MGM Resorts International (MGM) investor relations material

Executive summary

• Q3 revenue was $4.212B, down 1% YoY; operating income was $118.7M versus a $112.9M loss, attributable net loss narrowed to $17M from $285M, and Consolidated Adjusted EBITDA was $403M versus $506M.

• Trailing-12-month Las Vegas Strip Segment Adjusted EBITDAR grew ~70% since calendar 2019; guest satisfaction reached record third-quarter Gold Plus and all-guest NPS scores.

• MGM China set quarterly revenue and market-share records, reaching 17.1% share; lower Las Vegas room rates weighed on results while digital revenue grew.

• MGM Osaka construction remained on schedule and on budget for a 2030 opening, with ~11% of the project complete and ~70% of foundation piles finished.

• People Inc. withdrew its offer after failing to assemble a financing syndicate; an amended voting agreement caps ownership at 29.9% and commits its vote to the board on change-of-control matters.

Financial highlights

• Q3 Las Vegas Strip Resorts revenue was $1.954B, down 2% YoY; Segment Adjusted EBITDAR was $531M, down 12%.

• Regional Operations revenue was $883M, down 8% reported; same-store revenue rose 1% to $873M, and Segment Adjusted EBITDAR was $243M, down 18%.

• MGM China revenue rose 5% to $1.138B; Segment Adjusted EBITDAR was $264M, down 7%, including a $22M YoY increase in branding license fee expense.

• BetMGM North America net revenue from operations increased 7% to $710M and Adjusted EBITDA rose 112% to $86M; distributions and branding license fees totaled $34M.

• Q3 diluted loss per share was $0.07 versus $1.05; 9M revenue rose 1% to $13.118B and attributable net income was $400.5M versus a net loss of $87.8M.

Outlook and guidance

• BetMGM maintained FY26 guidance of $2.9B–$3.1B net revenue from operations and $300M–$350M Adjusted EBITDA.

• Las Vegas October trading rebounded favorably after lower Q3 room rates; November F1 bookings were strong, while December convention rotation leaves business to replace.

• FY26 domestic capital expenditures are forecast at $725M–$775M, including ~$600M of maintenance capital; Osaka investment is forecast at ~¥43.3B.

• FY26 domestic net cash tax payments are forecast at $0–$50M, including $88M of tax refunds and related interest received in Q1; cash rent and ground leases are forecast at ~$1.8B.

• The remaining Osaka funding commitment was JPY333.0B at Sept. 30, with contributions expected quarterly through 2028; October funding added JPY19.4B to the commitment.