is making substantial progress, with 600 rooms already brought back online for guests featuring updated designs and amenities. These renovations are part of MGM's ongoing strategy to refresh and enhance its properties to meet evolving guest preferences and maintain competitive positioning. The company balances new development with renovations of existing properties to optimize capital allocation while ensuring all MGM destinations deliver world-class guest experiences.

Question 9

How has MGM China performed and what is its market position?

Accepted Answer

MGM China has been a standout performer for MGM Resorts, achieving record results in 2024 with revenue jumping 27.6% to $4.02 billion and record full-year Segment Adjusted EBITDAR of $1.1 billion, a 25% increase from the prior year. MGM China operates two integrated resorts in Macau: MGM Macau and MGM Cotai. The company's market share in Macau reached an all-time high of 15.8% in 2024, up from 15.2% in 2023 and a significant increase from 9.5% in 2019. MGM China is now the second-highest source of revenue for MGM Resorts, having overtaken Regional Operations and trailing only the Las Vegas Strip. This strong performance reflects successful recovery from pandemic impacts, effective marketing strategies, and the appeal of MGM's luxury integrated resort offerings to Asian gaming customers.

Question 10

What is MGM Resorts' company culture and mission?

Accepted Answer

MGM Resorts' mission is to 'Entertain the Human Race' by delivering unparalleled experiences across its global portfolio of entertainment destinations. The company emphasizes that authentic and meaningful relationships are the heartbeat of its culture, creating a unique world filled with anticipation, entertainment, and extraordinary experiences. MGM views its employees as the heart and soul of its success, with a culture that values employee development, diversity, and community engagement. Volunteering is highlighted as an important part of MGM culture, demonstrating the company's commitment to the communities where it operates. The company shows appreciation for employee hard work and dedication through competitive compensation, comprehensive benefits, and exclusive employee discounts across MGM's resorts, restaurants, entertainment venues, and services. MGM's culture balances operational excellence with genuine care for employees, guests, and communities.

Question 11

What are customer perceptions of MGM Resorts properties?

Accepted Answer

Customer reviews of MGM Resorts present a mixed picture. The company has a 2.4-star rating based on 23 customer reviews on Trustpilot, with only 33% of users likely to recommend MGM Resorts to a friend or colleague. On Comparably, MGM Resorts has a Net Promoter Score (NPS) of 6 with 44% Promoters, 18% Passives, and 38% Detractors, though 77% of customers consider themselves loyal users. Common complaints focus on customer service issues, high pricing, and inadequate complaint resolution processes. However, individual properties like MGM Grand have 6,513 verified reviews on Booking.com, suggesting strong guest engagement. The company's challenge is consistency across its large portfolio and improving customer service responsiveness to maintain its luxury positioning while addressing guest concerns effectively.

Question 12

What strategic priorities is MGM Resorts pursuing for future growth?

Accepted Answer

MGM Resorts is pursuing several strategic priorities for future growth. First, the company is focused on achieving profitability in its digital business, with BetMGM expected to become profitable in 2025 while continuing to gain market share in sports betting and iGaming. Second, MGM is capitalizing on its leadership position in groups and meetings business, with over 2.2 million room nights booked for 2025. Third, the company continues to optimize its Las Vegas Strip portfolio through strategic renovations and brand partnerships like the Marriott Bonvoy alliance. Fourth, MGM is expanding its international presence, particularly in Asia where MGM China achieved record performance. Fifth, the company is pursuing expansion opportunities in key markets including Japan and New York. Finally, MGM maintains focus on operational excellence, sustainability initiatives, and capital discipline including share buybacks and dividend growth.

MGM Resorts

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Frequently Asked Questions

What properties does MGM Resorts operate globally?

How did MGM Resorts perform financially in 2024?

What is BetMGM and how is it performing?

What is MGM Resorts' partnership with Marriott Bonvoy?

How is MGM Resorts positioned in the groups and meetings business?

What employee benefits and perks does MGM Resorts offer?

What is MGM Resorts' approach to sustainability?

What recent property developments has MGM Resorts undertaken?

How has MGM China performed and what is its market position?

What is MGM Resorts' company culture and mission?

What are customer perceptions of MGM Resorts properties?

What strategic priorities is MGM Resorts pursuing for future growth?

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