Slides
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MGM Resorts International INVESTOR PRESENTATION 10.28.2026
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MGM RESORTS INTERNATIONAL WORLD- CLASS OPERATORS POISED TO CAPTURE UNPARALLELED GLOBAL TAM THROUGH ITS RESORTS AND DIGITAL PLATFORMS Premium Brands Access to $150 Billion in Regulated TAM1 Growing Global Presence 1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdictions in which MGM currently operates. $7 Billion is associated with Brazil, where operations have ceased pending resolution of a Provisional Order temporarily banning fixed-odds betting and online casino games. 2
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Online sports betting and iGaming operator in 11 jurisdictions in Europe, Canada, and South America1 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 Brick and Mortar Properties Digital Markets Future Development MGM Digital OUR MISSION: TO BE THE WORLD'S PREMIER GAMING ENTERTAINMENT COMPANY 31. Includes all active jurisdictions and Brazil, where operations have ceased pending resolution of a Provisional Order temporarily banning fixed-odds betting and online casino games.
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THIRD QUARTER HIGHLIGHTS
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Digital Profitability Accelerating BetMGM North America Venture and MGM Digital focus on premium driving revenue flow through in excess of 100% BetMGM North America Venture distributions and branding license fees to MGM Resorts totaled $34 million MGM Osaka Progress Approximately 70% of the foundation piles and 11% of the total project have been completed Concrete slab and structural steel work progressing on schedule Remain on track for 2030 opening MGM China Outperforms MGM China GGR outperforms broader Macau market on sequential and year over year basis 3Q revenue represents record quarterly revenue 3Q market share of 17.1% represents record quarterly market share THIRD QUARTER 2026 HIGHLIGHTS 5 Regional Strength and Stability All-time record same-store slot win Record third quarter same-store quarterly casino revenue Benefiting from targeted capital deployment Marquee Championships and New Franchises coming to Las Vegas: NCAA football: College Football Playoff Championships in 2027 NCAA basketball: Final Four in 2028 NFL: Super Bowl LXIII in 2029 MLB: A’s first Las Vegas season in 2028 NBA: Expansion franchise finalist Steady year-over-year consolidated revenue performance
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27.5% 30.9% 27.5% 29.7% Margin % $1,138 $1,088 Net Revenues 6 THIRD QUARTER 2026 REPORTABLE SEGMENT PERFORMANCE LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS MGM CHINA MGM DIGITAL $1,954 $1,985 Net Revenues $531 $601 Segment Adjusted EBITDAR 27.2% 30.3% Margin % $883 $957 $883 $873 Net Revenues $243 $296 $243 $260 Segment Adjusted EBITDAR $264 $284 Segment Adjusted EBITDAR 23.2% 26.1% Margin % -292 bps vs 3Q25 $184 $174 ($4) ($23) -2.3% -13.4% -2% vs 3Q25 -12% vs 3Q25 -312 bps vs 3Q25 -8% vs 3Q25 +1% vs 3Q25 (SS1) -18% vs 3Q25 -7% vs 3Q25 (SS1) -341 bps vs 3Q25 -227 bps vs 3Q25 (SS1) -+5 vs 3Q25 -7% vs 3Q25 +6% vs 3Q25 +$19 vs 3Q25 +1,107 bps vs 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q253Q26 3Q253Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q253Q26 3Q25 $ in millions (Consolidated digital business does not include BetMGM North America venture) Segment Adjusted EBITDAR Margin % 1. Same-store are actuals less Northfield Park (SS1) (SS1) (SS1) (SS1) (SS1) (SS1) Net Revenues
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7 BetMGM North America Venture KPIs 3Q 2026 Update1 $ in millions 3Q 2026 YoY Change 9M 2026 YoY Change Net Revenue from operations 2 iGaming $483 +6% $1,447 +8% Online Sports $216 +7% $647 +4% Retail / Other $11 +5% $23 (50)% Total Net Revenue from operations 2 $710 +7% $2,116 +5% Adjusted EBITDA 2 $86 +112% $185 +24% Average Monthly Actives (thousands) 3 878 (3%) 909 (5%) • Strong 3Q performance reflects disciplined execution supported by new exclusive gaming content and enhanced sportsbook offering • Leading iGaming offering and ongoing player management continue to drive revenue growth and attractive player economics • Targeted Online Sports player acquisition and “premium mass” player engagement continue to drive growth and support healthy underlying KPIs • Reiterated FY26 guidance • Net Revenue of $2.9-$3.1 billion • Adjusted EBITDA of $300-$350 million Source: BetMGM North America Venture press release Note: Totals may not sum due to rounding 1 - BetMGM North America Venture's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these est imates. During the course of the preparation of the audited financial statements, BetMGM North America Venture 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 and Adjusted EBITDA are based on how BetMGM North America Venture management analyzes the performance of the business, which are not prepared in accordance with GAAP . See “Note Regarding Presentation of Non-GAAP Financial Measures” 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 – Reflects operating expense to BetMGM North America Venture for the provision of certain licenses and services by affiliates of MGM and Entain • Total cash to parents of $68 million in 3Q26 • $50 million distribution to parents • $18 million in license branding fees to parents 4
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8 GUEST EXPERIENCE & SERVICES • AI-Enabled Digital Concierge • In-Trip Services & Booking via Conversational AI • All-inclusive Digital Vouchers • Personalized Guest Messaging & Offers OPERATIONAL EFFECTIVENESS & EMPLOYEE PRODUCTIVITY • Intelligent Workforce Scheduling & Labor Optimization • Robotic & AI-Assisted Cleaning Operations • AI-Accelerated Creative Production & Asset Scaling • Automated Campaign Testing & Optimization • Automated Group Sales & Distribution Workflows • AI-Driven Supply Chain and Distribution Optimization AI-ACCELERATED ENGINEERING • Accelerated Development of Digital & Marketing Platforms • Rapid Experimentation, Testing, and Feature Iteration • AI-Driven Creative, Media, and Data Platforms Focused on Guest Experience, Operational Discipline, and Speed of Execution Representative examples include: AI AND AUTOMIZATION STRATEGY
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BELLAGIO - SPA REMODEL 10
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11 THE COSMOPOLITAN – THE CORNER STORE
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MGM OSAKA CONSTRUCTION PROGRESS 12
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MGM OSAKA
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14 MARKET FUNDAMENTALS OSAKA JAPAN SINGAPORE 2025 Population (M) 20.91 123.0 6.1 2025 Visitors (M) 17.6 42.7 16.9 Annual Disposable Income per Capita ($) $21.8K $19.9K $47.5K Integrated Resorts 1 1 2 GGR ($B)2 $5.4 Gaming Machines 6,400 6,400 5,400 Tables 470 470 1,093 Source: Company filings, Euromonitor, Gaming Intelligence, Japan National Tourism Agency, JTB Tourism Research, MGM projections, Singapore Department of Statistics, U.N. Dept. of Economic and Social Affairs, World Population Review; Note: Assumes fixed exchange rates of JPY149.63 per USD and SGD 0.78 per USD per 2025 IRS average USD exchange rate 1 Represents the Osaka MMA of Keihanshin, which includes Osaka, Hyogo, Kyoto, Shiga, Wakayama, and Nara 2 Singapore GGR reflects 2025 estimate by Gaming Intelligence 3 Gaming Units as of September 30, 2026, on Slides 25 and 26 4 Las Vegas Sands 2025 10-K PROPERTY TABLE GAMES GAMING MACHINES GAMING POSITIONS MGM OSAKA SCALE COMPARISON MGM Osaka 470 6,400 9,220 MGM China (2 properties) 3 750 2,112 6,612 1.4x Marina Bay Sands 4 568 3,000 6,408 1.4x Bellagio 153 1,262 2,180 4.2x DOMESTIC & FOREIGN ADDRESSABLE POPULATION PROFILE CASINO SCALE COMPARISON
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15 MGM OSAKA CUSTOMER BASE Int’l Tourists 6.3M – 32% Japan Tourists 2.3M – 14% Locals 10.8M – 54% 19.9M Visitors to MGM Osaka CUSTOMER MIX “LOCALS” GRAVITY MODEL GEOGRAPHY ADULT POPULATION (Est) Within 1 Hour Travel Time 7,452,531 Within 2 Hours Travel Time 8,663,534 Within 3 Hours Travel Time 7,412,276 TOTAL 23,528,340 Source: Innovation Group, MGM management projections
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16 TRAVEL TIMES TO OSAKA CUSTOMER ORIGIN DESTINATION (flight time, unless stated otherwise) PRIMARY COMPETITORS SECONDARY COMPETITORS Osaka Singapore Macau Seoul Manila Sydney Tokyo 1h 15m 7h 10m 4h 55m 2h 30m 4h 45m 9h 35m Beijing 3h 5m 6h 20m 3h 45m 2h 5m 4h 50m 11h 35m Shanghai 2h 15m 5h 25m 2h 50m 2h 0m 3h 55m 10h 35m Seoul 1h 45m 6h 20m 3h 40m – 4h 10m 10h 30m Taipei 2h 45m 4h 35m 1h 50m 2h 30m 2h 20m 9h 15m Hong Kong 3h 55m 3h 55m 1h 00m1 3h 40m 2h 15m 9h 15m Hawaii 9h 5m 14h 30m 13h 50m 9h 45m 10h 50m 10h 35m San Francisco 11h 35m 16h 30m 17h 40m 12h 20m 14h 0m 14h 50m 1 Bridge or ferry Source: Innovation Group, MGM management projections
