MGM Resorts International: Q1 Quarterly Results (image/1Q 2026 Presentation vF)

‌MGM Resorts International

INVESTOR

PRESENTATION

4.29.2026

‌MGM RESORTS INTERNATIONAL

WORLD-CLASS OPERATORS

POISED TO CAPTURE UNPARALLELED GLOBAL TAM THROUGH ITS RESORTS

AND DIGITAL PLATFORMS

Access to $150 Billion in Regulated TAM1

1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdictions in which MGM currently operates

2

‌OUR MISSION: TO BE THE WORLD'S PREMIER GAMING ENTERTAINMENT COMPANY

Operator of 17 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

Online sports betting and iGaming operator in 11 jurisdictions in Europe, Canada, and South America1

1. Includes all active jurisdictions

Brick and Mortar Properties Digital Markets Future Development 3

‌FIRST QUARTER HIGHLIGHTS

‌Record 1Q Consolidated Net Revenues

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Las Vegas Catalysts

Strong group and convention booking trends Record 1Q convention ADRs and catering & banquet revenue

Encouraging initial momentum from All-Inclusive offerings

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BetMGM North America Venture

iGaming focus remains advantage as net revenue from operations approaches $2 billion annual runrate1

Strategic strengths include multi-product states, Nevada omnichannel and VIP play

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Marquee Championships and

New Franchises Coming

NCAA football: National Championships in 2027 NCAA basketball: Final Four in 2028

MLB: A's first Las Vegas season in 2028 NBA: Expansion franchise finalist

NFL: Super Bowl LXIII in 2029

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Additional High Margin Cash

Flows Streams

BetMGM branding fee commenced in 1Q Incremental branding fee from MGM China beginning 2026

1. Source: BetMGM press release

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FIRST QUARTER 2026 HIGHLIGHTS

‌FIRST QUARTER 2026 OPERATING SEGMENT PERFORMANCE

$ in millions

LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS

Net Revenues

$2,180 $2,176

Segment Adjusted EBITDAR

1Q26

$749 $811

Margin %

34.4% 37.3%

Net Revenues

$918 $900

Segment Adjusted EBITDAR

$259 $279

Margin %

28.3% 31.0%

MGM CHINA MGM DIGITAL

(Consolidated digital business does not include BetMGM North America venture)

Net Revenues

$1,122

$1,027

Segment Adjusted EBITDAR

$273 $286

Margin %

27.8%

24.4%

Net Revenues

Segment Adjusted EBITDAR

Margin %

$183

$128

($26) ($34) -14.0%

-26.9%

6

‌BetMGM North America Venture KPIs

• 1Q performance reflects continued successful execution of refined player management strategy

  • Net Revenue from operations of $696 million, +6% YoY

  • iGaming Net Revenue +9% YoY, Online Sports Net Revenue

    +4% YoY

  • Adjusted EBITDA of $25 million, +11% YoY

• Outlook:

  • FY 2026 Net Revenue from operations of $2.9 - $3.1 billion

  • FY 2026 Adjusted EBITDA2 of $300 - 350 million (lower end)

  • Pathway to $500 million Adjusted EBITDA in 2027

  • iGaming: Consistent growth in engagement metrics

    • 1Q NGR per Active +12% YoY

    • 1Q Average Monthly Actives -3% YoY3

  • Online Sports: Disciplined acquisition and player management strategy

    • 1Q Handle per Active +23% YoY4

    • 1Q NGR per Active +25% YoY4

Source: BetMGM press release

Note: Totals may not sum due to rounding

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1 - BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments. 2 - Net Revenue, EBITDA, and Adjusted EBITDA are based on how BetMGM management analyzes the performance of the business, which are not prepared in accordance with GAAP. See "Note Regarding Presentation of Non-GAAP Financial Measures" on Slide 23 for definitions.

3 - Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.

4 - Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.

