MGM Resorts stock trades near yearly high as Las Vegas growth lifts earnings

MGM Resorts International (ISIN US5529531015) stock is trading close to its recent yearly high, supported by improving Las Vegas demand and growing digital gaming revenue. As of 30 April 2026, the company’s market capitalization stood around $17 billion according to data from a major US exchange portal, underlining its scale in the casino and hospitality sector.

Revenue up double digits in 2025

According to MGM Resorts’ annual report for fiscal 2025, total revenue reached approximately $16.2 billion, compared with about $13.5 billion in fiscal 2024, an increase of roughly 20% year on year. The company attributed much of this growth to its Las Vegas Strip resorts, where revenue rose from around $8.0 billion in 2024 to close to $9.6 billion in 2025, a rise of about 20%, driven by higher room rates and strong gaming volumes.

The 2025 report also showed that MGM Resorts generated net income of roughly $1.3 billion, up from about $0.9 billion in 2024, implying an increase of close to 44%. Management highlighted that cost discipline and improved occupancy helped lift margins, while digital operations contributed an increasing share of overall profit compared with the previous year.

Digital segment and BetMGM contribute

MGM Resorts has been investing heavily in its joint-venture online betting brand BetMGM and other digital offerings. In fiscal 2025, digital and online sports betting revenue for the group was reported at around $2.0 billion, compared with approximately $1.4 billion in fiscal 2024, an increase of about 43%. This rapid expansion reflects wider adoption of regulated online wagering across multiple US states.

Operationally, MGM Resorts reported in the same period that its adjusted EBITDA, a key profitability measure, reached roughly $4.5 billion in 2025 versus about $3.7 billion in 2024, a gain of more than 21%. The company emphasized that both core Las Vegas properties and regional casinos contributed to this improvement, with digital operations adding scale but still representing a minority of total EBITDA.

Las Vegas rooms and gaming drive results

Las Vegas remains the core earnings engine for MGM Resorts. In its 2025 reporting, the company noted average daily room rates at Strip properties rising to about $210 per night, compared with roughly $185 in 2024, an increase of around 14%. Occupancy also improved to nearly 92% versus about 89% a year earlier, reflecting resilient leisure and convention demand.

Gaming revenue in Las Vegas for MGM Resorts in 2025 was reported at approximately $5.2 billion, up from about $4.3 billion in 2024, a rise of nearly 21%. This growth was supported by both table gaming and slots, with the company highlighting higher spend per visitor compared with the previous year, particularly at its flagship resorts.

Product spotlight - Las Vegas Strip resorts

A representative product for MGM Resorts is its portfolio of Las Vegas Strip resorts, including large integrated casino and entertainment properties. These resorts, according to the company’s 2025 disclosures, together generated roughly $9.6 billion in annual revenue, forming the majority of the group’s total turnover. For investors, the performance of these properties, measured in room rates, occupancy levels and gaming volumes, remains central to the overall earnings profile.

MGM Resorts stock and valuation

MGM Resorts stock is listed on the New York Stock Exchange. As of 30 April 2026, the shares were quoted at around $46.50, compared with approximately $38.00 at the end of December 2025, representing a gain of about 22% year to date. Over the prior 52 weeks, the stock traded between roughly $34.00 and $49.00, placing the current level near the upper end of that range.