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18 KEY FINANCIAL FORECASTS 2026 Debt and Cash Interest5 $3.4 billion in principal amount of domestic4 long-term debt, $2.3 billion of MGM China debt $200 - $220 million of gross cash interest, excluding MGM China and intercompany debt Domestic debt interest rates have a weighted average of approximately 5% 2026 Corporate Expense $465 - $500 million excluding stock-based comp, including amounts related to MGM China of $50 - $60 million Domestic net cash tax payments of approximately $0 - $50 million2 Approximately $725 - $775 million domestic capital expenditures inclusive of approx. $600 million in maintenance capital and the remaining in growth12026 Capital Expenditures 2026 Cash Taxes 2026 Cash Rent Cash rent and ground lease payments of approximately $1.8 billion in 20263 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. Domestic net cash tax includes $88 million of tax refunds and related interest received in the first quarter of 2026. 3. 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. 4. All MGM Resorts entities other than MGM China; assumes maturing debt is refinanced. 2026 Investment in Unconsolidated Affiliates Approximately 43.3 billion JPY for MGM Osaka
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19 MGM RESORTS1 TRADING AT LOW MULTIPLES Implied MGM Resorts1 Valuation Share Price (rounded)2 $28 Shares2 252 Consolidated Market Value of Equity $7,042 Less: 56% of MGM China Market Value of Equity3 ($2,505) Less: 50% of Consensus Equity Value of BetMGM4 ($1,832) Plus: MGM Resorts Net Debt5 $1,358 Implied MGM Resorts1 Enterprise Value $4,063 Implied MGM Resorts1 EV/Adjusted EBITDA Multiple6 2.6x Enterprise Value / Q3 2026 TTM Adjusted EBITDA (In millions except share price and multiple) Note: These calculations are presented solely to demonstrate what management of the Company believes to be a market anomaly and the Company is not claiming the calculated values would be realized in a sale of the assets or businesses reference, nor do the calculations reflect any impact of taxes, control premiums or other factors that could affect the net value realized by the Company in such a transaction. 1 All MGM Resorts International entities other than MGM China and BetMGM North America venture 2 As of Oct. 27, 2026 3 Based on the HK2282 share price of $9.19 HKD at a spot rate of 7.8 and outstanding shares of 3.8 billion as of Oct. 27, 2026 4 Sum of the Parts Value assigned to BetMGM North America Venture averaged between 7 coverage analysts in their respective Q2 2026 MGM Resorts Post Earnings Notes or Q3 2026 MGM Resorts Earnings Preview Notes 5 Net Debt is calculated using long-term debt ($5.7 billion consolidated less $2.3 billion related to MGM China) less cash and cash equivalents ($2.4 billion cash and cash equivalents plus $0.2 billion of short-term investments in debt securities less $0.6 billion related to MGM China) as of Sept. 30, 2026 6 Adjusted EBITDA derived from implied multiple corresponds with Las Vegas Strip and Regional Operations Segment Adjusted EBITDAR for the period Oct. 1, 2025 –Sept 30, 2026 adjusted to include corporate expense (excluding MGM China and corporate stock compensation} and cash rent Assigns No Value to MGM Osaka
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- 100mn 200mn 300mn 400mn 500mn 20 REPURCHASED OVER 49% OF OUR SHARES SINCE THE BEGINNING OF 2021 2021 2022 2023 2024 2025 168mn 200mn 236mn Cumulative shares repurchased net of issued shares 115mn Shares Outstanding 41mn 243mn 3Q 2026
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2019 – 3Q26 TTM1 Growth LAS VEGAS STRIP RESORTS +67% MGM CHINA LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS 1. Las Vegas Strip Resorts Segment Adjusted EBITDAR = $2,015 million (9 mo 26) + $2,858 million (FY 2025) - $2,123 million (9 mo 25) Regional Operations Segment Adjusted EBITDAR = $782 million (9 mo 26) + $1,163 million (FY 2025) - $883 million (9 mo 25) MGM China Segment Adjusted EBITDAR = $794 million (9 mo 26) + $1,203 million (FY 2025) - $871 million (9 mo 25) Note: Totals may not sum due to rounding SOLID PERFORMANCE FROM INTEGRATED RESORTS 21 REGIONAL OPERATIONS +10% MGM CHINA +53% $735 $25 ($203) $867 $1,087 $1,203 1,126 $970 $1,218 $1,295 $1,133 $1,144 1,163 1,062 $1,643 $1,738 $3,142 $3,190 $3,107 2,858 2,750 2019 2021 2022 2023 2024 2025 3Q26 TTM $ in millions
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22 LAS VEGAS STRIP GGR HAS GROWN MORE THAN 4X OVER 30 YEARS Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 4% GGR CAGR $2 billion $4 billion $6 billion $8 billion $10 billion 1990 1995 2000 2005 2010 2015 2020 2025
