MGM Resorts International is one of the most iconic brands in the world. The US gambling giant made $17.54 billion in revenue across its casino resorts in the US and Asia and its online arm BetMGM. That was enough to keep its status as the top operator in the global gambling game by revenue.
But how did it get there? And what strategies have kept it on top? MGM has been a company unafraid to transition with the new. It bet big on Las Vegas, buying up lots of competition, and then transitioned into a an asset-light hybrid online gambling operator successfully trading on its famous Sin City roots. This is how that translated to massive success.
From Movies to Mirage Casinos
Kirk Kerkorian is the key figure in the founding of MGM Resorts. The MGM of the name is the same as the Metro-Goldwyn-Mayer film studio – which Kerkorian bought in 1969 and pivoted its brand towards hotels.
After the success of his MGM Grand Hotel and Casino in Las Vegas in 1973, Kerkorian spun off MGM Grand Hotels Inc. By 1980 he had sold the movie part of the business, as well as his original MGM Grand Hotels. However, he kept the rights to the MGM name – so founding MGM Grand Inc. in 1987.
It acquired Tropicana Las Vegas, Desert Inn and briefly Sands Las Vegas (which it sold again to subsequent long-term owner Sheldon Adelson's Las Vegas Sands in 1989). All the while it was also building its new flagship MGM Grand Las Vegas, which would open to much success in 1993.
Interestingly, despite being associated with Las Vegas for much of its history, MGM Grand Inc. only moved its headquarters from Beverly Hills to Las Vegas in 1992.
During the 90s MGM Grand Inc. began buying up or building many casino properties on the Las Vegas Strip, becoming the largest single operator. It was briefly challenged by Steve Wynn and Mirage Resorts, but then MGM bought Wynn out too in 2000. That marked the start of MGM Mirage Resorts and the true modern Las Vegas Strip as we know it today.
Las Vegas Dominance and BetMGM
After another high profile $7.9 billion acquisition of competing Las Vegas operator Mandalay Resort Group in 2005, made MGM one of the biggest gambling companies in the world.
That sparked a dominant 15 year run, which included opening casinos in the US and globally like:
- MGM Grand Detroit – 2007
- MGM Macau – 2007
- Aria Las Vegas – 2009
- MGM National Harbor (Maryland) – 2016
- MGM Cotai (Macau) – 2018
It also purchased Empire City Casino in New York and opened MGM Northfield Park in Ohio, both in 2019. As well as continuing it's close lead over rivals Caesars Entertainment and Las Vegas Sands during this period, MGM Mirage Resorts changed its name to the MGM Resorts International as it is today.
But arguably one of the biggest changes of this period – outside of launching in Macau, China – was MGM's return to online gambling. BetMGM launched in 2018.
Today you can see how popular this operator is by tracking down a working BetMGM bonus code as shown by Covers.com, for example. The variety of offers, and the level of detail bettors look for when assessing offers through these review platforms, tells you just how much interest there is in BetMGM in the modern market. As well as how competitive it is.
Because despite being one of the biggest operators in the global physical casino sector, BetMGM hasn't quite been able to crack the very top levels of the US market. It has still done well though, solidly taking third place in popularity behind DraftKings and FanDuel among US gambling operators. In 2025 BetMGM made $2.8 billion in revenue, compared to FanDuel's nearly $7 billion and DraftKings' $6 billion.
However, BetMGM actually grew faster (33%) than either of the two market-leaders, and well outpaced rivals like Caesars Digital and
That success was partly due to, unlike many of its Las Vegas and regional casino gambling rivals, MGM's decision to partner with an experience online operator from Europe in Entain. Interestingly though the most recent news in 2026 may have its future as part of the main company in doubt.
Online Success and Sin City Sales
Part of MGM Resorts' transition into the modern realities of Las Vegas, has been becoming quite an asset light corporation. Since the 2022, the majority of MGM's casinos and hotels are only operated by the company, while the physical properties are actually owned by real estate investment trust VICI Properties (which was formerly part of Caesars).
So MGM now actually technically owns none of the properties listed above, but pays rent to operate them. Still, it has been good for revenue as it maintains its position as the biggest operator in the world.
However, MGM could be soon be taken private again by billionaire investor Barry Diller, who is looking to buy the company. That also throws the future of BetMGM into doubt, as reportedly Diller may look to sell the company's 50% stake in the venture.
