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

About this update from Mgm Resorts International

‌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 Growing Global Presence Premium Brands Access to $150 Billion in Regulated TAM 1 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 America 1 1. Includes all active jurisdictions Brick and Mortar Properties Digital Markets Future Development 3 ‌FIRST QUARTER HIGHLIGHTS ‌ Record 1Q Consolidated Net Revenues ▪ ▪ ▪ Las Vegas Catalysts Strong group and convention booking trends Record 1Q convention ADRs and catering & banquet revenue Encouraging initial momentum from All-Inclusive offerings ▪ ▪ BetMGM North America Venture iGaming focus remains advantage as net revenue from operations approaches $2 billion annual runrate 1 Strategic strengths include multi-product states, Nevada omnichannel and VIP play ▪ ▪ ▪ ▪ ▪ 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 ▪ ▪ 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 5 FIRST QUARTER 2026 HIGHLIGHTS ‌FIRST QUARTER 2026 OPERATING SEGMENT PERFORMANCE $ in millions LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS Net Revenues 1Q26 Flat vs 1Q25 1Q25 $2,180 $2,176 Segment Adjusted EBITDAR 1Q26 -8% vs 1Q25 1Q25 $749 $811 Margin % 1Q26 -292 bps vs. 1Q25 1Q25 34.4% 37.3% Net Revenues 1Q26 +2% vs 1Q25 1Q25 $918 $900 Segment Adjusted EBITDAR 1Q25 $259 $279 Margin % 1Q26 -273 bps vs. 1Q25 1Q25 28.3% 31.0% 1Q26 -7% vs 1Q25 MGM CHINA MGM DIGITAL (Consolidated digital business does not include BetMGM North America venture) Net Revenues $1,122 1Q26 +9% vs 1Q25 $1,027 Segment Adjusted EBITDAR 1Q25 $273 $286 Margin % 27.8% 1Q25 24.4% Net Revenues Segment Adjusted EBITDAR Margin % 1Q26 -342 bps vs. 1Q25 1Q26 -4% vs 1Q25 1Q25 1Q26 1Q25 1Q26 $183 1Q26 +43% vs 1Q25 $128 ($26) ($34) -14.0% +$8 vs 1Q25 1Q25 -26.9% 1Q25 +1,285 bps vs. 1Q25 6 ‌BetMGM North America Venture KPIs 1Q 2026 Update 1 $ in millions Three months ended March 31, 2026 2025 YoY Change Net Revenue from operations 2 iGaming $481 $443 9% Online Sports $203 $194 4% Retail / Other $11 $20 (43%) Total Net Revenue from operations 2 $696 $657 6% Adjusted EBITDA 2 $25 $22 11% Average Monthly Actives (thousands) 3 975 1,067 (9%) 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 EBITDA 2 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% YoY 3 Online Sports: Disciplined acquisition and player management strategy 1Q Handle per Active +23% YoY 4 1Q NGR per Active +25% YoY 4 Source: BetMGM press release Note: Totals may not sum due to rounding 7 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 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 B2C 1 Brazil (50.01%) Key Markets SWE, ITA, ESP, DEN, NED, UK BRA Content Providers Investment Highlights Market leading position in Sweden High BetMGM brand resonance across launched markets Strong footprint across broader European markets Profitability of core markets funding growth across MGM Digital Accelerating marketing efficiency Strong YoY growth in 1Q26 Modern, scalable technology and organization primed for future growth Addressable TAM: $34 Billion Target Market Share: 5%+ Venture with Brazil's largest media group offering unique media assets with significant reach across the country On the ground team built with deep experience across the Brazilian market led by veteran CEO Building brand awareness while focused on disciplined growth Addressable TAM: $9 Billion Target Market Share: 10%+ Unique game library with multiple hit franchises Proven track record of producing revenue driving proprietary content across BetMGM / LeoVegas Diverse regulated distribution footprint including direct integrations with Tier 1 operators MGM Live operating 10 games from a studio on the MGM Grand casino floor, distributing to 9 regulated markets globally Popular, fast-growing B2C brands encompassing ~$43 billion TAM with high quality, proprietary sportsbook acquired via Tipico US transaction. Source: H2GC Global 2029 TAM estimates 8 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 9 ‌MGM GAMING STREAMING LOUNGE 11 ‌MGM COTAI PREMIUM GAMING AREA AND SUITES 12 ‌2026 Capital Expenditures Approximately $685 - $735 million domestic capital expenditures inclusive of approx. $600 million in maintenance capital and the remaining in growth 1 2026 Investment in Unconsolidated Affiliates Approximately $350 - $400 million for MGM Osaka 2 2026 Cash Taxes Domestic net cash tax payments of approximately $50 - $150 million 3 2026 Cash Rent Cash rent and ground lease payments of approximately $1.8 billion in 2026 4 2026 Debt and Cash Interest 5 $3.8 billion in principal amount of domestic 5 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 % 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.. Adjusted for the impact of foreign currency hedges Domestic net cash tax includes $88 million of tax refunds and related interest received in the first quarter of 2026. 