MGM Resorts is Top Gambling Operator on Forbes Global 2000 List

Article ByDavid Weir

June 12, 2023

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Posted in: US Gambling News, US Casino News

As well as publishing an annual list of billionaires, the venerable business magazine Forbes also puts out a yearly compilation of the world’s 2,000 biggest companies.

This year, MGM Resorts International was the highest-rated casino operator on the countdown.

The US-based casino giant took 596^th place, some 700 places ahead of its nearest casino industry competitor, Las Vegas Sands.

MGM was also rated above two of its own Las Vegas Strip landlords, finishing ahead of Blackstone and VICI Properties.

“The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value. As a group, the companies on the 2023 list account for $50.8 trillion in sales,” said Forbes’ introduction to the list.

US-based investment bank JPMorgan Chase topped overall the list for the year with assets of more than $3.6 trillion in value.

MGM on Top

By placing MGM 596^th, Forbes estimates its market value at $15.7 billion. MGM also came in fifth on the Hotels, Restaurants and Leisure section of the list.

With that position, MGM is considered a bigger company than some very well-known names below them. For example, investment group Blackstone sits at 647, pioneering transportation firm Uber is at 653, and retail chain Best Buy sits at 683.

Despite its rival Las Vegas Sands having nearly double the market value, MGM clinched a higher spot on the back of its $43 billion in assets and strong sales figures of $14 billion in 2022.

MGM’s position would have also been bolstered by its large cash pile after selling off its Las Vegas land in favor of rental operation agreements on its casinos, such as The Aria and The Bellagio.

In its 2023 Q1 report, MGM posted a cash balance of $4.5 billion.  

Gambling Operators

Gambling companies are in general in short supply among the top echelons of Forbes 2000, however. The 2023 list is dominated by financial institutions and energy or tech companies.

The nearest ranked casino-related company to MGM on the list was VICI Properties at 758. The Caesars spin-off real estate investment trust is the largest casino landowner in the US. It is also MGM’s main landlord for its Las Vegas Strip properties.

The only other US-based gambling operator to make the cut was Caesars Entertainment, coming in at the 1,280 position.

Well-known national US operators like Wynn Resorts, Hard Rock International, and Bally’s didn’t make the list.

However, some international companies operating in the US did make it. Flutter, the owners of Paddy Power, Betfair and FanDuel, placed at 1077 – which is 200 slots higher than last year.

Land-based and online slot game developer Aristocrat also gained ground on last year’s spot, comfortably staying on the list in the 1,600^th position.

That’s despite outlaying some $1.2 billion recently in the purchase of lottery operator NeoGames.

Top of the List

The top of the Forbes 2000 for 2023 was dominated by big tech, banks and investment firms.

New York investment bank JPMorgan Chase took the top spot with a market valuation of $399 billion. Saudi Arabian state-backed oil giant Saudi Aramco came second, followed by three giant Chinese Investment banks, with Bank of America in sixth.

“There are 58 countries represented by the publicly traded companies on the list. The U.S. leads the way with 611 companies on the ranking, and China comes in second with 346 Global 2000 companies,” said Forbes’ introduction.