MGM Resorts International (MGM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

MGM Resorts International está a la vanguardia del panorama mundial de entretenimiento y hospitalidad, transformando la experiencia tradicional del casino en un destino de lujo multifacético. Al combinar estratégicamente la tecnología de vanguardia, el entretenimiento inmersivo y la hospitalidad de clase mundial, MGM ha revolucionado cómo los consumidores perciben las experiencias de los juegos y el ocio. Su innovador lienzo de modelo de negocio revela un ecosistema complejo que va mucho más allá del juego simple, ofreciendo soluciones de entretenimiento integradas que atienden a diversos segmentos de clientes, desde jugadores de alto rollero hasta entusiastas de los juegos digitales.

MGM Resorts International (MGM) - Modelo de negocio: asociaciones clave

Alianza estratégica con Intain

MGM Resorts posee una participación del 50% en BETMGM, una empresa conjunta con PLC Entra. En el tercer trimestre de 2023, BETMGM generó $ 230 millones en ingresos netos de juego. La asociación cubre las operaciones de apuestas deportivas e Igaming en línea en múltiples estados de EE. UU.

Detalle de la asociación	Datos específicos
Estaca de propiedad	50% de resorts de MGM, 50% Entre PLC
T3 2023 Ingresos netos para juegos	$ 230 millones
Estados activos	21 estados para operaciones de juego en línea

Empresas conjuntas internacionales

MGM tiene importantes asociaciones internacionales en los juegos y el desarrollo de la hospitalidad.

• MGM China Holdings Limited: 51% de propiedad en operaciones de juego Macao
• MGM Grand Paradise SA: Gestión de empresas conjuntas MGM Macau y MGM Cotai Resorts
• Inversión total en operaciones de Macao: aproximadamente $ 3.4 mil millones

Asociaciones tecnológicas

MGM colabora con los principales proveedores de tecnología de juegos para mejorar las capacidades digitales y operativas.

Socio tecnológico	Enfoque de colaboración
Juegos científicos	Desarrollo de la máquina tragamonedas y la plataforma de juegos
IGT (Tecnología de Juego Internacional)	Soluciones de juegos digitales y hardware
Tecnologías aristócratas	Software de juego y diseño de máquinas

Colaboraciones de entretenimiento y hospitalidad

MGM mantiene asociaciones estratégicas en los sectores de entretenimiento y hospitalidad.

• AEG Worldwide: Asociación para la gestión del lugar de entretenimiento
• Live Nation: programación de conciertos y entretenimiento
• UFC: asociación exclusiva para eventos de lucha en MGM Properties

Asociaciones en el mercado gubernamental y local

MGM se involucra con los gobiernos locales en los mercados clave de juegos para asegurar licencias operativas y desarrollar resorts integrados.

Ubicación	Detalles de la asociación	Inversión
Nevada	Licencia de juego de larga data en Las Vegas	$ 12.5 mil millones Total de inversiones inmobiliarias de Nevada
Massachusetts	Licencia de casino MGM Springfield	Inversión de desarrollo de $ 960 millones
Maryland	Licencia de casino de MGM National Harbor	Inversión de desarrollo de $ 1.4 mil millones

MGM Resorts International (MGM) - Modelo de negocio: actividades clave

Operaciones de casino y resort

MGM Resorts International opera 17 propiedades en los Estados Unidos, con un total de 49,000 habitaciones de hotel. El espacio total del piso de casino de la compañía abarca aproximadamente 2.3 millones de pies cuadrados.

Ubicación de la propiedad	Número de habitaciones de hotel	Espacio del piso de casino
Franja de Las Vegas	29,000	1,4 millones de pies cuadrados
Mercados regionales	20,000	900,000 pies cuadrados

Entretenimiento y gestión de eventos

MGM Resorts organiza más de 12,000 eventos de entretenimiento anualmente en sus propiedades, generando aproximadamente $ 500 millones en ingresos por entretenimiento.

• Capacidad de T-Mobile Arena: 20,000 invitados
• Capacidad de MGM Grand Garden Arena: 17,000 invitados
• Eventos anuales de concierto y actuación: más de 1,200

Servicios de hospitalidad y hotel

El segmento de hospitalidad de MGM genera $ 6.2 mil millones en ingresos anuales de la sala, con una tasa diaria promedio de $ 245 y una tasa de ocupación del 82%.

Marca de hotel	Número de propiedades	Habitaciones totales
Marcas de lujo	5	12,500
Marcas exclusivas	8	25,000

Desarrollo de la tecnología de juego

MGM invierte $ 180 millones anuales en investigación y desarrollo de tecnología, centrándose en plataformas de juegos digitales y tecnologías de experiencia del cliente.

