I nvestor Presentation First Quarter 2 0 1 7 Earnings April 27, - - PowerPoint PPT Presentation

MGM Resorts International

I nvestor Presentation

First Quarter 2 0 1 7 Earnings April 27, 2017

Forw ard-Looking Statem ents 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 and other guidance), the payment of any future cash dividends on the Company’s common stock, its ability to generate future cash flow growth and to execute on future development and other projects (including the opening of MGM COTAI), amounts the Company expects to spend capital expenditures and investments, and the Company’s ability to execute its strategic plans and improve its financial flexibility. 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

• f 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 I ndustry Data This presentation also contains estim ates and information concerning the Company’s industry and peers, including market position and fair share information, 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 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, and Same-store Adjusted Property EBITDA and Adjusted Property EBITDAR. Schedules that reconcile the non-GAAP financial measures to the m ost directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States are included in our earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com. In addition, the following presentation contains a range for projected Adjusted EBITDA margins for the 2017 fiscal year. The Company is unable to provide a quantitative reconciliation

• f projected Adjusted EBITDA (which it would use to calculate the margins) to net income (loss) because the Company cannot reliably forecast gains or losses on sale or consolidation transactions,

accelerated depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, 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.

This presentation also contains projected Adjusted EBITDA as reported by securities analysts. The Company is unable to provide a quantitative reconciliation of the projected Adjusted EBITDA to net income (loss) because this information was generated by analysts and is not based on management models or internal financial information. The Company is providing this information 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. Rather, the Company is presenting its analysis of publicly available reports prepared by securities analysts (without endorsing nor adopting any of the views, analysis or analytical methodologies utilized by these analysts, which differ from the Company’s and which differences could be material) and stock trading prices for other publicly traded gaming companies that suggest that there is a significant difference of implied valuations between the Company’s domestic gaming business and its peer group. The Company’s actual results may differ materially from the projections reported by securities analysts.

ABOUT MGM RESORTS INTERNATIONAL MARKET OUTLOOK 1Q 2017 FINANCIAL RESULTS POSITIONED TO OUTPERFORM CHANGING THE FABRIC OF OUR COMPANY

27

Resort destinations

470+

Food, beverage and club experiences

330 +

Retail experiences

3.9 million SF

convention space

18,000 +

Conventions / meetings per year

25+

Arena AND entertainment venues

7,700+

Shows per year

MGM RESORTS, WHERE THE WORLD COMES TO PLAY

2.0+ million sf

casino space

28,00 0+

SLOT MACHINES

1,80 0+

TABLE GAMES

48,00 0+

Rooms & Suites

15

Brands

RESORT DESTINATIONS, AWARD WINNING BRANDS

Note: Third-party logos are trademarks of their respective owners

5

MGM RESORTS ORGANIZATIONAL STRUCTURE

MGM China Holdings Lim ited (56% ownership) CityCenter Holdings (50% ownership) Other MGM Grow th Properties (“MGP”) (76% ownership)

Ow ned Properties Bellagio, MGM Grand LV, Circus Circus LV, MGM National Harbor Developm ent MGM Springfield (Opening Sept 2018) Publicly Traded REI T1 Properties MGM MACAU Developm ent MGM COTAI (Opening Late 2017) Properties Aria Vdara Mandarin Oriental Las Vegas Arena Com pany ( 4 2 .5 % ) T-Mobile Arena

MGM Resorts I nternational (NYSE: MGM)

1Q 2017 Diluted EPS: $0.36 Ow ned

Leased1 Properties Mandalay Bay, The Mirage, Luxor, Excalibur, New York-New York, Monte Carlo, The Park, MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata

Leased1 ( “OpCo”)

Diaoyutai MGM Hospitality ( 4 9 % ) MGM Grand Sanya, Diaoyutai Hotel Hangzhou, Diaoyutai Hotel Chengdu, Bellagio Shanghai (Opening 2017) Elgin Riverboat Resort ( 5 0 % ) Grand Victoria – Elgin, I L

(HKSE: 2282 HK) (NYSE: MGP)

6

MGM GROWTH PROPERTIES

• Created in April 2016 to maximize MGM Resorts’ real

estate valuation

• Addressed MGM Resorts’ near-term debt maturities
• Reduced MGM Resorts net leverage by almost a turn2
• MGM Resorts has generated significant value as a result of

its ownership interest in MGP

• MGP total shareholder return3 of 42% since IPO

1 . Structure Today (76% ownership of OP)

MGM has 76% economic

• wnership of the OP

(Operating Partnership) MGP is 100% consolidated in MGM’s financial statements1

3 . Long Term Strategy

• Maintain controlling ownership stake

– Natural dilution as MGP grows via third party transactions

• Unique vehicle for growth given lower cost
• f capital / superior balance sheet
• Structure allows for transactions that are

accretive for both MGM Resorts and MGP (e.g. Borgata)

• Potential for accelerated return on

investment with ROFO4 properties – MGM National Harbor – MGM Springfield

• Receipt of dividends from economic
• wnership mitigates rental expense

MGM Grow th Properties Operating Partnership MGM Resorts

Rent Dividends

2 . Rationale

Public Shareholders

Dividends 7

MGM CHINA HOLDINGS

• Limited opportunity for new participants with just six

concessionaires

• 50/ 50 venture with Ms. Pansy Ho was formed in 2004,

positioning MGM Resorts to participate in what has become the world’s largest gaming market

• Opportunistically acquired 1% in 2011, allowing MGM

Resorts to gain majority control

1 . Structure Today (56% ownership)

MGM has 56% ownership of MGM China Given majority ownership, MGM China is 100% consolidated in MGM’s financial statements