‌MGM DIGITAL OVERVIEW

Source: H2GC Global 2029 TAM estimates 8

1. Excludes Brazil

‌AI STRATEGY

Focused on Guest Experience, Operational Discipline, and Speed of Execution

Representative examples include:

GUEST EXPERIENCE & SERVICES

• AI-Enabled Digital Concierge

• In-Trip Services & Booking via Conversational AI

• All-inclusive Digital Vouchers

• Personalized Guest Messaging & Offers

  OPERATIONAL EFFECTIVENESS & EMPLOYEE PRODUCTIVITY

• Intelligent Workforce Scheduling & Labor Optimization

• Robotic & AI-Assisted Cleaning Operations

• AI-Accelerated Creative Production & Asset Scaling

• Automated Campaign Testing & Optimization

  AI-ACCELERATED ENGINEERING

  • Accelerated Development of Digital & Marketing Platforms

  • Rapid Experimentation, Testing, and Feature Iteration

  • AI-Driven Creative, Media, and Data Platforms

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‌MGM GAMING STREAMING LOUNGE

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‌MGM COTAI PREMIUM GAMING AREA AND SUITES

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‌2026 Capital Expenditures

Approximately $685 - $735 million domestic capital expenditures inclusive of approx. $600

million in maintenance capital and the remaining in growth1

2026 Investment in

Unconsolidated Affiliates

Approximately $350 - $400 million for MGM Osaka2

2026 Debt and Cash Interest5

$3.8 billion in principal amount of domestic5 long-term debt, $2.7 billion of MGM China debt

2026 Corporate Expense

$450 - $485 million excluding stock-based comp, including amounts related to MGM China of

$45 - $50 million

KEY FINANCIAL FORECASTS

$200 - $220 million of gross cash interest, excluding MGM China and intercompany debt Domestic debt interest rates have a weighted average of approximately 5%

1. Maintenance capital investment: Maintain or enhance the existing quality of the Company's assets or extend their useful lives to maintain the Company's brand standards and competitive position.

   Growth capital investment: Enhance revenues from existing assets, produce new sources of revenue, and/or improve operating efficiency..

2. Adjusted for the impact of foreign currency hedges

   
   
   

3. Domestic net cash tax includes $88 million of tax refunds and related interest received in the first quarter of 2026.

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4. Triple net lease cash rent related to domestic properties, including ground lease payments and excluding other payments under the leases. Reflects the closing of the Northfield Park operations sale in April 2026.

5. All MGM Resorts entities other than MGM China; assumes maturing debt is refinanced.

‌REPURCHASED OVER 48% OF OUR SHARES SINCE THE BEGINNING OF 2021

500mn

400mn

Shares Outstanding

300mn

200mn

168mn

100mn

-

2021 2022 2023 2024 2025

1Q 2026

Cumulative shares repurchased net of issued shares

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‌SOLID PERFORMANCE FROM INTEGRATED RESORTS

$ in millions

$1,643

$970

$735

$1,738

$1,218

$25

$3,142

$1,295 ($203)

$3,190

$1,133

$867

$3,107

$1,144

$1,087

2,858

1,163

$1,203

2,796

1,144

1,191

2019 2021 2022 2023 2024 2025 1Q26 TTM

1. Las Vegas Segment Adjusted EBITDAR = $749 million (3 mo 26) + $2,858 million (FY 2025) - $811 million (3 mo 25)

Regionals Segment Adjusted EBITDAR = $259 million (3 mo 26) + $1,163 million (FY 2025) - $279 million (3 mo 25) 16

MGM China Segment Adjusted EBITDAR = $273 million (3 mo 26) + $1,203 million (FY 2025) - $286 million (3 mo 25)

Note: Totals may not sum due to rounding

‌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

‌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

1. Adjusted EBITDA is profit before finance costs, income tax expense, depreciation and amortization, gain/loss on disposal/write-off of property and equipment, interest income, net foreign currency difference, share-based payments, pre-opening costs and corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company. Adjusted EBITDA is used by management as the primary measure of the Group's operating performance and to compare our operating performance with that of our competitors. Adjusted EBITDA should not be considered in isolation, construed as an alternative to profit or operating profit as reported under IFRS Accounting Standards or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA presented in this announcement may not be comparable to other similarly titled measures of other companies operating in the gaming or other business sectors. 19

‌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

1. The total of "main floor gross table games win", "VIP gross table games win" and "slot machine gross win" is different to the casino revenue because casino revenue is reported net of commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis.

