MGM Resorts International: Business Model, SWOT Analysis, and Competitors 2024

MGM Resorts International, a renowned hospitality and entertainment company, is at the forefront of the global gaming industry. This blog article delves into an in-depth analysis of MGM Resorts' business model, examining their strategies and operations that have propelled them to success. Additionally, a comprehensive SWOT analysis will shed light on their strengths, weaknesses, opportunities, and threats in the ever-evolving market. Furthermore, an exploration of their competitors will provide valuable insights into the challenges they face and their competitive position in the industry. Get ready to delve into the world of MGM Resorts International and gain a comprehensive understanding of their future outlook in 2024.

What You Will Learn:

• Who owns MGM Resorts International and the significance of ownership in the company's operations and decision-making processes.
• The mission statement of MGM Resorts International and how it guides the company's strategic direction and overall objectives.
• How MGM Resorts International generates revenue and the various sources of income that contribute to its financial success.
• An in-depth explanation of the Business Model Canvas of MGM Resorts International, providing insights into the key components and value proposition of the company's business model.
• Identification of the major competitors of MGM Resorts International and an understanding of their impact on the company's market position and competitive advantage.
• A thorough SWOT analysis of MGM Resorts International, analyzing its strengths, weaknesses, opportunities, and threats, and how these factors affect its overall performance and future prospects.

Who owns MGM Resorts International?

Major Shareholders

MGM Resorts International, one of the largest hospitality and entertainment companies in the world, has a diverse group of major shareholders. These shareholders hold significant ownership stakes in the company and play a crucial role in its decision-making processes.

Tracinda Corporation

Tracinda Corporation, an investment company founded by the late Kirk Kerkorian, is one of the largest shareholders of MGM Resorts International. At one point, Tracinda owned a majority stake in the company, but over the years, its ownership has reduced. Nonetheless, Tracinda continues to hold a sizable position in MGM Resorts and has a significant influence on its strategic direction.

Vanguard Group

The Vanguard Group, an American investment management company, is another major shareholder of MGM Resorts International. As of the latest available data, Vanguard Group holds a substantial number of shares in the company on behalf of its clients, including various mutual funds and exchange-traded funds. With its vast portfolio and significant influence in the investment industry, the Vanguard Group's ownership in MGM Resorts demonstrates the confidence of institutional investors in the company's prospects.

T. Rowe Price

T. Rowe Price, a global investment management firm, also holds a notable stake in MGM Resorts International. Known for its expertise in managing retirement plans, mutual funds, and other financial services, T. Rowe Price's ownership in the company reflects its belief in the long-term potential of MGM Resorts. As an influential shareholder, T. Rowe Price actively participates in the company's shareholder meetings and provides valuable insights on corporate governance matters.

Capital Research and Management Company

Capital Research and Management Company, a subsidiary of Capital Group Companies, is yet another significant shareholder of MGM Resorts International. Known for its extensive investment expertise, Capital Research and Management Company manages various funds and accounts that hold a considerable number of shares in the company. With its vast resources and deep knowledge of the global market, Capital Research and Management Company's ownership underscores its confidence in MGM Resorts' ability to deliver value to its shareholders.

Other Shareholders

Apart from the major shareholders mentioned above, MGM Resorts International has a broad base of institutional and individual investors. These investors include other investment management firms, pension funds, and individual shareholders who hold varying amounts of ownership in the company. While their individual stakes may be relatively smaller, the collective ownership of these shareholders contributes to the overall stability and diversity of MGM Resorts' shareholder base.

Conclusion

MGM Resorts International has a diverse group of major shareholders, each with their own investment strategies and perspectives. The presence of renowned investment management firms such as Tracinda Corporation, Vanguard Group, T. Rowe Price, and Capital Research and Management Company illustrates the confidence of institutional investors in the company's long-term prospects. Additionally, the broad base of other institutional and individual shareholders contributes to the overall stability and diversity of MGM Resorts' ownership structure.

