MGM Resorts International (MGM): Business Model Canvas [Dec-2025 Updated]

You're looking at the core engine of a hospitality giant, and honestly, the Business Model Canvas for MGM Resorts International as of late 2025 tells a fascinating story of transition. We're not just talking about slots and suites anymore; the model hinges on blending that iconic Las Vegas real estate-projected to drive $17.35 billion in consolidated revenue-with the high-growth digital arm, BetMGM, which is set to pull in at least $2.7 billion this year alone. With 50 million members in their rewards program acting as a crucial resource, the real question is how effectively they manage the high fixed costs against this dual-pronged revenue attack. Dive below to see the precise partnerships and activities making this complex machine tick.

MGM Resorts International (MGM) - Canvas Business Model: Key Partnerships

You're looking at the core alliances MGM Resorts International has locked in as of late 2025, the ones that directly fuel revenue and market reach. These aren't just handshake deals; they are deeply integrated operational and financial arrangements.

Entain Plc: The Digital Growth Engine

The 50/50 joint venture, BetMGM, is showing real acceleration, which is key since the land-based business is already mature. This partnership leverages Entain Plc's technology with MGM Resorts' brand and physical footprint. Honestly, the focus now is on realizing the promised profitability.

Here's the quick math on BetMGM's trajectory for 2025, based on the latest updates:

The online iGaming segment remains the powerhouse, contributing $1.47 billion in net income in FY2024, which was 71% of the total. Still, the online sportsbook is expected to be contribution positive for the full year 2025. Also, MGM Resorts is pushing its own internal efficiency, expecting to exceed $150 million in EBITDA enhancements implementation this year. That's a lot of operational leverage coming online.

Marriott International: Driving High-Value Stays

The strategic channel partnership with Marriott International is designed to pull high-quality, loyal customers from Marriott Bonvoy into MGM Resorts' Las Vegas properties. This is a 20-year agreement, so this isn't a short-term promotion; it's structural.

The MGM Collection with Marriott Bonvoy now encompasses 12 Strip destinations, including Bellagio and Aria. Since its launch in March 2024, bookings have been strong, with hundreds of thousands of room nights booked outpacing initial projections. This taps into Marriott Bonvoy's 180 million members, cross-pollinating with MGM Rewards' 50 million members.

Here are some of the permanent elite benefits as of January 1, 2025:

• Platinum, Titanium, Ambassador Elites get a $20 F&B credit per night.
• Silver Elite members earn 10% bonus Bonvoy points.
• Gold Elite members earn 25% bonus points plus a 500 point welcome gift.
• Platinum Elite members now get select show discounts based on availability.

TKO Group Holdings (UFC/WWE): Premier Event Anchoring

The extension of the landmark partnership with TKO Group Holdings solidifies T-Mobile Arena as the official home for UFC® and WWE® in Las Vegas through 2030. This guarantees a steady flow of high-ticket-value events.

The minimum commitment under the extension is:

• A minimum of four annual UFC events.
• A minimum of two annual WWE events.

T-Mobile Arena has already proven its value, hosting five of the top ten highest-grossing UFC events in history. TKO's Q2 2025 results showed a $24.1 million increase in partnerships and marketing revenue, which directly reflects the value of these anchor tenant deals. This is about cementing destination appeal.

Kindbridge Behavioral Health: Responsible Gaming Commitment

MGM Resorts and BetMGM are expanding their commitment to responsible gaming through specialized mental health support. This is a necessary investment for long-term operational sustainability, especially with the growth of online betting.

Key financial and scope details include:

• MGM Resorts donated $180,000 to Kindbridge Research Institute for sports betting impact studies.
• BetMGM expanded its Kindbridge Behavioral Health referral program nationwide across all operating jurisdictions.

Century Casinos Inc.: Market Access in Missouri

This partnership is purely tactical, securing market access for BetMGM in the newly opening Missouri sports betting market, which is set to launch on December 1, 2025. Century Casinos provides the necessary license for BetMGM's online and mobile operations.

The financial structure involves:

• BetMGM paying Century Casinos a percentage of net gaming revenue.
• This payment is supported by a guaranteed minimum amount.

Century Casinos also retains the discretion to exercise options for retail sportsbook operations at its Missouri properties. Finance: draft 13-week cash view by Friday.

MGM Resorts International (MGM) - Canvas Business Model: Key Activities

You're looking at the core engine of MGM Resorts International as of late 2025, which is a complex mix of physical assets and digital growth.

A major activity is the operation of the global integrated resort portfolio. For the third quarter of 2025, this generated consolidated net revenues of $4.3 billion.

The performance across the key geographic segments in Q3 2025 looked like this:

MGM China, in particular, achieved a market share of 15.5% in the quarter, showing strong operational execution there.

