THIRD QUARTER 2021 EARNINGS - MGM RESORTS INTERNATIONAL - NOVEMBER 3, 2021
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MGM RESORTS INTERNATIONAL
THIRD QUARTER 2021 EARNINGS
NOVEMBER 3, 2021
MGM RESORTS INTERNATIONAL
F O R WA R D - L O O K I N G S T A T E M E N T S
Statements in this presentation that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or 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 the closing of the transactions between MGM Growth Properties LLC and VICI Properties
Inc. and the purchase of The Cosmopolitan of Las Vegas (collectively, the “Transactions”) and any excepted benefits to be received from the Transactions. Additional forward-looking statements also include
statements related to the Company’s financial outlook (including expectations regarding its liquidity position, long term cost savings and corporate expense), the continued impact of the COVID-19 pandemic on
the Company’s operations, the Company’s ability to execute on its strategic pillars, the Company's ability to return value to shareholders (including the timing and amount of any share repurchases or dividends),
expectations regarding the development of an integrated resort in Japan and the sale process related to The Mirage, the positioning of BetMGM as a leader in sports betting and iGaming (including BetMGM’s
expected growth in new and existing jurisdictions and projected market share and net revenues) and expectations regarding the renewal of the Company’s subconcession in Macau. 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 the
continued impact of the COVID-19 pandemic, effects of economic and other 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. Third party logos and brands included in this presentation are the property of their respective owners and are included for informational purposes only.
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, among others, Adjusted EBITDAR, Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, and Adjusted EPS. 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 or in the Company’s earnings releases that have been furnished with the SEC and are available
on our website at www.mgmresorts.com.
IMPORTANT NOTE REGARDING BETMGM FINANCIAL AND OTHER INFORMATION
This presentation includes certain financial and other information related to BetMGM and the industry in which BetMGM operates, which is jointly owned by the Company and Entain plc. This information was
obtained from BetMGM management and while the Company believes such information to be reliable and accurate, the Company has not independently verified it and does not make any representation as to its
accuracy. Included in this information is BetMGM reported net revenues from operations, forecasted 2022 net revenues from operations and long-term EBITDA margin targets. BetMGM financial information is not
prepared in accordance with GAAP. If BetMGM presented these financial measures in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting
operations differently, until such time as BetMGM is directly licensed as a Nevada gaming operator. Currently under GAAP, its calculation of net revenue would be on a basis net of operating costs, such that the
GAAP reported net revenue would be lower than the net revenue reported herein, with net income remaining the same. BetMGM projected net revenue from operations and target EBITDA margins are also based
on significant assumptions regarding the extension of current market trends in the states where BetMGM currently operates as well as assumptions regarding BetMGM’s expansion into new jurisdictions in 2021
and 2022. These assumptions are subject to significant risks and uncertainty and as a result investors are cautioned not to place undue reliance on such statements as a prediction of BetMGM’s actual results. See
“Forward-looking Statements” above.
MGM RESORTS INTERNATIONAL 2
OUR STRATEGIC PILLARS
Recruit, develop and retain the best talent
STRONG PEOPLE Foster a culture of diversity and inclusion
AND CULTURE
Invest in the employee experience
Leverage a customer-centric model reinforced by
CUSTOMER-CENTRIC a strong brand and deep customer insights to
provide unmatched entertainment experiences for
MODEL our guests and drive top-line growth
OUR VISION:
TO BE THE WORLD’S
PREMIER Operating model refinement to maximize
operating efficiencies and expand margins
GAMING ENTERTAINMENT OPERATIONAL
COMPANY EXCELLENCE Enhancement of digital capabilities to strengthen
customer loyalty
Pursuit of targeted, attractive ROI opportunities
DISCIPLINED CAPITAL that align to the Company’s strategic vision
ALLOCATION TO MAXIMIZE Focus on shareholder returns
SHAREHOLDER VALUE
Fortify balance sheet
MGM RESORTS INTERNATIONAL 3
• 3Q 2021 HIGHLIGHTS