2. Permanent table count as at March 31, 2026 and 2025. 20

3. Gaming machines operated by a single player and electronic multiple-player gaming machines.

‌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

1. The total of "main floor gross table games win", "VIP gross table games win" and "slot machine gross win" is different to the casino revenue because casino revenue is reported net of commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis.

2. Permanent table count as at March 31, 2026 and 2025. 21

3. Gaming machines operated by a single player and electronic multiple-player gaming machines.

‌OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY

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‌F O R W A R D - L O O K I N G STAT E ME N T S

S t a t emen t s i n t h i s r el ea s e t h a t a r e n o t h i s t o r i c a l f a c t s a r e f o r w a r d - l o o ki n g s t a t emen t s , w i t h i n t h e mea n i n g o f t h e P r i v a t e S ec u r it ie s L it ig at io n R e f o r m A c t o f 1 9 9 5 an d i n v o l v e r i s ks a n d /o r u n c er t a i n t i es , i n c l u d i n g t h o s e d es c r i b ed i n t h e C o m pa n y 's pu b l i c f i l i n g s w i t h t h e S ec u r i t i es a n d E x c h a n g e C o m m i s s i o n . T h e C o m p a n y h a s ba s e d

fo r w a r d - l o o ki n g s t a t emen t s o n ma n a g emen t ' s c u r r en t e x pec t a t i o n s a n d a s s u m pt i o n s a n d n o t o n h i s t o r i c a l f a c t s . E x a m pl es o f t h es e s t a t emen t s i n c l u d e, b u t a r e n o t l i mi t ed t o : th e C o m p a n y' s e x p e c ta ti o ns r e g a r d i ng i ts f i na nc i a l o utl o o k ( i nc l ud i ng e x p e c ta ti o ns r e g a r d i ng b o o k i ng p a c e a nd th e C o m p a n y 's l i q u i d i t y po s i t i o n ) ; a n y b en ef i t s e x pec t ed t o b e r ec ei v ed f r o m t h e C o m pa n y 's t r a n s a c t i o n s a n d c a pi t a l i n v es t men t s ; t h e C o m pa n y 's a b i l i t y t o e x ec u t e o n i t s s t r a t eg i c pl a ns , i n c l u d i n g t h e C o m pa n y 's d e v el o pmen t

p r o j e c ts i n J a p a n a nd D ub a i ; e x p e c ta ti o ns r e g a r d i ng th e a m o unt a nd f r e q ue nc y o f a n y d i s tr i b uti o ns f r o m B e tM G M o r M G M C h i na ; a nd th e C o m p a n y' s a b i l i ty t o r e tur n c a p i ta l t o s h a r e h o l d e r s ( i nc l ud i ng th e ti m i ng a nd a m o unt o f a n y s h a r e r e p ur c h a s e s ) . T h e s e f o r w a r d - l o o ki n g s t a t emen t s i n v o l v e a n u mb er o f r i s ks a n d u n c er t a i n t i es . A mo n g t h e

i m p o r ta nt f a c t o r s th a t c o ul d c a us e a c tua l r e s ul ts t o d i f f e r m a t e r i a l l y f r o m th o s e i nd i c a t e d i n s uc h f o r w a r d - l o o ki n g s t a t emen t s i n c l u d e: t h e ef f ec t s o f ec o n o mi c c o n d i t i o n s a nd m a r k e t c o nd i ti o ns i n th e m a r k e ts i n w h i c h th e C o m p a n y a nd i ts unc o ns o l i d a t e d a f f i l i a t e s ( i nc l ud i ng B e tM G M N o r th A m e r i c a n Ve n t u r e) o per a t e a n d c o m pe t i t i o n w i t h

o n l i n e g a mi n g a n d s po r t s b e t t i n g o per a t o r s a n d d es t i n a t i o n t r a v el l o c a t i o n s t h r o u g h o u t t h e U n i t ed S t a t es a n d t h e w o r l d ; t h e d es i g n, ti m i ng a nd c o s ts o f e x p a ns i o n a nd

