CZR vs MGM: Caesars Entertainment and MGM Resorts International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- MGM Resorts International is the larger company, worth $7.2B, close to Caesars Entertainment's $6.2B.
- Caesars Entertainment grew revenue faster over the last year (+3.0% vs +1.1%).
- Caesars Entertainment keeps more of each dollar of revenue as operating profit (15.9% vs 5.7%).
- Caesars Entertainment's price assumes faster free cash flow growth: about -1% a year, against -14% for MGM Resorts International (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CZR | MGM |
|---|---|---|
| Market cap | $6.2B | $7.2B |
| Share price | $29.50 | $29.27 |
| Revenue (last fiscal year) | $11.5B | $17.5B |
| Free cash flow (last fiscal year) | $497M | $1.5B |
| Revenue growth, last year | +3.0% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +4.7% | +16.0% |
| Operating margin | 15.9% | 5.7% |
| Net margin | -4.0% | 2.4% |
| Return on equity | -13.8% | 16.9% |
| P/E (trailing) | — | 38.6x |
| Price / free cash flow | 12.0x | 4.33x |
| EV / EBITDA | 9.05x | 18.3x |
| FCF growth the price implies | -1.1% | -14.2% |
| Dividend yield | — | — |
| Debt / equity | 8.35x | 14.5x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 10 |
| Insider purchases, last 12 months | 1 | 5 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Caesars Entertainment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.6B | $679M | 15.3% |
| 2022 | $10.8B | $41M | 16.1% |
| 2023 | $11.5B | $545M | 21.4% |
| 2024 | $11.2B | -$221M | 20.5% |
| 2025 | $11.5B | $497M | 16.2% |
MGM Resorts International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $883M | 23.5% |
| 2022 | $13.1B | $991M | 11.0% |
| 2023 | $16.2B | $1.8B | 11.7% |
| 2024 | $17.2B | $1.2B | 8.6% |
| 2025 | $17.5B | $1.5B | 5.7% |
Where the revenue comes from
Caesars Entertainment · by segments, 2025
Regional$5.8B50%
Las Vegas$4.0B35%
Caesars Digital$1.4B12%
Managed and Branded$279M2%
MGM Resorts International · by segments, 2023
Las Vegas Strip Resorts$8.8B56%
Regional Operations$3.7B23%
MGM China$3.2B20%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CZR in InvestinglyQuestions
Which is bigger, Caesars Entertainment or MGM Resorts International?
MGM Resorts International (MGM), at $7.2B against $6.2B.
Which grows faster, CZR or MGM?
Caesars Entertainment: revenue grew +3.0% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.