MGM Resorts International (MGM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

MGM Resorts International Stands na vanguarda do cenário global de entretenimento e hospitalidade, transformando a experiência tradicional do cassino em um destino de luxo multifacetado. Ao misturar estrategicamente tecnologia de ponta, entretenimento imersivo e hospitalidade de classe mundial, a MGM revolucionou como os consumidores percebem experiências de jogos e lazer. Seu inovador modelo de negócios Canvas revela um ecossistema complexo que vai muito além do jogo simples, oferecendo soluções de entretenimento integradas que atendem a diversos segmentos de clientes, de jogadores de alto jogador a entusiastas de jogos digitais.

MGM Resorts International (MGM) - Modelo de negócios: Parcerias -chave

Aliança estratégica com entrain

A MGM Resorts detém uma participação de 50% na BETMGM, uma joint venture com a entrada da Plc. No terceiro trimestre de 2023, a BETMGM gerou US $ 230 milhões em receita de jogos líquidos. A parceria abrange as operações on -line de apostas esportivas e igaming em vários estados dos EUA.

Detalhes da parceria	Dados específicos
Participação de propriedade	50% MGM Resorts, 50% entrain plc
Q3 2023 Receita de jogos líquidos	US $ 230 milhões
Estados ativos	21 estados para operações de jogos online

Túmulos de Joint International

A MGM possui parcerias internacionais significativas no desenvolvimento de jogos e hospitalidade.

• MGM China Holdings Limited: 51% de propriedade nas operações de jogos de Macau
• MGM Grand Paradise SA: joint venture gerenciando MGM Macau e MGM Cotai Resorts
• Investimento total em operações de Macau: aproximadamente US $ 3,4 bilhões

Parcerias de tecnologia

A MGM colabora com os principais provedores de tecnologia de jogos para aprimorar os recursos digitais e operacionais.

Parceiro de tecnologia	Foco de colaboração
Jogos científicos	Máquina de caça -níqueis e desenvolvimento da plataforma de jogos
IGT (Tecnologia Internacional de Jogo)	Soluções de jogos digitais e hardware
Tecnologias aristocratas	Software de jogo e design de máquina

Colaborações de entretenimento e hospitalidade

A MGM mantém parcerias estratégicas nos setores de entretenimento e hospitalidade.

• AEG Worldwide: Partnership for Entertainment Local Management
• Nação ao vivo: programação de concertos e entretenimento
• UFC: Parceria exclusiva para eventos de luta na MGM Properties

Parcerias do governo e do mercado local

A MGM se envolve com os governos locais nos principais mercados de jogos para garantir licenças operacionais e desenvolver resorts integrados.

Localização	Detalhes da parceria	Investimento
Nevada	Licença de jogo de longa data em Las Vegas	US $ 12,5 bilhões no total de investimentos em propriedades de Nevada
Massachusetts	MGM Springfield Casino License	US $ 960 milhões de investimento em desenvolvimento
Maryland	MGM National Harbor Casino License	US $ 1,4 bilhão de investimento em desenvolvimento

MGM Resorts International (MGM) - Modelo de negócios: Atividades -chave

Operações de cassino e resort

A MGM Resorts International opera 17 propriedades nos Estados Unidos, com um total de 49.000 quartos de hotel. O espaço total do cassino da empresa abrange aproximadamente 2,3 milhões de pés quadrados.

Localização da propriedade	Número de quartos de hotel	Piso de cassino
Las Vegas Strip	29,000	1,4 milhão de pés quadrados
Mercados regionais	20,000	900.000 pés quadrados

Entretenimento e gerenciamento de eventos

A MGM Resorts hospeda mais de 12.000 eventos de entretenimento anualmente em suas propriedades, gerando aproximadamente US $ 500 milhões em receita de entretenimento.

• Capacidade da T-Mobile Arena: 20.000 convidados
• MGM Grand Garden Arena Capacidade: 17.000 convidados
• Concerto anual e eventos de desempenho: 1.200+

Hospitalidade e serviços de hotel

O segmento de hospitalidade da MGM gera US $ 6,2 bilhões em receita anual da sala, com uma taxa média diária de US $ 245 e taxa de ocupação de 82%.