• 3Q 2021 FINANCIAL RESULTS
TABLE OF
CONTENTS • BETMGM
• SUPPLEMENTAL
4
KEY 3Q 2021 TAKEAWAYS
Continued strong domestic operations; Conviction in gradual recovery in Macau over long term
• Record Adjusted Property EBITDAR in the Company’s Las Vegas Strip and Regional segments, primarily driven by robust demand and productivity improvements
• Record Adjusted Property EBITDAR margin at the Company’s Regional operations
• In Macau, expect steady recovery at MGM China over time, led by the premium mass segment
• The health and safety of our employees and guests remain a top priority for the Company
Strategic actions bolster liquidity and position the Company for long-term value creation
• Approximately $9.6 billion of domestic liquidity (excluding MGP and MGM China) as of September 30, 2021, adjusted for recent transactions1
• Announced commencement of sale process of The Mirage in Las Vegas
• Over $1 billion of share repurchases year to date September 30, 2021
– In 3Q 2021, repurchased 17.2 million shares at an average price of $39.89 per share for an aggregate amount of $687 million
Growth opportunities align with vision to be the world’s premier gaming entertainment company
• Complementary gaming entertainment: Announced acquisition of the operations of The Cosmopolitan of Las Vegas for $1.625 billion
• U.S. Sports betting and iGaming: BetMGM has established itself as a leading operator nationwide, with the #1 position in iGaming2
• Asia diversification: Selected as Osaka’s integrated resort partner in Japan; Further investments in Macau
• Disciplined exploration of key new jurisdictions (e.g. New York commercial casino opportunity)
• Investing in our core business to drive deeper customer loyalty, enabled by advanced marketing practices and physical and digital experiences
1 Adjusted for $400 million of proceeds from the MGM Springfield transaction (which closed on October 29, 2021), $4.4 billion of proceeds from the MGP/VICI transaction and $1.625 billion for the
MGM RESORTS INTERNATIONAL announced agreement to purchase The Cosmopolitan of Las Vegas operations, both of which are expected to close in the first half of 2022, pending regulatory approvals and other customary
5
closing conditions
2 Based on revenue figures reported by states, BetMGM management estimates, and third party estimates
3Q 2021 FINANCIAL HIGHLIGHTS
($ in U.S. millions, except per share information)
$ Change $ Change % Change
3Q21 3Q20 vs. 3Q20 3Q191 vs. 3Q19 vs. 3Q19
Consolidated Net Revenues $2,708 $1,126 +$1,582 $3,314 ($607) (18%)
Las Vegas Strip Resorts $1,3812 $481 +$900 $1,507 ($126) (8%)
Regional Operations $925 $557 +$368 $935 ($10) (1%)
MGM China $289 $47 +$242 $738 ($449) (61%)
Net Income (Loss) Attributable to MGM Resorts $1,350 ($535) +$1,885 ($37) +1,387 NM
Diluted Earnings (Loss) Per Share $2.77 ($1.08) +$3.85 ($0.08) +$2.85 NM
Adjusted EPS $0.03 ($1.08) +$1.11 $0.31 ($0.28) NM
Consolidated Adjusted EBITDAR $765
Las Vegas Strip Resorts Adjusted Property EBITDAR $5352 $15 +$520 $441 +$94 +21%
Table Games Hold Adjusted Las Vegas Strip Resorts
$5142 $21 +$493 $438 +$76 +17%
Adjusted Property EBITDAR
Regional Operations Adjusted Property EBITDAR $348 $146 +$202 $269 +$79 +29%
MGM China Adjusted Property EBITDAR $7 ($96) +$103 $184 ($177) (96%)
VIP Table Games Hold Adjusted MGM China
($2) ($93) +$91 $170 ($172) NM
Adjusted Property EBITDAR
CityCenter Adjusted EBITDA $1203 $25 +$95 $109 +$11 +10%
MGM RESORTS INTERNATIONAL 1
2
3Q 2019 Las Vegas Strip results included Circus Circus Las Vegas net revenues and Adjusted Property EBITDAR of $71 million and $18 million, respectively
Includes the results of Aria and Vdara commencing September 27, 2021 6
3 CityCenter’s results are quarter to date September 26, 2021. The results of Aria and Vdara commencing September 27, 2021 to September 30, 2021 are reported within Las Vegas Strip Resorts. See Slide 35 for CityCenter
reconciliation of net income to Adjusted EBITDA
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY
CONSOLIDATED LIQUIDITY OVERVIEW AS OF 9/30/21
MGM Resorts MGM Resorts
($ in U.S. millions) (Ex. MGM China and MGP) MGM China MGP Consolidated
Cash and Equivalents $4,920 $331 $320 $5,571
Revolver Availability $1,467 $1,385 $1,350 $4,202
Total Liquidity $6,387 $1,716 $1,670 $9,773
MGM Springfield $400
MGP / VICI $4,400
The Cosmopolitan of Las Vegas ($1,625)
Adjusted for Recent Transactions $9,562
• MGM Resorts’ domestic operations had $6.4 billion of liquidity as of September 30, 2021.
• Adjusted for the closing of MGM Springfield (October 29, 2021) transaction and the anticipated closing of
MGP/VICI (1H 2022) and The Cosmopolitan of Las Vegas (1H 2022) transactions, MGM Resorts’ domestic
operations had $9.6 billion of liquidity1.
