TacticScaleWhat MGM Resorts International Does & How It Makes Money (MGM)
Updated October 2026 · reflects MGM Resorts International's latest reported financials
Casino resort operator in Las Vegas, US regions, and Macau. It earns most of its money from casino gaming (slots and table games).
How MGM Resorts International makes money
It earns most of its money from casino gaming (slots and table games). It also earns from hotel rooms, food and drink, entertainment, retail, and conventions, and it adds online betting and iGaming revenue through its digital platforms.
What MGM Resorts International does
MGM Resorts International is a Las Vegas-based gaming and entertainment company. It reports four segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. Its casino resorts combine slots and table games with hotels, dining, entertainment, retail, and convention facilities. Its customers range from premium gamblers and leisure travelers to business travelers and large conference groups. The company was incorporated in 1986 and was known as MGM MIRAGE until 2010. It has expanded beyond physical casinos into digital gaming. Through BetMGM it offers online sports betting, iGaming and live dealer games, which gives it a presence in both land-based and online gambling.
Products & services
- Las Vegas Strip casino resorts
- MGM China (Macau resorts)
- Regional US casino resorts
- BetMGM online sports betting and iGaming
- Hotel, dining and entertainment
- Convention and meeting venues
What is MGM Resorts International worth?
On an owner-earnings DCF, MGM Resorts International's most-likely value is about $58 versus a recent price near $29 (97% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$42) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $29 is below even the no-growth floor ($42); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -6.0%/yr. A bargain only if that pessimism is overdone.
⚠ High leverage — net debt is 18.1× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →