MGM Resorts is a global gaming and entertainment company that owns and operates large-scale integrated casino resorts — properties that combine casinos, hotels, restaurants, entertainment venues, and convention space under one roof. MGM's primary business is its Las Vegas Strip portfolio, which includes Bellagio, ARIA, The Cosmopolitan, MGM Grand, and Mandalay Bay, among others, catering to premium leisure travelers, convention customers, and high-end gamblers. In Las Vegas, non-gaming revenue (hotel, food and beverage, entertainment) accounts for the majority of revenue. MGM also operates a regional U.S. portfolio across New Jersey, Michigan, Maryland, New York, and other states, where gaming dominates revenue and properties serve local drive-market customers. Internationally, MGM holds a ~56% stake in MGM China, which operates two casino resorts in Macau focused on premium mass gaming. MGM earns revenue two ways: gaming (the casino retains a percentage of every bet over time) and non-gaming hospitality (hotel rooms, F&B, entertainment). MGM has undergone an asset-light transformation, selling the real estate underlying most domestic properties to REITs and leasing them back under long-term triple-net leases. MGM owns 50% of BetMGM, a U.S. online sports betting and iGaming platform that recently turned profitable. MGM also owns LeoVegas, a European online gambling operator, through its MGM Digital segment. MGM is constructing an integrated resort in Osaka, Japan, targeting a 2030 opening. MGM has reduced its share count by nearly 50% since 2021 through aggressive buybacks.