What is the mission statement of MGM Resorts International?

The Mission Statement of MGM Resorts International: Creating Extraordinary Experiences

MGM Resorts International, one of the leading global hospitality and entertainment companies, has a clear and concise mission statement: Creating Extraordinary Experiences. This mission statement encapsulates the company's commitment to providing unforgettable moments to its guests and stakeholders.

MGM Resorts International strives to go beyond merely offering a place to stay or gamble, aiming to deliver exceptional experiences that resonate with people on a deeper level. The company recognizes that it is not just in the business of providing accommodations, entertainment, and dining options; it is in the business of creating memories and fostering connections.

To achieve its mission, MGM Resorts International prioritizes the following key aspects:

Guest Satisfaction

MGM Resorts International places utmost importance on guest satisfaction. The company strives to provide exceptional customer service and anticipates their guests' needs, ensuring every interaction is memorable and leaves a positive impression. From the moment guests step foot on one of their properties, MGM Resorts International aims to exceed expectations and create a lasting impact.

Innovation and Creativity

MGM Resorts International embraces innovation and creativity in all aspects of its operations. The company constantly seeks new and exciting ways to enhance the guest experience, whether through cutting-edge technology, unique entertainment offerings, or forward-thinking sustainability initiatives. By pushing boundaries and embracing change, MGM Resorts International aims to create extraordinary moments that captivate and inspire.

Diversity and Inclusion

MGM Resorts International is committed to fostering a diverse and inclusive environment for both its guests and employees. The company believes that a diverse workforce and inclusive culture lead to fresh perspectives, innovative ideas, and a better understanding of guests' diverse needs. By actively promoting diversity and inclusion, MGM Resorts International aims to create a welcoming and inclusive atmosphere for all.

Social Responsibility

MGM Resorts International understands its responsibility to society, the environment, and the communities in which it operates. The company is dedicated to making a positive impact through its social responsibility initiatives. From philanthropic endeavors to sustainable practices, MGM Resorts International strives to be a responsible corporate citizen and contribute to the well-being of society.

In summary, MGM Resorts International's mission statement of Creating Extraordinary Experiences reflects its commitment to providing exceptional guest satisfaction, fostering innovation and creativity, promoting diversity and inclusion, and embracing social responsibility. Through these core values, the company aims to create unforgettable moments and leave a lasting impression on all who interact with its properties and services.

How does MGM Resorts International make money?

Casino and Gaming Revenue

A significant portion of MGM Resorts International's revenue is generated through its casino and gaming operations. As one of the world's leading hospitality and entertainment companies, MGM Resorts operates a vast network of casinos across the United States and around the globe. These casinos offer a wide range of gaming options, including slot machines, table games, poker rooms, and sports betting.

The revenue from the casino and gaming segment primarily comes from the money spent by guests on gambling activities. This includes the bets placed on slot machines, the wagers made at the gaming tables, and the commissions earned from operating sportsbooks. MGM Resorts benefits from the inherent house edge in casino games, ensuring a consistent flow of revenue over time.

To attract and retain customers, MGM Resorts continually invests in its gaming facilities, ensuring a top-notch gaming experience for its guests. This includes regularly updating and refreshing its slot machine offerings, organizing high-profile poker tournaments, and providing luxurious high-limit gaming areas.

Hotel and Accommodation Revenue

In addition to its gaming operations, MGM Resorts generates a significant portion of its revenue from hotel and accommodation services. The company owns and operates numerous hotels and resorts, ranging from budget-friendly options to luxurious, high-end properties. These establishments cater to different market segments, ensuring a diverse customer base.

Revenue from the hotel and accommodation segment is derived from room bookings, which are influenced by factors such as location, amenities, brand reputation, and pricing. MGM Resorts strategically positions its properties in popular tourist destinations, including Las Vegas, Macau, and major cities across the United States, attracting both leisure and business travelers.

