# MGM Resorts (MGM) Forecast Calculator

Interactive five-year financial forecast and DCF for MGM Resorts. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/mgm-resorts/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 12899672000 | 1071395000 | 5244864000 | 2049146000 |
| 2022 | 5162082000 | -1763622000 | 568122000 | -1032724000 |
| 2023 | 9680140000 | 882726000 | 3429309000 | 1254370000 |
| 2024 | 13127485000 | 991395000 | 4921422000 | 1473093000 |
| 2025 | 16164249000 | 1758964000 | 2705625000 | 1142180000 |

## Frequently asked questions

### What is MGM Resorts' core business model?

MGM Resorts operates as a global gaming and entertainment company, managing integrated casino, hotel, and entertainment resorts. The company has transitioned to an asset-light "OpCo" model, selling most of its real estate to REITs and leasing it back under triple-net master leases.

### What are the primary revenue drivers for MGM Resorts?

MGM Resorts' revenue is primarily driven by its Las Vegas Strip Resorts, which account for nearly half of its net revenue. Significant contributions also come from its MGM China operations in Macau and its various Regional Operations across the US.

### What is the assumed capital expenditure strategy for MGM Resorts in its financial model?

The financial model assumes capital expenditure at approximately 5.5% of revenue, reflecting MGM Resorts' focus on maintenance and room remodels for its existing properties. Major growth projects like the MGM Osaka integrated resort are funded through unconsolidated affiliates, with MGM's equity contributions noted separately.

### What is the main purpose of the MGM Resorts financial model?

The financial model aims to provide a Sum-of-the-Parts and discounted cash flow valuation for MGM Resorts International. Its purpose is to assess whether the market has fully priced in the company's transition to an asset-light operating model, the profitability inflection of its BetMGM joint venture, and the recovery of Macau operations.

### Is an Excel financial model available for MGM Resorts, and what is its forecast horizon?

Yes, an Excel financial model for MGM Resorts is available for download. This model provides a forecast horizon spanning from fiscal year 2026 through fiscal year 2030.

### How does MGM Resorts' asset-light strategy impact its balance sheet structure?

MGM Resorts' asset-light strategy significantly impacts its balance sheet by reducing its directly owned Property, Plant, and Equipment. Instead, the largest asset class is now operating lease right-of-use assets, reflecting the capitalised value of its long-term leases with REITs.