MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

Consolidated net revenues increased 2% year over year MGM China achieved both record 3Q Segment Adjusted EBITDAR and market share of 15.5% BetMGM North American venture reported strong revenue and EBITDA growth in 3Q25, raising its guidance for FY2025 and announcing cash distribution to MGM Resorts by year-end 2025 Announced sale of the operations of MGM Northfield Park for $546 million MGM Resorts entered into $300 million USD-equivalent yen denominated credit facility at a current interest rate of approximately 2.5% to support the funding of MGM Osaka , /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2025. "MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. "The BetMGM North American venture reported accelerated growth in 3Q25, increasing full year guidance for the second consecutive quarter and announcing cash distributions to MGM Resorts beginning in 4Q25. The initial distribution to MGM is expected to be at least $100 million, proving significant progress on the growth, profitability, and free cash flow generation of the business." "We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel," said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. "MGM's strategic focus on premium, market leading integrated resort operations drove the decision to sell the operations of MGM Northfield Park. The price reflects a solid multiple, which again demonstrates the value gap available in the MGM Resorts equity price." Third Quarter 2025 Financial Highlights: Consolidated Results Consolidated net revenues of $4.3 billion, an increase of 2% compared to the prior year quarter, due primarily to an increase in net revenues at MGM China; Net loss attributable to MGM Resorts was $285 million in the current quarter compared to net income attributable to MGM Resorts of $185 million in the prior year quarter due primarily to the pre-tax impacts of a non-cash goodwill impairment charge of $256 million related to the decision to withdraw the application for a commercial gaming license for Empire City and approximately $93 million of other non-cash write-offs related to Empire City; Consolidated Adjusted EBITDA of $506 million in the current quarter compared to $574 million in the prior year quarter; Diluted loss per share of $1.05 in the current quarter compared to diluted earnings per share of $0.61 in the prior year quarter; and Adjusted diluted earnings per share ("Adjusted EPS") of $0.24 in the current quarter compared to $0.54 in the prior year quarter. Las Vegas Strip Resorts Net revenues of $2.0 billion in the current quarter compared to $2.1 billion in the prior year quarter, a decrease of 7% due primarily to the room remodel at MGM Grand Las Vegas, as well as a decrease in RevPAR, a decrease in table games win percentage, and a decrease in food and beverage revenue; and Segment Adjusted EBITDAR of $601 million in the current quarter compared to $731 million in the prior year quarter, a decrease of 18%, which was primarily related to the decrease in net revenues discussed above as well as a decrease in business interruption proceeds of $14 million and an increase in general liability and workers' compensation insurance expense of $13 million. Regional Operations Net revenues of $957 million in the current quarter, up slightly compared to $952 million in the prior year quarter; and Segment Adjusted EBITDAR of $296 million in the current quarter compared to $300 million in the prior year quarter, a decrease of 1%. MGM China Net revenues of $1.1 billion in the current quarter compared to $929 million in the prior year quarter, an increase of 17% due primarily to an increase in main floor table games drop; and Segment Adjusted EBITDAR of $284 million in the current quarter compared to $237 million in the prior year quarter, an increase of 20%. MGM Digital (1) Net revenues of $174 million in the current quarter compared to $141 million in the prior year quarter, an increase of 23% due primarily to organic growth and brand expansion; and Segment Adjusted EBITDAR loss of $23 million in the current quarter, a decrease of 2% compared to the prior year quarter. (1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming; it does not include the BetMGM North America venture Adjusted EPS The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income): Three Months Ended September 30, 2025 2024 Diluted earnings per share $ (1.05) $ 0.61 Property transactions, net 0.37 0.08 Goodwill impairment 0.94 — Non-operating items: Loss (gain) related to debt and equity investments 0.01 (0.18) Foreign currency transaction loss (gain) (0.06) 0.23 Change in the fair value of foreign currency contracts 0.15 (0.29) Income tax impact on net income adjustments(1) (0.12) 0.09 Adjusted EPS $ 0.24 $ 0.54 (1) The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. Las Vegas Strip Resorts The following table shows key gaming statistics for Las Vegas Strip Resorts: Three Months Ended September 30, 2025 2024 % Change (Dollars in millions) Casino revenue $ 450 $ 476 (5) % Table games drop $ 1,363 $ 1,386 (2) % Table games win $ 309 $ 328 (6) % Table games win % 22.6 % 23.7 % Slot handle $ 6,155 $ 5,920 4 % Slot win $ 570 $ 554 3 % Slot win % 9.3 % 9.3 % The following table shows key hotel statistics for Las Vegas Strip Resorts: Three Months Ended September 30, 2025 2024 % Change Room revenue (in millions) $ 660 $ 743 (11) % Occupancy 89 % 94 % Average daily rate (ADR) $ 236 $ 243 (3) % Revenue per available room (RevPAR) $ 210 $ 229 (8) % Regional Operations The following table shows key gaming statistics for Regional Operations: Three Months Ended