To enhance the guest experience and drive revenue, MGM Resorts continually invests in its hotels, offering world-class amenities such as spas, pools, fine dining restaurants, and entertainment venues. By providing exceptional service and creating memorable stays, the company aims to encourage repeat visits and build customer loyalty.

Entertainment and Live Events Revenue

MGM Resorts International is well-known for hosting a wide array of entertainment events, ranging from concerts and theatrical performances to sporting events and award shows. The revenue generated from entertainment and live events is a significant contributor to the company's overall earnings.

MGM Resorts owns and operates various entertainment venues, including arenas, theaters, and concert halls. These venues serve as stages for popular artists, performers, and sports teams, attracting a diverse audience.

Revenue from entertainment and live events is generated through ticket sales, concessions, merchandise, and sponsorships. MGM Resorts collaborates with renowned artists, production companies, and sports organizations to offer a diverse lineup of events that cater to different interests and demographics.

By continuously curating an exciting lineup of shows and events, MGM Resorts aims to position itself as a premier entertainment destination, attracting visitors seeking a memorable and immersive entertainment experience.

Food and Beverage Revenue

Food and beverage services play a significant role in MGM Resorts International's revenue generation. The company operates a wide range of restaurants, bars, lounges, and nightclubs within its properties, offering a diverse culinary experience to its guests.

Revenue from food and beverage services is derived from the sales of meals, beverages, and other offerings. MGM Resorts strives to provide an extensive range of dining options, catering to different tastes and budgets. From casual eateries and buffets to upscale fine dining establishments, the company aims to satisfy the diverse preferences of its guests.

To further enhance its food and beverage offerings, MGM Resorts collaborates with renowned chefs, restaurateurs, and mixologists. This allows the company to showcase innovative and high-quality dining experiences, attracting both local residents and tourists looking for exceptional culinary adventures.

Overall, MGM Resorts International's diverse revenue streams, including casino and gaming, hotel and accommodation, entertainment and live events, and food and beverage services, contribute to its financial success. By continuously evolving and adapting to changing consumer preferences, the company aims to remain a leader in the hospitality and entertainment industry.

MGM Resorts International Business Model Canvas Explained

Key Partnerships

One of the fundamental aspects of MGM Resorts International's business model is its strategic partnerships. The company recognizes the importance of collaborating with various stakeholders to drive growth and deliver exceptional experiences to its customers.

MGM Resorts has established partnerships with renowned hotel brands, entertainment companies, and dining establishments to enhance its offerings. For instance, it has joined forces with luxury hotel chains like Bellagio, MGM Grand, and The Mirage, which enables the company to cater to diverse segments of the market and offer a range of accommodation options. These partnerships not only expand MGM Resorts' customer base but also enhance its brand image.

Additionally, MGM Resorts has formed alliances with entertainment companies such as Cirque du Soleil and various renowned performers to offer world-class entertainment experiences to its guests. By leveraging these partnerships, MGM Resorts can attract a wider audience and differentiate itself from competitors.

Furthermore, the company has collaborated with leading restaurants and celebrity chefs to create a diverse culinary experience for its guests. Partnerships with renowned chefs like Wolfgang Puck and Joel Robuchon have allowed MGM Resorts to offer exceptional dining options, further enhancing the overall guest experience.

Key Activities

MGM Resorts International engages in a range of key activities to ensure its success in the highly competitive hospitality and entertainment industry.

Firstly, the company heavily invests in the development and maintenance of its properties. MGM Resorts owns and operates a portfolio of iconic resorts and casinos, requiring continuous investment to maintain their appeal and competitiveness. Through these properties, MGM Resorts offers a wide array of services, including hotel accommodations, gaming facilities, entertainment venues, and dining options.

