Grizzly Bulls
Financial research concept

Casino Resort Segment Adjusted EBITDAR

Casino resort Segment Adjusted EBITDAR is MGM's reportable-segment profit measure before specified financing, tax, depreciation, lease-rent, and other items.

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. Why it matters
  2. Important accounting boundary
  3. Source
  4. Part of the Integrated Casino Resort Economics
  5. See It in Company Research
  6. Continue Research

Segment Adjusted EBITDAR is MGM Resorts' reportable-segment profit measure for its operating segments.

MGM defines it as earnings before interest and other non-operating items, income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, triple-net lease rent expense, certain affiliate results, goodwill impairment, corporate expense, and stock compensation.

Why it matters

MGM uses Segment Adjusted EBITDAR as its primary reportable-segment profit measure.

For resort investors, it provides a way to compare property-level operating performance before large lease-rent and financing structures.

Important accounting boundary

MGM states that Segment Adjusted EBITDAR is its reportable segment GAAP measure, while Consolidated Adjusted EBITDA is a non-GAAP measure.

That distinction matters because "EBITDAR" is often used generically in other contexts. Investors should preserve MGM's exact definition rather than assume a universal formula.

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 →
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