c a pi t a l i n v es t men t pr o j ec t s i n Ja pa n a n d Du b a i ; c h a n g es i n a ppl i c a b l e l a w s o r r eg u l a t i o n s , pa r t i c u l a r l y w i t h r es pec t t o i Ga mi ng a n d o n l i n e s po r t s b e t t i n g ; r i s ks r el a t i n g t o

d o m e s ti c a nd i nt e r na ti o na l o p e r a ti o ns , p e r m i ts , l i c e ns e s , f i na nc i ng s , a p p r o v a l s a nd o th e r c o nti ng e nc i e s i n c o nne c ti o n w i th g r o w t h in n e w o r e x is t in g ju r is d ic t io n s ;

d i s r u pt i o n s i n t h e a v a i l a b i l i t y o f t h e C o m pa n y 's i n f o r ma t i o n a n d o t h er s y s t ems o r t h o s e o f t h i r d pa r t i es o n w h i c h t h e C o m pa n y r e l y , t hr ou g h cy b e r - a t t a c ks , o r o t h er w i s e; a n d a d d i t i o n a l r i s ks a n d u n c er t a i n t i es d es c r i b ed i n t h e C o m pa n y 's F o r m 1 0 - K , F o r m 10 - Q a nd F o r m 8 - K r e p o r ts ( i nc l ud i ng a l l a m e nd m e nt s t o t h o s e r epo r t s ) . I n pr o v i d i n g

fo r w a r d - l o o ki n g s t a t emen t s , t h e C o m pa n y i s n o t u n d er t a ki n g a n y d u t y o r o b l i g a t i o n t o u pd a t e t h es e s t a t emen t s pu b l i c l y a s a r es u l t o f ne w i nf o r m a ti o n, f utur e e v e nts o r

o t h er w i s e, e x c ept a s r eq u i r ed b y l a w . I f t h e C o m pa n y u pd a t es o n e o r mo r e f o r w a r d - l o o ki n g s t a t emen t s , n o i n f er en c e s h o u l d b e d r a w n th a t i t w i l l m a k e a d d i ti o na l up d a t e s w i t h r es pec t t o t h o s e o t h er f o r w a r d - l o o ki n g s t a t emen t s .

M A R K E T A N D I N DU ST R Y D ATA

T h is pr es en t a t i o n a ls o c o nta i ns es t i ma t es a nd in f o r m at io n c o nc e r ni ng t h e C o m p a n y' s i nd us tr y th a t ar e ba s e d on i nd us t r y p ub l i c a ti o ns , r epo r t s a nd peer c o m p a ny p u b li c f il in g s . T h is in f o r m at io n i n vo l ve s a num b e r of a s s um p ti o ns a nd l im it at io n s , a nd yo u ar e c a uti o ne d n o t to re ly on or g i ve und ue we i g h t to t h is in f o r m at io n . T he C o m p a ny h a s n o t i n d epe n d en t l y v e r if ie d t h e a c c ur a c y or c o m pl e t en e s s of t h e d a ta c o nta i n e d in t h es e i nd us tr y p u b l ic at io n s , r epo r t s or f il in g s . T he i nd us tr y in w h ic h we o per a t e is s u bj e c t to a h ig h d eg r ee of unc e r ta i nty a nd ri s k d ue to a v ar ie t y of f a c to r s , i nc l ud i ng t h o s e d e s c r ib e d in t h e "R i s k F a c t o rs " s ec t i o n of t h e C o m p a n y' s p u b li c f il in g s w it h t h e SE C . T h i rd pa r t y l og os a nd b r a nd s i nc l ud e d in t h is pr es en t a t i o n ar e t h e pr o per t y of t h ei r r es pec t i v e o w n e r s a nd ar e i nc l ud e d fo r i nf o r m a ti o na l pu r po s es o n ly .