MGM RESORTS INTERNATIONAL 1 Pending regulatory approvals and other customary closing conditions. Does not contemplate any fees and expenses related to the transactions
7
AGREEMENT TO ACQUIRE THE
OPERATIONS OF
THE COSMOPOLITAN OF LAS VEGAS
On September 27, 2021, MGM Resorts announced that the Company has entered into a definitive
agreement with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas ("The
Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital
adjustments.
The purchase price represents a multiple of approximately 8 times adjusted EBITDA, inclusive of
expected and highly achievable operational synergies and identified revenue growth
opportunities.
The Company believes The Cosmopolitan has strong brand awareness, high quality offerings,
and a complementary customer base, making it an ideal addition to its portfolio.
Following the close of the transaction, MGM Resorts will enter into a 30-year lease agreement, with
three 10-year renewal options. MGM Resorts will pay an initial annual rent of $200 million,
escalating annually at 2% for the first 15 years and the greater of 2% or the CPI increase (capped
at 3%) thereafter.
Prior to the COVID-19 pandemic in the trailing 12 months ended February 29, 2020, The
Cosmopolitan generated $959 million of net revenue and $316 million of adjusted EBITDAR1. In the
second quarter ended June 30, 2021, the property generated $234 million of net revenue and $92
million of adjusted EBITDAR1.
The transaction is expected to close in the first half of 2022, subject to regulatory approvals and
other customary closing conditions.
MGM RESORTS INTERNATIONAL Calculated as EBITDA before rent, impairment loss and pre-opening expenses, and after
1
corporate expenses 8
MGM RESORTS SELECTED AS OSAKA’S INTEGRATED RESORT
PARTNER IN JAPAN
On September 28, 2021, MGM Resorts announced that MGM Japan, together with its joint venture partner ORIX, has been selected by Osaka as the region’s integrated resort partner.
Osaka's selection of MGM-ORIX is one of several steps in the licensing process following the 2018 passage of Japan's Integrated Resort Implementation Act. The next step is for MGM,
together with Osaka prefecture/city and ORIX, to submit an Area Development Plan to Japan's central government during the October 2021 to April 2022 application period. Integrated
resort licenses are expected to be issued by the central government in 2022. If selected to receive a license, MGM anticipates an opening date in the second half of the 2020s. 9
INTEGRATED RESORT IN OSAKA, JAPAN
RENDERING
Note: See Supplemental section for additional information
10• 3Q 2021 HIGHLIGHTS
• 3Q 2021 FINANCIAL RESULTS
TABLE OF
CONTENTS • BETMGM
• SUPPLEMENTAL
113Q 2021 – LAS VEGAS STRIP
ADJUSTED PROPERTY EBITDAR WELL ABOVE 2019 LEVELS, WITH NEAR-RECORD MARGINS
Net Revenues Adjusted Property EBITDAR and Margin % Margin %
($ in U.S. millions) ($ in U.S. millions)
Actual Hold-Adjusted Actual Hold-Adjusted Actual Hold-Adjusted
$1,507 $1,504 121% of 117% of
$1,381 $1,357 3Q19 3Q19 +943bps +877bps
vs. 3Q19 vs. 3Q19
$535 $514
38.7% 39.5% 37.9% 39.8%
92% of
3Q19 $1,005 90% of $1,012 $441 $438
3Q19 $397 $403
29.3% 29.1%
3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19
• Strong margins primarily due to continued robust demand, higher casino • Casino revenues were 26% above 3Q 2019
business mix, and continued focus on costs and operating productivity – Table games drop of $917 million compared to $842 million in 3Q 2019
– Slot handle of $3.9 billion compared to $3.3 billion in 3Q 2019
• The Company remains confident in the recovery of its group business and
the return of the international customer base • Hotel revenues were 14% below 3Q 2019
– Occupancy of 82% compared to 92% in 3Q 2019
– ADR of $181 compared to $164 in 3Q 2019
– RevPAR1 of $148 compared to $152 in 3Q 2019