Marca de hotel	Número de propriedades	Total de quartos
Marcas de luxo	5	12,500
Marcas sofisticadas	8	25,000

Desenvolvimento da tecnologia de jogos

A MGM investe US $ 180 milhões anualmente em pesquisa e desenvolvimento de tecnologia, com foco em plataformas de jogos digitais e tecnologias de experiência do cliente.

• Digital Gaming R&D Orçamento: US $ 75 milhões
• Tecnologia da experiência do cliente: US $ 105 milhões
• Patentes de tecnologia arquivadas anualmente: 22

Gerenciamento de plataforma de jogo digital e online

A plataforma de jogos digitais da MGM, a BETMGM, gerou US $ 1,4 bilhão em receita em 2023, operando em 22 estados com mais de 4 milhões de usuários registrados.

Plataforma digital	Receita anual	Usuários registrados
BETMGM	US $ 1,4 bilhão	4,2 milhões

MGM Resorts International (MGM) - Modelo de negócios: Recursos -chave

Propriedades icônicas de Las Vegas e imóveis

A MGM Resorts International possui 13 propriedades em Las Vegas, com um total de 36.752 quartos de hotel a partir de 2023. O portfólio imobiliário total avaliado em aproximadamente US $ 22,6 bilhões.

Propriedade	Localização	Quartos de hotel	Espaço de cassino
Bellagio	Las Vegas Strip	3,933	139.000 pés quadrados
MGM Grand	Las Vegas Strip	6,852	171.000 pés quadrados
Mandalay Bay	Las Vegas Strip	4,426	135.000 pés quadrados

Portfólio diversificado de marcas de cassino e resort

A MGM opera 17 propriedades totais nos Estados Unidos, incluindo:

• Propriedades de Las Vegas
• Cassinos regionais em estados como Michigan, Maryland e Mississippi
• Plataformas de jogos online

Pool de talentos de entretenimento e hospitalidade forte

A MGM emprega aproximadamente 76.000 trabalhadores em suas operações globais. Aparelhamento da força de trabalho:

• 70% de funcionários em período integral
• 30% de funcionários de meio período
• Posse média dos funcionários: 7,2 anos

Infraestrutura de tecnologia de jogos avançada

Investimentos de tecnologia em 2023: US $ 325 milhões, com foco em:

• Plataformas de jogos digitais
• Sistemas de segurança cibernética
• Análise de dados do cliente

Programas extensos de lealdade e recompensas do cliente

M Estatísticas do programa de recompensas da vida:

Métrica	Valor
Total de membros	11,3 milhões
Membros ativos	5,7 milhões
Receita anual do programa de fidelidade	US $ 1,2 bilhão

MGM Resorts International (MGM) - Modelo de Negócios: Proposições de Valor

Experiências integradas de entretenimento de luxo

A MGM Resorts International opera 16 propriedades em Las Vegas e vários estados, gerando US $ 14,4 bilhões em receita total para 2022. A empresa possui propriedades icônicas como Bellagio, MGM Grand e Mandalay Bay, oferecendo experiências abrangentes de entretenimento de luxo.

Categoria de propriedade	Número de propriedades	Contribuição total da receita
Resorts integrados de Las Vegas	10	US $ 8,7 bilhões
Propriedades regionais	6	US $ 5,7 bilhões

Ofertas de cassino e jogos de alta qualidade

A MGM gerou US $ 6,3 bilhões da receita de jogos de cassino em 2022, representando 43,8% da receita total da empresa.

• Espaço total para jogos: 2,3 milhões de pés quadrados
• Número de máquinas caça -níqueis: 45.000+
• Número de jogos de mesa: 2.500+

Hospitalidade premium e comodidades do resort

A MGM opera 53.000 quartos de hotel em seu portfólio, com uma taxa de quarto diário médio de US $ 259 em 2022.

Tipo de comodidade	Inventário total	Taxa média de ocupação
Quartos de hotel	53,000	72.3%
Restaurantes	120+	N / D

Diversas opções de entretenimento e jantar

A MGM organizou 15,7 milhões de convidados de entretenimento em seus locais em 2022, com receita de entretenimento atingindo US $ 1,2 bilhão.

• Locais de concertos: 25+
• Total de jantar estabelecimentos: 120+
• Eventos de entretenimento anualmente: 5.000+

Plataformas inovadoras de jogo digital e online

A Betmgm, a plataforma de jogo on-line da empresa, gerou US $ 588 milhões em receita para 2022, representando um crescimento de 100% ano a ano.

