Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q1 2025 Earnings Presentation
19 slides from Mgm Resorts International's earnings presentation, Apr 30, 2025
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 04.30.2025
Slide 2: Our Mission: To Be the World's Premier Gaming & Entertainment Company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY Operator of 18 properties in the United States and Macau Development underway with an integrated resort in Japan and resort in Dubai Sports betting and gaming entertainment company in 29 North American jurisdictions MGM Digital On
Slide 3: First Quarter 2025 Highlights
FIRST QUARTER 2025 HIGHLIGHTS Integrated Resorts Digital Operations Las Vegas grew casino revenue BetMGM venture reported $22 million of Regional properties increased slot win positive EBITDA, representing YoY growth MGM China maintained mid-teens market of $154 million1 share amid new suppl
Slide 4: First Quarter 2025 Operating Segment Performance
FIRST QUARTER 2025 OPERATING SEGMENT PERFORMANCE $ in millions LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS Net Revenues Segment Adjusted Margin % Net Revenues Segment Adjusted Margin % EBITDAR1 EBITDAR1 $2,255 $828 37.3% $909 31.0% $811 36.7% $900 $279 $2,176 $274 30.1% -3% vs -2% vs +60 bps -1% vs
Slide 5: BetMGM KPIs
BetMGM KPIs 1 Q1 2025 Update • Q1 2025 delivers positive EBITDA $22 million, which represents year over year growth of $154 million. Reaffirmed FY 2025 $ in millions Three months ending Mar 31, expectations. 2025 2024 YoY Change • iGaming Contribution of $133 million and positive contribution from O
Slide 6: Solid Performance from Integrated Resorts
SOLID PERFORMANCE FROM INTEGRATED RESORTS 2019 – 1Q25 TTM1 Growth LAS VEGAS REGIONALS MGM CHINA +88% +18% +46% $ in millions $3,107 3,089 $3,190 $3,142 $1,643 $1,738 LAS VEGAS $1,144 1,149 $1,133 $970 REGIONALS $1,218 $1,295 $1,087 $1,072 MGM CHINA $735 $867 $25 ($203) 2019 2021 2022 2023 2024 1Q25
Slide 7: MGM Digital Is Expected to Drive Significant Growth
MGM DIGITAL IS EXPECTED TO DRIVE SIGNIFICANT GROWTH MARKET SHARE TARGETS: ADDRESSABLE TAM: Europe 1-5% $34 billion MGM Digital Brazil 10%+ $7 billion ~$41 billion Total Addressable Market Source: H2GC Global 2029 TAM estimates 7
Slide 8: MGM Digital Historical Performance
MGM DIGITAL HISTORICAL PERFORMANCE MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include BetMGM venture $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Net Revenues $127.6 $143.3 $141.2 $139.9 $552.0 $128.1 Segment Adjus
Slide 9: Key Financial Forecasts
KEY FINANCIAL FORECASTS $440 - $475 million excluding stock-based comp, including amounts related to MGM China of 2025 Corporate Expense $50 - $60 million Approximately $820 - $850 million domestically inclusive of approx. $600 million in 2025 Capital Expenditures maintenance capital and the remaini
Slide 10: Strong Liquidity Provides Financial Flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 3/31/2025 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $1,658 $8166 $2,474 Revolver availability $2,260 $1,478 $3,728 Total liquidity $3
Slide 11: MGM Resorts Trading at Low Multiples
MGM RESORTS TRADING AT LOW MULTIPLES 1 Enterprise Value / Q1 2025 TTM Adjusted EBITDA (In millions except share price and multiple) Implied MGM Resorts1 Valuation Share Price (rounded)2 $32 Shares2 272 Consolidated Market Value of Equity $8,654 Less: 56% of MGM China Market Value of Equity3 ($2,737)
Slide 12: MGM's First Quarter Cash Growth
MGM’s FIRST QUARTER CASH GROWTH $ in millions $111 Invest For Growth $637 ($228) Reinvest in Our Properties Consolidated Non-Cash Rent Capex Adjusted EBITDA Return Capital to Shareholders Repurchased 8 million shares for $215 million Q2 2025 to date 12
Slide 13: Repurchased Nearly 45% of Our Shares Since the Beginning of 2021
REPURCHASED NEARLY 45% OF OUR SHARES SINCE THE BEGINNING OF 2021 500mn 400mn Shares Outstanding 300mn 222mn 200mn 200mn 168mn 115mn 100mn 41mn - 2021 2022 2023 2024 April YTD 2025 Cumulative shares repurchased net of issued shares 13
Slide 14: MGM China Financial Information Under IFRS
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2025 2024 HK$'000 HK$'000 (unaudited) (unaudited) Reve
Slide 15: MGM China Financial Information Under IFRS: MGM Macau
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2025 2024 HK$'000 HK$'000 MGM MACAU (unaudited) (unaud
Slide 16: MGM China Financial Information Under IFRS: MGM Cotai
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2025 2024 HK$'000 HK$'000 MGM COTAI (unaudited) (unaud
Slide 17: Our Mission: To Be the World's Premier Gaming & Entertainment Company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 17
Slide 18: Forward-Looking Statements
F O R W A R D - L O O K I N G S TAT E M E N T S Statements in this presentation that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncer tainties, including those described in the Company's
Slide 19: MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and
MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and online, to further its goal to be the global leader in gaming and entertainment.
MGM Resorts International — Q1 2025 Earnings Presentation on 6ix