• Presupuesto de I + D de juego digital: $ 75 millones
• Tecnología de experiencia del cliente: $ 105 millones
• Patentes de tecnología presentadas anualmente: 22

Gestión de la plataforma de juego digital y en línea

La plataforma de juegos digitales de MGM, BETMGM, generó $ 1.4 mil millones en ingresos en 2023, operando en 22 estados con más de 4 millones de usuarios registrados.

Plataforma digital	Ingresos anuales	Usuarios registrados
Betmgm	$ 1.4 mil millones	4.2 millones

MGM Resorts International (MGM) - Modelo de negocio: recursos clave

Propiedades icónicas de Las Vegas y bienes raíces

MGM Resorts International posee 13 propiedades en Las Vegas, con un total de 36,752 habitaciones de hotel a partir de 2023. Cartera de bienes raíces totales valorados en aproximadamente $ 22.6 mil millones.

Propiedad	Ubicación	Habitaciones de hotel	Espacio de casino
Bellagio	Franja de Las Vegas	3,933	139,000 pies cuadrados
MGM Grand	Franja de Las Vegas	6,852	171,000 pies cuadrados
Bahía de Mandalay	Franja de Las Vegas	4,426	135,000 pies cuadrados

Diversas cartera de marcas de casino y resorts

MGM opera 17 propiedades totales en los Estados Unidos, incluyendo:

• Propiedades de Las Vegas
• Casinos regionales en estados como Michigan, Maryland y Mississippi
• Plataformas de juego en línea

Piscina de talento de entretenimiento y hospitalidad fuertes

MGM emplea a aproximadamente 76,000 trabajadores en sus operaciones globales. Desglose de la fuerza laboral:

• 70% de empleados a tiempo completo
• 30% de empleados a tiempo parcial
• Promedio de la tenencia del empleado: 7.2 años

Infraestructura de tecnología de juegos avanzada

Inversiones tecnológicas en 2023: $ 325 millones, centrándose en:

• Plataformas de juegos digitales
• Sistemas de ciberseguridad
• Análisis de datos del cliente

Extensos programas de lealtad y recompensas del cliente

M estadísticas del programa de recompensas de vida:

Métrico	Valor
Totales miembros	11.3 millones
Miembros activos	5.7 millones
Ingresos anuales del programa de fidelización	$ 1.2 mil millones

MGM Resorts International (MGM) - Modelo de negocio: propuestas de valor

Experiencias integradas de entretenimiento de lujo

MGM Resorts International opera 16 propiedades en Las Vegas y múltiples estados, generando $ 14.4 mil millones en ingresos totales para 2022. La compañía posee propiedades icónicas como Bellagio, MGM Grand y Mandalay Bay, ofreciendo experiencias integrales de entretenimiento de lujo.

Categoría de propiedad	Número de propiedades	Contribución total de ingresos
LAS VEGAS INTEGRADOS Surios	10	$ 8.7 mil millones
Propiedades regionales	6	$ 5.7 mil millones

Ofertas de casino y juegos de alta calidad

MGM generó $ 6.3 mil millones a partir de ingresos de juegos de casino en 2022, lo que representa el 43.8% de los ingresos totales de la compañía.

• Espacio total del piso de juego: 2.3 millones de pies cuadrados
• Número de máquinas tragamonedas: más de 45,000
• Número de juegos de mesa: 2,500+

Servicios de hospitalidad y resort premium

MGM opera 53,000 habitaciones de hotel en su cartera, con una tasa de habitación diaria promedio de $ 259 en 2022.

Tipo de amenidad	Inventario total	Tasa de ocupación promedio
Habitaciones de hotel	53,000	72.3%
Restaurantes	120+	N / A

Diversas opciones de entretenimiento y gastronomía

MGM organizó 15.7 millones de invitados de entretenimiento en sus lugares en 2022, con ingresos de entretenimiento que alcanzaron los $ 1.2 mil millones.

• Lugares de conciertos: 25+
• Establecimientos gastronómicos totales: más de 120
• Eventos de entretenimiento anualmente: más de 5,000

Plataformas de juego digital y en línea innovadoras

BETMGM, la plataforma de juego en línea de la compañía, generó ingresos de $ 588 millones para 2022, lo que representa un crecimiento del 100% año tras año.

