MGM Resorts International

MGM Resorts International operates casino properties and online gaming businesses. As of December 31, 2025, the company operates 16 domestic casino properties. Through its approximate 56% controlling interest in MGM China Holdings Limited, which owns MGM Grand Paradise, S.A., it operates two casino properties in Macau. Additionally, through a 50% ownership interest in MGM Osaka Corporation, an unconsolidated affiliate, the company is developing an integrated resort in Osaka, Japan. MGM Resorts International also has global online gaming operations primarily through its consolidated subsidiary LV Lion Holding Limited (LeoVegas) and through its 50% ownership interest in BetMGM, LLC (BetMGM North America Venture), an unconsolidated affiliate. The company leases the real estate assets of its domestic properties pursuant to triple net lease agreements. In recent years, it has implemented an asset-light business model, which has involved monetizing owned real estate assets. The company has continued to focus on key growth opportunities, particularly by investing in the U.S.