T H I R D Q U A R T E R E A R N I N G S

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1 M G M R E S O R T S I N T E R N A T I O N A L T H I R D Q U A R T E R E A R N I N G S O C T O B E R 3 0, M GM RESORTS INTERNATIONAL

2 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 future results (including RevPAR, projected Adjusted EBITDA and projected Adjusted Free Cash Flow and other guidance); the Company s ability to generate free cash flow, return value to shareholders and execute on future development and other projects; amounts the Company expects to spend on capital expenditures and investments; expectations regarding Las Vegas convention lineup and other market or industry trends; and the Company s ability to execute its strategic plans, improve its financial flexibility and realize the expected benefits of acquisitions, partnerships and other strategic initiatives. 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 effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions 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. 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, including Adjusted EBITDA, Adjusted Property EBITDA, Samestore Adjusted Property EBITDA and Adjusted Property EBITDAR. To the extent available, 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 and in the Company s earnings releases that have been furnished with the SEC and are available on our website at With respect to EBITDA, the most directly comparable GAAP measure is Net income attributable to MGM Resorts, which was $159 million as of September 30, 2018, compared to $148 million in the prior year quarter. In addition, this presentation includes Las Vegas Strip Normalized Net Revenues, Las Vegas Strip Normalized Adjusted Property EBITDA and Las Vegas Strip Normalized Adjusted Property EBITDA Margin. For a reconciliation of these normalized non-gaap results see Slide 45 and the reconciliations provided in the Company s earnings releases. The presentation also includes projected Adjusted Free Cash Flow and projected Adjusted EBITDA. Projected Adjusted Free Cash Flow is a non-gaap measure and may not be similar to free cash flow measures used by other companies. The Company uses projected Adjusted Free Cash Flow because the Company believes that it is a reasonable indicator of the performance of its operating assets. In addition, this measure is useful to investors because it is frequently used by industry analysts, investors and lenders as one measure used in performing equity valuation analyses. Projected Adjusted Free Cash Flow is not intended to replace Net cash provided by operating activities, which is the most comparable U.S. GAAP measure. Projected Adjusted Free Cash Flow is an estimate of the Company s operating cash flow adjusted for maintenance capital expenditures, distributions received from unconsolidated affiliates in excess of cumulative earnings, proceeds from asset sales, and distributions to noncontrolling interests. This presentation also includes projected Adjusted EBITDA. The Company is unable to provide a quantitative reconciliation of projected Adjusted EBITDA to net income (loss) or earnings per share, as applicable, because the Company cannot reliably forecast property transactions, net, depreciation and amortization, or tax provision, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact the Company s future financial results. 2

3 T H I R D Q U A R T E R F I N A N C I A L R E V I E W Diluted earnings per share of $0.26 Compared to $0.26 in the prior year quarter Net income attributable to MGM Resorts of $143 million, compared to $148 million in the prior year quarter Consolidated net revenues increased 7% year-over-year to $3.0 billion Domestic resorts net revenue decreased 2% to $2.2 billion RevPAR 1 at the Company s Las Vegas Strip resorts decreased 3.9% to $146 Consolidated Adjusted Property EBITDA of $820 million Domestic resorts Adjusted Property EBITDA decreased 12% to $627 million Domestic resorts Adjusted Property EBITDA margin decreased 333 bps to 28.1% compared to the prior year quarter CityCenter resort operations Adjusted EBITDA decreased 20% year-over-year to $85 million ARIA reported third quarter Adjusted EBITDA of $77 million and Adjusted EBITDA margin of 29% MGM China Adjusted EBITDA increased 7% year-over-year to $130 million, compared to $121 million in the prior year quarter Distributed $64 million via the Company s quarterly dividend of $0.12 per share in the third quarter Repurchased $176 million of the Company s common shares in the third quarter 1 RevPAR is hotel revenue per available room Note: 2017 results restated under new revenue recognition accounting standard 3

4 Investment Case T A B L E O F CONTENTS 3Q 2018 Financial Results Initiatives and Opportunities Appendix 4

5 M G M R E S O R T S : O U R S T R A T E G I C O B J E C T I V E S Maximizing the operating efficiency of our existing portfolio Relentless cost control regardless of market conditions Maintain market share leadership in our principal markets Drive innovation and transform the guest experience by leveraging our brick and mortar assets through digital and interactive Reallocate capital expenditure mix to technology investments over the next couple of years - without changing our overall domestic capital expenditure spend Continued path to asset-light management and operating model by opportunistically selling the real estate of owned assets Support the healthy growth of MGP through ROFO 1 asset and future transactions Reduce MGM Resorts ownership of MGP to under 50% over the next three years Successfully conclude all major development projects in 2018 Achieve and maintain consolidated net leverage target of 3x to 4x primarily through cash flow growth Execute goal of generating $3.50 consolidated adjusted free cash flow per share in 2020 Focused on returning cash to shareholders Returned ~$1.3 billion to shareholders through buybacks and dividends YTD 3Q18 As of September 30, 2018, approximately $1.5 billion remains under our current share repurchase authorization Target of below 500 million shares by the end of 2020 Opportunistically access new markets for sports and interactive by leveraging our brands, relationships, partnerships and expertise. We are not actively pursuing regional gaming acquisitions Laser focused on the Japan Integrated Resort opportunity 1 Right of first offer 5