Secondly, MGM Resorts places significant emphasis on customer service and experience. The company strives to provide exceptional experiences to its guests, ensuring their satisfaction and loyalty. This involves continuous training and development of its employees, creating a customer-centric culture, and implementing innovative technologies to enhance guest interactions.

Moreover, MGM Resorts actively engages in marketing and promotional activities to attract customers and build brand awareness. The company utilizes various channels, including digital advertising, social media campaigns, and partnerships with travel agencies, to reach its target audience. By effectively promoting its offerings, MGM Resorts can drive customer acquisition and increase revenue.

Key Resources

To support its business model, MGM Resorts International relies on a variety of key resources.

One of the most critical resources is its portfolio of properties, which includes iconic resorts and casinos in desirable locations worldwide. These properties serve as the foundation for MGM Resorts' operations and revenue generation. Additionally, the company invests in maintaining and upgrading these properties to ensure they remain attractive and competitive in the market.

Another essential resource for MGM Resorts is its dedicated and skilled workforce. The company recognizes the importance of having passionate and knowledgeable employees who can deliver exceptional customer service. Therefore, it invests in training programs, employee development, and fostering a positive work environment to attract and retain talented individuals.

Furthermore, MGM Resorts leverages advanced technologies and infrastructure to optimize its operations and enhance guest experiences. These include state-of-the-art gaming systems, reservation platforms, data analytics tools, and customer relationship management systems. By leveraging technology, MGM Resorts can streamline its operations, personalize guest experiences, and gain valuable insights into customer preferences.

Conclusion

MGM Resorts International's business model is built upon strategic partnerships, key activities, and key resources. By forming alliances with various stakeholders, engaging in key activities, and leveraging critical resources, the company has established itself as a leader in the hospitality and entertainment industry. From its key partnerships with luxury hotel brands and entertainment companies to its focus on providing exceptional customer experiences and leveraging technological advancements, MGM Resorts continues to drive growth and deliver memorable experiences to its guests.

Which companies are the competitors of MGM Resorts International?

Competitors of MGM Resorts International

MGM Resorts International, a leading global hospitality and entertainment company, faces strong competition from several other players in the industry. These companies strive to attract and retain customers in the highly competitive market of resorts, hotels, and casinos. Here are some of the major competitors of MGM Resorts International:

1. Las Vegas Sands Corp.: With a strong presence in both the domestic and international markets, Las Vegas Sands Corp. is a formidable competitor for MGM Resorts. The company owns and operates several iconic resorts and casinos, including The Venetian and The Palazzo in Las Vegas, as well as properties in Macau and Singapore.

2. Caesars Entertainment Corporation: Caesars Entertainment is one of the largest casino and entertainment companies globally, owning and operating numerous properties across the United States and internationally. Its portfolio includes well-known brands such as Caesars Palace, Harrah's, and Horseshoe. The company's vast network of resorts and casinos poses a significant competition to MGM Resorts International.

3. Wynn Resorts, Limited: Wynn Resorts is renowned for its luxury resorts and casinos in Las Vegas and Macau. The company's commitment to providing an upscale experience attracts high-end clientele. With properties like Wynn Las Vegas and Encore, Wynn Resorts competes directly with MGM Resorts in the luxury segment of the market.

4. Melco Resorts & Entertainment Limited: Melco Resorts & Entertainment is a prominent competitor of MGM Resorts, especially in the Asian market. The company operates integrated resorts and casinos in Macau, including City of Dreams and Studio City. Melco Resorts' strong presence in the region and its focus on entertainment and gaming make it a key rival for MGM Resorts International.

5. Hilton Worldwide Holdings Inc.: Although primarily known for its hotel business, Hilton Worldwide Holdings also operates several resorts and casinos worldwide. The company's brands, including Waldorf Astoria and Conrad, offer a premium experience to guests. Hilton's presence in popular tourist destinations poses competition to MGM Resorts, especially in the hotel and resort sectors.