Métricas de plataforma digital	Rendimiento 2022
Ingresos en línea	$ 588 millones
Crecimiento año tras año	100%
Usuarios activos	1.3 millones

MGM Resorts International (MGM) - Modelo de negocios: relaciones con los clientes

Programas de lealtad personalizados

El programa MGM Rewards tiene 15.3 millones de miembros activos a partir del cuarto trimestre de 2023. El programa de lealtad escalonado ofrece:

• Niveles de nivel: zafiro, perla, oro, platino, negro
• Puntos canjeables en 17 MGM Resorts Propiedades
• Gasto promedio de miembros: $ 487 por visita

Nivel de lealtad	Gasto de calificación anual	Multiplicador de puntos de recompensa
Zafiro	$0 - $5,000	1x
Perla	$5,001 - $15,000	2x
Oro	$15,001 - $50,000	3x
Platino	$50,001 - $150,000	4x
Noir	$150,001+	5x

Servicio al cliente de alto contacto

MGM opera los centros de atención al cliente 24/7 con:

• Tiempo de respuesta promedio: 2.7 minutos
• Calificación de satisfacción del cliente: 87.4%
• Soporte multilingüe en 4 idiomas

Compromiso digital a través de aplicaciones móviles

Estadísticas de aplicaciones móviles MGM:

• 2.6 millones de usuarios activos mensuales
• Tasa de check-in digital: 62% de los huéspedes del hotel
• Tasa de conversión de reserva móvil: 41%

Experiencias de miembros VIP y premium

Beneficios de los miembros premium:

• Actualizaciones de la habitación de cortesía para los miembros de primer nivel
• Acceso exclusivo a 12 áreas de juego de alto límite
• Servicio de conserje personalizado

Nivel VIP	Valor anual	Beneficios exclusivos
Platino	$75,000+	Reservas prioritarias
Noir	$150,000+	Anfitrión personal, eventos privados

Canales regulares de comunicación y retroalimentación del cliente

Métricas de comentarios de los clientes:

• Respuestas anuales de la encuesta: 127,000
• Puntuación del promotor neto: 68
• Tasa de respuesta a los comentarios de los clientes: 94%

MGM Resorts International (MGM) - Modelo de negocios: canales

Ubicaciones físicas de casino y resort

MGM Resorts International opera 31 propiedades totales en los Estados Unidos a partir de 2024, con 17 ubicados en Las Vegas. Las propiedades clave incluyen:

Ubicación	Número de propiedades	Recuento total de habitaciones
Las Vegas	17	44,795 habitaciones
Otros Estados Unidos	14	23,205 habitaciones

Plataformas de juego en línea

MGM opera BETMGM, una plataforma de juego digital con:

• Activo en 21 estados para apuestas deportivas en línea
• Disponible en 18 estados para juegos de casino en línea
• $ 2.04 mil millones en ingresos digitales para 2023

Aplicaciones de juegos móviles

Plataforma	Usuarios activos mensuales	Descargar estadísticas
Aplicación móvil betmgm	1.2 millones de usuarios activos	Más de 5.8 millones de descargas totales

Equipos directos de ventas y marketing

MGM emplea aproximadamente 3,700 profesionales de ventas y marketing en varias divisiones, con un presupuesto anual de marketing de $ 487 millones en 2023.

Sitios web de reservas de viajes y turismo

MGM se asocia con múltiples plataformas de viajes en línea que incluyen:

• Expedia
• Booking.com
• Hoteles.com
• Tripadvisor

Los canales de reserva digital generaron $ 1.3 mil millones en ingresos para MGM en 2023.

MGM Resorts International (MGM) - Modelo de negocios: segmentos de clientes

Jugadores de alto nivel de red

MGM se dirige a los jugadores de alto valor de la red con características específicas:

Gasto promedio de juego	$ 5,000 - $ 25,000 por visita
Porcentaje de jugador VIP	12.4% del total de visitantes del casino
Ingresos totales de altos enrolladores	$ 687 millones en 2022

Viajeros de ocio y vacaciones

MGM atrae a los viajeros de ocio a través de diversas ofertas:

• Volumen anual de invitados de ocio: 14.3 millones
• Duración promedio de estadía: 3.2 noches
• Tasa promedio de la habitación: $ 279 por noche

Asistentes de eventos de convenciones y de negocios

El segmento de convenciones de MGM proporciona ingresos significativos:

Espacio total de convenciones	2.2 millones de pies cuadrados
Asistentes anuales de eventos comerciales	1.8 millones
Ingresos de la convención	$ 423 millones en 2022

Entretenimiento y entusiastas de los conciertos

MGM atrae a clientes centrados en el entretenimiento:

• Eventos de entretenimiento anual: más de 1,200
• Asistencia total de conciertos: 2.6 millones
• Ingresos de entretenimiento: $ 312 millones en 2022

Consumidores de juegos digitales y en línea

Detalles del segmento de juegos digitales de MGM:

Usuarios de juegos en línea	742,000 jugadores registrados
Ingresos de juegos digitales	$ 567 millones en 2022
Descargas de aplicaciones móviles	1.3 millones

MGM Resorts International (MGM) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad

En 2023, MGM Resorts reportó gastos operativos totales de $ 10.7 mil millones. Los costos de mantenimiento de la propiedad para su cartera de 16 propiedades en Las Vegas y otros mercados representaron aproximadamente $ 2.3 mil millones anuales.