3 . Long Term Strategy

• Opportunistically increase ownership in MGM

China over time

• Acquired 5% in Sept 2016, increasing stake

to 56% – Price of MGM China at close of transaction was HK$11.98, which is well below recent closing price2 of $HK16.84

• Tripling our footprint 3 upon opening MGM

COTAI in late 2017

• MGM China to continue executing on:

– Providing consistent, quality service – Gaining market share, primarily in the mass segment, – Strategically investing for growth

• Prioritize maximizing cash flow, prudently

managing the balance sheet, and returning capital to owners

Dividends

2 . Rationale

MGM China MGM Resorts

• Ms. Pansy Ho1

Dividends Dividends

Public Shareholders

• f Grand Paradise Macau Limited

8

CITYCENTER HOLDINGS

• Develop a world-class integrated resort for Las Vegas

 67 acre master planned mixed-use project including hotel, gaming, residential, retail, and entertainment

• 50/ 50 venture formed in 2007 to forge a strategic

relationship with Infinity World  Structure resulted in premium valuation and accelerated return of capital to MGM Resorts, while mitigating remaining project risk

1 . Structure Today (50% ownership)

MGM has 50% ownership

• f CityCenter

CityCenter is NOT consolidated in MGM’s financial statements

3 . Long Term Strategy

• Continue to position CityCenter as a premier

luxury destination

• Prudently manage the balance sheet and

maximize value for owners  $1.1 billion sale of Crystals in 2016 (~ 4% cap rate)  MGM Resorts dividends received to date: $1.04 billion  MGM Resorts net investment: $1.2 billion

• Continue to explore ways to consolidate Aria

and Vdara into MGM Resorts portfolio

• Partners continue to explore ways to maximize

real estate value

2 . Rationale

CityCenter

Dividends

MGM Resorts Infinity World

Dividends 9

OUR FUNDAMENTAL BELIEFS

10

We develop and create extraordinary experiences We provide a consistent level

• f outstanding

guest service We build and sustain the communities in which we work and live We are respectful, inclusive and responsible in all we do

DRIVING EXCEPTIONAL PERFORMANCE (2012-2016)

11

+ 6% CAGR

Hotel RevPAR Growth2

+ 733 bps

Adjusted Property EBITDA Margin1

Source: Com pany filings; All figures are on an MGM Resort s consolidated basis except Hot el RevPAR

MGM Resorts International remains focused on

• ptimizing operations,

maximizing free cash flow, enhancing the balance sheet, and investing in accretive capital

• pportunities to deliver

strong, sustainable value to its shareholders. 4.3x3

Net Leverage

Strategic Opportunities:

Creation of MGM Growth Properties, Profit Growth Plan / Continuous Improvement culture, Maximizing capital returns at CityCenter, Expansion of Mandalay Bay Convention Center, T-Mobile Arena, Park Theater, Park MGM MGM National Harbor, MGM Springfield, MGM COTAI

+ 8% CAGR

Adjusted Property EBITDA1

ABOUT MGM RESORTS INTERNATIONAL MARKET OUTLOOK 1Q 2017 FINANCIAL RESULTS POSITIONED TO OUTPERFORM CHANGING THE FABRIC OF OUR COMPANY

• Diluted earnings per share was $0.36, which tripled the prior year quarter of $0.12
• Net income attributable to MGM Resorts of $207 million, compared to $67 million in the prior year quarter
• MGM Resorts paid a $63 million quarterly dividend of $0.11 per share
• Consolidated net revenue increased 23% year-over-year to $2.7 billion

 Domestic resorts net revenue increased 29% to $2.1 billion and increased 6% to $1.7 billion on a same-store basis

• RevPAR1 at the Company’s Las Vegas Strip resorts increased 8.6% to $161
• Consolidated Adjusted Property EBITDA increased 36% year-over-year to $841 million

 Domestic resorts Adjusted Property EBITDA increased 34% to $648 million, and increased 15% to $557 million on a same-store basis2

• CityCenter resort operations Adjusted EBITDA increased 22% year-over-year to $112 million

 Aria reported record results with nearly $100 million of Adjusted EBITDA

• MGM China Adjusted EBITDA increased 25% year-over-year to $143 million as a result of strong mass table

games performance and disciplined cost management

• 1 RevPAR is hotel revenue per available room

for both the entire current and prior year periods presented

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

13

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

14

Dom estic Resorts (YoY)

Actual Sam e-store 1 Adjusted Property EBITDA $ $648 million 34% $557 million 15% Adjusted Property EBITDA Margin 31% 110 bps 33% 257 bps Las Vegas Strip (note: excludes CityCenter) Adjusted Property EBITDA $ $477 million 17% Adjusted Property EBITDA Margin 33% 289 bps RevPAR2 $161 8.6% Regional3 Actual Sam e-store 1 Adjusted Property EBITDA $ $171 million 124% $80 million 5% Adjusted Property EBITDA Margin 26% 183 bps 29% 79 bps

• Domestic resorts Net Revenue + 29% to $2.1 billion, and + 6% on a same-store basis
• Las Vegas Strip table games hold of 25.2% , modestly above normalized range4

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

• Net revenue increased 8% year-over-year
• Aria and Vdara’s RevPAR increased 9.1% and 7.6% , respectively
• Key Balance Sheet I tem s (as of 3/ 31/ 17) 1
• Cash & Cash Equivalents: approximately $312 million
• Total Debt: $1.2 billion
• On April 18, 2017, CityCenter completed a $1.725 billion refinancing of its senior credit facilities2
• Dividends distributed in April 2017 of $600 million, of which MGM Resorts received $300 million
• Leverage3: ~ 3.3x (as of 3/ 31/ 2017)
• ~ 4.3x proforma for the new senior credit facilities2

