AI-assembled from public SEC filings
Warehouse and discount retail peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
Descriptive comparison — not investment advice. This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.
Methodology
Casino and integrated-resort operators in the existing grepcent universe. These companies all carry SEC SIC 7011 Hotels & Motels -- the same code as pure hoteliers -- so gaming cannot be separated from lodging by SIC code; the cluster is a disclosed business-line grouping of the named casino-resort operators. Every member also appears in the lodging cluster by that shared SIC, which is intentional: a casino-resort is legitimately reachable as both. Online-only sportsbook and racing operators (e.g. DKNG, CHDN) carry different SIC codes and are not included here.
Membership is an explicit disclosed list of SIC 7011 companies whose primary business is casino and integrated-resort gaming, not a mechanical SIC filter, because SIC 7011 does not distinguish casino operators from hoteliers. The overlap with the lodging cluster is deliberate multi-membership rather than a miscategorization. The review publishes no proprietary index-membership labels.
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | MGM | LVS | CZR | WYNN | PENN | BYD |
|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues. Ticker concepts: BYD -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CZR -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LVS -> us-gaap:Revenues; MGM -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PENN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; WYNN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. | 17,537,683,000 source · NUM_MGM_REVENUE_FY2025 | 13,017,000,000 source · NUM_LVS_REVENUE_FY2025 | 11,486,000,000 source · NUM_CZR_REVENUE_FY2025 | 7,137,924,000 source · NUM_WYNN_REVENUE_FY2025 | 6,961,000,000 source · NUM_PENN_REVENUE_FY2025 | 4,091,989,000 source · NUM_BYD_REVENUE_FY2025 |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues. Ticker concepts: BYD -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CZR -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LVS -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MGM -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PENN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; WYNN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. | 1.17% source · NUM_MGM_NET_MARGIN_FY2025 | 12.50% source · NUM_LVS_NET_MARGIN_FY2025 | -4.37% source · NUM_CZR_NET_MARGIN_FY2025 | 4.59% source · NUM_WYNN_NET_MARGIN_FY2025 | -12.11% source · NUM_PENN_NET_MARGIN_FY2025 | 45.05% source · NUM_BYD_NET_MARGIN_FY2025 |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues. Ticker concepts: BYD -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CZR -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LVS -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; MGM -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PENN -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; WYNN -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. | 5.71% source · NUM_MGM_OPERATING_MARGIN_FY2025 | 21.65% source · NUM_LVS_OPERATING_MARGIN_FY2025 | 16.18% source · NUM_CZR_OPERATING_MARGIN_FY2025 | 15.67% source · NUM_WYNN_OPERATING_MARGIN_FY2025 | -9.68% source · NUM_PENN_OPERATING_MARGIN_FY2025 | 18.29% source · NUM_BYD_OPERATING_MARGIN_FY2025 |
| Free cash flow | 1,460,451,000 source · NUM_MGM_FREE_CASH_FLOW_FY2025 | 1,855,000,000 source · NUM_LVS_FREE_CASH_FLOW_FY2025 | 497,000,000 source · NUM_CZR_FREE_CASH_FLOW_FY2025 | 692,220,000 source · NUM_WYNN_FREE_CASH_FLOW_FY2025 | Not available. | 388,464,000 source · NUM_BYD_FREE_CASH_FLOW_FY2025 |
| Capital expenditures | 1,068,927,000 source · NUM_MGM_CAPEX_FY2025 | 1,168,000,000 source · NUM_LVS_CAPEX_FY2025 | 805,000,000 source · NUM_CZR_CAPEX_FY2025 | 660,433,000 source · NUM_WYNN_CAPEX_FY2025 | Not available. | 588,215,000 source · NUM_BYD_CAPEX_FY2025 |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: BYD -> us-gaap:PaymentsOfDividendsCommonStock; LVS -> us-gaap:PaymentsOfDividends; MGM -> us-gaap:PaymentsOfDividendsCommonStock; WYNN -> us-gaap:PaymentsOfDividends. | 0.00 source · NUM_MGM_DIVIDENDS_PAID_FY2024 Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 833,000,000 source · NUM_LVS_DIVIDENDS_PAID_FY2025 | Not available. | 174,662,000 source · NUM_WYNN_DIVIDENDS_PAID_FY2025 | Not available. | 58,172,000 source · NUM_BYD_DIVIDENDS_PAID_FY2025 |
| Share buybacks | 1,228,272,000 source · NUM_MGM_SHARE_BUYBACKS_FY2025 | 2,217,000,000 source · NUM_LVS_SHARE_BUYBACKS_FY2025 | 229,000,000 source · NUM_CZR_SHARE_BUYBACKS_FY2025 | 380,109,000 source · NUM_WYNN_SHARE_BUYBACKS_FY2025 | 354,400,000 source · NUM_PENN_SHARE_BUYBACKS_FY2025 | 778,324,000 source · NUM_BYD_SHARE_BUYBACKS_FY2025 |
| Assets | 41,373,786,000 source · NUM_MGM_ASSETS_FY2025 | 21,920,000,000 source · NUM_LVS_ASSETS_FY2025 | 31,639,000,000 source · NUM_CZR_ASSETS_FY2025 | 13,108,117,000 source · NUM_WYNN_ASSETS_FY2025 | 14,268,500,000 source · NUM_PENN_ASSETS_FY2025 | 6,574,690,000 source · NUM_BYD_ASSETS_FY2025 |
| Liabilities / equity | 15.68 source · NUM_MGM_LIABILITIES_TO_EQUITY_FY2025 | 12.57 source · NUM_LVS_LIABILITIES_TO_EQUITY_FY2025 | 7.98 source · NUM_CZR_LIABILITIES_TO_EQUITY_FY2025 | Not available. | 6.78 source · NUM_PENN_LIABILITIES_TO_EQUITY_FY2025 | Not available. |
Code-computed comparisons
- Reported net margin range: range endpoints are PENN (-12.11%) and BYD (45.05%).
- Latest reported revenue range: range endpoints are BYD (4,091,989,000) and MGM (17,537,683,000).
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Narrative Matrix
| Dimension | MGM | LVS | CZR | WYNN | PENN | BYD |
|---|---|---|---|---|---|---|
| Business model | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Geographic and customer exposure | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Capital allocation | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Stated strategy in filings | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Idiosyncratic risks in filings | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Recent narrative change | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
Gate summary
Quarantined quantitative rows
- No quantitative metric rows quarantined.
Quarantined dimensions
- business_model: No verified cells survived the gate.
- geographic_customer_exposure: No verified cells survived the gate.
- capital_allocation: No verified cells survived the gate.
- stated_strategy: No verified cells survived the gate.
- idiosyncratic_risks: No verified cells survived the gate.
- recent_narrative_change: No verified cells survived the gate.
Quarantined cells
- MGM / business_model: No direct dimension-relevant quote survived the evidence gate.
- LVS / business_model: No direct dimension-relevant quote survived the evidence gate.
- CZR / business_model: No direct dimension-relevant quote survived the evidence gate.
- WYNN / business_model: No direct dimension-relevant quote survived the evidence gate.
- PENN / business_model: No direct dimension-relevant quote survived the evidence gate.
- BYD / business_model: No direct dimension-relevant quote survived the evidence gate.
- MGM / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- LVS / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- CZR / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- WYNN / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- PENN / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- BYD / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- MGM / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- LVS / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- CZR / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- WYNN / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- PENN / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- BYD / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- MGM / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- LVS / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- CZR / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- WYNN / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- PENN / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- BYD / stated_strategy: No direct dimension-relevant quote survived the evidence gate.