6 S T R A T E G Y & C A P I T A L A L L O C A T I O N Adjusted EBITDA 2020 Consolidated Adjusted EBITDA target of $3.6 to $3.9 billion Primarily driven by MGM Cotai, Park MGM, and MGM Springfield Las Vegas Strip Adjusted Property EBITDA margin goal of 32%-33% in 2020 Adjusted Free Cash Flow/ Share Target of $4.5 to $5.0 billion in cumulative consolidated adjusted free cash flow from Our goal is to generate $3.50 in consolidated adjusted free cash flow per share in 2020 Leverage Net leverage target of 3-4x by 2020, primarily through cash flow growth Capital Allocation Committed to returning at least 50%-65% of consolidated adjusted free cash flow to shareholders Excess free cash flow will be returned to shareholders or dedicated to high return investments MGM Growth Properties/ Asset-Light Model MGM Growth Properties will pursue third party transactions that will dilute MGM Resorts ownership MGM Resorts intends to continue on the path to becoming asset-light through the potential sale of the real estate of MGM Springfield, Bellagio, Circus Circus Las Vegas, and MGM Grand Las Vegas 6

7 T H E M G M R E S O R T S I N V E S T M E N T C A S E ATTRACTIVE LONG-TERM INDUSTRY FUNDAMENTALS STRONG FINANCIAL POSITION AND FREE CASH FLOW PROFILE MAXIMIZING OUR PERFORMANCE ACTIVELY SEEKING PRUDENT GROWTH OPPORTUNITIES FOCUS ON DRIVING SHAREHOLDER VALUE Continued healthy demand and limited new supply additions in both Las Vegas and Macau Diversifying our business mix and offerings into a wider entertainment universe Concluding our current development cycle, MGM Resorts remains well positioned to generate meaningful free cash flow ( FCF ) We remain on track to reduce our consolidated net leverage to three to four times to maximize the efficiency of our capital structure We expect to reach our leverage targets primarily through cash flow growth We leverage our size and scale to drive top-line growth, maximize operating efficiencies and expand margins We reinforce our leadership by investing in our people and our brand, as well as enhancing our capabilities via analytics and technology We continue to reinvest in our business to elevate the guest experience and generate attractive returns on investment Pursuing targeted, high-growth opportunities (e.g., Japan) Amplify the MGM Resorts brand through sports, technology, social media, hospitality and entertainment Well positioned to grow Macau market share with opening of MGM COTAI MGM Growth Properties provides strategic avenue for growth through third party acquisitions Continue to execute on long term, strategic plan to drive FCF per share Focus on shareholder returns and high ROI opportunities Ability to accelerate capital return through relationship with MGP (MGM Springfield) 7

8 W E A R E E X E C U T I N G O N T H E 5 P I L L A R S O F O U R I N V E S T M E N T C A S E Investment Case YTD 2018 Achievements 1 ATTRACTIVE LONG-TERM INDUSTRY FUNDAMENTALS Divested non-core assets (Mandarin Oriental Las Vegas and Grand Victoria) Opened MGM Cotai and MGM Springfield 2 STRONG FINANCIAL POSITION AND FREE CASH FLOW PROFILE Created world-class sports betting and on-line gaming platform in the U.S. through the formation of MGM GVC Interactive JV and agreements with Boyd Gaming, NBA, NHL, Alliance of American Football and The United Auburn Indian Community 3 MAXIMIZING OUR PERFORMANCE Announced acquisition of Empire City in New York and subsequent sale of underlying real estate to MGP Announced acquisition of the operations of Northfield Park casino from MGP 4 ACTIVELY SEEKING PRUDENT GROWTH OPPORTUNITIES Returned ~$1.3 billion to shareholders through buybacks and dividends YTD 3Q18; As of September 30, 2018, approximately $1.5 billion remains under our current share repurchase authorization 5 FOCUS ON DRIVING SHAREHOLDER VALUE Received over $350 million in distributions from joint ventures and MGM China 1 M G M R ESORTS INTERNATIONAL 1 Includes proceeds from sale of Mandarin Oriental Las Vegas 8

9 O U R S T R U C T U R E S U P P O R T S O U R S T R A T E G I C D I R E C T I O N OWNED RESORTS OWNED PROPERTIES Bellagio, MGM Grand LV, Circus Circus LV, MGM Springfield (Opened August 24, 2018) MGM GROWTH PROPERTIES ( MGP ) (73% ownership) (NYSE: MGP) MGM CHINA HOLDINGS LIMITED (56% ownership) (HKSE: 2282 HK) CITYCENTER HOLDINGS (50% ownership) MGM GVC INTERACTIVE LLC OTHER KEY JOINT VENTURES SPORTS BETTING & INTERACTIVE JV (50% ownership) Joint Venture with GVC LEASED 1 ( OPCO ) LEASED 1 PROPERTIES Las Vegas: Mandalay Bay, Luxor, Mirage, Excalibur, The Park, New York-New York, Park MGM U.S. Regional: MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata, MGM National Harbor, Empire City Casino 2 TRIPLE NET LEASE REIT 1 Operations Under TRS: The Hard Rock Rocksino 3 (Northfield, OH) PROPERTIES MGM MACAU MGM COTAI PROPERTIES ARIA Vdara ENTERTAINMENT NON-GAMING HOSPITALITY AND BRAND EXTENSION LAS VEGAS ARENA COMPANY (42.5% ownership) Joint Venture with AEG T-Mobile Arena; Manages MGM Grand Garden Arena DIAOYUTAI MGM HOSPITALITY (49% ownership) MGM Grand Sanya, Diaoyutai Hotel Hangzhou, Diaoyutai Hotel Chengdu, Bellagio Shanghai 1 MGM Growth Properties owns the properties leased by MGM Resorts International 2 Expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions 3 On July 6, 2018, MGP announced it had completed the acquisition of the Hard Rock Rocksino. On September 19, 2018, MGM entered into an agreement to acquire the operating assets from MGP. The transaction is expected to close in the first half of 2019 and is subject to regulatory approvals and other customary closing conditions 9

