Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of MGM Resorts International and its subsidiaries at “BB-” with a stable outlook, citing the company’s “mid-5x EBITDAR leverage, conservative financial policy and robust liquidity position.”
The subsidiaries include Macau entity MGM China Holdings Limited, of which MGM Resorts holds a controlling 56% stake.
In a note, Fitch described MGM’s expansive scale, strong competitive position and diversification as positive factors in the ratings but noted this was offset by the company’s active development plan, earnings volatility from high-end play in both Las Vegas and Macau, increasing cost pressure and asset light strategy, which could affect financial flexibility.
Nevertheless, the agency said MGM’s leverage is expected to remain stable and that liquidity is sufficient to fund growth opportunities.
On the company’s fiscal approach, Fitch noted that MGM maintains a financial policy of net EBITDAR leverage below 4.5x and also has a policy of maintaining US$3 billion of liquidity through a combination of availability under its revolver and cash.
Likewise, MGM is one of the largest and most diversified gaming operators in the US, a dominant operator on the Las Vegas Strip and continues to increase its market share in Macau.
On the Macau market specifically, it added, “MGM China has performed well in the Macau market despite uncertainty with the China economy and a more promotional environment. EBITDA increased 11% in 2025 and the company has strengthened its competitive position.
“Fitch anticipates future growth to be steadier but still provides steady cash flow to the parent in the form of branding fees and distributions.”
MGM recently reported a 6% increase in net revenues of US$4.6 billion in 4Q25 with net income attributable to MGM Resorts up 87% to US$294 million. MGM China saw net revenues rise by 21% to US$1.24 billion.