Métricas de plataforma digital	2022 Performance
Receita online	US $ 588 milhões
Crescimento ano a ano	100%
Usuários ativos	1,3 milhão

MGM Resorts International (MGM) - Modelo de Negócios: Relacionamentos do Cliente

Programas de fidelidade personalizados

O programa de recompensas da MGM possui 15,3 milhões de membros ativos a partir do quarto trimestre 2023. O Programa de Fidelidade em Camas oferece:

• Níveis de nível: safira, pérola, ouro, platina, noir
• Pontos resgatáveis ​​em 17 MGM Resorts Properties
• Gastes médios de membro: US $ 487 por visita

Camada de lealdade	Gasto de qualificação anual	Multiplicador de pontos de recompensa
Safira	$0 - $5,000	1x
Pérola	$5,001 - $15,000	2x
Ouro	$15,001 - $50,000	3x
Platina	$50,001 - $150,000	4x
Noir	$150,001+	5x

Atendimento ao cliente de alto toque

A MGM opera centros de suporte ao cliente 24/7 com:

• Tempo médio de resposta: 2,7 minutos
• Classificação de satisfação do cliente: 87,4%
• Suporte multilíngue em 4 idiomas

Engajamento digital através de aplicativos móveis

MGM Mobile App Statistics:

• 2,6 milhões de usuários ativos mensais
• Taxa de check-in digital: 62% dos convidados do hotel
• Taxa de conversão de reservas móveis: 41%

Experiências de membros VIP e Premium

Benefícios para membros premium:

• Atualizações de salas de cortesia para membros de primeira linha
• Acesso exclusivo a 12 áreas de jogo com alto limite
• Serviço de concierge personalizado

Camada VIP	Valor anual	Benefícios exclusivos
Platina	$75,000+	Reservas prioritárias
Noir	$150,000+	Anfitrião pessoal, eventos privados

Canais regulares de comunicação e feedback do cliente

Métricas de feedback do cliente:

• Respostas anuais da pesquisa: 127.000
• Pontuação do promotor líquido: 68
• Taxa de resposta ao feedback do cliente: 94%

MGM Resorts International (MGM) - Modelo de Negócios: Canais

Locais de cassino físico e resort

A MGM Resorts International opera 31 propriedades totais nos Estados Unidos a partir de 2024, com 17 localizados em Las Vegas. As principais propriedades incluem:

Localização	Número de propriedades	Contagem total de quartos
Las Vegas	17	44.795 quartos
Outros Estados Unidos	14	23.205 quartos

Plataformas de jogo online

A MGM opera o BETMGM, uma plataforma de jogo digital com:

• Ativo em 21 estados para apostas esportivas online
• Disponível em 18 estados para jogos de cassino online
• US $ 2,04 bilhões em receita digital para 2023

Aplicativos para jogos móveis

Plataforma	Usuários ativos mensais	Baixar estatísticas
Betmgm Mobile App	1,2 milhão de usuários ativos	Mais de 5,8 milhões de downloads totais

Equipes diretas de vendas e marketing

A MGM emprega aproximadamente 3.700 profissionais de vendas e marketing em várias divisões, com um orçamento anual de marketing de US $ 487 milhões em 2023.

Sites de reserva de viagens e turismo

A MGM faz parceria com várias plataformas de viagem online, incluindo:

• Expedia
• Booking.com
• Hotels.com
• TripAdvisor

Os canais de reserva digital geraram US $ 1,3 bilhão em receita para a MGM em 2023.