10 A N D M A X I M I Z E S G R O W T H P O T E N T I A L & C A P I T A L E F F I C I E N C Y The MGM Resorts enterprise is comprised not only of the property brands both owned and leased within our portfolio, but several key entities in which MGM Resorts has significant equity ownership. MGM Growth Properties is a growth vehicle that over time will dilute MGM Resorts ownership as MGP executes on third party transactions. MGP s stable business model and low cost of capital affords it the ability to target net leverage in the x range. MGM China provides significant exposure to the robust Chinese and Far East markets through its operations of MGM MACAU as well as MGM COTAI, which opened in February Our 50% ownership of CityCenter (comprised of ARIA and Vdara), provides unique luxury experiences in Las Vegas. MGM Resorts intends to continue on the path to becoming assetlight through the potential sale of the real estate of MGM Springfield, Bellagio, Circus Circus Las Vegas, and MGM Grand Las Vegas

11 P O S I T I O N E D F O R G R O W T H Strategic Investments Have Positioned MGM Resorts For Growth $10.8 B Maximizing Same Store Profitability $13.5 B $14.5 B Incremental Opportunities M G M S p r i n g f i e l d Sports & Interactive NoMad Opened October 2018 Opened August 24, 2018 Japan Integrated Resort $2.8 B M G M C o t a i Opened February 13, 2018 P a r k M G M Completing transformation by end of 2018 $3.6 B $3.9 B Key future events: -Expand VIP Operations -The Mansion -President s Club 2017A 2020E Consolidated Net Revenue Consolidated Adjusted EBITDA 11

12 S I G N I F I C A N T A D J U S T E D F R E E C A S H F L O W G E N E R A T I O N Consolidated Adjusted EBITDA Adjusted Free Cash Flow Goal: $3.50 Adjusted FCF/share 9% - 12% CAGR $3.6 B $3.9 B $1.7 B $2.0 B $2.8 B Low 2020 High 2020 Low 2020 High Note: Assumptions include the projected operating results of The Hard Rock Rocksino Northfield Park acquired on July 6, 2018 by MGM Growth Properties, under TRS. Adjusted Free Cash Flow includes the impact of interest, cash taxes, distribution to and from minority stakeholders and capital expenditures Refer to 2018 Analyst and Investor Day Presentation dated May 10,

13 G E N E R A T I N G S I G N I F I C A N T A D J U S T E D F R E E C A S H F L O W C A P I T A L A L L O C A T I O N S T R A T E G Y 2018E-2020E CONSOLIDATED ADJUSTED FREE CASH FLOW $4.5B to $5.0B Dividends 15%-20% Share Repurchases 35%-45% Strategic Investments 35%-45% $2.25B to $3.25B Excess free cash flow will be returned to shareholders or dedicated to high return investments 13

14 Investment Case T A B L E O F CONTENTS 3Q 2018 Financial Results Initiatives and Opportunities Appendix 14

15 T H I R D Q U A R T E R D O M E S T I C R E S O R T S D O M E S T I C R E S O R T S ( Y o Y ) Adjusted Property EBITDA $ $627 million 12% Adjusted Property EBITDA Margin 28.1% 333 bps L A S V E G A S S T R I P 1 Vs. Guidance Adjusted Property EBITDA $ $420 million 18% Adjusted Property EBITDA Margin 28.9% 419 bps Approximately 28% RevPAR 2 $ % Down 5%-7% R E G I O N A L (Ex. Springfield) Adjusted Property EBITDA $ $207 million 4.5% 0.6% Adjusted Property EBITDA Margin 26.7% 121 bps 71 bps Domestic resorts Net Revenue -2% to $2.2 billion Our third quarter performance exceeded our expectations despite the tough year on year comparison resulting from robust casino business and an exceptionally strong event calendar last year Las Vegas Strip Table Games Hold (see slide 45) In 3Q18, Las Vegas Strip table games hold of 25.4% was within the normal 22%-26% range In 3Q17, hold of 26.8% was above the normal range 1 Excludes CityCenter 2 RevPAR is hotel revenue per available room 15

16 T H I R D Q U A R T E R C I T Y C E N T E R C I T Y C E N T E R R E S O R T O P E R A T I O N S ( Y o Y ) 1 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY 50% owned by MGM Resorts Adjusted EBITDA $ $85 million 20% Adjusted EBITDA Margin 29% 543 bps Net revenues decreased 6% year-over-year, due to a decrease in casino and rooms revenues Aria RevPAR decreased 2% to $228 Vdara RevPAR decreased 5% to $184 Key Balance Sheet Items (as of 9/30/18) Cash & Cash Equivalents: Approximately $108 million Total Debt: $1.78 billion Net Leverage 2 : ~4.1x Aria s table games win decreased 20%, due to a 10% decrease in table games drop and a decrease in table games hold percentage to 20.9% in the current quarter compared to 23.5% in the prior year quarter Adjusted EBITDA hold impact $8 million Aria s slots win increased slightly compared to the prior year quarter due primarily to a 5% increase in volume offset by a decrease in the slots hold percentage 1 Excludes Mandarin Oriental Las Vegas, which effective 1Q18 was classified as discounted operations 2 Net Leverage ratio is calculated as Total Long-Term Debt less cash & cash equivalents over LTM Adjusted EBITDA from Resort Operations excluding Mandarin Oriental Las Vegas 16

