Las Vegas Sands vs MGM Resorts
MGM Resorts is the larger business, with $17.54bn of revenue in fiscal 2025 against $13.02bn for Las Vegas Sands (1.3 times as much). Las Vegas Sands grew faster (15.2% against 1.7%). Las Vegas Sands kept more of each dollar of sales as profit: a net margin of 12.5% against 1.2%. MGM Resorts carries less debt relative to equity (257.6% against 992.7%).
| Latest fiscal year | Las Vegas SandsLVS, 2025 | MGM ResortsMGM, 2025 |
|---|---|---|
| Revenue | $13.02bn | $17.54bn |
| Revenue growth | 15.2% | 1.7% |
| Net income | $1.63bn | $206m |
| Operating margin | 21.6% | 5.7% |
| Net margin | 12.5% | 1.2% |
| Return on equity | 72.7% | 7.5% |
| Free cash flow | $1.85bn | $1.46bn |
| Cash | $3.84bn | $2.06bn |
| Total debt | $15.78bn | $6.26bn |
| Debt to equity | 992.7% | 257.6% |
| Dividend per share | $1.00 | — |
| Dividend yield | 3.7% | — |
| Share buybacks | $2.22bn | $1.23bn |
| Employees | 41,500 | 18,000 |
| Market value | $23.96bn | $7.82bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 66 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 24 sales | 0 buys, 2 sales |