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

Jogadores de alta rede

MGM tem como alvo jogadores de alta rede com características específicas:

Gasto médio de jogo	US $ 5.000 - US $ 25.000 por visita
Porcentagem de jogadores VIP	12,4% do total de visitantes do cassino
Receita total de rolos altos	US $ 687 milhões em 2022

Lazer e viajantes de férias

A MGM atrai viajantes de lazer através de diversas ofertas:

• Volume anual de hóspedes de lazer: 14,3 milhões
• Duração média da estadia: 3,2 noites
• Taxa de quarto médio: US $ 279 por noite

Convenção e participantes do evento de negócios

O segmento de convenções da MGM fornece receita significativa:

Espaço total da convenção	2,2 milhões de pés quadrados
Participantes anuais de eventos de negócios	1,8 milhão
Receita da convenção	US $ 423 milhões em 2022

Entusiastas de entretenimento e concertos

A MGM atrai clientes focados em entretenimento:

• Eventos anuais de entretenimento: 1.200+
• Participação total do show: 2,6 milhões
• Receita de entretenimento: US $ 312 milhões em 2022

Consumidores de jogos digitais e online

Detalhes do segmento de jogos digitais da MGM:

Usuários de jogos online	742.000 jogadores registrados
Receita de jogos digitais	US $ 567 milhões em 2022
Downloads de aplicativos móveis	1,3 milhão

MGM Resorts International (MGM) - Modelo de negócios: Estrutura de custos

Manutenção de propriedades e operações

Em 2023, a MGM Resorts registrou despesas operacionais totais de US $ 10,7 bilhões. Os custos de manutenção de propriedades para seu portfólio de 16 propriedades em Las Vegas e outros mercados representavam aproximadamente US $ 2,3 bilhões anualmente.

Categoria de manutenção de propriedades	Custo anual
Uportagem de infraestrutura física	US $ 685 milhões
Despesas de utilidade	US $ 412 milhões
Renovação e atualizações	US $ 518 milhões

Salários e benefícios dos funcionários

A MGM Resorts emprega aproximadamente 56.000 trabalhadores com despesas totais de remuneração atingindo US $ 3,1 bilhões em 2023.

• Salário médio de funcionários: US $ 55.357
• Benefícios de saúde e aposentadoria: US $ 412 milhões
• Treinamento e desenvolvimento: US $ 87 milhões

Marketing e aquisição de clientes

As despesas de marketing para MGM Resorts em 2023 totalizaram US $ 624 milhões, representando 5,8% da receita total.

Canal de marketing	Alocação
Marketing digital	US $ 218 milhões
Publicidade tradicional	US $ 276 milhões
Programas de fidelidade do cliente	US $ 130 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia para MGM Resorts atingiram US $ 412 milhões em 2023, com foco na transformação digital e na eficiência operacional.

• Infraestrutura de computação em nuvem: US $ 87 milhões
• Aprimoramentos de segurança cibernética: US $ 65 milhões
• Plataformas de jogos digitais: US $ 156 milhões

Conformidade regulatória e licenciamento

As despesas de conformidade e licenciamento para MGM Resorts totalizaram US $ 276 milhões em 2023.

Categoria de conformidade	Custo anual
Licenças de jogo	US $ 124 milhões
Relatórios regulatórios	US $ 87 milhões
Equipe legal e de conformidade	US $ 65 milhões

MGM Resorts International (MGM) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Em 2022, a MGM Resorts International registrou receitas totais de cassino de US $ 6,9 bilhões. A quebra das receitas de jogos de cassino inclui:

Localização	Receita de cassino ($ m)
Propriedades de tira de Las Vegas	3,425
Mercados regionais	2,175
Operações Internacionais	1,300

Hotel e acomodações de resort

A receita do hotel para MGM Resorts em 2022 totalizou US $ 3,2 bilhões, com as seguintes estatísticas -chave:

• Taxa média diária (ADR): US $ 246
• Taxa de ocupação: 78,5%
• Inventário total da sala: 16.629 quartos

Vendas de ingressos de entretenimento e evento

As receitas de entretenimento em 2022 atingiram US $ 412 milhões, incluindo:

Tipo de local	Receita ($ m)
Arena T-Mobile	124
Parque MGM Locais	98
Mostra de residência	190

Serviços de comida e bebida

As receitas de alimentos e bebidas em 2022 totalizaram US $ 2,1 bilhões, distribuídos por:

• Restaurantes de refeições requintadas: US $ 876 milhões
• Jantar casual: US $ 642 milhões
• Bares e lounges: US $ 382 milhões
• Catering e eventos: US $ 200 milhões

Plataformas de apostas de jogo e esportes online

As receitas de jogos digitais para 2022 foram de US $ 324 milhões, com a seguinte quebra:

Plataforma	Receita ($ m)
BETMGM ONLINE CASINO	187
Plataforma de apostas esportivas	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.