17 T H I R D Q U A R T E R M G M C H I N A M G M C H I N A ( Y o Y ) 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY 56% owned by MGM Resorts Adjusted Property EBITDA $ $130 million 7% $16 million MGM Macau $118 million 2% MGM Cotai $12 million - Adjusted Property EBITDA Margin 21.5% 594 bps MGM Macau 27.2% 18 bps MGM Cotai 6.9% - (Hold Impact) 1 Note: MGM China Adjusted Property EBITDA reported by MGM Resorts International in this presentation is net of $11 million license fee expense in the current quarter compared to $8 million in the prior year quarter. 3Q 2018 Adjusted Property EBITDA is before certain other corporate expenses and stock based compensation Net revenue increased 37% year-over-year VIP table games: 14% increase in turnover year-over-year; hold percentage of 3.2% vs. 3.3% in the prior year quarter and 3.4% in the first quarter of 2018 Mass table games: 46% increase in volume year-over-year; hold percentage of 18.1% vs. 18.4% in the prior year quarter and 19.2% in the first quarter of % of Adjusted Property EBITDA from the mass segment Key Balance Sheet Items (as of 9/30/18) Cash & Cash Equivalents: Approximately $663 million Total Debt: $2.47 billion Note: MGM Cotai opened February 13, Hold adjustments assume a 2.95% VIP hold %, 19.2% Mass Table Games hold %, and a 4.5% Slots hold % 17

18 M G M C H I N A F I N A N C I A L I N F O R M A T I O N U N D E R I F R S 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 HK$'000 (unaudited) 2017 HK$'000 (unaudited) 2018 HK$'000 (unaudited) 2017 HK$'000 (unaudited) Revenue MGM Macau $3,406,918 $3,454,681 $10,361,437 $10,445,675 MGM Cotai 1,347,458-3,462,973 - Total Revenue $4,754,376 $3,454,681 $13,824,410 $10,445,675 Adjusted EBITDA 1 MGM Macau $987,023 $1,049,424 $3,033,637 $3,292,635 MGM Cotai 129, ,060 - Total Adjusted EBITDA $1,116,966 $1,049,424 $3,424,697 $3,292,635 Note: The Company adopted the new revenue recognition accounting standard ( IFRS 15 ), effective January 1, Certain prior period amounts have been retrospectively adjusted under IFRS Adjusted EBITDA is profit before finance costs, income tax benefit/expense, depreciation and amortization, interest income, net foreign currency difference, share-based payments, preopening costs, corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company, property charges and other nonrecurring expenses. 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 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. 18

19 M G M C H I N A F I N A N C I A L I N F O R M A T I O N U N D E R I F R S 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 Macau Three Months Ended Nine Months Ended September 30 September HK$'000 (unaudited) 2017 HK$'000 (unaudited) 2018 HK$'000 (unaudited) 2017 HK$'000 (unaudited) (in thousands, except for percentages and revenue per available room ( RevPAR )) VIP Table Games Turnover 65,801,079 64,417, ,680, ,304,548 VIP Gross Table Games Win 1 2,319,059 2,141,250 6,646,368 6,176,412 VIP Table Games Win Percentage 2 3.5% 3.3% 3.0% 3.2% Average Daily Gross Win Per VIP Gaming Table Main Floor Table Games Drop 9,202,075 10,089,176 29,623,374 29,272,920 Main Floor Gross Table Games Win 1 1,613,739 1,861,075 5,273,616 5,842,554 Main Floor Table Games Win Percentage 17.5% 18.4% 17.8% 20.0% Average Daily Gross Win Per Main Floor Floor Gaming Table Slot Machine Handle 8,792,589 7,749,965 26,292,459 22,331,089 Slot Machine Gross Win 1 379, ,588 1,139,068 1,015,586 Slot Hold Percentage 4.3% 4.7% 4.3% 4.5% Average Daily Win Per Slot Commissions and Incentives (1,158,638) (1,129,502) (3,433,913) (3,230,082) Room Occupancy Rate 96% 95% 97% 95% RevPAR 1,937 1,979 1,939 1,979 Note: The Company adopted the new revenue recognition accounting standard ( IFRS 15 ), effective January 1, Certain prior period amounts have been retrospectively adjusted under IFRS The total of VIP gross table games win, main floor 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 Calculated before commissions and incentives 19

20 M G M C H I N A F I N A N C I A L I N F O R M A T I O N U N D E R I F R S 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 Cotai Three Months Ended Nine Months Ended September 30 September HK$'000 (unaudited) 2018 HK$'000 (unaudited) (in thousands, except for percentages and revenue per available room ( RevPAR )) VIP Table Games Turnover 8,098,287 13,534,894 VIP Gross Table Games Win 1 65, ,101 VIP Table Games Win Percentage 2 0.8% 1.5% Average Daily Gross Win Per VIP Gaming Table Main Floor Table Games Drop 5,565,962 13,748,864 Main Floor Gross Table Games Win 1 1,052,832 2,612,153 Main Floor Table Games Win Percentage 18.9% 19.0% Average Daily Gross Win Per Main Floor Floor Gaming Table Slot Machine Handle 6,411,438 14,760,098 Slot Machine Gross Win 1 176, ,179 Slot Hold Percentage 2.7% 3.4% Average Daily Win Per Slot Commissions and Incentives (244,466) (542,078) Room Occupancy Rate 90% 89% RevPAR 1,285 1,246 Note: The Company adopted the new revenue recognition accounting standard ( IFRS 15 ), effective January 1, Certain prior period amounts have been retrospectively adjusted under IFRS The total of VIP gross table games win, main floor 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 Calculated before commissions and incentives 20