MGM RESORTS INTERNATIONAL Note: Datapoints include the results of Aria and Vdara commencing September 27, 2021. 2019 datapoints include Circus Circus Las Vegas which was sold in December 2019
1 RevPAR is hotel revenue per available room
123Q 2021 – REGIONAL OPERATIONS
ANOTHER RECORD QUARTER IN ADJUSTED PROPERTY EBITDAR AND MARGINS
($ in U.S. millions)
Net Revenues Adjusted Property EBITDAR Margin %
99% of +886 bps
3Q19 $925 $935 vs. 3Q19
$856
37.6% 37.2%
129% of
3Q19
28.8%
$348 $318 $269
3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19
• Strong third quarter results primarily driven by removal of mandated • Casino revenues were 9% above 3Q 2019
restrictions, continued robust demand, and continued focus on costs and – Table games drop of $1.1 billion compared to $1.1 billion in 3Q 2019
operating productivity – Slot handle of $6.9 billion compared to $6.7 billion in 3Q 2019
• Net positive $6 million impact to 3Q 2021 Adjusted Property EBITDAR due to
receipt of business interruption proceeds (benefit) from last year’s hurricane
Zeta at Beau Rivage, partially offset by hurricane Ida related repairs and
disruption
MGM RESORTS INTERNATIONAL 133Q 2021 – CITYCENTER
1 . S T R U C T U R E T O D A Y ( 7 CITYCENTER
3 % O WN E R SADJUSTED
H I P O F OEBITDA
P) 10% ABOVE 2019 LEVELS
($ in U.S. millions)
Margin %
Net Revenues Adjusted EBITDA
92% of
3Q19
$296 $320 +652 bps
vs. 3Q19
$259 46.2%
110% of
3Q19
40.4%
33.9%
$120 $120
$109
3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19
• CityCenter results are quarter to date September 26, 2021. As of September 27, 2021, • Hotel Stats
Aria and Vdara’s results are consolidated within “Las Vegas Strip Resorts” – Occupancy of 85% compared to 91% in 3Q 2019
– ADR of $257 compared to $248 in 3Q 2019
• Adjusted EBITDA margins of 40.4% in 3Q 2021, a 652-basis point increase compared – RevPAR1 of $217 compared to $225 in 3Q 2019
to 33.9% in 3Q 2019
MGM RESORTS INTERNATIONAL 1 RevPAR is hotel revenue per available room
143Q 2021 – MGM CHINA
HEIGHTENED TRAVEL RESTRICTIONS DURING THE QUARTER IMPACTED VISITATION TO MACAU
Net Revenues
($ in U.S. millions) Adjusted Property EBITDAR
Actual Hold-Adjusted ($ in U.S. millions)
Actual Hold-Adjusted
$738
$699
39% of 41% of
3Q19 3Q19
$289 $311 $317 $184
$272 $170
4% of
3Q19
$7 $9 $(2) $13
3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19 3Q21 2Q21 3Q19
• VIP table games turnover of $1.8 billion fell 30% sequentially vs. 2Q 2021, and was 21% of 3Q 2019 levels
– Win of $72 million increased 1% sequentially vs. 2Q 2021, driven by higher hold (4.0% in 3Q 2021 vs. 2.7% in 2Q 2021)
• Main floor table games drop of $1.0 billion fell 17% sequentially vs. 2Q 2021, and was 49% of 3Q 2019 levels
– Win of $222 million decreased 12% sequentially vs. 2Q 2021 (Hold was 21.3% in 3Q 2021 vs. 20.1% in 2Q 2021)
• See Supplemental section for MGM China reported property-level details
MGM RESORTS INTERNATIONAL 15MGM CHINA’S MARKET OUTPERFORMANCE
GGR MARKET SHARE REMAINS WELL ABOVE 2019 / 2020 LEVELS
MGM China GGR Market Share
13.8%
12.6%
11.5%
11.2%
9.9%
9.4% 9.5%
9.2%
8.7%
7.4% 7.4%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
MGM RESORTS INTERNATIONAL Source: DICJ Macau GGR
163Q 2021 FINANCIAL ITEMS
• BetMGM
– 3Q 2021 net revenues associated with BetMGM operations were $227 million1
– MGM Resorts’ 50% share of BetMGM’s operating loss2 was $49 million in 3Q 2021
• Cash rent
– 3Q 2021: $367 million
• MGP: $211 million (partially offset by $57 million in distributions that MGM Resorts received from MGP)
• Mandalay Bay / MGM Grand Las Vegas BREIT: $74 million
• Bellagio BREIT: $62 million
• Aria /Vdara: $20 million3
• Corporate expense (net)4
– 3Q 2021: $105 million, included approximately $18 million in MGM and MGP transaction costs