Next, developing and scaling the BetMGM online sports betting and iGaming platform is a critical growth driver. For the full year 2025, the venture has raised its guidance to expect net revenues of at least $2.75 billion and EBITDA of approximately $200 million.

The third quarter of 2025 showed this digital segment hitting its stride:

• Net Revenue: $667 million, a surge of 23% year-over-year.
• EBITDA: $41 million, an increase of $57 million year-over-year.
• Online Sports Net Revenue: Increased 36% year-over-year.
• iGaming Net Revenue: Increased 21% year-over-year.

Honestly, the momentum is clear; BetMGM expects to distribute at least $200 million in cash to its parent companies before the end of 2025.

Managing major capital projects is another key activity, most notably the MGM Osaka resort development in Japan. Construction on this integrated resort began in April 2025, with an anticipated opening set for autumn of 2030.

Here are the key figures for that development:

The company is also focused internally on efficiency. MGM Resorts remains on track to implement over $150 million in targeted 2025 EBITDA enhancements, with the majority of these opportunities identified in Las Vegas, often through automation and other initiatives.

Finally, hosting large-scale conventions, meetings, and world-class entertainment remains central, especially in Las Vegas. While the Las Vegas Strip segment saw an 18% drop in Segment Adjusted EBITDAR to $601 million in Q3 2025, this was largely attributed to the room remodel at MGM Grand Las Vegas and abnormal hold. The Osaka plan itself is designed for scale, including 400,000 square feet of conference facilities and a theatre with around 3,500 seats.

Finance: draft 13-week cash view by Friday.

MGM Resorts International (MGM) - Canvas Business Model: Key Resources

You're looking at the core assets that make MGM Resorts International run, the stuff that can't easily be replicated by a competitor. These aren't just line items on a balance sheet; they are the engines of their value proposition.

The foundation is definitely the Iconic real estate portfolio on the Las Vegas Strip and globally. This isn't just about owning land; it's about owning the best locations. For instance, the CityCenter complex, home to ARIA Resort & Casino and Vdara Hotel & Spa, remains a prime asset, recently attracting an $800 million perpetual preferred equity investment from Realty Income in a deal with Blackstone Real Estate. These properties alone offer about 5,500 rooms and 500,000 square feet of convention space. On the operational side, MGM Resorts is actively investing in these assets, such as the ongoing $300 million renovation for the 4,212 rooms and suites at MGM Grand. Globally, the strength of the portfolio is reflected in the financial results from key markets, like MGM China reporting $1.1 billion in net revenues for the second quarter of 2025.

Next up is the massive customer relationship engine, the MGM Rewards loyalty program. This program is huge, crossing a notable milestone of 50 million members as of the first quarter of 2025. That's a deep pool of high-value customers that feeds directly into the physical properties and the digital side of the business.

The company also holds essential Global gaming licenses and regulatory approvals in key jurisdictions. These licenses are non-negotiable barriers to entry. While the exact count isn't public, the value of operating in these regulated spaces is clear from the segment performance. For example, the MGM China segment achieved record Segment Adjusted EBITDAR in Q2 2025.

The digital asset, BetMGM's proprietary technology platform and brand equity, is a major growth driver. The platform is showing real financial traction. For the full year 2025, BetMGM has upgraded its Net Revenue guidance to at least $2.6 billion, and its EBITDA guidance is now set for at least $100 million, a significant turnaround from the $244 million EBITDA loss reported in 2024. The first half of 2025 alone saw $109 million in positive EBITDA. Furthermore, BetMGM announced a cash distribution to MGM Resorts beginning in Q4 2025, initially expected to be at least $100 million.

Finally, a unique physical asset supporting operational efficiency is the MGM Resorts Mega Solar Array. This 100 MW installation, featuring 323,000 panels across 640 acres, is a cornerstone of their sustainability commitment. It is designed to supply up to 90% of the daytime energy needs for the 13 Las Vegas resorts.

Here's a quick snapshot of the scale of these key physical and digital assets as of late 2025 reporting:

You can see the interplay here; the loyalty program feeds the physical properties, which are being upgraded with capital from real estate transactions and digital profits. It's a tightly integrated system.

The operational scale of the physical assets is also evident in the gaming metrics:

• Las Vegas Strip Resorts Segment Adjusted EBITDAR (Q2 2025): $710 million.
• MGM China Net Revenues (Q2 2025): $1.1 billion.
• MGM China Main Floor Table Games Drop (Q3 2025): $4,072 million.
• BetMGM North America Venture Share of Operating Income (Q3 2025): $25,642 thousand (or $25.642 million).

The company is actively managing its capital structure using these resources, too. For instance, in Q2 2025, MGM Resorts repurchased 8 million shares for $217 million. Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.