CityCenter Resort Operations (YoY) 50% owned by MGM Resorts Adjusted EBITDA $ $112 million 22% Adjusted EBITDA Margin 35% 397bps

15

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

16

• Net revenue + 7% year-over-year
• Adjusted EBITDA margin improved 413 basis points year-over-year to 28% as a result of strong

mass table games performance and disciplined cost management

• Third consecutive quarter of Adjusted EBITDA margins in-line or exceeding 28%
• Over 80% of Adjusted EBITDA from mass segment
• Key Balance Sheet I tem s (as of 3/ 31/ 17)
• Cash & Cash Equivalents: approximately $465 million
• Total Debt: $2.0 billion

MGM China (YoY)

56% owned by MGM Resorts Adjusted EBITDA $ $143 million 25% Adjusted EBITDA Margin 28% 413bps

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

17

• Net Income of $47 million
• General and administrative expenses of $2.7 million
• Key Balance Sheet I tem s (as of 3/ 31/ 2017)
• Cash & Cash Equivalents: $368 million
• Total Debt: $3.7 billion

Subsequent to the Quarter

• Improved term loan B pricing2 to LIBOR + 225 bps, a 25 bps decrease from previous levels, resulting in

annual interest savings of $4.6 million

• First base rent escalator under the Master Lease of 2% went into effect on April 1, 2017, resulting in almost

$12 million of additional rent to a new total annual rent amount of $662 million for the second lease year MGM Grow th Properties 76% owned by MGM Resorts $ in m illions Per Diluted Share 1 Rental Revenue $163

• Funds From Operations

$115 $0.47 Adjusted Fund From Operations $119 $0.49 Adjusted EBITDA $160

• 1 Diluted share amounts are per MGM Growth Properties’ Operating Partnership units

ITEMS AFFECTING FIRST QUARTER 2017

18

• Las Vegas Strip table gam es hold:

 1Q 2017 table games hold of 25.2% was higher than the normal range1 as well as higher than 1Q 2016

• 4 .0 -5 .0 pt positive im pact to 1 Q 2 0 1 7 RevPAR grow th:

 Easter holiday shift from 1Q to 2Q in 2017  Rotation of CONEXPO-CON/ AGG in to Las Vegas

• Full quarter of operations at MGM National Harbor and Borgata
• 1Q 2017 operations included one less day compared to 1Q 2016 due to Leap

Year

SECOND QUARTER 2017 AT A GLANCE

19

• Las Vegas Strip resorts:

 RevPAR growth of 1.5% to 2.5%

• Includes 1.0-1.5pt negative impact from Easter calendar shift

 Net revenues and Adjusted Property EBI TDA m argin essentially flat compared to 2Q 2016

• 2Q 2016 benefited from a higher table games hold than the normal range1
• 2Q 2016 benefited ~ $5 million due to strong collections in the prior year
• On a comparable basis, both net revenues and Adjusted Property EBITDA margin would be up when

adjusting for these two factors

• Property Specific:

 Borgata: M life transition to result in $3-$5 million negative impact to Adjusted Property EBITDA  MGM Grand: Ticket-In-Ticket-Out (“TITO”) contract expires in April (~ $2 million / quarter negative impact to net revenues and Adjusted Property EBITDA)

• Other corporate item s:

 Corporate expense (ex stock compensation): ~ $70-$75 million  Pre-opening expense: ~ $20-$30 million, including ~ $15 million at MGM COTAI  Net interest expense2: ~ $170-$175 million

• Our 2 0 1 7 targets at our Las Vegas Strip resorts rem ain unchanged:

 Net revenue: Low to mid single digit growth  RevPAR growth: Approximately 4% to 5% (growth in every quarter)  Adjusted Property EBITDA margin: 50-100 basis point improvement

• Other corporate item s:

 Corporate expense (ex stock compensation): $280-$290 million  Pre-opening expense: $180-$190 million, including ~ $140-$150 million at MGM COTAI  Net interest expense1: $700-$710 million

FULL YEAR 2017 AT A GLANCE

20

FULL YEAR 2017 CAPITAL EXPENDITURES

21

• Dom estic Operations: ~ $ 5 4 0 m illion

 Includes Monte Carlo rebrand and general maintenance and growth

• U.S. Developm ent Projects: $ 4 5 8 m illion

 MGM National Harbor: $185 million (including 1Q 2017 spend of $86 million)  MGM Springfield: $273 million (including 1Q 2017 spend of $39 million)

• MGM China: $ 1 .3 billion

 MGM COTAI: $1.2 billion (including 1Q 2017 spend of $233 million)  MGM MACAU: $67 million (including 1Q 2017 spend of $7 million)

annualization based on the property opening on December 8, 2016 less $41.7M of National Harbor Adjusted Property EBITDA reported as of LTM March 31, 2017

CAPITAL STRUCTURE ENHANCEMENT

22

CONSOLIDATED NET LEVERAGE

Consolidated Net Leverage Ratio ($ in millions) Actual 3/ 31/ 2017 Annualization Adjustm ent Pro Form a 3/ 31/ 2017 Total Cash1 $1,395 $- - $1,395 LTM Adjusted EBI TDA related to: Domest ic Resort s $2,226 $187

2

$2,413 Management and ot her operat ions 20

• -

20 MGM China 550

• -

550 Corporat e expense (excluding st ock- based compensat ion) (283)

• -

(283) $2,512 $187 $2,699 Dividends and dist ribut ions received by MGM Resort s3 58

• -

58 $2,570 $187 $2,757 Total Principal Am ount of Debt related to: MGM Resort s Consolidat ed4 $13,247 $- - $13,247 $13,247 $- - $13,247 Net Leverage Ratio 4.6x 4.3x

MGM Resorts continues to strengthen the balance sheet w hile positioning the com pany for grow th

12.3x 11.8x 9.9x 8.1x

7 .4 x

0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x LVS WYNN RRR BYD MGM

IMPLIED U.S. TRADING MULTIPLES

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. Rather, the Company is presenting its analysis of publicly available reports prepared by securities analysts (without endorsing nor adopting any of the views, analysis or analytical methodologies utilized by these analysts, which differ from the Company’s and which differences could be material) and stock trading prices for other publicly traded gaming companies that suggest that there is a significant difference of implied valuations between the Company’s domestic gaming business and its peer group.

