Segment Adjusted EBITDAR margin measures MGM Resorts' Segment Adjusted EBITDAR as a percentage of the related segment's net revenue.
A simplified form is:
Segment Adjusted EBITDAR margin = Segment Adjusted EBITDAR ÷ segment net revenue
MGM examples
For 2025, MGM reported:
- 33.9% for Las Vegas Strip Resorts;
- 30.8% for Regional Operations; and
- 27.0% for MGM China.
Why it matters
The margin helps separate revenue growth from operating profitability.
A resort can report higher casino revenue while margin falls if labor, marketing, food and beverage, entertainment, or other costs rise faster.
Definition matters
The measure inherits MGM's Segment Adjusted EBITDAR definition, including its treatment of triple-net lease rent and other specified items.
It should not be compared blindly with another operator's adjusted EBITDA margin.
Source
Part of the Integrated Casino Resort Economics
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
- MGMOpen operating-model research →16 of 18 reviewed concepts in Integrated Casino Resort EconomicsProperty-level profitability2 of 2 bridge concepts supportedContinue through this bridge:Segment Adjusted EBITDAR
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