September 30, 2025 2024 % Change (Dollars in millions) Casino revenue $ 696 $ 693 0 % Table games drop $ 1,061 $ 1,023 4 % Table games win $ 205 $ 209 (2) % Table games win % 19.4 % 20.5 % Slot handle $ 6,969 $ 6,952 0 % Slot win $ 706 $ 693 2 % Slot win % 10.1 % 10.0 % MGM China The following table shows key gaming statistics for MGM China: Three Months Ended September 30, 2025 2024 % Change (Dollars in millions) Casino revenue $ 947 $ 800 18 % Main floor table games drop $ 4,072 $ 3,443 18 % Main floor table games win $ 1,006 $ 858 17 % Main floor table games win % 24.7 % 24.9 % Intercompany branding license fee expense for MGM China, which eliminates in consolidation, was $19 million in the current quarter and $16 million in the prior year quarter. Unconsolidated Affiliates The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates: Three Months Ended September 30, 2025 2024 (In thousands) BetMGM North America Venture $ 23,725 $ 3,211 Other 1,917 4,778 $ 25,642 $ 7,989 Conference Call Details MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com. The call will be accessible via the internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 5910227. A replay of the call will be available through November 5, 2025. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 2219902. "Segment Adjusted EBITDAR" is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China. "Consolidated Adjusted EBITDA" is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included in the financial schedules in this release. "Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, goodwill impairment, net gain/loss related to equity investments for which we have elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to our investments in debt securities, foreign currency transaction net gain/loss, and change in the fair value of foreign currency contracts. Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is useful in providing period-to-period comparisons of the results of our continuing operations to assist investors in reviewing our operating performance over time. We believe that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, we believe certain excluded items, and items further discussed with respect to Consolidated Adjusted EBITDA above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of our performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release. RevPAR is hotel revenue per available room. About MGM Resorts International MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram. Cautionary Statement Concerning Forward-Looking Statements Statements in this release 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 any benefits expected to be received from the Company's transactions and capital investments, including the sale of MGM Northfield Park; future results of the Company, and its unconsolidated affiliates, including the BetMGM North American venture; expectations regarding the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace (including with respect to convention bookings), liquidity position and the size and timing of future investments; the Company's ability to execute on its strategic plans, including implementation of EBITDA enhancements, our development projects, expansion of the MGM Digital brand and positioning BetMGM as a leader in sports betting and iGaming; expectations regarding the performance of MGM China; expectations regarding the amount and frequency of any distributions from the BetMGM North American venture; 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) 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; 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, such as the Company's September 2023 cybersecurity issue, or otherwise, which could adversely impact the Company's ability to service its customers and affect its sales and the results of operations; 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. MGM RESORTS CONTACTS: Investment Community SARAH ROGERS Senior Vice President of Corporate Finance [email protected] HOWARD WANG Vice President of Investor Relations [email protected] News Media BRIAN AHERN Executive Director of Communications [email protected] MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Revenues Casino $ 2,293,996 $ 2,121,049 $ 6,875,942 $ 6,574,903 Rooms 795,236 883,564 2,519,045 2,738,963 Food and beverage 748,597 755,322 2,296,949 2,326,863 Entertainment, retail and other 412,635 423,203 1,240,480 1,253,254 4,250,464 4,183,138 12,932,416 12,893,983 Expenses Casino 1,321,774 1,205,286 3,899,934 3,698,885 Rooms 266,767 286,658 819,682 838,915 Food and beverage 554,554 563,521 1,691,482 1,693,031 Entertainment, retail and other 261,772 259,694 759,081 768,318 General and administrative 1,240,178 1,176,726 3,618,767 3,582,376 Corporate expense 125,257 125,043 391,704 378,787 Preopening and start-up expenses 31 519 965 2,469 Property transactions, net 101,775 25,493 117,368 59,124 Goodwill impairment 256,133 - 256,133 - Depreciation and amortization 260,717 233,330 739,136 621,868 4,388,958 3,876,270 12,294,252 11,643,773 Income (loss) from unconsolidated affiliates 25,642 7,989 38,606 (51,319) Operating income (loss) (112,852) 314,857 676,770 1,198,891 Non-operating income (expense) Interest expense, net of amounts capitalized (102,287) (111,873) (315,140) (334,649) Non-operating items from unconsolidated affiliates 5,942 417 2,149 2,043 Other, net (10,390) 93,333 (182,826) 45,096 (106,735) (18,123) (495,817) (287,510) Income (loss) before income taxes (219,587) 296,734 180,953 911,381 Benefit (provision) for income taxes 12,858 (52,570) (42,857) (84,689) Net income (loss) (206,729) 