14 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. 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 200mn 238mn 236mn Shares Outstanding 300mn 200mn 168mn 41mn 115mn 100mn - 2021 2022 2023 2024 2025 1Q 2026 Cumulative shares repurchased net of issued shares 15 ‌SOLID PERFORMANCE FROM INTEGRATED RESORTS MGM CHINA +62% REGIONALS +18% LAS VEGAS +70% 2019 - 1Q26 TTM 1 Growth $ in millions $1,643 LAS VEGAS REGIONALS $970 MGM CHINA $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 $2 billion 1990 1995 2000 2005 2010 2015 2020 2025 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 17 ‌MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2026 2025 HK$'000 HK$'000 (unaudited) (unaudited) Revenue MGM Macau $3,436,541 $3,152,005 MGM Cotai $5,330,206 $4,841,700 Total Revenue $8,766,747 $7,993,705 Adjusted EBITDA 1 MGM Macau $831,529 $902,528 MGM Cotai $1,626,199 $1,465,284 Total Adjusted EBITDA $2,457,728 $2,367, 812 1. Adjusted EBITDA is profit before finance costs, income tax expense, depreciation and amortization, gain/loss on disposal/write-off of property and equipment, interest income, net foreign currency difference, share-based payments, pre-opening costs and corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company. Adjusted EBITDA is used by management as the primary measure of the Group's operating performance and to compare our operating performance with that of our competitors. Adjusted EBITDA should not be considered in isolation, construed as an alternative to profit or operating profit as reported under IFRS Accounting Standards or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA presented in this announcement may not be comparable to other similarly titled measures of other companies operating in the gaming or other business sectors. 19 ‌MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2026 2025 HK$'000 HK$'000 MGM MACAU (unaudited) (unaudited) (in thousands, except for number of gaming units, percentage and revenue per available room ("REVPAR")) Main Floor Table Games Drop 14,236,295 13,373,912 Main Floor Gross Table Games Win 1 3,576,784 2,871,752 Main Floor Table Games Win Percentage 25.1% 21.5% Average Daily Gross Win Per Main Floor Gaming Table 124.2 102.4 VIP Table Games Turnover 11,485,466 6,236,675 VIP Gross Table Games Win 1 74,321 262,517 VIP Table Games Win Percentage 0.6% 4.2% Average Daily Gross Win Per VIP Gaming Table 37.0 140.2 Slot Machine Handle 7,900,317 7,585,850 Slot Machine Gross Win 1 296,760 249,561 Slot Hold Percentage 3.8% 3.3% Average Daily Win Per Slot 3.2 2.8 Commissions, complimentaries and other incentives 1 (986,945) (636,041) Room Occupancy Rate 93.4% 93.8% RevPAR 2,600 2,346 As at March 31 Gaming Units: 2026 (unaudited) 2025 (unaudited) Tables 2 347 338 Slot Machines 3 1,043 990 The total of "main floor gross table games win", "VIP gross table games win" and "slot machine gross win" is different to the casino revenue because casino revenue is reported net of commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis. Permanent table count as at March 31, 2026 and 2025. 20 Gaming machines operated by a single player and electronic multiple-player gaming machines. ‌MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2026 2025 HK$'000 HK$'000 MGM COTAI (unaudited) (unaudited) (in thousands, except for number of gaming units, percentage and revenue per available room ("REVPAR")) Main Floor Table Games Drop 16,808,026 14,846,360 Main Floor Gross Table Games Win 1 4,834,563 4,233,403 Main Floor Table Games Win Percentage 28.8% 28.5% Average Daily Gross Win Per Main Floor Gaming Table 153.2 131.8 VIP Table Games Turnover 22,165,735 26,274,560 VIP Gross Table Games Win 1 759,447 888,434 VIP Table Games Win Percentage 3.4% 3.4% Average Daily Gross Win Per VIP Gaming Table 171.8 187.4 Slot Machine Handle 9,008,896 8,526,764 Slot Machine Gross Win 1 360,051 267,473 Slot Hold Percentage 4.0% 3.1% Average Daily Win Per Slot 4.0 3.1 Commissions, complimentaries and other incentives 1 (1,289,467) (1,171,100) Room Occupancy Rate 94.2% 93.0% RevPAR 2,140 2,066 As at March 31 Gaming Units: 2026 (unaudited) 2025 (unaudited) Tables 2 403 412 Slot Machines 3 1,022 962 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. Permanent table count as at March 31, 2026 and 2025. 21 Gaming machines operated by a single player and electronic multiple-player gaming machines. ‌OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 22 ‌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. 23 ‌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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