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1. Adjusted EBITDA is profit before finance costs, income tax expense, depreciation and amortization, gain/loss on disposal/write-off of property and equipment, interest income, net foreign currency difference, share-based payments, pre-opening costs and corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company. Adjusted EBITDA is used by management as the primary measure of the Group’s operating performance and to compare our operating performance with that of our competitors. Adjusted EBITDA should not be considered in isolation, construed as an alternative to profit or operating profit as reported under IFRS Accounting Standards or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA presented in this announcement may not be comparable to other similarly titled measures of other companies operating in the gaming or other business sectors. 24 Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025 HK$'000 HK$'000 HK$'000 HK$'000 (unaudited) (unaudited) (unaudited) (unaudited) Revenue MGM Macau $3,472,333 $3,394,435 $10,257,964 $9,929,893 MGM Cotai $5,422,674 $5,115,183 $16,028,837 $15,240,681 Other $30,835 $30,835 Total Revenue $8,925,842 $8,509,618 $26,317,636 $25,170,574 Adjusted EBITDA1 MGM Macau $864,649 $914,430 $2,521,704 $2,792,625 MGM Cotai $1,522,997 $1,458,682 $4,650,307 $4,459,699 Other $7,328 $7,328 Total Adjusted EBITDA $2,394,974 $2,373,112 $7,179,339 $7,252,324 MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors
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25 Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025 HK$'000 HK$'000 HK$'000 HK$'000 MGM MACAU (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except for number of gaming units, percentage and revenue per available room (“REVPAR”)) Main Floor Table Games Drop 12,626,312 14,477,628 39,624,303 42,685,070 Main Floor Gross Table Games Win1 3,400,118 3,325,836 10,178,385 9,462,721 Main Floor Table Games Win Percentage 26.9% 23.0% 25.7% 22.2% Average Daily Gross Win Per Main Floor Gaming Table 111.5 114.0 114.9 110.6 VIP Table Games Turnover 4,907,746 6,081,883 24,590,064 17,713,570 VIP Gross Table Games Win1 155,274 118,826 458,445 539,794 VIP Table Games Win Percentage 3.2% 2.0% 1.9% 3.0% Average Daily Gross Win Per VIP Gaming Table 93.5 56.5 80.8 91.4 Slot Machine Handle 8,317,071 7,500,600 24,177,281 22,463,113 Slot Machine Gross Win1 315,833 259,593 901,072 754,343 Slot Hold Percentage 3.8% 3.5% 3.7% 3.4% Average Daily Win Per Slot 3.5 2.9 3.3 2.8 Commissions, complimentaries and other incentives1 (879,644) (751,110) (2,696,071) (2,087,683) Room Occupancy Rate 93.7% 92.6% 93.3% 93.7% RevPAR 2,530 2,481 2,543 2,404 As at September 30 Gaming Units: 2026 (unaudited) 2025 (unaudited) Tables2 341 346 Slot Machines3 1,012 1,021 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 September 30, 2026 and 2025. 3. Gaming machines operated by a single player and electronic multiple-player gaming machines. 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 MGM CHINA FINANCIAL INFORMATION UNDER IFRS
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26 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 September 30, 2026 and 2025. 3. Gaming machines operated by a single player and electronic multiple-player gaming machines. Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025 HK$'000 HK$'000 HK$'000 HK$'000 MGM COTAI (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except for number of gaming units, percentage and revenue per available room (“REVPAR”)) Main Floor Table Games Drop 16,247,374 17,374,718 50,185,120 49,271,306 Main Floor Gross Table Games Win1 4,608,366 4,545,638 14,376,338 13,482,749 Main Floor Table Games Win Percentage 28.4% 26.2% 28.6% 27.4% Average Daily Gross Win Per Main Floor Gaming Table 144.5 140.6 150.8 139.0 VIP Table Games Turnover 21,388,684 21,695,821 66,523,405 80,700,341 VIP Gross Table Games Win1 911,160 952,720 2,303,473 2,971,741 VIP Table Games Win Percentage 4.3% 4.4% 3.5% 3.7% Average Daily Gross Win Per VIP Gaming Table 215.1 204.7 177.5 211.1 Slot Machine Handle 15,199,401 10,316,605 34,368,339 27,651,747 Slot Machine Gross Win1 556,835 295,861 1,309,784 888,975 Slot Hold Percentage 3.7% 2.9% 3.8% 3.2% Average Daily Win Per Slot 6.0 3.3 4.8 3.4 Commissions, complimentaries and other incentives1 (1,373,217) (1,336,755) (4,019,925) (4,005,352) Room Occupancy Rate 94.3% 94.0% 93.9% 93.8% RevPAR 2,246 2,111 2,192 2,092 As at September 30 Gaming Units: 2026 (unaudited) 2025 (unaudited) Tables2 409 404 Slot Machines3 1,100 1,007 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
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OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 27