Categoría de mantenimiento de la propiedad	Costo anual
Mantenimiento de la infraestructura física	$ 685 millones
Gastos de servicios públicos	$ 412 millones
Renovación y actualizaciones	$ 518 millones

Salarios y beneficios de los empleados

MGM Resorts emplea a aproximadamente 56,000 trabajadores con gastos de compensación total que alcanzan los $ 3.1 mil millones en 2023.

• Salario promedio de empleados: $ 55,357
• Beneficios de atención médica y jubilación: $ 412 millones
• Capacitación y desarrollo: $ 87 millones

Marketing y adquisición de clientes

Los gastos de marketing para MGM Resorts en 2023 totalizaron $ 624 millones, lo que representa el 5.8% de los ingresos totales.

Canal de marketing	Asignación
Marketing digital	$ 218 millones
Publicidad tradicional	$ 276 millones
Programas de fidelización de clientes	$ 130 millones

Inversiones de tecnología e infraestructura

Las inversiones en tecnología para MGM Resorts alcanzaron los $ 412 millones en 2023, centrándose en la transformación digital y la eficiencia operativa.

• Infraestructura de computación en la nube: $ 87 millones
• Mejoras de ciberseguridad: $ 65 millones
• Plataformas de juegos digitales: $ 156 millones

Cumplimiento regulatorio y licencias

Los gastos de cumplimiento y licencia para MGM Resorts ascendieron a $ 276 millones en 2023.

Categoría de cumplimiento	Costo anual
Licencias de juego	$ 124 millones
Informes regulatorios	$ 87 millones
Personal legal y de cumplimiento	$ 65 millones

MGM Resorts International (MGM) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

En 2022, MGM Resorts International reportó ingresos totales de casinos de $ 6.9 mil millones. El desglose de los ingresos de los juegos de casino incluye:

Ubicación	Ingresos del casino ($ M)
Propiedades de la tira de Las Vegas	3,425
Mercados regionales	2,175
Operaciones internacionales	1,300

Alojamiento de hotel y resort

Los ingresos del hotel para MGM Resorts en 2022 totalizaron $ 3.2 mil millones, con las siguientes estadísticas clave:

• Tasa diaria promedio (ADR): $ 246
• Tasa de ocupación: 78.5%
• Inventario total de la habitación: 16,629 habitaciones

Venta de entradas y entradas para el evento

Los ingresos del entretenimiento en 2022 alcanzaron los $ 412 millones, que incluyen:

Tipo de lugar	Ingresos ($ M)
T-Mobile Arena	124
Lugares de Park MGM	98
Espectáculos de residencia	190

Servicios de alimentos y bebidas

Los ingresos de alimentos y bebidas en 2022 totalizaron $ 2.1 mil millones, distribuidos en todo:

• Restaurantes de alta comedor: $ 876 millones
• Cena informal: $ 642 millones
• Barras y salones: $ 382 millones
• Catering y eventos: $ 200 millones

Plataformas de apuestas deportivas y juegos de azar en línea

Los ingresos de los juegos digitales para 2022 fueron de $ 324 millones, con el siguiente desglose:

Plataforma	Ingresos ($ M)
Casino en línea betmgm	187
Plataforma de apuestas deportivas	137

MGM Resorts International (MGM) - Canvas Business Model: Value Propositions

The value proposition centers on delivering a comprehensive, high-value experience across physical and digital domains for the global customer base.

Seamless, integrated luxury experience (hotel, dining, entertainment, gaming).

MGM Resorts International operates 31 unique hotel and gaming destinations globally, including 37,000 guest rooms and suites in Las Vegas alone, representing about one fourth of the market's total units as of September 2025. The Las Vegas Strip segment generated net revenues of $2.1 billion in the second quarter of 2025. MGM China contributed significantly, with net revenues of $1.1 billion in the third quarter of 2025. Regional Operations also showed strength, posting net revenues of $965 million in Q2 2025.

Segment	Metric	Amount/Value (Latest 2025 Data)
Las Vegas Strip Resorts	Q2 2025 Net Revenues	$2.1 billion
MGM China	Q3 2025 Net Revenues	$1.1 billion
Regional Operations	Q2 2025 Net Revenues	$965 million
Las Vegas Portfolio	Guest Rooms/Suites (Approximate)	37,000

Global access to online sports betting and iGaming via BetMGM.

