Publish Date: March 17, 2026, 06:38h.

Updated on: March 17, 2026, 06:38h.

• The ratings agency maintains a non-investment grade for the casino giant
• Fitch has assigned a “stable” outlook for MGM’s rating
• According to Fitch, challenges persist in Las Vegas

Today, Fitch Ratings reaffirmed the credit rating for MGM Resorts International (NYSE: MGM) at BB- with a “stable” outlook.

This rating places the casino giant three levels into non-investment grade territory, a classification it shares with all three major rating agencies. Fitch highlights that MGM’s earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) show a high derating when compared to similarly rated companies. Nevertheless, its earnings before interest, taxes, depreciation, and amortization (EBITDA) align with the benchmarks of BBB-rated companies, representing an investment-grade standard. However, MGM continues to face challenges related to Las Vegas visitor numbers.

“Visitor numbers and room revenues in Las Vegas dipped in 2025, and this trend seems to persist into 2026. Factors such as reduced international travel, the timing of major sports events, and convention schedules, alongside increased market costs, have contributed to this market softness,” Fitch observes.

The rating agency also mentions that MGM’s upscale properties are outperforming its more budget-friendly Las Vegas hotels. Notably, Excalibur and Luxor fall into the latter category and contribute a mere 6% to MGM’s overall EBITDA.

MGM’s Robust Liquidity Position

MGM adheres to a liquidity policy of maintaining a minimum of $3 billion, which supports both growth initiatives and shareholder returns, including stock repurchases. Fitch considers this liquidity to be “adequate” for fostering growth but notes that the operator lacks many options to generate cash in extreme distress scenarios.

“Transitioning to an asset-light model has enabled the company to significantly reduce its debt but may limit its flexibility to secure funding through mortgaging in distressed times if cash is required. MGM’s anticipated triple-net lease obligations (including non-cash expenses) are expected to total approximately $2.3 billion in 2026,” Fitch adds.

MGM holds a 50% interest in BetMGM, but it would likely take a severe situation for the gaming operator to divest its increasingly profitable digital wagering interest.

Moderate Expectations for MGM

Las Vegas Sands (NYSE: LVS) stands as the sole major US casino operator with an investment-grade credit rating, with Fitch placing MGM and Wynn Resorts (NASDAQ: WYNN) in the same classification. This context suggests that MGM’s rating is neither uncommon nor excessively poor within the industry.

Looking ahead through the remainder of 2026, Fitch anticipates MGM will allocate between $750 million and $1 billion on stock buybacks, along with $1 billion to $1.1 billion for capital expenditures, including $200 million earmarked for Macau. The rating agency predicts a sluggish revenue growth trajectory, with Macau and BetMGM projected as potential bright spots.

“Total revenue is expected to remain stable in 2026, with slight downturns in Las Vegas and regional sectors being counterbalanced by growth in Macau and digital gaming,” Fitch concludes. “Expect to see modest improvements in Las Vegas and regional markets resulting in low single-digit growth over the forecast period.”