Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q3 2025 Earnings Presentation
26 slides from Mgm Resorts International's earnings presentation, Oct 29, 2025
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 10.29.2025
Slide 2: World-class operators poised to capture unparalleled global TAM
MGM RESORTS INTERNATIONAL WORLD-CLASS OPERATORS POISED TO CAPTURE UNPARALLELED GLOBAL TAM THROUGH ITS RESORTS AND DIGITAL PLATFORMS Growing Global Access to $150 Billion Great Brands Presence in Regulated TAM 1 1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdictions
Slide 3: 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 Onli
Slide 4: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS
Slide 5: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS Consolidated Net Revenues Increased 2% Integrated Resorts BetMGM North America venture Increased full year revenue from operations and Record slot win at several Las Vegas Strip resorts EBITDA guidance1 for second consecutive Regional operations reported highest e
Slide 6: Third Quarter 2025 Operating Segment Performance
THIRD QUARTER 2025 OPERATING SEGMENT PERFORMANCE $ in millions LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS Net Revenues Segment Adjusted Margin % Net Revenues Segment Adjusted Margin % EBITDAR EBITDAR $731 $957 $952 30.9% 31.5% $2,132 34.3% $296 $300 $1,985 30.3% $601 -7% vs -18% vs -401 bps +0% vs
Slide 7: BetMGM KPIs
BetMGM KPIs 1 • 2025 full-year outlook increased 3Q 2025 Update • At least $2.75 billion net revenue from operations2 $ in millions Three months ended September 30, • Approximately $200 million EBITDA2 2025 2024 YoY Change • BetMGM expects to distribute at least $200 million to Net Revenue from oper
Slide 8: MGM Digital Overview
MGM DIGITAL OVERVIEW Over $1 billion invested to create a highly profitable core business built on a proprietary technology foundation with a significant, broad-based growth opportunity Legacy Markets International Brazil (50.01%) Key Markets SWE, ITA, ESP, DEN, NED, UK UK, NED, SWE BRA Content Prov
Slide 9: Pye et wilt
Pye et wilt
Slide 10: Bellagio High Limit Slots
BELLAGIO HIGH LIMIT SLOTS 10
Slide 11: The Cosmopolitan's Chelsea Penthouses
THE COSMOPOLITAN'S CHELSEA PENTHOUSES 11
Slide 12: MGM Grand Room Remodel
MGM GRAND ROOM REMODEL 12
Slide 13: MGM Macau's Alpha Gaming Club
MGM MACAU'S ALPHA GAMING CLUB 13
Slide 14: MGM Osaka Construction Progress
MGM OSAKA CONSTRUCTION PROGRESS 14
Slide 15: ANN) an
a ANN) an Age
Slide 16: 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 $775 - $800 million domestically inclusive of approx. $600 million in 2025 Capital Expenditures maintenance capital and the remaini
Slide 17: 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 3Q 2025 Cumulative shares repurchased net of issued shares 17
Slide 18: Solid Performance from Integrated Resorts
SOLID PERFORMANCE FROM INTEGRATED RESORTS 2019 – 3Q25 TTM1 Growth LAS VEGAS REGIONALS MGM CHINA +76% +20% +53% $ in millions $3,107 2,889 $3,190 $3,142 $1,643 $1,738 LAS VEGAS $1,144 1,165 $1,133 $970 REGIONALS $1,218 $1,295 $1,087 $1,126 MGM CHINA $735 $867 $25 ($203) 2019 2021 2022 2023 2024 3Q25
Slide 19: Las Vegas Strip GGR has grown more than 4x over 30 years
LAS VEGAS STRIP GGR HAS GROWN MORE THAN 4X OVER 30 YEARS $10 billion 4% GGR CAGR $8 billion $6 billion $4 billion $2 billion 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2021 2024 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 19
Slide 20: feet eeee
feet eeee
Slide 21: 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 Nine Months Ended September 30 September 30 2025 2024 2025 2024
Slide 22: 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 Nine Months Ended September 30 September 30 2025 2024 2025 2024
Slide 23: 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 Nine Months Ended September 30 September 30 2025 2024 2025 2024
Slide 24: Our mission: to be the world's premier gaming & entertainment company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 24
Slide 25: 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 26: MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and online
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 entertainment.
MGM Resorts International — Q3 2025 Earnings Presentation on 6ix