The BetMGM joint venture projects full-year 2025 net revenue of at least $2.75 billion on an expected EBITDA of $200 million. This follows a strong third quarter where net revenue surged 23% to $667 million. Online sports betting revenue increased 36% in Q3 2025, while iGaming sales rose 21%. The venture is expected to make an initial cash distribution to MGM Resorts of at least $100 million beginning in the fourth quarter of 2025.

Exclusive rewards and cross-property benefits through MGM Rewards.

The MGM Rewards program achieved a milestone of crossing 50 million members in the first quarter of 2025. The program offers tiered benefits, including Milestone Rewards and Rollover Tier Credits for 2026 status acceleration.

• Noir Tier Celebration Credit: $500 at MGM Resorts.
• Platinum Tier Celebration Credit: $200 at MGM Resorts plus up to $600 air travel credit.
• Gold Tier Celebration Credit: $100 at MGM Resorts.
• Platinum Tier Match to Marriott Bonvoy: Ambassador Elite status.
• Gold Tier Match to Marriott Bonvoy: Gold Elite status.

Hosting premier, large-scale events like UFC, WWE, and F1.

The development of the new MLB stadium for the Oakland Athletics is projected to bring 400,000 new visitors annually to Las Vegas, supporting the event and tourism value proposition.

High-quality, diversified gaming options for premium mass players.

Las Vegas slot win in Q1 2025 was up 7% year-over-year. The company is also actively funding new global projects, such as the MGM Osaka development in Japan, supported by a $300 million USD-equivalent yen denominated credit facility.

MGM Resorts International (MGM) - Canvas Business Model: Customer Relationships

You're looking at how MGM Resorts International (MGM) keeps its customers engaged across its vast portfolio, from the casino floor to the mobile screen. The relationship strategy is clearly multi-faceted, blending high-tech personalization with high-touch service.

Automated and personalized offers via the MGM Rewards program

The MGM Rewards program is the core engine for automated customer relationship management. This system is massive, having crossed a notable milestone of 50 million members as of the first quarter of 2025. The structure relies on tiered status-Sapphire through Noir-to segment and reward behavior, which then dictates the level of personalization you receive.

MGM Resorts International has layered in new incentives for 2025 to accelerate status climbing and reward loyalty:

• Milestone Rewards are earned between standard tier achievements.
• Rollover Tier Credits allow members to carry over status progress: earning 50,000 Tier Credits in 2025 rolls over 7,500 credits into 2026.
• Achieving 125,000 Tier Credits in 2025 rolls over an additional 17,500 credits into 2026.
• Higher tiers receive direct monetary rewards; for instance, the top-level Noir status features a $500 Tier Celebration Credit at MGM Resorts properties and up to a $1,200 air travel credit.
• Gold members receive a $100 Tier Celebration Credit.

Also, the integration of The Cosmopolitan of Las Vegas into MGM Rewards means that relationship data now flows across an even larger luxury footprint. The partnership with Marriott Bonvoy is key here, offering enhanced tier matching benefits for Pearl, Gold, Platinum, and Noir members, giving them access to perks at over 10,000 Marriott Bonvoy destinations.

Dedicated hosts and high-touch service for premium gaming customers

For your highest-value guests, the relationship shifts from automated offers to direct, dedicated management. This is especially evident in the international segment, where premium players drive significant revenue. In the second quarter of 2025, MGM China reported its best-ever Segment Adjusted EBITDAR, with casino revenue climbing 10% year-over-year to $997 million. The company noted that VIP customers continue to arrive 'in mass' in Macau. The focus on premium player accounts is a direct driver of this performance, ensuring that high-touch service remains a critical differentiator for the most valuable segment of the gaming customer base.

Digital self-service and support through BetMGM mobile applications

The digital relationship is managed through the BetMGM mobile applications, which are seeing significant investment and user growth. The strategy here is about frictionless service and integrated rewards. For the full year 2025, BetMGM projects net revenues between $2.4 billion and $2.5 billion, with an expected EBITDA of no less than $150 million for the year. The platform's engagement metrics show this is working:

In the first half of 2025, BetMGM saw its Average Monthly Actives increase by +38% and Active Player Days increase by +34%. The mobile app itself is designed for self-service, featuring a redesigned rewards dashboard where players can easily check their BetMGM Rewards Points balance, track tier progress, and purchase digital bonuses in the BetMGM Rewards Store. This direct digital feedback loop helps keep players engaged between physical visits.

