# 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.

## Companies

[MGM](/company/MGM/), [LVS](/company/LVS/), [CZR](/company/CZR/), [WYNN](/company/WYNN/), [PENN](/company/PENN/), [BYD](/company/BYD/)

## Methodology

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.

Pack hash: `14ec76bf20c4145193eb5881fdd3f35f349f73e45d1ee66f67fbeb12a0d820cf`. Generated: 2026-07-23.

## Verified Quantitative Matrix

| Metric | MGM | LVS | CZR | WYNN | PENN | BYD | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 17,537,683,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 13,017,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_REVENUE_FY2025; concept us-gaap:Revenues | 11,486,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 7,137,924,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | 6,961,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | 4,091,989,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping BYD -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CZR -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LVS -> us-gaap:Revenues; MGM -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PENN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; WYNN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Net margin | 1.17%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 12.50%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | -4.37%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 4.59%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | -12.11%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | 45.05%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping 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 |
| Operating margin | 5.71%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 21.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 16.18%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 15.67%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | -9.68%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | 18.29%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping 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 |
| Free cash flow | 1,460,451,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,855,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 497,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 692,220,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 388,464,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, WYNN 0d aligned; tags clean |
| Capital expenditures | 1,068,927,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,168,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 805,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 660,433,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 588,215,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, WYNN 0d aligned; tags clean |
| Dividends paid | 0.00; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_MGM_DIVIDENDS_PAID_FY2024; concept us-gaap:PaymentsOfDividendsCommonStock | 833,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | 174,662,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | 58,172,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | period offset; reference 2025-12-31; offsets BYD 0d aligned, LVS 0d aligned, MGM different fiscal year (365 days before row reference) offset, WYNN 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping BYD -> us-gaap:PaymentsOfDividendsCommonStock; LVS -> us-gaap:PaymentsOfDividends; MGM -> us-gaap:PaymentsOfDividendsCommonStock; WYNN -> us-gaap:PaymentsOfDividends |
| Share buybacks | 1,228,272,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 2,217,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 229,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 380,109,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 354,400,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 778,324,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags clean |
| Assets | 41,373,786,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_ASSETS_FY2025; concept us-gaap:Assets | 21,920,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_ASSETS_FY2025; concept us-gaap:Assets | 31,639,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_ASSETS_FY2025; concept us-gaap:Assets | 13,108,117,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_WYNN_ASSETS_FY2025; concept us-gaap:Assets | 14,268,500,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_ASSETS_FY2025; concept us-gaap:Assets | 6,574,690,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BYD_ASSETS_FY2025; concept us-gaap:Assets | period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags clean |
| Liabilities / equity | 15.68; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MGM_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 12.57; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LVS_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 7.98; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CZR_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | Not available | 6.78; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PENN_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | Not available | period aligned; reference 2025-12-31; offsets CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned; tags clean |

## Code-computed comparisons

- Reported net margin range: range endpoints are [PENN](/company/PENN/) (-12.11%) and [BYD](/company/BYD/) (45.05%). Computed from facts NUM_PENN_NET_MARGIN_FY2025 and NUM_BYD_NET_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping 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.
- Latest reported revenue range: range endpoints are [BYD](/company/BYD/) (4,091,989,000) and [MGM](/company/MGM/) (17,537,683,000). Computed from facts NUM_BYD_REVENUE_FY2025 and NUM_MGM_REVENUE_FY2025; comparability: period aligned; reference 2025-12-31; offsets BYD 0d aligned, CZR 0d aligned, LVS 0d aligned, MGM 0d aligned, PENN 0d aligned, WYNN 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax, us-gaap:Revenues; concept mapping BYD -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CZR -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LVS -> us-gaap:Revenues; MGM -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; PENN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; WYNN -> us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.

Market-risk companion: [/compare/gaming/risk/](/compare/gaming/risk/).

## Gate summary

Facts: 48. Claims survived: 0. Claims dropped: 0. Cells quarantined: 36.