These are just a few of the significant competitors that MGM Resorts International faces in the highly competitive industry. Other notable competitors include Penn National Gaming, Boyd Gaming Corporation, and Genting Group. As the hospitality and entertainment landscape continues to evolve, MGM Resorts International strives to differentiate itself by offering unique experiences and maintaining a strong brand presence.

MGM Resorts International SWOT Analysis

Strengths

• Strong brand recognition: MGM Resorts International is a well-established and globally recognized brand in the hospitality and entertainment industry. With a portfolio of renowned resorts and casinos, such as the Bellagio and MGM Grand, the company has built a strong reputation for offering high-quality experiences to its customers.
• Diversified revenue streams: MGM Resorts International operates in various segments, including gaming, hotel, food and beverage, entertainment, and more. This diversification helps the company mitigate risks associated with fluctuations in any particular market segment and ensures a stable revenue stream.
• Extensive resort and casino portfolio: With properties across multiple destinations, MGM Resorts International has a wide range of offerings for customers. This extensive portfolio allows the company to cater to different customer segments and attract a diverse customer base.
• Strong presence in key markets: The company has a strong presence in key markets, such as Las Vegas, Macau, and other major cities around the world. This presence enables MGM Resorts International to leverage local market knowledge and capitalize on opportunities for growth.
• Focus on sustainability: MGM Resorts International has made significant efforts towards sustainability, including initiatives to reduce energy consumption, water usage, and waste generation. This focus on sustainability not only helps the environment but also enhances the company's reputation and appeals to environmentally conscious customers.

Weaknesses

• Dependence on the tourism industry: MGM Resorts International heavily relies on the tourism industry for its business operations. Any downturns or disruptions in the tourism sector, such as economic crises or travel restrictions, can significantly impact the company's financial performance.
• Vulnerability to regulatory changes: The casino and gaming industry is subject to extensive regulations, which can change over time. Changes in regulations related to taxation, licensing, or gambling laws can have a direct impact on MGM Resorts International's operations and profitability.
• High debt burden: The company carries a significant amount of debt, which can restrict its financial flexibility and increase the risks associated with economic downturns or fluctuations in interest rates. Servicing this debt requires a substantial portion of the company's cash flow, limiting its ability to invest in growth opportunities.
• Limited geographic diversification: While MGM Resorts International has a strong presence in key markets, its geographic diversification is somewhat limited compared to some of its competitors. This lack of diversification exposes the company to regional risks, such as economic instability or political changes in specific markets.

Opportunities

• Expansion into new markets: MGM Resorts International has the opportunity to expand its presence in emerging markets, such as Japan, where the government is considering legalizing integrated resorts. By entering new markets, the company can tap into new customer bases and diversify its revenue streams further.
• Growing online gambling market: The increasing popularity of online gambling presents an opportunity for MGM Resorts International to expand its digital presence. By leveraging its brand and expertise in the gaming industry, the company can develop online platforms and capture a share of the growing online gambling market.
• Partnerships and collaborations: Collaborating with other companies, such as technology providers or entertainment companies, can open up new avenues for growth and innovation. Strategic partnerships can enhance the company's offerings, attract new customers, and create unique experiences that differentiate MGM Resorts International from its competitors.

Threats

• Intense competition: The hospitality and entertainment industry is highly competitive, with numerous players vying for market share. Competitors include other resort and casino operators, as well as alternative forms of entertainment and leisure activities. Intense competition can put pressure on MGM Resorts International's pricing and profitability.
• Economic downturns: The company's performance is closely tied to economic conditions, as discretionary spending on leisure and entertainment may decrease during economic downturns. Economic recessions or slowdowns can lead to reduced consumer spending and negatively impact MGM Resorts International's financial results.
• Global uncertainties: Factors such as political instability, terrorism, natural disasters, or pandemics can disrupt travel patterns and negatively affect the tourism industry. Global uncertainties, such as trade tensions or health crises, pose risks to MGM Resorts International's business operations, particularly in international markets.
• Changing customer preferences: Evolving customer preferences and behavior, such as a shift towards online entertainment or alternative vacation options, can impact MGM Resorts International's business. Failure to adapt to changing trends and meet evolving customer demands can result in a decline in customer loyalty and market share.

