Business Description
MGM Resorts International is a Delaware corporation incorporated in 1986 that
acts largely as a holding company and, through subsidiaries, owns and operates
integrated casino, hotel, and entertainment resorts across the United States
and in Macau.
We believe we own or invest in several of the finest casino resorts in the
world and we continually reinvest in our resorts to maintain our competitive
advantage. We make significant investments in our resorts through newly remodeled
hotel rooms, restaurants, entertainment and nightlife offerings, as well as
other new features and amenities. We believe we operate the highest quality
resorts in each of the markets in which we operate. Ensuring our resorts are
the premier resorts in their respective markets requires capital investments
to maintain the best possible experiences for our guests.
Most of our revenue is cash-based, through customers wagering with cash or
paying for non-gaming services with cash or credit cards. We rely heavily on
the ability of our resorts to generate operating cash flow to fund capital expenditures,
provide excess cash flow for future development, acquisitions or investments,
and repay debt financings.
Our results of operations do not tend to be seasonal in nature as all of our
casino resorts operate 24 hours a day, every day of the year, with the exception
of Empire City Casino which operates 20 hours a day, every day of the year.
Our primary casino and hotel operations are owned and managed by us. Other resort
amenities may be owned and operated by us, owned by us but managed by third
parties for a fee, or leased to third parties. We utilize third-party management
for specific expertise in operations of restaurants and nightclubs. We lease
space to retail and food and beverage operators, particularly for branding opportunities.
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