ENTERPRISE VALUE / 2018E ADJUSTED PROPERTY EBITDA

23

1 4 1,2 4

MGM I m plied US Valuation MGM Resorts Market Value of Equity 1 6 ,6 5 2 $ Less: MGM China Share Price HKD as of 4/ 24/ 2017 $16.84 HKD / USD exchange rate 7.75 Shares 3,800 Market Value of Equity 55.95% 4 ,6 2 0 Less: MGP MGP Share Price as of 4/ 24/ 2017 $28.13 Shares 243 Market Value of Equity 76.30% 5 ,2 1 3 I m plied US Market Value of Equity 6 ,8 1 9 $ Plus: US Dom estic Net Debt 6,695 I m plied US Enterprise Value 1 3 ,5 1 3 $ I m plied US EV / EBI TDA Multiple 7 .4 x

2 1 3

cash and cash equivalents

Growth properties operating partnership.

DOMESTIC FINANCIAL INFORMATION

Springfield

Dom estic Resorts Adjusted Property EBI TDA1

1 Q 2 0 1 7 ($ in millions)

Dom estic Dividends Received and Other

24

MGM Resorts owned2: Las Vegas $219 MGM Nat ional Harbor $32 MGM Growth Properties owned3: Las Vegas $258 U.S. Regionals $139

__________

Total $648 Other Dom estic and Corporate Dividends Received by MGM Resorts, from : Cit yCent er $0 MGM China $0 Grand Vict oria $4 MGP Operat ing Part nership $72 Other: Domest ic Capit al Expendit ures Ex. Development 6 ($79) Domest ic Cash Paid for Taxes ($3) Management & Ot her Adjust ed EBITDA $11 Rent Payment s t o MGP Operat ing Part nership ($163) Corporat e Expense4 ($62) Domest ic Int erest Expense, net 5 ($129)

DOMESTIC CAPITAL ALLOCATION

Dom estic Developm ent Projects1 Return of Capital to MGM Shareholders

25

1 Q 2 0 1 7 – U.S. Dom estic

• MGM National Harbor: $86 million
• MGM Springfield: $39 million
• Quarterly dividend to MGM Resorts

shareholders: $63 million (or $0.11/ share)

ABOUT MGM RESORTS INTERNATIONAL MARKET OUTLOOK 1Q 2017 FINANCIAL RESULTS POSITIONED TO OUTPERFORM CHANGING THE FABRIC OF OUR COMPANY

LAS VEGAS MARKET SUMMARY

• Growth in visitation aided by continued diversification that defines

Las Vegas as a leading entertainment destination

• Visitor trends aligned with continued market diversification
• With limited supply growth expected in the near-term, Las Vegas is

positioned to continue to regain its RevPAR premium to U.S. lodging

• Taking advantage of diverse meeting and convention space

platform and unique entertainment offerings

27

Las Vegas is positioned to outperform

LAS VEGAS VISITATION AHEAD OF PEAK LEVELS

• 2016 visitation is 10% ahead of 2007’s peak
• Las Vegas visitation trends continue to improve

 Strong convention attendance  Increased airline seat capacity  Increased market attractiveness given recent citywide investments including T-Mobile Arena and future NHL and NFL teams

28

Source: LVCVA

39,197 36,351 42,936 32,000 34,000 36,000 38,000 40,000 42,000 44,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Las Vegas Visitation ('000)

• The Las Vegas market continues to

diversify its offerings, solidifying its position as a major U.S. entertainment destination

• MGM Resorts’ leads this diversification,

as a leading destination for world-class hotels, casinos, state-of the art meeting and conference space, incredible live and theatrical experiences and an inspiring array of restaurant and retail offerings

LAS VEGAS CONTINUES TO REDEFINE THE GUEST EXPERIENCE

29

Source: Nevada Gam ing Abst ract

Las Vegas Market – Total Revenue Mix

Other 14% Other 15% F&B 17% F&B 23% Hotel 23% Hotel 28% Gaming 46% Gaming 34%

2000 2016

LAS VEGAS VISITOR TRENDS

30

Source: 2016 Las Vegas Visitor Profile Study - LVCVA

• Increase in first-time visitors
• Average age trends younger with an increase in Millennials
• Spend shifts towards Entertainment
• Proportion of visitors who gamble are on a slight downward trajectory; however,

average gaming spend per trip has increased by a CAGR of 6.3% since 2012

(% of total) (% of total)

OPPORTUNITY FOR GROWTH WHEN ADJUSTED FOR ROOM SUPPLY

31

Source: Las Vegas data LVCVA; Future supply assumes Resort World and Alon do not open by 2019

Assum ing 1 .5 % -2 .0 % annual grow th in visitation, Las Vegas is expected to get back to 2 0 0 7 levels this year

1 .2 6 1 .2 4 1 .2 4 1 .3 7 1 .5 0 1 .4 6 1 .4 1 1 .3 9 1 .3 9 1 .3 4 1 .2 9 1 .2 8 1 .2 4 1 .2 1 1 .1 9 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E At ~ 1.5-2.0% annual visitor growth estimate

Las Vegas Year-End I nventory Per Average Daily Visitor

LAS VEGAS CONTINUES TO REGAIN REVPAR SHARE

32

Indexed supply growth

Las Vegas is well positioned to continue this trend of outperformance

• Over the next several years, Las Vegas is expected to

have limited room supply while U.S. lodging supply is expected to continue to grow

• The group segment continues to show positive trends.