– Expect our 4Q 2021 net corporate expense to be similar to that of the third quarter, heavily driven by our ramping Japan efforts, our investments in
IT and digital, as well as additional transaction costs
• Capital expenditures
– 3Q 2021 U.S.: $123 million
– 3Q 2021 MGM China: $16 million
1 Net revenues for 3Q 2021 for the BetMGM joint venture on a GAAP basis was approximately $216 million, which includes approximately $10 million related to Nevada sportsbooks operations for which BetMGM records
on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes. MGM Resorts recorded $15 million of net revenues for Nevada sportsbooks operations during 3Q 2021, which
includes Aria commencing September 27, 2021
MGM RESORTS INTERNATIONAL 2 Reported as part of the Company’s Adjusted EBITDAR under “Unconsolidated affiliates”
3 Reflects prepayment for the month of October 2021 17
3 Refer to “SUPPLEMENTAL DATA – ADJUSTED PROPERTY EBITDAR AND ADJUSTED EBITDAR” table within the Company’s earnings release• 3Q 2021 HIGHLIGHTS
• 3Q 2021 FINANCIAL RESULTS
TABLE OF
CONTENTS • BETMGM
• SUPPLEMENTAL
18BETMGM BY THE NUMBERS
$584 $800+ $450
million million million
YTD September 30, 2021 Forecasted 2021 BetMGM’s expected capital
net revenues associated net revenues associated consumption in 20213
with BetMGM operations1 with BetMGM operations2 (2021 highest planned annual cash usage)
$32 20-25% 30-35%
billion
Long-term total addressable Expected long-term Expected long-term
market (TAM) U.S. market share EBITDA margin
1 Net revenues for YTD September 30, 2021 for the BetMGM joint venture on a GAAP basis was approximately $557 million, which includes approximately $26 million related to Nevada
sportsbooks operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes. MGM Resorts recorded $42 million of
MGM RESORTS INTERNATIONAL net revenues for Nevada sportsbooks operations YTD September 30, 2021, which includes Aria commencing September 27, 2021 19
2 Refer to “Important Note Regarding BetMGM Financial and Other Information” on slide 2
3 50%/50% contribution from MGM Resorts and EntainBETMGM IS THE CLEAR LEADER IN U.S. iGAMING…
OVERALL ESTIMATED NATIONAL MARKET SHARE IN U.S. iGAMING1
32%
35%
BetMGM
30%
3ME August 2021
iGaming
BetMGM market share across
BetMGM estimated to be market share all jurisdictions1
#1 iGaming operator estimated to be
25%
since January 2021
~2x that of next
competitor2
20%
COMPETITOR 1
15%
COMPETITOR 2
10%
COMPETITOR 3
5%
20-Sep 20-Oct 20-Nov 20-Dec 21-Jan 21-Feb 21-Mar 21-Apr 21-May 21-Jun 21-Jul 21-Aug
MGM RESORTS INTERNATIONAL 1 Total market share by iGaming GGR across all U.S., including jurisdictions where BetMGM is not currently active; Third party estimates used where operator-specific results are
unavailable 20
2 As of August 2021… AND COMPETING FOR THE #1 POSITION MARKETWIDE
IN U.S. SPORTS BETTING & iGAMING
OVERALL ESTIMATED NATIONAL MARKET SHARE IN U.S. SPORTS BETTING & iGAMING1
35%
23%
3ME August 2021
total market share across all
30%
jurisdictions1
BetMGM
26%
25%
COMPETITOR 1
20%
3ME August 2021
COMPETITOR 2 total market share across all
active jurisdictions2
15%
10%
17%
COMPETITOR 3
3ME August 2021
OSB market share across
5% all active jurisdictions2
20-Sep 20-Oct 20-Nov 20-Dec 21-Jan 21-Feb 21-Mar 21-Apr 21-May 21-Jun 21-Jul 21-Aug
1 Total market share by GGR for retail, OSB and iGaming across all U.S., including jurisdictions where BetMGM is not currently active; Third party estimates used where operator-specific
MGM RESORTS INTERNATIONAL results are unavailable
21
2 In markets where BetMGM was operational during the stated time period. Based on BetMGM GGR as a percentage of state reported revenues in markets where BetMGM was
operationalGROWING PRESENCE & BROAD-BASED MARKET ACCESS
ME
WA
VT
MT ND NH
MN NY MA
OR
CT RI
16 20
ID WI MI
SD
PA NJ
WY
IA MD
NE OH DE
NV IL IN
WV D.C.