Key Takeaways

• MGM Resorts International is a publicly traded company, meaning ownership is spread among a large number of shareholders.
• The mission statement of MGM Resorts International is to "deliver memorable experiences through exceptional customer service, leading technology, and innovative products and services."
• MGM Resorts International generates revenue through various sources, including hotel and resort operations, casino gaming, entertainment shows, food and beverage sales, and other amenities.
• The Business Model Canvas of MGM Resorts International can be broken down into key elements such as key partners, key activities, value proposition, customer segments, channels, cost structure, and revenue streams.
• Competitors of MGM Resorts International include other major casino and resort operators such as Las Vegas Sands Corp., Wynn Resorts, and Caesars Entertainment.
• In terms of SWOT analysis, MGM Resorts International has strengths such as a strong brand and a diverse portfolio of properties, weaknesses such as dependence on specific geographic locations, opportunities such as expansion into new markets and the potential for online gambling, and threats such as regulatory challenges and competition from other entertainment options.

Conclusion

In conclusion, MGM Resorts International is owned by a diverse group of shareholders, with no single majority owner. The company's mission statement is to provide extraordinary entertainment experiences and superior customer service. MGM Resorts International generates revenue through various streams, including hotel accommodations, gaming, entertainment shows, and food and beverage offerings.

Analyzing their business model canvas, MGM Resorts International focuses on key activities such as providing exceptional customer service, maintaining a strong brand presence, and continuously improving their offerings. Their key resources include their extensive portfolio of properties, skilled employees, and strategic partnerships.

Competitors of MGM Resorts International include prominent companies in the hospitality and entertainment industry, such as Caesars Entertainment, Las Vegas Sands Corp, and Wynn Resorts Ltd. These competitors strive to attract customers through similar offerings and experiences.

A SWOT analysis of MGM Resorts International reveals strengths such as their strong brand recognition and diverse portfolio, while weaknesses include exposure to economic fluctuations and regulatory challenges. Opportunities for the company lie in expanding their international presence and diversifying their offerings, while threats include increasing competition and changing customer preferences.

Overall, MGM Resorts International is a leading player in the hospitality and entertainment industry, continuously striving to provide exceptional experiences to their customers while navigating a competitive landscape.

FAQs

What are the weaknesses of MGM Resorts?

Some potential weaknesses of MGM Resorts include:

1. High dependency on the tourism industry: MGM Resorts' success is heavily reliant on the tourism industry, making it vulnerable to economic downturns, travel restrictions, and fluctuations in consumer spending habits.

2. Geographical concentration: The majority of MGM Resorts' operations are concentrated in Las Vegas, Nevada. This concentration exposes the company to risks associated with regional economic conditions, natural disasters, and regulatory changes specific to that area.

3. High debt levels: MGM Resorts has a significant amount of debt, which can limit financial flexibility and increase interest expenses. This can be particularly challenging during economic downturns or periods of weak cash flow.

4. Intense competition: The hospitality and entertainment industry is highly competitive, with numerous competitors vying for market share. MGM Resorts faces competition from other major players in the industry, as well as from new entrants and alternative forms of entertainment.

5. Vulnerability to external factors: MGM Resorts' operations and profitability can be impacted by factors beyond its control, such as global economic conditions, political instability, changes in travel patterns, and health crises (e.g., COVID-19).

6. Seasonal fluctuations: MGM Resorts experiences seasonal fluctuations in demand, with peak periods during holidays and special events. This can lead to uneven revenue streams and operational challenges during off-peak periods.