Direct relationship management with convention and group planners

For the Meetings, Incentives, Conventions, and Exhibitions (MICE) segment, the relationship is managed through direct, high-volume sales teams. This segment is a major focus for MGM Resorts International, with the company stating a goal of having over 2.2 million room nights on the books for 2025. The success of this direct management is clear from booking records; December 2024 was their highest convention-booked month ever, coming in 43% higher than the previous record month. These key planners are driving substantial volume, with the sales force reportedly managing over 20,000 room nights a week with MGM properties.

Here's a quick look at the scale of the group business driving these direct relationships:

Metric	Value (as of late 2025 data)
Room Nights on the Books for 2025	Over 2.2 million
December 2024 Booking Increase vs. Previous Record	43%
Weekly Room Nights Managed by Group Planners	Over 20,000

The relationship with group planners is further solidified by the Marriott partnership, which helps displace leisure package rooms and provides access to a wider corporate travel base. Finance: draft 13-week cash view by Friday.

MGM Resorts International (MGM) - Canvas Business Model: Channels

You're looking at how MGM Resorts International gets its value propositions into the hands of its customers across physical and digital spaces as of late 2025. It's a multi-pronged approach, blending massive physical scale with targeted digital expansion. Honestly, the numbers show a clear pivot toward digital growth complementing the core resort business.

The most tangible channel remains the physical footprint. MGM Resorts International's portfolio encompasses 31 unique hotel and gaming destinations globally. This physical presence is the anchor for their entire brand experience.

The digital channels are where the growth story is really taking shape, particularly through the BetMGM venture. This 50/50 joint venture with Entain is a major distribution point for their gaming offerings in North America. Here's a quick look at the financial performance driving that channel:

Digital Channel Metric	Period/Target	Value/Amount
BetMGM FY 2025 Net Revenue Guidance	FY 2025 (As of Oct 2025)	At least $2.75 billion
BetMGM FY 2025 EBITDA Guidance	FY 2025 (As of Oct 2025)	About $200 million
BetMGM H1 2025 Net Revenue	H1 2025	$1.35bn
BetMGM H1 2025 EBITDA	H1 2025	$109 million
BetMGM Q3 2025 Net Revenue	Q3 2025	$667 million
BetMGM Q3 2025 EBITDA	Q3 2025	$41 million
BetMGM Q2 2025 Monthly Active Users	Q2 2025	901,000
BetMGM Expected Distribution to MGM Resorts	Year-End 2025	At least $100 million (Initial)

Beyond BetMGM, the MGM Digital segment includes the international reach of LeoVegas AB, which offers sports betting and online gaming in several European jurisdictions. Also critical to the digital channel is the direct relationship with the customer via the loyalty program. The MGM Rewards program crossed a membership milestone of 50 million members.

For the core resort business, direct sales teams are key for securing high-value group and convention business. MGM Resorts is bringing to fruition its goal of being the industry leader here, with over 2.2 million room nights on the books for 2025.

The third-party booking channel is strategically important, especially through the long-term licensing partnership with Marriott International and its Bonvoy loyalty program. This channel is expected to deliver 900,000 room nights in 2025. Through April 2025, the partnership had already resulted in more than 660,000 room nights stayed. To be fair, this channel is driving significant volume, with over 20,000 room nights a week being booked through Marriott as of April 2025. With the rebranding of NoMad Las Vegas to The Reserve at Park MGM, the MGM Collection with Marriott Bonvoy will encompass 13 destinations on the Las Vegas Strip as of December 2025.

You can see the channels are layered: the physical properties are the foundation, direct sales lock in large group revenue, and the digital/third-party channels provide high-growth, high-volume customer acquisition. Finance: draft the Q4 2025 channel revenue attribution report by January 15th.

MGM Resorts International (MGM) - Canvas Business Model: Customer Segments

You're looking at the core groups MGM Resorts International serves, which is how they generate that $17.2 billion in consolidated net revenues reported for the full year 2024. The customer base is diverse, spanning from high-rollers to digital bettors, and the performance across these groups dictates the overall financial health.

The Las Vegas Strip segment, which heavily relies on leisure and business travelers, brought in $8.8 billion in revenue in 2024, holding steady year-over-year, though Q4 2024 saw a 6% revenue decrease to $2.2 billion compared to the prior year, partly due to the absence of the 2023 Formula 1 event boost. For the first quarter of 2025, the Strip revenue was $2.2 billion, a 3% decrease year-over-year. Still, the company saw record 1Q Las Vegas Strip occupancy and slot win, with slot win up 7% year over year in 1Q 2025. Also, the MGM Rewards program crossed a membership milestone of 50 million members in 1Q 2025, which helps target these leisure and premium customers directly.

The international segment, primarily MGM China, was a record driver, with its revenue increasing to $4 billion in 2024, a 28% year-over-year rise. MGM China achieved a record full-year Segment Adjusted EBITDAR of $1.1 billion in 2024, marking a 25% increase from the prior year. In 3Q 2025, MGM China achieved both record 3Q Segment Adjusted EBITDAR and a market share of 15.5%.

