MGM vs RRR: MGM Resorts International and Red Rock Resorts 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, about 1.4 times Red Rock Resorts.
- MGM Resorts International grew revenue faster over the last year (+1.1% vs -3.0%).
- Red Rock Resorts keeps more of each dollar of revenue as operating profit (27.7% vs 5.7%).
- On earnings, Red Rock Resorts is the cheaper stock (16.1x vs 38.6x).
- Red Rock Resorts's price assumes faster free cash flow growth: about 3% 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 | MGM | RRR |
|---|---|---|
| Market cap | $7.2B | $5.1B |
| Share price | $29.27 | $49.51 |
| Revenue (last fiscal year) | $17.5B | $2.0B |
| Free cash flow (last fiscal year) | $1.5B | $291M |
| Revenue growth, last year | +1.1% | -3.0% |
| Revenue growth per year, last 5 fiscal years | +16.0% | +5.6% |
| Operating margin | 5.7% | 27.7% |
| Net margin | 2.4% | 8.4% |
| Return on equity | 16.9% | 98.7% |
| P/E (trailing) | 38.6x | 16.1x |
| Price / free cash flow | 4.33x | 17.6x |
| EV / EBITDA | 18.3x | 8.11x |
| FCF growth the price implies | -14.2% | 3.2% |
| Dividend yield | — | 2.0% |
| Debt / equity | 14.5x | 23.8x |
| Fundamental grade | C | D |
| Superinvestors holding it | 10 | 4 |
| Insider purchases, last 12 months | 5 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Red Rock Resorts
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $549M | 24.8% |
| 2022 | $1.7B | $214M | 33.7% |
| 2023 | $1.7B | -$205M | 32.4% |
| 2024 | $1.9B | $264M | 29.3% |
| 2025 | $2.0B | $291M | 29.7% |
Where the revenue comes from
MGM Resorts International · by segments, 2023
Las Vegas Strip Resorts$8.8B56%
Regional Operations$3.7B23%
MGM China$3.2B20%
Red Rock Resorts · by segments, 2018
Operating Segments$1.7B100%
Corporate, Non-Segment$6M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MGM in InvestinglyQuestions
Which is bigger, MGM Resorts International or Red Rock Resorts?
MGM Resorts International (MGM), at $7.2B against $5.1B.
Is MGM or RRR cheaper?
By trailing P/E, Red Rock Resorts (16.1x) is cheaper than MGM Resorts International (38.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, MGM or RRR?
MGM Resorts International: revenue grew +1.1% over the last year, against -3.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.