MGM Resorts International (MGM) J.P. Morgan Gaming, Lodging, Restaurant, and Leisure Management Access Forum summary

Business performance and trends

• High-end and luxury segments are performing strongly, with continued growth expected into 2026, while value properties remain soft but are being addressed with new programming initiatives.

• Group, catering, and banquet business is exceeding expectations, with no signs of spending pullback.

• International travel to Las Vegas has declined, especially from Canada, prompting renewed marketing efforts.

• Supply chain and energy price volatility are not expected to impact operations due to fixed contracts and reliance on solar power.

• New entertainment and event programming is being launched to attract diverse customer segments and drive visitation.

Capital investments and growth strategy

• Significant CapEx is focused on high-end gaming and room upgrades at flagship properties, with future plans to improve connectivity between luxury assets.

• The company is investing in large-scale projects, including a major integrated resort in Japan, expected to generate substantial cash flow by 2030.

• Share repurchases remain a priority due to perceived undervaluation, supported by strong free cash flow from digital and international operations.

• Domestic acquisitions are unlikely, with focus on diversification and selective regional opportunities.

Macau and international operations

• Macau properties are seeing strong volume growth, especially in premium mass and VIP segments, with new suite products and non-gaming investments supporting market share.

• The company holds a mid-teens market share in Macau, with ongoing commitments to non-gaming initiatives and community engagement.

• Reliable cash flows from Macau operations are enhanced by increased branding fees and dividends.

• Dubai project construction is progressing, with long-term potential for casino operations depending on regulatory developments.