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FORWARD - LOOKING STATEMENTS 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 uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission . The Company has based forward - looking statements on management’s current expectations and assumptions and not on historical facts . Examples of these statements include, but are not limited to : the Company's expectations regarding its financial outlook ; expectations regarding the Company’s voting agreement with People Incorporated ; expectations regarding profitability of the BetMGM North America venture ; any benefits expected to be received from the Company's transactions and capital investments ; expectations regarding the profitability, market fundamentals, and customer base ; the Company's ability to execute on its strategic plans, including the Company's development projects in Osaka and Dubai ; expectations regarding the Company’s AI strategy ; expectations regarding sporting events and franchises in Las Vegas ; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases) . These forward - looking statements involve a number of risks and uncertainties . Among the important factors that could cause actual results to differ materially from those indicated in such forward - looking statements include : the effects of economic conditions and market conditions in the markets in which the Company and its unconsolidated affiliates (including BetMGM North America Venture) operate and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world ; the design, timing and costs of expansion and capital investment projects in Japan and Dubai ; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting ; risks relating to domestic and international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions ; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber - attacks, or otherwise; and additional risks and uncertainties described in the Company's Form 10 - K, Form 10 - Q and Form 8 - K reports (including all amendments to those reports) . In providing forward - looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law . If the Company updates one or more forward - looking statements, no inference should be drawn that it will make additional updates with respect to those other forward - looking statements . MARKET AND INDUSTRY DATA This presentation also contains estimates and information concerning the Company’s industry that are based on industry publications, reports and peer company public filings . This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information . The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings . The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC . Third party logos and brands included in this presentation are the property of their respective owners and are included for informational purposes only . NOTE REGARDING PRESENTATION OF NON - GAAP FINANCIAL MEASURES This presentation includes certain “non- GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934 , as amended . Schedules that reconcile the non- GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States are included herein or in the Company’s earnings releases that have been furnished with the SEC and are available on our website at www . mgmresorts . com . This presentation also includes certain BetMGM financial information, including Net Revenue from operations, EBITDA, Adjusted EBITDA and Contribution, which have not been prepared in accordance with U . S . GAAP . BetMGM management believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP . BetMGM defines Net Revenue from operations as revenue, adjusted to reflect revenue related to certain operations on a gross basis, primarily related to its Nevada digital and retail sports betting operations . Currently under GAAP, the BetMGM calculation of revenue would be on a basis net of operating costs such that the GAAP reported revenue would be lower than the Net Revenue reported herein, with net income remaining the same . The presentation of revenue on a net basis under GAAP is necessary until such time as BetMGM is directly licensed as a Nevada gaming operator . BetMGM defines EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization . BetMGM defines Adjusted EBITDA as EBITDA plus Parent Fees, which is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of MGM and Entain. BetMGM defines Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend . These non- GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP . 28
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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.