Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q3 2026 Earnings Presentation
29 slides from Mgm Resorts International's earnings presentation, Oct 28, 2026
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 10.28.2026
Slide 2: World-Class Operators Poised to Capture Unparalleled Global TAM
MGM RESORTS INTERNATIONAL WORLD-CLASS OPERATORS POISED TO CAPTURE UNPARALLELED GLOBAL TAM THROUGH ITS RESORTS AND DIGITAL PLATFORMS Growing Global Access to $150 Billion Premium Brands Presence in Regulated TAM 1 1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdiction
Slide 3: Our Mission: To Be the World's Premier Gaming Entertainment Company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING ENTERTAINMENT COMPANY Operator of 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 Onli
Slide 4: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS
Slide 5: Third Quarter 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS Steady year-over-year consolidated revenue performance Regional Strength and Stability MGM China Outperforms All-time record same-store slot win MGM China GGR outperforms broader Macau Record third quarter same-store quarterly market on sequential and year over ye
Slide 6: Third Quarter 2026 Reportable Segment Performance
THIRD QUARTER 2026 REPORTABLE SEGMENT PERFORMANCE $ in millions LAS VEGAS STRIP RESORTS REGIONAL OPERATIONS Net Revenues Segment Adjusted Margin % Net Revenues Segment Adjusted Margin % EBITDAR EBITDAR $957 $601 30.3% $296 30.9% $1,954 $1,985 27.2% $883 27.5% $531 $243 29.7% (SS ) 1 $883 (SS1) $873
Slide 7: BetMGM North America Venture KPIs
BetMGM North America Venture KPIs 1 3Q 2026 Update $ in millions • Strong 3Q performance reflects disciplined execution 3Q 2026 YoY Change 9M 2026 YoY Change supported by new exclusive gaming content and enhanced sportsbook offering Net Revenue from operations 2 • Leading iGaming offering and ongoin
Slide 8: AI and Automization Strategy
AI AND AUTOMIZATION STRATEGY Focused on Guest Experience, Operational Discipline, and Speed of Execution Representative examples include: GUEST EXPERIENCE & OPERATIONAL EFFECTIVENESS & EMPLOYEE AI-ACCELERATED ENGINEERING SERVICES PRODUCTIVITY • Intelligent Workforce Scheduling & Labor • Accelerated
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Slide 10: Bellagio - Spa Remodel
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Slide 11: The Cosmopolitan – The Corner Store
THE COSMOPOLITAN – THE CORNER STORE 11
Slide 12: MGM Osaka Construction Progress
MGM OSAKA CONSTRUCTION PROGRESS 12
Slide 13: MGM Osaka
MGM OSAKA
Slide 14: Market Fundamentals
MARKET FUNDAMENTALS DOMESTIC & FOREIGN ADDRESSABLE POPULATION PROFILE CASINO SCALE COMPARISON OSAKA JAPAN SINGAPORE MGM OSAKA TABLE GAMING GAMING PROPERTY SCALE 2025 Population (M) 20.91 123.0 6.1 GAMES MACHINES POSITIONS COMPARISON 2025 Visitors (M) 17.6 42.7 16.9 MGM Osaka 470 6,400 9,220 Annual D
Slide 15: MGM Osaka Customer Base
MGM OSAKA CUSTOMER BASE CUSTOMER MIX “LOCALS” GRAVITY MODEL Int’l Tourists Locals 6.3M – 32% 10.8M – 54% GEOGRAPHY ADULT POPULATION (Est) 19.9M Within 1 Hour Travel Time 7,452,531 Visitors to Within 2 Hours Travel Time 8,663,534 MGM Osaka Within 3 Hours Travel Time 7,412,276 TOTAL 23,528,340 Japan T
Slide 16: Travel Times to Osaka
TRAVEL TIMES TO OSAKA DESTINATION (flight time, unless stated otherwise) CUSTOMER ORIGIN 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
Slide 17: LLL fae:
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Slide 18: Key Financial Forecasts
KEY FINANCIAL FORECASTS $465 - $500 million excluding stock-based comp, including amounts related to MGM China of 2026 Corporate Expense $50 - $60 million Approximately $725 - $775 million domestic capital expenditures inclusive of approx. $600 2026 Capital Expenditures million in maintenance capita
Slide 19: MGM Resorts Trading at Low Multiples
MGM RESORTS TRADING AT LOW MULTIPLES 1 Enterprise Value / Q3 2026 TTM Adjusted EBITDA (In millions except share price and multiple) 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)
Slide 20: Repurchased Over 49% of Our Shares Since the Beginning of 2021
REPURCHASED OVER 49% OF OUR SHARES SINCE THE BEGINNING OF 2021 500mn 400mn Shares Outstanding 300mn 200mn 236mn 243mn 200mn 168mn 115mn 100mn 41mn - 2021 2022 2023 2024 2025 3Q 2026 Cumulative shares repurchased net of issued shares 20
Slide 21: Solid Performance from Integrated Resorts
SOLID PERFORMANCE FROM INTEGRATED RESORTS LAS VEGAS STRIP REGIONAL 2019 – 3Q26 TTM1 Growth RESORTS OPERATIONS MGM CHINA +67% +10% +53% $ in millions $3,107 2,858 $3,190 2,750 $3,142 $1,643 LAS VEGAS $1,738 STRIP RESORTS $1,144 1,163 1,062 $1,133 REGIONAL $970 OPERATIONS $1,218 $1,295 $1,087 $1,203 1
Slide 22: Las Vegas Strip GGR Has Grown More Than 4x Over 30 Years
LAS VEGAS STRIP GGR HAS GROWN MORE THAN 4X OVER 30 YEARS $10 billion 4% GGR CAGR $8 billion $6 billion $4 billion $2 billion 1990 1995 2000 2005 2010 2015 2020 2025 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 22
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Slide 24: MGM China Financial Information Under IFRS
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025
Slide 25: MGM China Financial Information Under IFRS - MGM Macau
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025
Slide 26: MGM China Financial Information Under IFRS - MGM Cotai
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended Nine Months Ended September 30 September 30 2026 2025 2026 2025
Slide 27: Our Mission: To Be the World's Premier Gaming & Entertainment Company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY 27
Slide 28: Forward-Looking Statements
F O R W A R D - L O O K I N G S TAT E M E N T S Statements in this presentation that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncer tainties, including those described in the Company's
Slide 29: MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and online
MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and online, to further its goal to be the global leader in gaming entertainment.
MGM Resorts International — Q3 2026 Earnings Presentation on 6ix