Given the majority of lodging supply has and will continue to be in the select service segment, Las Vegas is well positioned to take advantage of this group trend by leveraging it’s diverse meeting space platform

• Las Vegas has limited exposure to softening business

transient demand

Potential RevPAR headwinds

• Further strengthening of the U.S. dollar
• Geopolitical uncertainty resulting in international travel

restrictions

Since the peak of 2007, Las Vegas has regained almost 60% of its lost RevPAR premium to U.S. lodging

Source: U.S. data Sm ith Travel Research; Las Vegas data LVCVA $ 5 4 $ 2 0 $ 3 1 $0 $30 $60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F LV RevPAR Premium Las Vegas Supply U.S. Supply

LAS VEGAS’ CONVENTION SEGMENT CONTINUES TO GROW

33

Source: Las Vegas Attendees - LVCVA , U.S. group room nights - Sm ith Travel Research, MGM - Dom estic Las Vegas Strip Properties (excluding Aria)

• MGM Resorts outperforms with the implementation of several key initiatives that have

successfully shifted group mix

 Optimization of group placement across a portfolio-wide platform  Global Sales Team to leverage key accounts on an enterprise-wide basis  Citywide group sales department – one-stop shop for all MGM properties

60 70 80 90 100 110 120 130 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 MGM Las Vegas Group Room Nights Las Vegas Convention Attendees U.S. Group Room Nights MGM 18% ahead of 2007 LV 2% ahead of 2007 MGM Implements new group sales strategy U.S. 4% ahead

• f 2007

U.S. REGIONAL MARKET SUMMARY

Atlantic City, NJ

• 2016 GGR: $2.4 bn
• Borgata is # 1 in market
• After years of GGR

declines and closures of 5

• f 12 resorts due to

regional increased competition, Atlantic City has stabilized.

• Borgata has gained

significant market share growth since 2004 from 13% to ~ 30% 1 today.

• Potential risk: Additional

competition; Taj Mahal reopens as Hard Rock in 2018.

34

Sources: Dept of Gam ing Enforcem ent of New Jersey, Michigan Gam ing Control Board, Maryland Lottery and Gam ing Control Com m ission, Mississippi Gam ing Com m ission

Detroit, MI

• 2016 GGR: $1.4 bn
• MGM Detroit is # 1 in

market

• Local economy continues

its recovery from the Great Recession with moderate growth projected in 2017-2019.

• MGM Detroit continues to

maintain its leadership position as one of the premier regional resorts with market share1 of 43% .

• Potential risk: Offsite

tribal gaming expansion

Mississippi ( Biloxi, Tunica)

• 2016 GGR: $2.1 bn
• Beau Rivage is # 1 in

market

• A mature market that is

challenged by increased supply and disproportionately impacted by the downturn in the energy sector.

• Even with increased

competition, the Beau Rivage and Gold Strike Tunica continue to grow

• r maintain their market

share1,2 of 25% and 16% , respectively.

Maryland/ W V/ Metro DC area

• 2016 GGR: $1.6 bn
• MGM National Harbor

is # 1 in market

• The opening of MGM

National Harbor has driven significant demand to the market and has helped position it as one

• f the top regional

markets in the country.

• Potential risk: Highly

competitive market that continues to evolve

Geographic diversification through m arket leading prem ium properties in stable m arkets

MGM NATIONAL HARBOR

• MGM is outperform ing its peers1

 MGM National Harbor’s average market share is ~ 30% vs fair share2 of ~ 23%  Property achieved highest table games revenues on record in 1Q 2017 for Maryland

• Property is averaging over 2 2 ,0 0 0 daily

visitors

• M life Rew ards loyalty program seeing

strong dem and

 Over 240,000 M life signups at MGM National Harbor to date3 (8,000-10,000 signups a week)

35

Sources: Maryland Gaming Commission and West Virginia Lottery reports

First full quarter of operations proves MGM National Harbor is the m arket 1 leader

MACAU MARKET SUMMARY

• Macau rem ains the w orld’s largest gam ing m arket at US$ 2 8 billion 1

 Gross gaming revenue in 1Q 2017 grew 13% year-over-year  Visitation in 1Q 2017 grew 6% year-over-year  Focus on diversification and innovation to drive mass growth

• MGM China continues to be a prem ium operator in Macau

 Strong customer retention despite new capacity in Cotai  Solid and efficient execution  Tripling our footprint 2 with the opening of MGM COTAI in late 2017

36

Source: DI CJ

ABOUT MGM RESORTS INTERNATIONAL MARKET OUTLOOK 1Q 2017 FINANCIAL RESULTS POSITIONED TO OUTPERFORM CHANGING THE FABRIC OF OUR COMPANY

CHANGING THE FABRIC OF OUR COMPANY

• Centers of Excellence

 Centralization of several core functions to drive efficiency, consistency and sustainability  Permanent change that optimizes MGM Resorts’ operating model, revenues, cash flow, guest and employee experience

• Diversification of workforce expertise

 Expertise transcends gaming  Attracting world-class talent in leadership roles from numerous industries that are leading the company’s transformation

• Aligning our guest service culture

 Consistent, exceptional guest experience across our portfolio of integrated resorts A couple examples of our new centralized areas are outlined in the following slides

38

MGM Resorts has permanently changed the way we do business by incorporating a disciplined approach that leverages our size and scale and expertise across its various entertainment offerings