Regional operations showed resilience, reporting $3.7 billion in revenue for 2024. For 1Q 2025, Regional Operations net revenues were $900 million, a 1% decrease from the prior year quarter, but Segment Adjusted EBITDAR increased by 2% to $279 million.

Here's a quick look at how the major operational segments stacked up in 2024:

Segment	Full Year 2024 Net Revenue	Year-over-Year Revenue Change	Full Year 2024 Segment Adjusted EBITDAR
Las Vegas Strip Resorts	$8.8 billion	Flat	$3.1 billion (down 3%)
MGM China	$4 billion	Up 28%	$1.1 billion (up 25%)
Regional Operations	$3.7 billion	Up 1.4%	$1.14 billion (increase of $10 million)

For the High-net-worth and premium mass gaming customers, the focus on the mass market in Macau is clear, with mass gaming revenue, including slots, growing by 33% in 2024, reaching 179% of pre-pandemic levels. The company is also seeing success on the Las Vegas Strip, evidenced by record slot handle and slot win in December 2024.

The Business travelers and large convention/trade show groups segment saw strong forward momentum, as December 2024 was reported as the highest convention booking month on record. Management expects continued revenue growth in Las Vegas operations for 2025, supported by record group bookings.

The Online sports betting and iGaming enthusiasts (BetMGM users) represent a rapidly growing, albeit previously loss-making, segment. BetMGM reported full-year 2024 Net Revenue of approximately $2.1 billion, up 7% year-over-year. The iGaming Net Revenue was $1.5 billion, up 13% YoY. For 2025, BetMGM projects net revenues between $2.4 billion and $2.5 billion. The venture achieved a substantial year-over-year turn to positive EBITDA in 1Q 2025, reporting an EBITDA of $15.2 million, compared to a loss of $32.6 million in 1Q 2024. Furthermore, the BetMGM North American venture reported raising its guidance for FY2025 and announced an expected cash distribution to MGM Resorts by year-end 2025.

The digital businesses overall, including MGM Digital, posted net revenues of $552 million in 2024, an increase of 28% year-over-year. The global MGM Digital business is scaling to address its significant $41 billion market opportunity.

• BetMGM FY 2024 iGaming GGR market share was 22% in active markets.
• BetMGM FY 2024 Online Sports GGR market share was 8% in active states.
• BetMGM total betting handle for 2024 was $13.1 billion, up 20%.
• BetMGM reported a total betting handle of $13 billion for the year, with a hold percentage of 8.6%.

MGM Resorts International (MGM) - Canvas Business Model: Cost Structure

The Cost Structure for MGM Resorts International is heavily weighted toward fixed asset management and significant, lumpy capital deployment, especially in late 2025. You see this clearly when looking at the non-operational charges hitting the bottom line, alongside massive development spending.

Non-cash goodwill impairment charges hit the third quarter of 2025 hard. The decision to withdraw the commercial gaming license application for Empire City resulted in a pre-tax, non-cash goodwill impairment charge of $256 million in Q3 2025. Also tied to the Empire City situation were approximately $93 million of other non-cash write-offs for the same quarter.

Capital expenditures for new developments and remodels represent a major, multi-year cost commitment. The Osaka integrated resort is a prime example of this outlay. MGM Resorts International has increased its equity commitment for the MGM Osaka project to $3 billion (or JPY428 billion). Of that, approximately JPY392 billion (US$2.75 billion) remained to be invested as of the first quarter of 2025. The total estimated cost for the Yumeshima Island project is now up to JPY1.5 trillion ($10.2 billion). To help fund this, the company secured a $300 million USD-equivalent yen-denominated term loan A with an interest rate of approximately 2.5%. On the domestic side, the company committed $300 million to renovate rooms at MGM Grand, with 600 rooms completed as of March 2025.

Here's a look at some of the major capital and non-recurring costs impacting the structure:

Cost Category/Item	Amount/Value	Period/Context
Goodwill Impairment Charge (Empire City)	$256 million	Q3 2025 (Pre-tax)
Other Non-Cash Write-offs (Empire City)	~$93 million	Q3 2025
MGM Osaka Equity Commitment (Total)	$3 billion	As of Q1 2025
MGM Osaka Remaining Equity to Invest	~$392 billion (US$2.75 billion)	As of Q1 2025
MGM Grand Room Remodel Budget	$300 million	Total investment
New Credit Facility for Osaka Funding	$300 million	Secured in late 2025
BetMGM Q3 2025 Net Revenue	$667 million	Q3 2025

Labor expenses for the large hospitality workforce are inherently significant, though specific 2025 labor cost figures aren't explicitly detailed in the latest reports. However, operational pressures point to underlying cost dynamics. For instance, the Las Vegas Strip Resorts Segment Adjusted EBITDAR fell 18% year-over-year to $601 million in Q3 2025, partly due to an increase in general liability and workers' compensation insurance expense of $13 million compared to the prior year quarter.