21 B A L A N C E S H E E T S T R E N G T H REMAINS A PRIORITY FOR MGM RESORTS PF Consolidated Leverage ($ in millions) ACTUAL 9/30/2018 ADJUSTMENTS PRO FORMA 9/30/2018 Total Cash 1 $1,303 $-- $1,303 LTM Adjusted EBITDA related to: Domestic Resorts $2,365 $81 2 $2,446 Management and other operations MGM Macau MGM Cotai Corporate expense (excluding stock-based compensation) (380) 16 5 (364) $2,588 $190 $2,778 Dividends and distributions received by MGM Resorts $2,628 $190 $2,818 Total Principal Amount of Debt related to: MGM Resorts Consolidated 7 $14,790 $-- $14,790 $14,790 $-- $14,790 Net Leverage Ratio 5.1x 4.8x 1 9/30/18 Actual includes $663 million and $49 million at MGM China and MGM Growth Properties, respectively 2 $15 million adjustment reflects transfer tax fees associated with the sale of National Harbor real estate assets to MGM Growth Properties and $66 million MGM Springfield annualization adjustment based on actual results since the property opening date of August 24, Rocksino annualization adjustment based on actual results since the acquisition date (July 6, 2018). 4 MGM Cotai's annualization based on actual results since the property opening date (February 13, 2018). 5 Adjustment reflects transfer tax fees associated with the sale of National Harbor real estate assets to MGM Growth Properties 6 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter 7 9/30/18 Actual includes $2.5 billion and $4.7 billion at MGM China and MGM Growth Properties, respectively 21

22 M G M R E S O R T S U. S. D O M E S T I C F I N A N C I A L I N F O R M A T I O N NINE MONTHS ENDED SEPTEMBER 30, 2018 ($ IN MILLIONS) 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA 1 DISTRIBUTIONS RECEIVED MGM Resorts owned 2 : Las Vegas $720 U.S. Regionals $8 MGM Growth Properties owned 3 : Las Vegas $585 U.S. Regionals $556 Total $1,869 CORPORATE AND OTHER DOMESTIC CityCenter $313 MGM China $44 Grand Victoria $14 Arena $6 MGM GROWTH PROPERTIES Rent Payments to MGP Operating Partnership ($574) Dividends from MGP Operating Partnership $248 Management & Other Adjusted EBITDA $48 Corporate Expense 4 ($243) Domestic Interest Expense, net 5 ($356) OTHER DOMESTIC ITEMS Domestic Capital Expenditures Ex. Development 6 ($574) Net Domestic Cash Tax Refund Received $10 1 Refer to Appendix slide 47 2 MGM Resorts owned refers to properties owned by MGM Resorts and not leased from a subsidiary of MGP pursuant to the Master Lease 3 MGM Growth Properties owned refers to properties owned by a subsidiary of MGP and leased to MGM pursuant to the Master Lease 4 Domestic corporate expense excluding stock based compensation and MGM Growth Properties G&A expense 5 Excludes interest related to MGP Operating Partnership indebtedness and includes interest that has been capitalized and excludes amortization of debt costs 6 U.S. domestic capital expenditures including the rebranding of Park MGM. Excludes capitalized interest and project costs associated with development activities, including MGM Springfield 22

23 M G M R E S O R T S U. S. D O M E S T I C C A P I T A L A L L O C A T I O N NINE MONTHS ENDED SEPTEMBER 30, STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY DOMESTIC DEVELOPMENT PROJECTS 1 MGM Springfield: $353 million RETURN OF CAPITAL TO MGM SHAREHOLDERS 3. MGM RESORTS LONG-TERM STRATEGY Dividends: ~$197 million Share repurchases: ~$1.1 billion Returned ~$1.3 billion to shareholders through buybacks and dividends YTD 3Q18 As of September 30, 2018, approximately $1.5 billion remains under our current share repurchase authorization 1 Excludes capitalized interest and land related costs, includes pre-opening 23

24 F U L L Y E A R C A P I T A L E X P E N D I T U R E S U.S. Domestic Operations: ~$ million (including YTD 3Q18 spend of $574 million) Includes general maintenance capital expenditures ~$330 million related to larger projects including the Park MGM repositioning, the expansion of MGM National Harbor s gaming floor, as well as the expansion of the MGM Grand Las Vegas Convention Center Increase due to timing of MGM Grand Las Vegas Convention Center and Park MGM capex, as well as higher spend in technology / digital initiatives U.S. Development Projects MGM Springfield: ~$370 million (including YTD 3Q18 spend of $294 million) MGM China: ~$600 million (including YTD 3Q18 spend of ~$310 million, which is predominantly MGM Cotai) Note: Excludes development fees, capitalized interest, preopening expense, and land related fees 24