FROM TO

ENTERPRISE ANALYTICS CENTER OF EXCELLENCE

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• Ensures a data-driven mindset and strategy
• Applying the art and science of analytics to
• ptimize portfolio performance, guest experience

and loyalty

• Keen focus on innovation and sustainability
• Business Intelligence and Data Governance to

drive consistency and leverage data assets and technology solutions

Siloed property resources with primarily Las Vegas-centric experience focused on basic reports. Inconsistent approaches & tools Focus on historical performance Individualized, varied approaches to underwriting capital investment projects Fragmented Marketing approaches across divisions and properties Focused on driving incremental change based on historical knowledge and experience Top talent from diverse industries and markets with expertise across the lifecycle of analytics. Consistent utilization of MGM’s data assets to drive insights & value. Focus on proactive identification of opportunities and continual optimization through financial, operational and advanced / predicative analytics Team of real estate valuation professionals applying consistent, disciplined underwriting methodologies A holistic approach to the customer journey. Utilizing big data analytics and machine learning to optimize digital, direct and casino marketing strategies and initiatives Focus on innovative solutions and transformative change based on data-driven analytics to ensure continual

• perational and real estate outperformance

FROM TO

PROJECT MANAGEMENT OFFICE

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Lack of a consistent approach to project evaluation, planning and execution Siloed teams and functions focusing on individual goals and metrics, lack of focus on enterprise-wide opportunities No Change Management function to ensure long-term successful / sustainable outcomes Opportunities identified at the top and pushed down Lack of holistic approach to new asset integration, resulting in lost opportunities in efficiency and sharing of best practices Dedicated centralized team using consistent processes from the assessment to execution phase Centralized team driving shared enterprise goals. Cross functional property and corporate project teams working together towards a shared vision / goal. Dedicated centralized Change Management team with formalized process throughout the project lifecycle Corporate and property partnerships, including front-line employee involvement in identification of opportunities Centralized integration process and resource support to drive alignment, communication and agility

• Centralized team focused on successful

project implementation

• Focus on change management to ensure

sustainability

• Work with cross-functional teams and

stakeholders to drive enterprise-wide initiatives, ensuring consistent approaches and implementation plans

S

Smile and Greet

H

Hear their Story

O

Own the Experience

W

Wow! the Guest

• A unified approach to creating a guest service

culture that ensures consistent, exceptional guest experiences throughout MGM Resorts International

• Focused on creating “defining moments” for our

guests

• Rollout will be completed the second half of 2017

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ONE COMPANY , ONE CULTURE

GUEST SERVICE CULTURE

ABOUT MGM RESORTS INTERNATIONAL MARKET OUTLOOK 1Q 2017 FINANCIAL RESULTS POSITIONED TO OUTPERFORM CHANGING THE FABRIC OF OUR COMPANY

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• Disciplined Capital Reinvestment

 Aligned with evolving guest preferences

• Strategic Expansion

 Regional and international expansion; building brand awareness and providing for cross-marketing opportunities  Strategic partnerships leveraging other brands  Growing MGM Resorts’ data assets to drive insights, performance and our customer database

• Achievement of Financial Goals
• Successful Track Record of Return on Invested Capital
• Enhancing Balance Sheet and Financial Flexibility

LEVERAGING MGM RESORTS’ STRENGTHS

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EVOLVING GUEST EXPERIENCES

Day Club Bungalows F&B Reconcepting Convention Center Expansion Room & Suite Remodel Casino Reinvestment Entertainment Venues

45

Geographic Expansion

MGM National Harbor MGM Springfield

Brand & Product Expansion

MGM COTAI

Partner Expansion

Park MGM / Nomad Porto Island, Dubai T-Mobile Arena & UFC

EXPANDING OUR BRANDS

AWARD-WINNING M LIFE REWARDS PROGRAM

• Best Loyalty Program Global Gaming

Awards over 3 consecutive years

• 4 Freddie Awards for the last 2 years
• Regional expansion will drive

membership growth over the next several years

 Over 240,000 M life signups at MGM National Harbor to date1 (8,000-10,000 signups a week)  M life program launches at Borgata in Summer 2017

• M life Rewards MasterCard launched

summer 2016

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2

AWARD-WINNING M LIFE REWARDS PROGRAM

• Our increased effectiveness at driving regional play to our Las Vegas

properties bodes well for MGM Resorts continued regional expansion.

• Our diverse offerings are driving significant growth in non-gaming spend

per active member for M life’s Rewards elite membership tiers.

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ACHIEVEMENT OF FINANCIAL GOALS

48

• MGM Resorts’ operational and cultural evolution has transformed how we do business.

 Our keen focus on productivity improvements, optimization of operating expenses and revenue generation has driven an exceptional 10.5% Adjusted Property EBITDA CAGR and 685 basis points in Adjusted Property EBITDA margin.

$ 1 ,3 2 4 M $ 1 ,4 3 9 M $ 1 ,5 1 9 M $ 1 ,6 8 7 M $ 1 ,9 7 2 M 2 3 % 2 4 % 2 4 % 2 6 % 3 0 % 2012 2013 2014 2015 2016 EBITDA EBITDA Margin

Source: MGM Resorts same-store domestic resorts

• These outstanding results were

achieved by MGM’s new collaborative approach of leveraging the expertise of its new centralized teams with the experience of property operators.

