MGM Resorts International operator high

MGM Resorts International is the largest operator on the Las Vegas Strip by room count, running 10 properties with roughly 38,000 rooms between them. The company is also the protagonist of the Strip's "OpCo / PropCo" split: in a sequence of transactions from 2017 to 2023, MGM sold the real estate underneath nearly every one of its properties to [[operator:vici-properties|VICI Properties]] — keeping the operating business while paying VICI rent in perpetuity. By the end of 2023, MGM owned almost none of the dirt it does business on.

The properties operate as a portfolio: Bellagio and Aria are the luxury anchors; MGM Grand and Mandalay Bay are the convention-and-concert beasts; Park MGM is the boutique; Luxor and Excalibur and NYNY are the mid-market themed properties; the Cosmopolitan (acquired May 2022 from Blackstone for $1.625B) is the newest addition.