Grizzly Bulls
Financial research concept

Casino Resort Nongaming Revenue Mix

Casino resort nongaming revenue mix measures the share of integrated-resort revenue generated outside casino operations.

By Lee BaileyPublished Sep 25, 2026
Research context

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Research date
Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
18 connected conceptsPart of the reviewed Integrated Casino Resort Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. MGM example
  2. Why it matters
  3. Source
  4. Part of the Integrated Casino Resort Economics
  5. See It in Company Research
  6. Continue Research

Nongaming revenue mix measures the share of an integrated resort's revenue generated outside casino operations.

A simplified form is:

nongaming revenue mix = nongaming revenue ÷ total revenue

MGM example

MGM's 2025 revenue by source was $17.538 billion, including approximately $8.087 billion from rooms, food and beverage, and entertainment, retail and other.

That implies a nongaming mix of approximately 46.1%.

This is a Grizzly Bulls calculation from MGM's disclosed revenue categories.

Why it matters

The metric helps investors distinguish a gaming-dominant property from a broader destination-resort model.

A larger nongaming mix can diversify revenue drivers, but it can also introduce different labor, lease, entertainment, and hospitality cost structures.

Source

Part of the Integrated Casino Resort Economics

Connect gaming volume and hold, realized table and slot win, gaming-versus-nongaming revenue mix, resort revenue streams, and property-level profitability to understand integrated casino-resort economics.

Browse the full operating model in Company Analysis →
Where this concept fits

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