Active Expected live VA
jurisdictions1 jurisdictions by the CA
UT
CO
end of 1Q 2022 KS MO KY
NC
TN
SC
OK AR
33% 27
AZ NM
GA
AL
MS
TX LA
Expected Market FL
addressable access
population by the secured or
end of 1Q 20222 anticipated3
Live
Market Access Secured or Anticipated2
MGM Property
1 Does not include OH where BetMGM has launched online horse race betting on October 28, 2021
MGM RESORTS INTERNATIONAL 2 Approximate U.S. adult population with access to OSB and / or iGaming in jurisdictions where BetMGM is expected to be active 22
3 Includes open license jurisdictions where BetMGM intends to apply for market access; includes Puerto RicoLEADING RETAIL INTEGRATION & OMNI-CHANNEL OFFERING
37 million+ 100%
M life Rewards of BetMGM players are
Members 16% 42% enrolled in M life
of new BetMGM of new M life players
players in 3Q 2021 BEST LOYALTY PROGRAM in 3Q 2021 were from
were active with BetMGM
Global Gaming Awards in 6 of the last 7 years
MGM1
MGM RESORTS INTERNATIONAL 1M life players who were active in the 12 months prior to acquisition
23CONTINUED PRODUCT ENHANCEMENTS AND
DEPLOYMENT EXECUTION
College Football
New State Launches PayPal Connect King of the Weekend
One Game Parlay
WY
SD
AZ
• Launched three new
markets within nine days
• Proven ability to successfully
launch new markets in rapid
succession
MGM RESORTS INTERNATIONAL 24• MGM CHINA PROPERTY DATA
• MGP/VICI TRANSACTION: IMPACT
SUPPLEMENTAL
• CITYCENTER TRANSACTION: IMPACT
• RECENT TRANSACTIONS / ANNOUNCEMENTS
25MGM CHINA FINANCIAL INFORMATION UNDER IFRS
Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf
of MGM China for the benefit of MGM China investors
Three Months Ended Nine Months Ended
September 30 September 30
2021 2020 2021 2020
HK$'000 HK$'000 HK$'000 HK$'000
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue
MGM Macau $1,216,891 $263,882 $3,873,386 $1,532,497
MGM Cotai $1,030,847 $99,357 $3,085,409 $1,201,136
Total Revenue $2,247,738 $363,239 $6,958,795 $2,733,633
Adjusted EBITDA1
MGM Macau $126,771 ($274,240) $468,140 ($631,145)
MGM Cotai ($26,258) ($456,326) ($167,275) ($1,107,807)
Total Adjusted EBITDA $100,513 ($730,566) $300,865 ($1,738,952)
1
Adjusted EBITDA is profit/loss before finance costs, income tax expense/benefit, depreciation and amortization, gain/loss on disposal/write-off of property and equipment, and other assets, interest income, net foreign
currency difference, share-based payments, pre-opening costs and corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company. Adjusted EBITDA is
MGM RESORTS INTERNATIONAL used by management as the primary measure of the Group’s operating performance and to compare our operating performance with that of our competitors. Adjusted EBITDA should not be considered in isolation,
construed as an alternative to profit or operating profit as reported under IFRS or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA
26
presented in this announcement may not be comparable to other similarly titled measures of other companies operating in the gaming or other business sectorsMGM CHINA FINANCIAL INFORMATION UNDER IFRS
Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf
of MGM China for the benefit of MGM China investors
Three Months Ended Nine Months Ended
September 30 September 30
2021 2020 2021 2020
HK$'000 HK$'000 HK$'000 HK$'000
MGM MACAU (unaudited) (unaudited) (unaudited) (unaudited)
(in thousands, except for percentages and revenue per available room (“RevPAR”))
VIP Table Games Turnover 9,039,520 4,949,128 33,007,574 22,494,616
VIP Gross Table Games Win1 358,946 106,704 1,005,646 656,744
VIP Table Games Win Percentage 3.97% 2.16% 3.05% 2.92%
Average Daily Gross Win Per VIP Gaming Table 57.8 17.0 54.4 38.9
Main Floor Table Games Drop 4,735,304 690,385 14,987,256 4,483,888
Main Floor Gross Table Games Win1 889,235 118,750 3,002,404 923,604
Main Floor Table Games Win Percentage 18.8% 17.2% 20.0% 20.6%
Average Daily Gross Win Per Main Floor Gaming Table 45.3 6.5 51.1 18.7
Slot Machine Handle 3,005,368 1,174,460 10,364,494 5,556,499
Slot Machine Gross Win1 117,942 45,907 397,472 193,667
Slot Hold Percentage 3.9% 3.9% 3.8% 3.5%
Average Daily Win Per Slot 1.8 0.8 2.1 1.2
Commissions, complimentaries and other incentives1 (285,644) (53,820) (946,586) (422,373)
Room Occupancy Rate 71.3% 12.3% 79.4% 20.5%
RevPAR 1,161 193 1,100 385
As of September 30
Gaming Units: 2021 2020
Tables2 289 285
Slot Machines3 769 640
1
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
MGM RESORTS INTERNATIONAL 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 27
Permanent table count as of September 30, 2021 and 2020
3
Due to social distancing measures as a result of the COVID-19 pandemic, the slot machines were operated at a reduced capacityMGM CHINA FINANCIAL INFORMATION UNDER IFRS
Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf
of MGM China for the benefit of MGM China investors
Three Months Ended Nine Months Ended