25 F O U R T H Q U A R T E R A T A G L A N C E On January 1, 2018, the new standards for revenue recognition took effect. All forward looking metrics are based on the new accounting methodology. What we see in the fourth quarter: Net revenues to be up slightly RevPAR up 1%-2% LAS VEGAS STRIP RESORTS Adjusted Property EBITDA Margins flat to up slightly YoY Stronger event calendar, and large scale city-wide convention attendees in 4Q18 expected to be up over 80k attendees across town YoY 1 Guidance assumes a normalized table games hold (midpoint of 22%- 26%) vs. 25.3% in the prior year quarter Park MGM continues to experience disruption during its transformation All Park MGM and NoMad rooms will be complete and operational by mid-november Strip-front entrance opens in December and Eataly to open by yearend ITEMS AFFECTING COMPARABILITY Write-down of $20 million related to entertainment at MGM Cotai Guidance does not include impact of MGM GVC Interactive JV Future race and sports book profits will be included in the joint venture and we will record 50% through equity method accounting Hard Rock Rocksino: MGP closed on TRS on July 6, 2018 Hard Rock operations are consolidated within MGM s financial results under Management and other operations Borgata: Two new entrants to the market in June 2018 MGM Springfield opened on August 24, 2018 OTHER ITEMS Corporate Expense (ex. stock compensation) 2 : ~$90-$100 million Pre-opening expense: ~$22-$32 million Net interest expense 3 : ~$215 - $220 million 1 Convention data provided by LVCVA as of October 1, LVCVA Calendar may not be reflective of total 2018 Groups, as it is updated throughout the year 2 In 1Q18, MGM China began recording in corporate expense certain expenses not directly related to its casino resort operations 3 Net of capitalized interest 25

26 F U L L Y E A R A T A G L A N C E Our guidance for full year 2018 remains unchanged Net revenues down low-single digit RevPAR down low-single digit On January 1, 2018, the new standards for revenue recognition took effect. All forward looking metrics are based on the new accounting methodology. LAS VEGAS STRIP RESORTS Adjusted Property EBITDA Margins approximately 29% (~30% excluding Park MGM) OTHER ITEMS Corporate Expense (ex. stock compensation) 1 : ~$362-$372 million Pre-opening expense: ~$155-$165 million for MGM Cotai, MGM Springfield, and Park MGM Net interest expense 2 : ~$770-$775 million 1 In 1Q18, MGM China began recording in corporate expense certain expenses not directly related to its casino resort operations 2 Net of capitalized interest 26

27 Investment Case T A B L E O F CONTENTS 3Q 2018 Financial Results Initiatives and Opportunities Appendix 27

28 M A X I M I Z I N G O U R O P E R A T I O N S P E R F O R M A N C E Las Vegas Strip Adjusted Property EBITDA margin goal of 32%-33% in 2020 Key drivers: Continuous Improvement Data Pricing Digital Loyalty Persistent focus on operational efficiency Sustaining our strong foundation created through Profit Growth Plan Data-driven culture Optimize operational performance Invest in data technology Right product, right customer, right time, right price, right channel Yielding technology Personalize experiences Increase relevant offers Self-service options Emerging technology Incremental M life spend Transform guest experience Cross-regional play 28

29 L E A D I N G T H E E V O L U T I O N I N S P O R T S A N D M O B I L E Global Entertainment Company Technology Platform and Online Expertise Geographic Footprint of Scale League Affiliations Distinguished brands and market leading assets Regulatory relationships / gaming licenses leading presence in key jurisdictions across the U.S. Customer database of 30+ million 35% of Las Vegas race & sports book market share 1 and first to launch land-based sports betting at Borgata Integrated, differentiated entertainment platform including live sports events GVC JOINT VENTURE 50/50 joint venture to create a worldclass U.S. sports betting and online gaming platform Leveraging complementary assets to capture a once-in-a-lifetime opportunity Scaled enterprise with high barriers to entry provides ability to capture market share Speed to market ensures first mover s advantage GVC brings: Proprietary, owned state of the art technology that is flexible and scalable Expertise in online customer acquisition and retention BOYD MARKET ACCESS AGREEMENT Partnership that will increase each company s market access and customer base throughout the U.S. Clear path to 15 states with total addressable population of ~90 million 2 UNITED AUBURN INDIAN COMMUNITY MGM GVC Interactive LLC partnered with the UAIC in a first-of-its-kind partnership for the joint venture in both California and with the Indian Community NBA PARTNERSHIP MGM Resorts becomes the official gaming partner of the NBA MGM Resorts to be promoted across the NBA s digital assets; PlayMGM benefits JV NHL PARTNERSHIP MGM Resorts to become an official sports betting partner of the NHL MGM Resorts to be promoted across the NHL platforms; PlayMGM benefits JV AAF PARTNERSHIP MGM Resorts is the official sports betting sponsor and investor of new professional football league 29 1 Nevada Gaming Control Board. 2 Population figure represents Eilers & Krejcik Gaming estimate of population above 21 years old. Number of states includes pending acquisitions and development projects. Note: The NHL partnership is subject to negotiation and execution of definitive documents

30 M G M G V C I N T E R A C T I V E L L C Transaction 50 / 50 joint venture between MGM Resorts International ( MGM ) and GVC Holdings ( GVC ) for sports betting and interactive gaming in the U.S. Both parties providing exclusive rights to relevant assets subject to 25-year agreements $100 million capital commitment per partner over time Joint Venture Business Activity Exclusive access to all U.S. land-based and online sports betting, online real money and free-toplay casino gaming, major tournament and online poker, and other similar future interactive businesses Business to be conducted primarily under the playmgm and partypoker brands Parties are exclusive to each other in the U.S. for these activities Four person board of directors, with two members appointed from each of MGM and GVC Governance Equal governance and decision making rights Joint venture structure creates alignment of interests Management & Operations Independent leadership team to be selected from best-in-class talent from each company and additional new hires New joint venture headquarters to be located in major U.S. technology hub On October 23 rd, announced new CEO Adam Greenblatt 30

