MGM Resorts InternationalMGM
MGM Resorts International Segments Disclosure
SEGMENT INFORMATION
The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.
Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).
Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio.
MGM China. MGM China consists of MGM Macau and MGM Cotai.
MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.
The Company’s operations related to investments in unconsolidated affiliates, and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses and monitors budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR in assessing performance of each segment and deciding where to invest capital.
Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Net revenue | ||||||||||||||||||||
| Las Vegas Strip Resorts | ||||||||||||||||||||
| Casino | $ | 2,013,701 | $ | 1,960,146 | $ | 2,127,612 | ||||||||||||||
| Rooms | 2,880,685 | 3,159,497 | 3,027,668 | |||||||||||||||||
| Food and beverage | 2,260,651 | 2,356,718 | 2,289,812 | |||||||||||||||||
| Entertainment, retail and other | 1,286,466 | 1,339,752 | 1,354,054 | |||||||||||||||||
| 8,441,503 | 8,816,113 | 8,799,146 | ||||||||||||||||||
| Regional Operations | ||||||||||||||||||||
| Casino | 2,772,734 | 2,737,778 | 2,712,205 | |||||||||||||||||
| Rooms | 307,959 | 304,322 | 296,100 | |||||||||||||||||
| Food and beverage | 461,549 | 456,129 | 440,002 | |||||||||||||||||
| Entertainment, retail and other | 230,091 | 222,093 | 222,002 | |||||||||||||||||
| 3,772,333 | 3,720,322 | 3,670,309 | ||||||||||||||||||
| MGM China | ||||||||||||||||||||
| Casino | 3,909,643 | 3,496,697 | 2,787,837 | |||||||||||||||||
| Rooms | 188,757 | 217,798 | 177,158 | |||||||||||||||||
| Food and beverage | 323,764 | 265,883 | 161,669 | |||||||||||||||||
| Entertainment, retail and other | 39,579 | 42,006 | 26,945 | |||||||||||||||||
| 4,461,743 | 4,022,384 | 3,153,609 | ||||||||||||||||||
| MGM Digital | ||||||||||||||||||||
| Casino | 654,190 | 552,012 | 432,146 | |||||||||||||||||
| Reportable segment net revenues | 17,329,769 | 17,110,831 | 16,055,210 | |||||||||||||||||
| Corporate and other | 207,914 | 129,714 | 109,039 | |||||||||||||||||
| $ | 17,537,683 | $ | 17,240,545 | $ | 16,164,249 | |||||||||||||||
| Expenses | ||||||||||||||||||||
| Las Vegas Strip Resorts | ||||||||||||||||||||
| Payroll related | $ | 2,623,256 | $ | 2,635,565 | $ | 2,517,233 | ||||||||||||||
| Cost of sales | 515,998 | 536,807 | 551,877 | |||||||||||||||||
| Gaming taxes | 230,045 | 232,841 | 241,943 | |||||||||||||||||
Other segment items(1) | 2,214,331 | 2,304,357 | 2,297,607 | |||||||||||||||||
| 5,583,630 | 5,709,570 | 5,608,660 | ||||||||||||||||||
| Regional Operations | ||||||||||||||||||||
| Payroll related | 935,699 | 922,924 | 879,221 | |||||||||||||||||
| Cost of sales | 161,998 | 166,872 | 159,670 | |||||||||||||||||
| Gaming taxes | 763,166 | 757,824 | 735,179 | |||||||||||||||||
Other segment items(1) | 748,243 | 729,146 | 763,043 | |||||||||||||||||
| 2,609,106 | 2,576,766 | 2,537,113 | ||||||||||||||||||
| MGM China | ||||||||||||||||||||
| Payroll related | 633,050 | 565,858 | 473,616 | |||||||||||||||||
| Cost of sales | 116,260 | 96,516 | 62,453 | |||||||||||||||||
| Gaming taxes | 1,969,031 | 1,778,032 | 1,380,976 | |||||||||||||||||
Other segment items(1) | 540,208 | 494,852 | 369,675 | |||||||||||||||||
| 3,258,549 | 2,935,258 | 2,286,720 | ||||||||||||||||||
| MGM Digital | ||||||||||||||||||||
| Payroll related | 128,715 | 87,579 | 71,929 | |||||||||||||||||
| Marketing costs | 267,621 | 253,227 | 164,645 | |||||||||||||||||
| Gaming taxes | 157,721 | 125,934 | 84,064 | |||||||||||||||||
Other segment items(2) | 190,440 | 162,499 | 143,932 | |||||||||||||||||
| $ | 744,497 | $ | 629,239 | $ | 464,570 | |||||||||||||||