September 30 September 30
2021 2020 2021 2020
HK$'000 HK$'000 HK$'000 HK$'000
MGM COTAI (unaudited) (unaudited) (unaudited) (unaudited)
(in thousands, except for percentages and revenue per available room (“RevPAR”))
VIP Table Games Turnover 4,971,550 2,239,225 19,520,570 14,767,878
VIP Gross Table Games Win1 200,041 27,721 712,003 411,374
VIP Table Games Win Percentage 4.02% 1.24% 3.65% 2.79%
Average Daily Gross Win Per VIP Gaming Table 44.4 5.6 51.5 30.3
Main Floor Table Games Drop 3,374,100 416,098 10,987,937 3,165,136
Main Floor Gross Table Games Win1 834,219 73,184 2,465,314 813,716
Main Floor Table Games Win Percentage 24.7% 17.6% 22.4% 25.7%
Average Daily Gross Win Per Main Floor Gaming Table 43.0 3.8 42.5 16.1
Slot Machine Handle 2,122,874 573,515 9,068,877 4,541,868
Slot Machine Gross Win1 85,011 13,325 286,051 137,778
Slot Hold Percentage 4.0% 2.3% 3.2% 3.0%
Average Daily Win Per Slot 1.1 0.2 1.4 0.8
Commissions, complimentaries and other incentives1 (236,760) (58,941) (826,084) (396,275)
Room Occupancy Rate 41.8% 7.4% 48.5% 14.5%
RevPAR 575 96 555 242
As of September 30
Gaming Units: 2021 2020
Tables2 263 267
Slot Machines3 859 666
1
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
MGM RESORTS INTERNATIONAL 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 28
Permanent table count as of September 30, 2021 and 2020
3
Due to social distancing measures as a result of the COVID-19 pandemic, the slot machines were operated at a reduced capacity.MGP/VICI TRANSACTION
• Upon closing, MGM Resorts will no longer consolidate MGM Growth Properties in its financial statements
• Financial reporting impact dependent upon lease classification
– If the redemption of MGP OP units and related deconsolidation of MGP qualifies as a sale of the MGP real estate assets and operating lease
treatment for accounting purposes, then the Company will derecognize the MGP owned real estate assets, record a gain on the transaction, and
recognize an operating lease right of use asset and related operating lease liability equal to the present value of the minimum lease payments.
• The Company would recognize rent expense associated with the lease.
– If the redemption of MGP OP units and related deconsolidation is a failed sale leaseback transaction for accounting purposes, then the Company
would not derecognize the MGP owned real estate assets and would recognize a financing obligation in accordance with GAAP.
• The Company would recognize interest expense associated with the financing obligation.
• Adjusted EBITDAR1 changes upon deconsolidation of MGP
– Las Vegas Strip Resorts Adjusted Property EBITDAR: No impact
– Regional Operations Adjusted Property EBITDAR: No impact
– Unconsolidated affiliates: No impact, given that this line already excludes the MGP BREIT joint venture
– Corporate expense: Will exclude MGP-related expense ($24.8 million in 2019; $14.0 million in 2020)
– Stock compensation: Will exclude MGP-related expense ($2.3 million in 2019; $2.9 million in 2020)
MGM RESORTS INTERNATIONAL 1 Refer to “SUPPLEMENTAL DATA – ADJUSTED PROPERTY EBITDAR AND ADJUSTED EBITDAR” table within the Company’s earnings release
29CITYCENTER TRANSACTION
• Transaction impact
– Upon closing of the purchase of Infinity World’s 50% interest in CityCenter, the Company consolidated CityCenter which included recognizing
CityCenter’s assets and liabilities at fair value with the difference between the purchase price and the fair value of the net assets acquired being
recorded as goodwill.
– The Company recorded a $1.6 billion net gain upon consolidation for the difference between the fair value and carrying value of its investment.
• Impact to consolidated financial statements
– Net revenues:
• Include CityCenter’s net revenues
• Exclude “reimbursed costs” revenues historically related to the Company’s management of CityCenter (e.g. $420 million in 2019)
– G&A includes rent expense related to CityCenter, which is recognized on a straight-line basis over the lease term
– Initial year’s cash rent of $215 million to Blackstone
• Impact to Adjusted EBITDAR1
– Las Vegas Strip Adjusted Property EBITDAR: Includes CityCenter’s Adjusted Property EBITDAR
– Unconsolidated affiliates: Excludes MGM’s share of CityCenter’s operating income, adjusted for basis differences
– Management and other: Minimal impact
– Corporate expense: Minimal impact
– Stock compensation: Will increase slightly
MGM RESORTS INTERNATIONAL 1 Refer to “SUPPLEMENTAL DATA – ADJUSTED PROPERTY EBITDAR AND ADJUSTED EBITDAR” table within the Company’s earnings release
30OSAKA YUMESHIMA INTEGRATED RESORT PROJECT
Proposed to be located along the water on Osaka's Yumeshima island, the project is
designed to help establish Japan as a top global tourist destination, with Osaka serving
as an internationally celebrated city for international business, travel and world-class
amenities and entertainment.