31 MGM IS NHL S OFFICIAL SPORTS BETTING PARTNER The partnership will create exciting new opportunities for each entity to engage with the other s world-class brand and products The NHL entertains 670+ million fans in-arena and through TV and radio; 151+ million followers across social media; and over 100 million fans online at NHL.com. The NHL also broadcasts games in more than 160 countries and territories MGM Resorts will receive access to previously unseen enhanced NHL proprietary game data that enables us to provide our customers with specialized NHL game insights MGM Resorts will also reach NHL fans through communications to subscribers from the NHL s robust fan database that will market MGM s portfolio of destination resort brands, as well as promote our M life Rewards program, with 31 million members The NHL partnership, along with our sports betting partnership with the NBA, further establishes MGM Resorts position as the leader in providing the best possible sports and entertainment experience to consumers Source: NHL, MGM Resorts Note: The NHL partnership is subject to negotiation and execution of definitive documents 31

32 U N I Q U E O P P O R T U N I T I E S T O A C Q U I R E M A R K E T L E A D I N G O P E R A T I O N S A T A T T R A C T I V E M U L T I P L E S On May 29, 2018, MGM Resorts announced agreement to acquire Empire City Casino and subsequently sell the underlying real property to MGP Provides entrance into key gateway city with high barriers to entry Solidifies MGM s position as the leading East Coast casino operator building upon market leading Borgata and MGM National Harbor assets, complemented by the recently opened MGM Springfield Compelling financial proposition with less than 6.0x post-synergy OpCo transaction multiple Potential incremental EBITDA opportunities live table games, online gaming and sports betting Opportunity to leverage scale, shared services platform, and Mlife database to drive improved operating performance company-wide Expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions On September 18, 2018, MGM Resorts announced agreement to acquire operations of the Hard Rock Rocksino Northfield Park from MGP Ohio s highest GGR property and Cleveland s market leading casino despite being a slot-only facility Compelling financial proposition with roughly 6.0x post-synergy OpCo transaction multiple Potential incremental EBITDA opportunities ETG or live table games, online gaming and sports betting Opportunity to leverage scale, shared services platform, and Mlife database to drive improved operating performance company-wide Expected to close in the first half of 2019, subject to regulatory approvals and other customary closing conditions 32

33 MGM SPRINGFIELD Opened August 24,

34 MGM S PRI NGFI ELD Opened August 24,

35 M G M S P R I N G F I E L D MGM Springfield in Western Massachusetts opened its doors on August 24, 2018 and welcomed over 150,000 in the first three days of opening What others have said. "It appears we had a successful opening, which might have looked easy but was anything but. It was the result of a lot of hard work by our incredible team here at the MGC, and some great municipal partners and state partners in coordination with MGM. - Edward R. Bedrosian Jr., MGC s executive director (masslive.com) Springfield is the urban center, but this is going to impact all of Western Massachusetts as a destination. We re a compact area. We sell a region. We don t sell a city. MGM is going to be a lure and has a brand and marketing budget that is really going to help all of Western Massachusetts. - Mary Kay Wydra, president of the Greater Springfield Convention and Visitors Bureau (USAToday) It appears that they paid a tremendous amount of attention to the historic significance of our area. There is a sense of pride in the city that Springfield is taking a big step forward. - Greg Procino, vice president of the Basketball Hall of Fame (casinoconnectionac.com) I believe that MGM is going to be a game-changer for downtown Springfield. Everything they have planned is going to be top-notch, and first class from their events to their facilities. - Nate Costa, president, Springfield Thunderbirds (businesswest.com) 35

36 MONTE CARLO TRANSFORMATION TO PARK MGM AND NOMAD LAS VEGAS 36

37 NOMAD LAS VEGAS Opened October 12,

38 NOMAD LAS VEGAS Opened October 12,

39 NOMAD LAS V EGAS Opened October 12,

40 MGM GRAND CONFERENCE CENTER EXPANS I ON Opening in early k sq. ft. total (250k sq. ft. expansion) 40

41 M G M C O T A I SOLIDIFYING OUR HIGH-END OFFERINGS IN COTAI VIP OPERATIONS THE MANSION PRESIDENT S CLUB Junket rooms in Cotai Each room uniquely designed Top five operators in town Hotel within hotel concept to bring exclusive luxury to the next level in Macau Redefine the concept of premium mass 41

42 M G M R E S O R T S E N T E R T A I N M E N T OPTIONS SPAN MULTIPLE GENRES AND DEMOGRAPHICS M GM RESORTS INTERNATIONAL 42

43 MGM China Supplemental Information Las Vegas Strip Normalized Hold Impact A P P E N D I X Adjusted Property EBITDAR Supplemental Data: Non-GAAP Financial Measures Reconciling Free Cash Flow 43

44 M G M C H I N A S U P P L E M E N T A L I N F O R M A T I O N ($ IN MILLIONS) 1Q17 2Q17 3Q17 4Q17 FY17 MGM China Adjusted EBITDA as Previously Reported $143.0 $116.3 $118.2 $147.4 $524.9 Add: Stock Based Compensation Add: Amounts Currently Reported as Corporate Expense MGM China Adjusted Property EBITDA $149.0 $122.9 $126.1 $156.2 $