244,164 138,096 826,692 Less: Net income attributable to noncontrolling interests (78,526) (59,586) (225,846) (237,566) Net income (loss) attributable to MGM Resorts International $ (285,255) $ 184,578 $ (87,750) $ 589,126 Earnings (loss) per share Basic $ (1.05) $ 0.61 $ (0.32) $ 1.90 Diluted $ (1.05) $ 0.61 $ (0.32) $ 1.88 Weighted average common share outstanding Basic 272,517 300,499 277,610 310,688 Diluted 272,517 303,479 277,610 313,852 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) September 30, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 2,133,548 $ 2,415,532 Accounts receivable, net 932,133 1,071,412 Inventories 127,104 140,559 Income tax receivable 164,621 257,514 Prepaid expenses and other 574,371 478,582 Total current assets 3,931,777 4,363,599 Property and equipment, net 6,281,685 6,196,159 Investments in and advances to unconsolidated affiliates 540,066 380,626 Goodwill 4,942,559 5,145,004 Other intangible assets, net 1,616,407 1,715,381 Operating lease right-of-use assets, net 23,127,115 23,532,287 Deferred income taxes 68,985 39,591 Other long-term assets, net 902,281 858,980 $ 41,410,875 $ 42,231,627 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts and construction payable $ 421,119 $ 412,662 Accrued interest on long-term debt 95,317 69,916 Other accrued liabilities 2,667,990 2,869,105 Total current liabilities 3,184,426 3,351,683 Deferred income taxes 2,839,142 2,811,663 Long-term debt, net 6,163,574 6,362,098 Operating lease liabilities 24,988,015 25,076,139 Other long-term obligations 784,329 910,088 Total liabilities 37,959,486 38,511,671 Redeemable noncontrolling interests 31,464 34,805 Stockholders' equity Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 272,213,345 and 294,374,189 shares 2,722 2,944 Capital in excess of par value 1,127 - Retained earnings 2,324,289 3,081,753 Accumulated other comprehensive income (loss) 347,843 (61,216) Total MGM Resorts International stockholders' equity 2,675,981 3,023,481 Noncontrolling interests 743,944 661,670 Total stockholders' equity 3,419,925 3,685,151 $ 41,410,875 $ 42,231,627 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Las Vegas Strip Resorts $ 1,984,637 $ 2,132,213 $ 6,275,449 $ 6,592,704 Regional Operations 956,875 952,148 2,821,906 2,788,765 MGM China 1,087,728 929,456 3,225,293 3,003,664 MGM Digital 174,027 141,202 465,946 412,157 Management and other operations 47,197 28,119 143,822 96,693 $ 4,250,464 $ 4,183,138 $ 12,932,416 $ 12,893,983 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Las Vegas Strip Resorts $ 600,869 $ 731,037 $ 2,122,525 $ 2,341,114 Regional Operations 295,521 299,985 883,219 862,465 MGM China 283,990 237,356 870,897 832,405 MGM Digital (1) (23,248) (22,825) (83,339) (55,551) Unconsolidated affiliates - BetMGM and other (2) 25,642 7,989 38,606 (51,319) Management and other operations 16,273 13,806 58,267 40,293 Stock compensation (14,274) (12,388) (59,350) (51,686) Triple net lease rent expense (564,658) (564,436) (1,693,549) (1,692,961) Corporate (3) (114,311) (116,325) (346,904) (342,408) Consolidated Adjusted EBITDA $ 505,804 574,199 $ 1,790,372 1,882,352 Additional Information: Non-cash rent (4) $ 104,011 $ 112,955 $ 321,360 $ 347,927 (1) MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming. Current quarter includes expense for management incentive plans established in connection with acquisitions ("MIP") of $2 million and intercompany royalty expense of $1 million. Current year includes MIP expense of $7 million and intercompany royalty expense of $3 million. Prior year quarter includes MIP expense of $4 million and intercompany royalty expense of $1 million. Prior year includes MIP expense of $7 million and intercompany royalty expense of $1 million. Intercompany royalty expense eliminates in consolidation. (2) Represents the Company's share of operating income (loss) of unconsolidated affiliates. (3) Current quarter includes amounts related to MGM China of $13 million, global development of $3 million, and transaction costs of $1 million. Current year includes amounts related to MGM China of $36 million, global development of $10 million, and transaction costs of $6 million. Prior year quarter includes amounts related to MGM China of $17 million, global development of $3 million, and transaction costs of $3 million. Prior year includes amounts related to MGM China of $41 million, global development of $7 million, and transaction costs of $7 million. (4) Represents the excess of expense over cash paid related to triple net operating and ground leases. MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income (loss) attributable to MGM Resorts International $ (285,255) $ 184,578 $ (87,750) $ 589,126 Plus: Net income attributable to noncontrolling interests 78,526 59,586 225,846 237,566 Net income (loss) (206,729) 244,164 138,096 826,692 Provision (benefit) for income taxes (12,858) 52,570 42,857 84,689 Income (loss) before income taxes (219,587) 296,734 180,953 911,381 Non-operating (income) expense: Interest expense, net of amounts capitalized 102,287 111,873 315,140 334,649 Other, net 4,448 (93,750) 180,677 (47,139) 106,735 18,123 495,817 287,510 Operating income (loss) (112,852) 314,857 676,770 1,198,891 Preopening and start-up expenses 31 519 965 2,469 Property transactions, net 101,775 25,493 117,368 59,124 Goodwill impairment 256,133 - 256,133 - Depreciation and amortization 260,717 233,330 739,136 621,868 Consolidated Adjusted EBITDA $ 505,804 $ 574,199 $ 1,790,372 $ 1,882,352 SOURCE MGM Resorts International WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

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