SUCCESSFUL TRACK RECORD OF RETURN ON INVESTED CAPITAL

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• CityCenter

 MGM invested ~ $2.2bn in CityCenter

• $1.1bn monetization of Crystals at extremely attractive cap rate (~ 4% )

− Provided opportunity to repay $260mm in debt & reduced leverage to < 4x

• MGM’s dividends to date: $1.04bn

 Resulting in MGM’s Net investment in CityCenter of ~ $1.2bn  50% of CityCenter resort operations LTM Adjusted EBITDA of $187mm

• MGM China

 MGM initial investment in MGM China was $341mm  MGM acquired ~ 5% for approximately $274mm 1  Distributions and dividends to date of $1.4bn  MGM’s current ownership of 56% equals $4.6bn2 of value

• Borgata Acquisition

 Acquired at a 8.5x trailing multiple  Accretive transaction to both MGM and MGP  Since acquisition, continued improved operating performance

• T-Mobile Arena

 MGM invested ~ $73mm and owns 42.5% of the $375mm venue

• Top 3 grossing arena in its category in 2016 (only 9 months of operations)
• Benefits nearby MGM properties and several ancillary revenue streams

• Pro forma consolidated net leverage of 4.3x1

 Down over 2 turns since 2011

• Growing our free cash flow
• Prudent return of capital to shareholders

 Initiated quarterly dividend policy

• Path to Investment Grade

 In 2016, MGM Resorts achieved upgrades from rating agencies  Goal of net leverage of 3 to 4 times by year end 2018

STRONG FINANCIAL POSITION

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APPENDIX

• Las Vegas Strip – Norm alized Hold I m pact
• Adjusted Property EBI TDAR
• Capital I nitiative Projects
• Historical Earnings Call-outs
• Supplem ental Data

($ in millions) 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 Table Games Hold - Act ual 23.7% 25.6% 25.0% 23.5% 25.2% Normalized Table Games Hold 23.0% 23.0% 23.0% 23.0% 23.0% Actual: Net Revenues $1,348 $1,413 $1,465 $1,322 $1,436 Adjust ed Propert y EBITDA $409 $431 $452 $365 $477 Hold I m pact to: Net Revenues ($6) ($20) ($15) ($4) ($18)

Adjusted Property EBITDA

($5) ($17) ($13) ($3) ($16)

LAS VEGAS STRIP – NORMALIZED HOLD IMPACT

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Vegas resorts. This calculation includes an estimate of discounts, taxes, bad debt and other expenses. 1

For illustrative purposes, we calculated our Las Vegas Strip table gam es hold impact to a hold percentage of 2 3 % , the m id-point of our norm al range of 2 1 % -2 5 %

ADJUSTED PROPERTY EBITDAR

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Beau Rivage Borgata National Harbor Net Revenue 8 9 ,1 7 7 $ 2 0 1 ,0 8 1 $ 1 7 3 ,1 5 9 $ Adjusted Property EBI TDA 2 0 ,4 8 7 5 8 ,9 2 3 3 2 ,1 4 0 Rent expense 3 8 2 1 ,3 6 8 3 ,9 0 5 Adjusted Property EBI TDAR 2 0 ,8 6 9 6 0 ,2 9 1 3 6 ,0 4 5 Adjusted Property EBI TDA margin 23.0% 29.3% 18.6% Adjusted Property EBI TDAR margin 23.4% 30.0% 20.8% Three Months Ended March 3 1 , 2 0 1 7 ( I n thousands) ( Unaudited)

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.

1

MGM COTAI

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Opening Date:

• Late 2017

Total Project Cost 1:

• $3.3 billion

Project Spend1 in 1 Q 2 0 1 7 :

• $233 million

Project Spend1 to Date:

• $2.2 billion

MGM COTAI

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Construction as of April 2017

MGM COTAI

56

Construction as of April 2017

MGM COTAI

57

Construction as of April 2017

MGM SPRINGFIELD

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Opening Date:

• September 2018

Total Project Cost 1:

• $865 million

Project Spend1 in 1 Q 2 0 1 7 :

• $39 million

Project Spend1 to Date:

• $300 million

MGM SPRINGFIELD

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Construction as of April 2017

MGM SPRINGFIELD

60

Construction as of April 2017

HISTORICAL EARNINGS CALL-OUTS: 2016

• Las Vegas Strip RevPAR guidance of 6 % , achieved 8%
• Dom estic Adjusted Property EBI TDA increased $ 9 5 m illion year-over-year or 24% year-over-year
• I ncludes hold impact of $20 million or 5% , Profit Growth Plan of $54 million or 14% , and normal growth of $21 million or 5%

1 Q 2 Q

• Las Vegas Strip RevPAR guidance of 5 % , reported 3%
• Variance to guidance attributable to one-time events including Mayweather/ Pacquiao fight and Rock-N-Rio music festival

Excluding one-time events, RevPAR would have be up 6% year-over-year

• Dom estic Adjusted Property EBI TDA increased $ 5 7 m illion year-over-year or 12% year-over-year
• I ncludes hold impact of $24 million or 5% , Profit Growth Plan of $64 million or 14% , and normal growth of -$31 million or -7%
• Excluding one-time events, normal growth would have been up $14-to-$19 million or 3% to 4%
• Las Vegas Strip RevPAR guidance of 7 % , achieved 11%
• Variance to guidance attributable to stronger convention business than expected and leisure business driven by entertainment

events at T-Mobile Arena

• Dom estic Adjusted Property EBI TDA increased $ 1 5 9 m illion year-over-year or 39% year-over-year
• I ncludes hold impact of $31 million or 7% , Profit Growth Plan of $73 million or 18% , normal growth of $23 million or 5% , and

same-store adjustments of $33 million or 8%

3 Q

z

4 Q

• Las Vegas Strip RevPAR guidance of 3 % , achieved 3%
• Dom estic Adjusted Property EBI TDA increased $ 6 2 m illion year-over-year or 14% year-over-year
• I ncludes hold impact of $24 million or 6% , Profit Growth Plan of $30 million or 7% , normal growth of -$48 million or -11% ,

and same-store adjustments of $56 million or 13%

• Negative impact of ~ $30 million attributable to one-time items including calendar shifts, unfavorable hold at Las Vegas Race

and Sportsbook and investments in the business including entertainment and G&A related to media and advertising spend

