MGM Resorts International is a global gaming and entertainment company that operates domestic and international locations featuring hotels, casinos, meeting and conference spaces, live entertainment, and retail offerings. The company's core business model revolves around providing high-quality resort experiences and generating revenue through gaming, hotel operations, food and beverage services, and other amenities. MGM Resorts aims to be a leader in the global gaming, entertainment, and hospitality industry, emphasizing reinvestment in properties to maintain a competitive edge. The company has a significant presence in Las Vegas and operates two casino properties in Macau through its controlling interest in MGM China. It also has global online gaming operations through its subsidiary LeoVegas and a 50% stake in BetMGM. The competitive landscape includes other gaming companies and hospitality companies, with significant competition in Las Vegas and Macau.

• Employees: Approximately 63,000 (as of December 31, 2023)
• Geographic Footprint: Domestic and international locations, including Macau
• Number of locations/facilities: 16 domestic casino properties, 2 casino properties in Macau
• Revenue: $16.16 billion (FY2023)
• Key Subsidiaries or Brands: MGM China, LeoVegas, BetMGM
• Year founded: 1986
• Headquarters location: Las Vegas, Nevada

• CEO: William J. Hornbuckle
• CFO: Jonathan S. Halkyard
• Chief Operating Officer: Corey I. Sanders
• Chief Legal and Administrative Officer and Secretary: John M. McManus
• President, MGM Resorts International Interactive: Gary M. Fritz

William J. Hornbuckle has served as CEO since July 2020 and President since December 2012. Corey I. Sanders has served as Chief Operating Officer since December 2020. Jonathan S. Halkyard has served as Chief Financial Officer and Treasurer since January 2021. John M. McManus has served as Chief Legal and Administrative Officer and Secretary since September 2022. Gary M. Fritz has served as President, MGM Resorts International Interactive since October 2022.

• Annual Revenue: $16.16 billion (FY2023)
• Net Income: $1.31 billion (FY2023)
• Total Assets: $42.37 billion (as of December 31, 2023)
• Number of Employees: Approximately 63,000 (as of December 31, 2023)
• Key Financial Highlights: Net revenues increased 23% in 2023 compared to 2022, primarily due to MGM China increasing 368% and Las Vegas Strip Resorts increasing 5%. Consolidated operating income increased 31% in 2023 compared to 2022.

MGM Resorts offers a wide range of products and services across its properties:

• Gaming: Includes slot machines, table games, high-limit rooms, and premium gaming lounges.
• Hotel Accommodations: Features luxurious guestrooms and suites.
• Food and Beverage: Offers a variety of restaurants, bars, and lounges.
• Entertainment: Provides live and theatrical entertainment experiences.
• Retail: Includes various retail offerings and branding opportunities.
• Meeting and Convention Spaces: Provides state-of-the-art facilities for conventions and meetings.
• Sports Betting and Online Gaming: Offers online sports betting and iGaming through BetMGM and LeoVegas.

MGM Resorts operates through three main reportable segments:

• Las Vegas Strip Resorts: Consists of casino resorts on the Las Vegas Strip, with over half of its revenue typically derived from non-gaming operations.
• Regional Operations: Includes casino properties in various U.S. states, with the majority of revenue typically derived from gaming operations.
• MGM China: Comprises casino resorts in Macau, with revenues primarily generated from gaming operations.

Revenue breakdown by segments is as follows: Las Vegas Strip Resorts: $8.80 billion, Regional Operations: $3.67 billion, and MGM China: $3.15 billion (FY2023).

The company's strategic priorities include:

• Recruiting, developing, and retaining top talent, fostering a diverse and inclusive culture, and investing in the employee experience.
• Leveraging a customer-centric model to provide unmatched entertainment experiences and drive top-line growth.
• Innovating gaming entertainment products to drive premium offerings and competitive differentiation.
• Refining the operating model to diversify the business mix, maximize efficiencies, and expand margins.
• Pursuing targeted, attractive ROI opportunities that align with its strategic vision and focus on shareholder returns.

Key growth strategies include developing an integrated resort in Japan, investing in BetMGM, expanding international digital opportunities, and exploring commercial gaming opportunities in new markets. The company is also focused on optimizing its operating model through Centers of Excellence and cost-cutting initiatives.

MGM Resorts operates in the highly competitive gaming and hospitality industry. The company competes with other gaming companies, hospitality companies, and non-gaming resort destinations. Key trends affecting the business include increased competition through online sports betting and iGaming, and the impact of economic and market conditions on customer spending. The company's market position varies by segment, with a strong presence in Las Vegas and Macau. Major competitors include other casino operators and hospitality companies in the markets in which it operates.

• Substantial Indebtedness: The company's substantial debt and financial commitments, including rent payments, could adversely affect its financial results and ability to satisfy obligations.
• Competition: The company faces significant competition in the gaming and hospitality industries, including online sports betting and iGaming.
• Economic and Market Conditions: Economic and market conditions in the jurisdictions in which the company operates and where its customers reside can impact its business.
• Regulatory Risks: The company is subject to extensive regulation, and compliance or failure to comply with such regulations may adversely affect its business.
• Cybersecurity Risks: The company is subject to cybersecurity incidents, which could result in operational disruptions, financial losses, and reputational damage.