Resort Details Tourism & Economic Development
Hotel & Amenities: Initial investment: ~$10 billion
MGM Osaka, MGM Villas, and
MUSUBI Hotel (2,500 total guest Projected number of annual visitors:
rooms). ~20 million
Variety of dining and food & beverage
offerings, retail space, spa, fitness Projected number of employees: ~15,000
center, and banquet halls.
Promotion of tourism throughout Japan:
Meetings and Conventions: Support and facilitate the formation of a
~400,000 square feet of conference "Showcase of Japanese Tourism" plan for
facilities, with an additional ~330,000 the area surrounding the resort to
square feet of exhibition space, establish Osaka as a gateway for wider
including an Innovation Laboratory tourism in Japan. Facilities to include
Kansai Tourism Center, Garden Theater,
Entertainment: Japan Food Pavilion, and Kansai Art &
Yumeshima Theater (~3,500 seats) Culture Museum.
MGM RESORTS INTERNATIONAL 31AGREEMENT WITH VICI TO REDEEM MGP
OPERATING PARTNERSHIP UNITS
On August 4, 2021, MGM Resorts announced a definitive agreement with VICI
Properties Inc. (“VICI”) and MGM Growth Properties LLC (“MGP”) whereby VICI
would redeem a majority of MGP operating partnership units held by MGM
Resorts for $43 per unit, or approximately $4.4 billion in cash, and acquire 100%
of the outstanding class A shares of MGP in a stock-for-stock transaction. As part
of the agreement, MGM Resorts will own an approximate 1% stake in the VICI
operating partnership, worth approximately $370 million.
This transaction values MGP at $17.2 billion, inclusive of VICI’s assumption of
approximately $5.7 billion of pro rata debt.
Adjusted for the recently announced MGM Springfield transaction, the implied
17.5x pro rata EBITDA multiple ranks among the strongest for a gaming real
estate transaction to date and is a testament to the quality of the Company’s real
estate assets and the Company’s strength as a tenant.
As part of the transaction, the existing master lease will be amended and restated
and will provide for an initial term of 25 years, with three ten-year renewals, and
an initial annual rent of $860 million, inclusive of the MGM Springfield transaction.
This lease will be guaranteed by the Company and will provide the Company
with significant flexibility to manage its operations across the portfolio of
properties covered by the lease.
The transaction is expected to close in the first half of 2022, subject to customary
closing conditions, regulatory approvals and approval by VICI stockholders.
MGM RESORTS INTERNATIONAL 32PURCHASED INFINITY WORLD’S
50% INTEREST IN CITYCENTER
AND MONETIZE REAL ESTATE
ASSETS
On July 1, 2021, MGM Resorts announced it had entered into a definitive
agreement to purchase Infinity World’s 50% interest in CityCenter for
$2.125 billion, making MGM Resorts the 100% owner of Aria Resort &
Casino and Vdara Hotel and Spa.
The purchase price represents an implied valuation of $5.8 billion1.
MGM Resorts also entered into a definitive agreement with Blackstone to
monetize the Aria and Vdara real estate assets for $3.89 billion in cash,
which represents a multiple of 18.1x rent. Following the acquisition, both
properties have been leased to MGM Resorts for initial annual rent of $215
million.
The transactions closed in 3Q 2021. In connection with the closing of the
transactions, the Company has fully retired CityCenter's debt.
Demonstrates deep conviction in Las Vegas and highlights the unique
value of CityCenter as a premier asset in gaming.
33
1 Based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcelMGM GROWTH PROPERTIES
PURCHASED
MGM SPRINGFIELD
REAL ESTATE ASSETS
On May 11, 2021, MGM Resorts announced it has entered into a
definitive agreement whereby MGP will purchase the real estate
assets associated with MGM Springfield in Western Massachusetts.
MGM Resorts will lease the property from MGP and continue to
operate the property following the consummation of the transaction.
MGP paid total consideration of approximately $400 million in cash.
The annual rent payment to MGP increased by $30 million.
The transaction further advances the Company’s commitment to
monetize its real estate to unlock capital for long term value creation.
The transaction closed in 4Q 2021.
MGM RESORTS INTERNATIONAL 34CITYCENTER RECONCILIATION OF NET INCOME
TO ADJUSTED EBITDA
Three Months Ended
September 30. 2021
USD $'000
(unaudited)
Net Income 50,046
Non-operating (income) expense:
Interest expense, net of amount capitalized 18,954
Other, net (3,914)
15,040
Operating income 65,086
Property transactions, net 2,682
Depreciation and amortization 51,889
Adjusted EBITDA 119,657
MGM RESORTS INTERNATIONAL 35You can also read
