Economic Downturns Impacting Discretionary Spending: The company's revenue heavily relies on consumer discretionary spending, making it vulnerable to economic recessions, high inflation, and unemployment that reduce travel and gambling activities.

Intense Competitive Pressures Across Markets: MGM faces significant competition from other integrated resorts, tribal casinos, online gambling platforms, and emerging entertainment options in all its operating jurisdictions, potentially eroding market share and pricing power.

Adverse Regulatory and Licensing Changes: Operating in highly regulated industries, MGM is subject to strict licensing requirements, changing gaming laws, and potential increases in taxes or fees that could negatively impact operations and profitability, or even lead to license revocation.