MGM Resorts International (MGM) Stock Analysis

MGM Resorts International’s competitive edge rests on its scale, brand portfolio, and integrated business model. The company operates 18 major properties in the U.S. and Macau, with a global reach that few rivals match. Its Las Vegas Strip presence is unrivaled, with flagship assets such as Bellagio, Aria, and The Cosmopolitan, supporting a 2024 Las Vegas segment EBITDA of $3.3 billion—nearly double 2019 levels. This scale enables superior cross-property marketing and operational efficiencies.

MGM’s loyalty program, MGM Rewards, boasts over 50 million members, driving high customer retention and cross-selling across gaming, hospitality, and entertainment. In contrast, Caesars and Wynn have smaller property networks and less diversified non-gaming revenue streams. Notably, non-gaming now accounts for roughly 70% of MGM’s flagship property revenue, reducing reliance on volatile gaming cycles.

Digital expansion is another differentiator. MGM’s BetMGM joint venture is a top-three U.S. online sports betting and iGaming operator, with 2024 net revenue of $2.1 billion and a 14% national market share. This digital scale outpaces Caesars Digital and Wynn Interactive, both of which lag in market share and profitability.

MGM’s international pipeline—Osaka (Japan), Dubai, and a potential New York casino—offers further growth optionality. However, the company faces intense competition from Las Vegas Sands in Asia and Caesars in U.S. regionals, and remains exposed to regulatory and macroeconomic risks. Overall, MGM’s breadth, brand strength, and digital leadership underpin a durable, though not unassailable, competitive advantage.