Marketing and customer acquisition costs, especially for the digital arm, are evolving. While the company historically spent heavily, such as $13 million on a single Super Bowl ad in 2023, the current focus is shifting. CEO Bill Hornbuckle noted that MGM Resorts has been moving away from heavy marketing spending to focus on improving the digital platform. The BetMGM venture is now projecting FY 2025 Net Revenue to be at least $2.6 billion, up from previous guidance, and expects to distribute at least $100 million to MGM Resorts in Q4 2025 alone. This improved profitability suggests marketing efficiency is increasing, even as the business scales.

The high fixed costs for property operations are reflected in the sheer scale of the asset base. You can see the impact on the core Las Vegas business, where Segment Adjusted EBITDAR declined 18% year-over-year in Q3 2025. This decline was attributed to several factors that tie back to fixed operational costs and disruptions:

• Decrease in business interruption proceeds of $14 million.
• Disruption from the MGM Grand Room renovation, causing a $25 million impact.
• Operational impact from lower occupancy and Average Daily Rate (ADR) accounted for $78 million of the shortfall.

The company is actively managing these costs through optimization efforts, targeting $200 million in savings for 2025, with $150 million already planned through expense initiatives.

MGM Resorts International (MGM) - Canvas Business Model: Revenue Streams

You're looking at the core ways MGM Resorts International brings in money as of late 2025. It's a mix of the classic, high-touch resort experience and the newer digital frontier. Honestly, the physical properties still drive the bulk, but the digital growth is what analysts watch closely for future expansion.

The overall picture for the full year 2025 is projected by analysts to hit approximately $17.35 billion in consolidated revenue.

The digital arm, BetMGM, a joint venture with Entain, has been a significant growth engine. For the full year 2025, BetMGM revenue is projected to be at least $2.7 billion, with the latest guidance actually setting the floor at $2.75 billion in net revenue, alongside an expected EBITDA of about $200 million.

To give you a sense of the physical operations, we can look at the third quarter of 2025 results, which show how the core segments are performing right now. Remember, these are quarterly figures, not the full-year breakdown you asked for, but they are the latest real-life numbers we have for the underlying revenue drivers:

Revenue Stream Component (Based on Q3 2025 Segments)	Q3 2025 Net Revenue Amount
Las Vegas Strip Resorts (Proxy for Casino, Rooms, F&B)	$2.0 billion
Regional Operations (Proxy for Casino, Rooms, F&B)	$957 million
MGM China (Proxy for Casino, Rooms, F&B)	$1.1 billion
MGM Digital (Excluding BetMGM core)	$174 million

The Las Vegas Strip Resorts segment saw net revenues of $2.0 billion in the third quarter of 2025. This figure encompasses the casino and gaming revenue, rooms revenue, and food, beverage, and retail revenue generated across properties like Bellagio and MGM Grand.

Casino and gaming revenue is a cornerstone, heavily influenced by table games drop and slot win. For instance, in Q3 2025, MGM China saw its net revenues increase 17% year-over-year to $1.1 billion, driven primarily by an increase in main floor table games drop, with casino revenues up 18% year-over-year to $947 million for that segment alone.

Rooms revenue from hotel occupancy is directly tied to RevPAR (Revenue Per Available Room) and occupancy rates. The Las Vegas Strip Resorts segment, which includes rooms, saw its net revenues decrease by 7% to $2.0 billion in Q3 2025, impacted by room remodels and lower RevPAR.

Food, beverage, and retail revenue is also a key component of the integrated resort model. In Q3 2025, the Las Vegas Strip segment experienced decreases in food and beverage revenues, contributing to the overall 7% revenue decline for that segment.

The digital gaming/sports betting stream, BetMGM, is showing clear momentum:

• Projected Full-Year 2025 Net Revenue: At least $2.7 billion.
• Latest Raised Guidance (as of late 2025): At least $2.75 billion.
• Q3 2025 Net Revenue: $667 million, a 23% year-over-year rise.
• Online Sports Betting Revenue (Q3 2025): Increased 36% year-over-year to $202 million.
• iGaming Revenue (Q3 2025): Rose 21% to $454 million.

MGM Digital, which includes the LeoVegas platform, also contributes to the digital revenue stream, reporting net revenues of $174 million in Q3 2025, up 23% year-over-year.