---
title: "MGM Resorts: Business Model"
description: "MGM Resorts revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/mgm-resorts/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# MGM Resorts: Business Model & Revenue Engine

## Direct Answer

MGM Resorts reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Las Vegas Strip Resorts is the largest, with $8.4 billion of revenue (48% of the total), followed by MGM China at $4.5 billion (25%). 71% of revenue came from the United States.

## How Does MGM Resorts Make Money?

No single line supplies a majority of revenue: the largest, Las Vegas Strip Resorts, is 48%, which spreads MGM Resorts's exposure across several demand drivers. Between fiscal 2024 and 2025, MGM China grew fastest (+10.9%) and Las Vegas Strip Resorts slowest (-4.2%), so the revenue mix tilts toward MGM China while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Las Vegas Strip Resorts | $8.4 billion | $8.8 billion | 48.1% | -4.2% |
| MGM China | $4.5 billion | $4.0 billion | 25.4% | 10.9% |
| Regional Operations | $3.8 billion | $3.7 billion | 21.5% | 1.4% |

![Bar chart of MGM Resorts revenue by segment for fiscal 2025: Las Vegas Strip Resorts 48.1%, MGM China 25.4%, Regional Operations 21.5%.](https://www.getswoopr.com/images/charts/mgm-resorts-business-model-segment-mix.webp)
*MGM Resorts revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does MGM Resorts Sell?

MGM Resorts also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Casino | $9.5 billion | $8.8 billion | 53.9% | 7.6% |
| Occupancy | $3.4 billion | $3.7 billion | 19.3% | -8.3% |
| Food and Beverage | $3.0 billion | $3.1 billion | 17.4% | -1.1% |
| Entertainment Retail and Other | $1.7 billion | $1.7 billion | 9.5% | -1.8% |

## Where Does MGM Resorts's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $12.4 billion | $12.7 billion | 70.8% | -2.0% |
| China | $4.5 billion | $4.0 billion | 25.5% | 11.0% |
| Non US Other | $662 million | $555 million | 3.8% | 19.2% |

## What the Segment Figures Do Not Show

The rows above add up to 95% of MGM Resorts's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value MGM Resorts reported in the segment note and revenue disclosures of its Form 10-K filed February 11, 2026 (accession 0000789570-26-000018), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are MGM Resorts's business segments?

In its fiscal 2025 Form 10-K, MGM Resorts reports revenue for Las Vegas Strip Resorts, MGM China and Regional Operations.

### Which part of MGM Resorts brings in the most revenue?

Las Vegas Strip Resorts, with $8.4 billion of revenue in fiscal 2025, or 48% of the total.

### How much of MGM Resorts's revenue comes from outside the United States?

29% in fiscal 2025, by the geographic breakdown MGM Resorts reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: MGM Resorts International Form 10-K filed February 11, 2026](https://www.sec.gov/Archives/edgar/data/789570/000078957026000018/mgm-20251231.htm)
- [SEC EDGAR: MGM Resorts International annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=789570&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [MGM Resorts company dossier](https://www.getswoopr.com/stocks/companies/mgm-resorts/)
- [MGM Resorts financial metrics](https://www.getswoopr.com/stocks/companies/mgm-resorts/metrics/)
- [MGM Resorts financial risk indicators](https://www.getswoopr.com/stocks/companies/mgm-resorts/risks/)
- [MGM Resorts peer comparison](https://www.getswoopr.com/stocks/companies/mgm-resorts/competitors/)
- [MGM Resorts business model and revenue mix](https://www.getswoopr.com/stocks/companies/mgm-resorts/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

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