45 L A S V E G A S S T R I P N O R M A L I Z E D H O L D I M P A C T For illustrative purposes, we had historically calculated our Las Vegas Strip table games hold impact to a hold percentage of 23%, the mid-point of our normal range of 21%-25%; based on our analysis of the prior 8 quarters of our Las Vegas table games hold, beginning in the first quarter of 2018, we increased our normal range to 22%-26% (mid-point of 24%) ($ IN MILLIONS) 3Q Q Q Q Q 2018 Table Games Hold - Actual 26.8% 25.3% 25.9% 25.2% 25.4% Normalized Table Games Hold % 23.0% 24.0% 24.0% 24.0% Actual: Net Revenues $1,555 $1,296 $1,432 $1,455 $1,454 Adjusted Property EBITDA $514 $349 $449 $436 $420 Hold Impact to: Net Revenues $33 $18 $17 $10 $11 Adjusted Property EBITDA $28 $16 $15 $8 $9 Las Vegas Strip Normalized Net Revenues 2 $1,523 $1,278 $1,415 $1,445 $1,444 Las Vegas Strip Normalized Adjusted Property EBITDA 3 $486 $333 $435 $428 $410 1 Hold impact represents the estimated impact of the difference in actual table games hold percentage to the mid-point of our normal range of 22% 26% for Las Vegas resorts for 1Q2018 and beyond; prior quarters were based off a hold percentage of 23%, the mid-point of our prior normal range of 21%-25% This calculation includes an estimate of discounts, taxes, bad debt and other expenses. 2 Normalized Net Revenue includes an adjustment reflecting an estimate of discounts, which estimate is based on historical results 3 Normalized Adjusted Property EBITDA includes adjustments reflecting an estimate of discounts, taxes, bad debt and other expenses, which estimates are based on historical results 45

46 A D J U S T E D P R O P E R T Y E B I T D A R Beau Rivage, Borgata and MGM National Harbor have land leases with third parties Beau Rivage (In Thousands, Unaudited) Three Months Ended Sep 30, 2018 Borgata MGM National Harbor Net Revenue $108,580 $235,186 $196,568 Adjusted Property EBITDA 29,438 60,806 46,253 Rent Expense 394 1,388 3,905 Adjusted Property EBITDAR 1 $29,832 $62,194 $50,158 1 Adjusted Property EBITDA margin 27.1% 25.9% 23.5% Adjusted Property EBITDAR margin 27.5% 26.4% 25.5% 1 Adjusted Property EBITDAR is defined as Adjusted Property EBITDA plus rent related to land leases with third parties. Rent does not include rent payments to a subsidiary of MGM Growth Properties Operating Partnership under the master lease which is not included in Adjusted Property EBITDA for MGM s operating segments and is eliminated in consolidation 46

47 S U P P L E M E N T A L D A T A : N O N - G A A P F I N A N C I A L M E A S U R E S AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Twelve Months Nine Months Ended Ended Ended (1) September 30, September 30, December 31, September 30, Bellagio $ 371,716 $ 397,851 $ 505,736 $ 479,601 MGM Grand Las Vegas 298, , , ,517 Mandalay Bay 194, , , ,370 The Mirage 99, , , ,731 Luxor 94, , , ,475 New York-New York 102, , , ,690 Excalibur 84,106 90, , ,095 Park MGM 9,776 48,616 49,191 10,351 Circus Circus Las Vegas 49,190 57,720 70,274 61,744 MGM Grand Detroit 146, , , ,054 Beau Rivage 76,906 69,026 87,778 95,658 Gold Strike Tunica 39,477 41,088 52,882 51,271 Borgata 154, , , ,875 MGM National Harbor 138, , , ,004 MGM Springfield (2) 7, ,644 Domestic resorts 1,869,035 2,016,471 2,512,516 2,365,080 MGM Macau (3) 363, , , ,164 MGM Cotai (4) 37, ,813 MGM China 401, , , ,977 Unconsolidated resorts (5) 115, , , ,228 Management and other operations 48,314 23,751 26,838 51,401 2,434,222 2,543,636 3,221,100 3,111,686 Corporate (272,112) (217,683) (326,032) (380,461) Stock compensation (49,521) (45,188) (60,936) (65,269) $ 2,112,589 $ 2,280,765 $ 2,834,132 $ 2,665,956 (1) The last twelve months financial data for the period ending September 30, 2018 has been calculated by subtracting the data for the nine months ended September 30, 2017 from the data for the year ended December 31, 2017 and adding the data for the nine months ended September 30, (2) Represents Adjusted Property EBITDA of MGM Springfield for the period from August 24, 2018 (Opening Day) through September 30, 2018 (3) In 2017, MGM Macau included certain expenses classified as corporate expense in (4) Represents Adjusted Property EBITDA of MGM Cotai for the period from February 13, 2018 (Opening Day) through September 30, 2018 (5) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 47

48 R E C O N C I L I N G F R E E C A S H F L O W S I G N I F I C A N T P R O J E C T E D A D J U S T E D F R E E C A S H F L O W G E N E R A T I O N (in $ Millions) Projected Consolidated Adjusted Free Cash Flow (Cumulative 2018E to 2020E) LOW HIGH Cash Flow From Operating Activities 1 7,100 7,600 Distributions from CityCenter in excess of cumulative earnings Distributions to noncontrolling interest owners (960) (960) Proceeds from Asset Sales Maintenance Capital Expenditures 3 (2,150) (2,150) Adjusted Free Cash Flow $4,500 $5,000 1 After cash paid for interest, income taxes and working capital/other 2 Reflects MGM Resorts' share of the estimated net proceeds from the Grand Victoria Casino sale 3 Includes Monte Carlo repositioning and general maintenance and growth for our domestic resorts and MGM China 48