Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q4 2025 Earnings Presentation
24 slides from Mgm Resorts International's earnings presentation, Feb 5, 2026
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 2.5.2026
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 Premium Brands Presence in Regulated TAM 1 1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdiction
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: Fourth Quarter Highlights
FOURTH QUARTER HIGHLIGHTS
Slide 5: Fourth Quarter 2025 Highlights
FOURTH QUARTER 2025 HIGHLIGHTS Consolidated Net Revenues Increased 6% Integrated Resorts BetMGM North America Venture Las Vegas Strip Resorts occupancy improved sequentially, 4Q EBITDA of $71 million represented a $176 outperforming broader market and achieved record slot win at several properti
Slide 6: Fourth Quarter 2025 Operating Segment Performance
FOURTH 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 $2,223 $950 $932 $2,166 $765 33.9% 34.4% 29.5% 30.2% $735 $280 $281 -3% vs -4% vs -48 bps +2% vs -
Slide 7: BetMGM KPIs
BetMGM KPIs • 2025 EBITDA of $220 million represented a $466 million 1 year over year improvement 4Q and Full Year Update • 4Q 2025 EBITDA of $71 million represented a $176 $ in millions 4Q 2025 YoY Change FY 2025 YoY Change million year over year improvement Net Revenue from • Returned $270 million
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 LeoVegas B2C1 Brazil (50.01%) Key Markets SWE, ITA, ESP, DEN, NED, UK BRA Content Providers Market leading positi
Slide 9: Technology Innovation Improving Guest Experience
TECHNOLOGY INNOVATION IMPROVING GUEST EXPERIENCE +18% 1.5min 1M 2.2M Digital Check-In Growth Check-in Speed Total Chats Sq Ft. Cleaned YoY Growth through December Vs. 6.5 mins Traditional Front Desk Handled through Digital Single-day record (December 2025 Concierge 23rd 2025) DIGITAL CHECK-IN & AI-D
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Slide 12: Gymkhana
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Slide 13: Key Financial Metrics
Slide 14: Key Financial Forecasts
KEY FINANCIAL FORECASTS $450 - $485 million excluding stock-based comp, including amounts related to MGM China of 2026 Corporate Expense $50 - $60 million Approximately $685 - $735 million domestic capital expenditures inclusive of approx. $600 2026 Capital Expenditures million in maintenance capita
Slide 15: Repurchased nearly 48% of our shares since the beginning of 2021
REPURCHASED NEARLY 48% OF OUR SHARES SINCE THE BEGINNING OF 2021 500mn 400mn Shares Outstanding 300mn 236mn 200mn 200mn 168mn 115mn 100mn 41mn - 2021 2022 2023 2024 2025 Cumulative shares repurchased net of issued shares 15
Slide 16: Solid Performance from Integrated Resorts
SOLID PERFORMANCE FROM INTEGRATED RESORTS 2019 – 2025 Growth LAS VEGAS REGIONALS MGM CHINA +74% +20% +64% $ in millions $3,107 2,858 $3,190 $3,142 $1,643 $1,738 LAS VEGAS $1,144 1,163 $1,133 $970 REGIONALS $1,218 $1,295 $1,087 $1,205 MGM CHINA $735 $867 $25 ($203) 2019 2021 2022 2023 2024 2025 16
Slide 17: 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 1995 2000 2005 2010 2015 2020 2025 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 17
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Slide 19: 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 Twelve Months Ended December 31 December 31 2025 2024 2025 2024
Slide 20: 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 Twelve Months Ended December 31 December 31 2025 2024 2025 2024
Slide 21: 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 Twelve Months Ended December 31 December 31 2025 2024 2025 2024
Slide 22: Our mission: to be the world's premier gaming & entertainment company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 22
Slide 23: 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 24: 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.
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