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HISTORICAL EARNINGS CALL-OUTS: 2015

• Las Vegas Strip RevPAR guidance of “at least 5 % ”, achieved 6%
• Variance to guidance attributable to one-time events including Mayweather/ Pacquiao fight and Rock-N-Rio music

festival which accounts for 0.5% to 1.0% of RevPAR growth

2 Q 3 Q

• Las Vegas Strip RevPAR guidance of 2 % to 3 % , reported 1%
• Variance to guidance attributable to tough year-over-year comparison due to CONEXPO-CON/ AGG convention rotating
• ut of the city. Excluding CONEXPO-CON/ AGG, RevPAR would have been up 6% year-over-year

1 Q 4 Q

• Las Vegas Strip RevPAR guidance of 6 % , achieved 8%
• Variance to guidance attributable to strong growth at non-luxury properties of 14% year-over-year with luxury

growth of 6% year-over-year

• Las Vegas Strip RevPAR guidance of “at least 8 % ”, achieved 12%
• Variance to guidance attributable to strong growth at non-luxury properties of 18% year-over-year with luxury

growth of 9% year-over-year

• Unfavorable table gam e hold of $ 2 0 m illion impacting Las Vegas Strip Adjusted Property EBITDA
• Approximately $14 million of Adjusted Property EBITDA impact at The Mirage

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from the data for the year ended December 31, 2016 and adding the data for the three months ended March 31, 2017.

SUPPLEMENTAL DATA:

NON-GAAP FINANCIAL MEASURES

Tw elve Months Tw elve Months Ended Ended ( 1 ) Decem ber 3 1 , March 3 1 , 2 0 1 6 2 0 1 7 Bellagio $ 1 2 9 ,1 0 7 $ 1 1 6 ,6 5 1 $ 4 7 9 ,2 5 9 $ 4 9 1 ,7 1 5 MGM Grand Las Vegas 7 3 ,6 5 0 8 0 ,8 9 4 3 3 0 ,6 8 1 3 2 3 ,4 3 7 Mandalay Bay 7 8 ,1 1 7 5 8 ,1 2 2 2 3 5 ,6 0 9 2 5 5 ,6 0 4 The Mirage 6 2 ,0 9 5 3 8 ,3 3 0 1 3 9 ,4 2 7 1 6 3 ,1 9 2 Luxor 3 2 ,8 0 4 2 5 ,3 9 1 1 0 8 ,1 9 2 1 1 5 ,6 0 5 New York-New York 3 3 ,9 1 2 3 0 ,9 0 3 1 2 1 ,7 2 9 1 2 4 ,7 3 8 Excalibur 2 8 ,7 9 8 2 3 ,8 7 7 1 0 1 ,5 2 5 1 0 6 ,4 4 6 Monte Carlo 2 2 ,4 5 4 2 1 ,3 0 0 7 8 ,8 6 2 8 0 ,0 1 6 Circus Circus Las Vegas 1 5 ,9 5 8 1 3 ,2 9 3 6 1 ,9 8 9 6 4 ,6 5 4 MGM Grand Detroit 4 4 ,6 0 4 4 0 ,0 4 2 1 7 1 ,4 1 4 1 7 5 ,9 7 6 Beau Rivage 2 0 ,4 8 7 2 2 ,7 9 9 9 3 ,7 6 2 9 1 ,4 5 0 Gold Strike Tunica 1 4 ,7 2 6 1 3 ,3 2 9 4 9 ,6 9 0 5 1 ,0 8 7 Borgata ( 2 ) 5 8 ,9 2 3

• 8 1 ,2 8 1

1 4 0 ,2 0 4 National Harbor ( 3 ) 3 2 ,1 4 0

• 9 ,5 9 6

4 1 ,7 3 6 Dom estic resorts 6 4 7 ,7 7 5 4 8 4 ,9 3 1 2 ,0 6 3 ,0 1 6 2 ,2 2 5 ,8 6 0 MGM China 1 4 2 ,9 8 2 1 1 4 ,1 2 3 5 2 0 ,7 3 6 5 4 9 ,5 9 5 Unconsolidated resorts ( 4 ) 3 9 ,7 0 3 1 4 ,7 0 2 5 2 7 ,6 1 6 5 5 2 ,6 1 7 Managem ent and other operations 1 0 ,9 1 6 4 ,1 1 5 1 3 ,0 0 0 1 9 ,8 0 1 8 4 1 ,3 7 6 6 1 7 ,8 7 1 3 ,1 2 4 ,3 6 8 3 ,3 4 7 ,8 7 3 Corporate ( 6 4 ,3 0 1 ) ( 6 5 ,1 1 8 ) ( 2 8 3 ,7 2 7 ) ( 2 8 2 ,9 1 0 ) Stock com pensation ( 1 3 ,3 6 3 ) ( 9 ,8 6 9 ) ( 4 4 ,9 5 7 ) ( 4 8 ,4 5 1 ) $ 7 6 3 ,7 1 2 $ 5 4 2 ,8 8 4 $ 2 ,7 9 5 ,6 8 4 $ 3 ,0 1 6 ,5 1 2 March 3 1 , March 3 1 , 2 0 1 7 2 0 1 6 MGM RESORTS I NTERNATI ONAL AND SUBSI DI ARI ES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBI TDA and ADJUSTED EBI TDA ( I n thousands) ( Unaudited) Three Months Ended

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