MGM Resorts International (MGM) Bank of America Securities 2024 Leveraged Finance Conference summary

Macau market recovery and performance

• Macau's gaming market has reached 77% of 2019 GGR in 2024, with a projected 82% recovery in 2025, equivalent to $30 billion.

• The market has shifted focus from VIP to premium mass customers, aligning with MGM China's strengths.

• MGM China's recovery exceeds 100% of pre-COVID levels, outperforming the broader market.

• Market share increased from 9.5% in 2019 to over 15% currently.

• Additional 200 gaming tables and tailored offerings for Chinese customers drove outperformance.

Competitive landscape and technology

• Competitors are catching up with RFID table technology, but MGM China maintains a lead.

• Suite conversions and new product offerings by competitors will intensify competition in 2025.

• MGM China plans to defend its market position with undisclosed strategies.

Non-gaming investments and visitation

• Investments focus on art, culture, and wellness, including a new museum and a major theater show.

• These initiatives are expected to boost visitation and gaming volume.

• Macau is attracting both Chinese and international visitors, supported by government events and visa policy improvements.