MGM vs HRL Comparison

MGM Resorts is the largest resort operator on the Las Vegas Strip with 37,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 56% of total EBITDAR in 2025. MGM also owns US regional assets, which represented a low 20s share of 2025 EBITDAR (MGM's Macao EBITDAR was 23% of the total in 2025). MGM's US sports and i-gaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a second property that opened on the Cotai Strip in early 2018. We estimate MGM will open a resort in Japan in 2030.

Historically meat-focused, Hormel Foods broadened its lineup to include other protein offerings and became a branded food company. The firm sells its wares through multiple channels, including US retail (61.6% of fiscal 2025 sales), US foodservice (32.6%), and international (less than 6%). By product, 73% of fiscal 2025 sales were from perishable food and 27% from shelf-stable. Major brands include Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy. Many of these hold the number one or two market share in their respective categories.