Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q2 2025 Earnings Presentation
26 slides from Mgm Resorts International's earnings presentation, Jul 30, 2025
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 07.30.2025
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: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS
Slide 5: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS Record Highest Ever Consolidated Net Revenues Integrated Resorts Digital Operations Las Vegas luxury offerings demonstrate strength BetMGM North America venture increases (excluding impact of MGM Grand room remodel) full year revenue from operations and Regional
Slide 6: Second Quarter 2025 Operating Segment Performance
SECOND 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 $965 32.0% $2,115 $2,205 $782 33.6% 35.5% $927 $309 31.1% $710 $288 -4% vs -9% vs -187 bps +4% vs
Slide 7: BetMGM KPIs
BetMGM KPIs 1 2Q 2025 Update • 2025 full-year outlook increased $ in millions Three months ending June 30, • At least $2.7 billion net revenue from operations2 2025 2024 YoY Change • At least $150 million EBITDA2 Net Revenue from operations 2 $692 $510 36% • Accelerating YoY quarterly growth in net
Slide 8: 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 8
Slide 9: Pye et wilt
Pye et wilt
Slide 10: MGM Grand Room Remodel
MGM GRAND ROOM REMODEL 10
Slide 11: Borgata Gaming Experience
BORGATA GAMING EXPERIENCE 11
Slide 12: MGM Live Studio
MGM Live Studio MGM Live Studio located inside MGM Grand, streaming 24/7 to fully regulated markets 12
Slide 13: ANN) an
a ANN) an Age
Slide 14: 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 $750 - $800 million domestically inclusive of approx. $600 million in 2025 Capital Expenditures maintenance capital and the remaini
Slide 15: Strong liquidity provides financial flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 6/30/2025 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China Consolidated Cash, cash equivalents & marketable debt securities2 $1,461 $7035 $2,164 Revolver availability $2,260 $2,166 $4,426 Total liquidity $3,
Slide 16: MGM's Second Quarter Cash Growth
MGM’s SECOND QUARTER CASH GROWTH $ in millions $106 Invest For Growth $648 ($268) Reinvest in Our Properties Consolidated Non-Cash Rent Capex Adjusted EBITDA Return Capital to Shareholders Repurchased 8 million shares for $217 million in Q2 2025 16
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 1H 2025 Cumulative shares repurchased net of issued shares 17
Slide 18: Solid performance from integrated resorts
SOLID PERFORMANCE FROM INTEGRATED RESORTS 2019 – 2Q25 TTM1 Growth LAS VEGAS REGIONALS MGM CHINA +84% +21% +47% $ in millions $3,107 3,019 $3,190 $3,142 $1,643 $1,738 LAS VEGAS $1,144 1,170 $1,133 $970 REGIONALS $1,218 $1,295 $1,087 $1,079 MGM CHINA $735 $867 $25 ($203) 2019 2021 2022 2023 2024 2Q25
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 $2 billion 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2021 2024 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 19
Slide 20: feet eeee
feet eeee
Slide 21: MGM China Financial Information Under IFRS
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 HK$'000 HK
Slide 22: 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 Six Months Ended June 30 June 30 2025 2024 2025 2024 HK$'000 HK
Slide 23: MGM China Financial Information Under IFRS - MGM Cotai
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 HK$'000 HK
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 — Q2 2025 Earnings Presentation on 6ix