NOT E R E G A R D ING P R E S E N TAT IO N O F NO N - G AAP F I N AN C I AL M EAS U RES

T h is pr es en t a t i o n i nc l ud e s c er t a i n " no n - G A AP f i na nc i a l mea s u r es " a s d e f in e d in R e g ul a ti o n G un d e r t h e Se c u r it ie s Ex c h a ng e A c t of 19 3 4 , a s a men d ed . S c h ed u l es th a t r e c o n c il e t h e no n - G AAP f i na nc i a l mea s u r es t o t h e mo s t d ir e c t l y c o m p a r a b l e f i na nc i a l m e a s ur e s c a l c ul a t e d a nd pr es en t ed in a c c o r da n c e w it h Gen er a l l y A c c e pt ed A c c o unti n g P r in c ip l e s in t h e U n i t e d S t a t es a re i nc l ud e d h e r e in or in t h e C o m p a n y' s e a r ni ng s r el ea s es th a t h a v e b een f u r n is h e d w it h t h e SE C a nd ar e ava i la b le on o ur w e bs i t e a t www . mg mr e s o r t s . com . T h is pr es en t a t i o n a ls o i nc l ud e s c er t a i n B e t M GM f i na nc i a l in f o r m at io n , i nc l ud i ng N e t R e v e nue fr om o per a t i o n s , E B I T DA , A d j u s t e d E B I T DA a nd C o n t r ib u t io n , w h ic h h a v e n o t b e e n pr epa r ed in a c c o r da n c e w it h U . S . G AA P. B e t M GM m a na g e m e nt b el i e v es t h es e mea s u r es , w h ic h it u s es fo r it s o w n a na l ys i s of o per a t i o n s , ar e us e f ul to s u ppl emen t t h e re su lt s pr es en t ed in a c c o r da n c e w it h G AA P. B etM G M d ef i n es N e t R e v e nue fr om o per a t i o n s a s r e v e nue , a d j us t e d to r ef l ec t r e v e nue r el a t ed to c er t a i n o p e r at io n s on a g r o s s ba s i s , p r im ar il y r e l a t e d to it s N ev a d a d ig it al a n d r e t ail s po r t s b e t t i n g o per a t i o n s . C u r r e n t l y und e r G AA P, t h e B e t M GM c a l c ul a ti o n of r e v e nue wo u l d be o n a ba s i s n e t of o per a t i n g c o s t s s uc h th a t t h e G AAP r epo r t ed r e v e nue wo u l d be l o w e r th a n t h e N e t R e v e nue r epo r t ed h e r e in , w it h n e t i n c o me r e m ain in g t h e s a m e . T he pr es en t a t i o n of r ev e n u e on a n e t ba s i s und e r G AAP is ne c e s s a r y unti l s uc h t i me a s B e t M GM is d ir e c t l y l i c en s ed a s a N ev a d a g a m i ng o per a t o r . B e t M GM d ef i n es E B I T DA a s n e t in c o m e (l os s ) b e fo r e t h e i mp a c t of in t e r e s t in c o m e or e x pen s e (n e t ), i n c o m e ta x p r o v is io n or b en ef i t , a nd d epr ec i a t i o n a nd a mo r t i z a t i o n . B e t M GM d ef i n es

A d j u s t e d E B I T DA a s E B I T DA p lu s P a r e nt F e e s , w h ic h is t h e o per a t i n g e x pen s e to B e t M GM fo r t h e p r o v is io n of c er t a i n l i c en s es a nd s er v i c es by af f il iat e s of M GM a nd Enta i n .

B e t M GM d ef i n es C o n t r ib u t io n a s N e t R e v en u e, le s s cos t of r e v e nue ( ex c l u s i v e of d epr ec i a t i o n a nd a mo r t i z a t i o n ) a nd m a r k e ti ng ac q u i s it io n s pen d . T h es e no n - G AAP f i na nc i a l mea s u r es , w h ic h m a y n o t be c o m p a r a b l e to o t h er s im il ar l y t i t l ed mea s u r es pr es en t ed by o t h er c o m p a ni e s , sh o u ld n o t be c o n s id e r e d a s u bs t i t u t e f o r, o r s u p e r io r t o , t h e f i na nc i a l in f o r m at io n pr epa r ed in a c c o r da n c e w it h G AA P.

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‌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.