7. Dependence on discretionary spending: As a provider of luxury hospitality and entertainment services, MGM Resorts' revenue heavily relies on consumers' discretionary spending. During economic downturns or periods of financial uncertainty, consumers may reduce their spending on leisure activities, affecting the company's financial performance.

It's important to note that weaknesses can vary over time and may be influenced by external factors. Therefore, ongoing monitoring and adaptation are crucial for MGM Resorts to mitigate these weaknesses and maintain a competitive position in the industry.

What makes MGM Resorts International unique?

MGM Resorts International is unique for several reasons:

1. Diversified portfolio: MGM Resorts International owns and operates a wide range of resorts, hotels, and casinos across the United States and internationally. With iconic properties like the Bellagio, MGM Grand, and Mandalay Bay in Las Vegas, as well as international destinations like Macau and Dubai, MGM Resorts offers a diverse range of experiences to cater to different customer preferences.

2. Entertainment and live events: MGM Resorts is known for its focus on entertainment and live events. The company owns several entertainment venues, including the T-Mobile Arena in Las Vegas, where it hosts major sporting events, concerts, and other live performances. MGM Resorts also has long-standing partnerships with renowned entertainment companies like Cirque du Soleil and is known for its world-class shows and productions.

3. Commitment to sustainability: MGM Resorts has placed a strong emphasis on sustainability and environmental responsibility. The company has implemented several initiatives to reduce its carbon footprint, conserve resources, and promote sustainable practices. MGM Resorts is the first company in the gaming and hospitality industry to receive ISO 14001 certification for its environmental management system.

4. Diversity and inclusion: MGM Resorts International is committed to fostering a diverse and inclusive workplace. The company has been recognized for its efforts in promoting diversity and equality, including being named one of the "Best Places to Work for LGBTQ Equality" by the Human Rights Campaign Foundation. MGM Resorts also actively supports minority-owned businesses and suppliers.

5. Social responsibility: MGM Resorts takes its role as a responsible corporate citizen seriously. The company has a strong focus on social impact initiatives, including philanthropy, community engagement, and employee volunteerism. MGM Resorts has established the MGM Resorts Foundation, which supports various charitable organizations and initiatives, particularly in the areas of education, hunger relief, and disaster response.

Overall, MGM Resorts International stands out for its diverse portfolio, commitment to entertainment and sustainability, focus on diversity and inclusion, and dedication to social responsibility.

What is MGM Resorts International?

MGM Resorts International is a global hospitality and entertainment company that operates a portfolio of hotels, resorts, and casinos. It is one of the largest casino operators in the world, with properties located in major cities and tourist destinations across the United States, as well as internationally. The company owns and operates iconic resorts such as Bellagio, MGM Grand, Mandalay Bay, and The Mirage in Las Vegas. MGM Resorts also offers a wide range of entertainment options, including live shows, concerts, sporting events, and nightlife experiences.

What are the 5 elements of SWOT analysis?

The 5 elements of SWOT analysis are as follows:

1. Strengths: These are the internal factors that give an organization an advantage over others. They can include unique resources, skills, or competitive advantages that set the organization apart.

2. Weaknesses: These are the internal factors that place an organization at a disadvantage compared to others. Weaknesses can include limited resources, lack of expertise, or ineffective processes that hinder the organization's performance.

3. Opportunities: These are external factors that could potentially benefit the organization. Opportunities can arise from market trends, technological advancements, or changes in consumer behavior that the organization can leverage to its advantage.

4. Threats: These are external factors that could potentially harm the organization's performance. Threats can come from competitors, changing regulations, economic downturns, or any other factors that pose challenges to the organization's success.

5. Trends: While not always explicitly mentioned as a separate element, analyzing trends is a crucial part of SWOT analysis. It involves assessing the current and future market trends that could impact the organization's strengths, weaknesses, opportunities, and threats. Understanding trends helps organizations anticipate changes and adapt their strategies accordingly.