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
Segment Adjusted EBITDAR | ||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 2,857,873 | $ | 3,106,543 | $ | 3,190,486 | ||||||||||||||
| Regional Operations | 1,163,227 | 1,143,556 | 1,133,196 | |||||||||||||||||
| MGM China | 1,203,194 | 1,087,126 | 866,889 | |||||||||||||||||
MGM Digital | (90,307) | (77,227) | (32,424) | |||||||||||||||||
| 5,133,987 | 5,259,998 | 5,158,147 | ||||||||||||||||||
| Other operating income (expense) | ||||||||||||||||||||
| Corporate and other, net | (519,941) | (500,447) | (496,867) | |||||||||||||||||
| Preopening and start-up expenses | (1,086) | (7,972) | (415) | |||||||||||||||||
| Property transactions, net | (126,036) | (81,316) | 370,513 | |||||||||||||||||
Goodwill impairment | (278,927) | — | — | |||||||||||||||||
| Depreciation and amortization | (1,017,794) | (831,097) | (814,128) | |||||||||||||||||
Triple net lease rent expense | (2,258,405) | (2,258,057) | (2,263,649) | |||||||||||||||||
| Income (loss) from unconsolidated affiliates | 69,982 | (90,653) | (62,104) | |||||||||||||||||
Operating income | 1,001,780 | 1,490,456 | 1,891,497 | |||||||||||||||||
| Non-operating income (expense) | ||||||||||||||||||||
| Interest expense, net of amounts capitalized | (419,042) | (443,230) | (460,293) | |||||||||||||||||
| Non-operating items from unconsolidated affiliates | 1,135 | (734) | (1,032) | |||||||||||||||||
| Other, net | (303,094) | 70,573 | 42,591 | |||||||||||||||||
| (721,001) | (373,391) | (418,734) | ||||||||||||||||||
| Income before income taxes | 280,779 | 1,117,065 | 1,472,763 | |||||||||||||||||
| Benefit (provision) for income taxes | 240,093 | (52,457) | (157,839) | |||||||||||||||||
| Net income | 520,872 | 1,064,608 | 1,314,924 | |||||||||||||||||
| Less: Net income attributable to noncontrolling interests | (315,010) | (318,050) | (172,744) | |||||||||||||||||
| Net income attributable to MGM Resorts International | $ | 205,862 | $ | 746,558 | $ | 1,142,180 | ||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Capital expenditures: | (In thousands) | |||||||||||||||||||
| Las Vegas Strip Resorts | $ | 513,605 | $ | 597,152 | $ | 527,104 | ||||||||||||||
| Regional Operations | 154,186 | 170,490 | 135,848 | |||||||||||||||||
| MGM China | 195,211 | 148,813 | 45,331 | |||||||||||||||||
| MGM Digital | 82,824 | 65,849 | 34,175 | |||||||||||||||||
| Reportable segment capital expenditures | 945,826 | 982,304 | 742,458 | |||||||||||||||||
| Corporate and other | 123,101 | 168,285 | 189,355 | |||||||||||||||||
| $ | 1,068,927 | $ | 1,150,589 | $ | 931,813 | |||||||||||||||
Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.
Long-lived assets, which includes property and equipment, net and operating and finance lease right-of-use assets, net, presented by geographic region were as follows:
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Long-lived assets: | (In thousands) | |||||||||||||||||||
| United States | $ | 26,478,770 | $ | 26,903,773 | $ | 26,698,996 | ||||||||||||||
China | 2,672,851 | 2,734,513 | 2,731,397 | |||||||||||||||||
Other | 156,700 | 90,160 | 46,616 | |||||||||||||||||
| $ | 29,308,321 | $ | 29,728,446 | $ | 29,477,009 | |||||||||||||||
Net revenue, for which the country was determined based upon the location of the property or online gaming hub, presented by geographic region were as follows:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
Net revenue: | (In thousands) | |||||||||||||||||||
| United States | $ | 12,411,625 | $ | 12,664,897 | $ | 12,577,085 | ||||||||||||||
China | 4,464,095 | 4,020,420 | 3,153,520 | |||||||||||||||||
Other | 661,963 | 555,228 | 433,644 | |||||||||||||||||
| $ | 17,537,683 | $ | 17,240,545 | $ | 16,164,249 | |||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.