third quarter 2020 earnings...minimizing cash burn and maximizing portfolio-wide profit cost...

MGM RESORTS INTERNAT IONAL

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 2 0 2 0 E A R N I N G S

O C T O B E R 2 9 , 2 0 2 0

MGM RESORTS INTERNAT IONAL 2

FORWARD-LOOKING STATEMENTSStatements 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, includingthose 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 andnot on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding its financial outlook (including expectations regarding its liquidity position, long term costsavings and the performance at re-opened properties), the continued impact of the COVID-19 pandemic on the Company’s operations, and any benefits the Company expects to achieve from its strategic plans,including its including the development of an integrated resort in Japan and positioning BetMGM as a leader in sports betting and iGaming (including BetMGM’s expected growth in new and existing jurisdictionsand projected market share, net revenues and the Company’s share of profits and losses). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that couldcause 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 inwhich 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 internationaloperations, 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 asa 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 additionalupdates with respect to those other forward-looking statements.

MARKET AND INDUSTRY DATAThis 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 numberof 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 inthese 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 ofthe 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 F INANCIAL MEASURESThis 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 GamesHold 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 calculatedand 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 availableon our website at www.mgmresorts.com.

T A B L E O F

C O N T E N T S

3

• 3 Q 2 0 2 0 H I G H L I G H T S

• B E T M G M

• 3 Q 2 0 2 0 F I N A N C I A L R E S U L T S

• S U P P L E M E N T A L


K E Y 3 Q 2 0 2 0 T A K E A W A Y S

41 Cash and equivalents of $4.59 billion as of September 30, 2020, adjusted for $3.17 billion collectively available under MGM Resorts, MGM China, MGP’s revolving credit facilities2 Cash and equivalents of $3.54 billion as of September 30, 2020, adjusted for $922 million available under MGM Resorts’ revolving credit facility

U.S. properties now all open• Health & safety remains our top priority• Improvement in U.S. domestic results compared with the second quarter• Strong U.S. regional performance, primarily driven by record results at MGM National Harbor, MGM Northfield Park and Gold Strike Tunica• Las Vegas market improving; believe that the city will recover to prior levels of business and tourist demand over time

Strong operating model and liquidity position to help weather the crisis• Maintaining aggressive focus on costs to closely match demand levels• Continue to expect to permanently reduce approximately $450 million in property and corporate expenses, when demand returns to 2019 levels• Strong liquidity position with $7.8 billion1 of consolidated liquidity, or $4.5 billion2 excluding MGM China and MGM Growth Properties (“MGP”)

– Adjusting for the $750 million senior notes issued in October, MGM Resorts consolidated liquidity position of $8.5 billion, or $5.2 billion excluding MGM China and MGM Growth Properties (“MGP”)

Macau taking steps toward recovery• Limited market activity in 3Q 2020 due to logistical bottlenecks (visa process, nucleic acid testing requirements), but seeing gradual improvements in

October• Continue to believe in the long-term success of Macau

Fundamental long-term business outlook and growth opportunities remain unchanged• Sports betting and iGaming: BetMGM gaining market share momentum to become a leader in sports betting and iGaming • Japan: Remain excited about the Company’s partnership with ORIX to develop a leading international integrated resort serving key Asian markets


3 Q 2 0 2 0 F I N A N C I A L H I G H L I G H T S

5

($ in U.S. millions, except per share information)

3Q19 3Q20 $ Change % Change

Consolidated Net Revenue $3,314 $1,126 ($2,188) (66%)

Las Vegas Strip Resorts $1,507 $481 ($1,026) (68%)

Regional Operations $935 $557 ($378) (40%)

MGM China $738 $47 ($691) (94%)

Net Income (Loss) Attributable to MGM Resorts ($37) ($535) ($498) NM

Diluted Earnings (Loss) Per Share ($0.08) ($1.08) ($1.00) NM

Adjusted EPS $0.31 ($1.08) ($1.39) NM

Consolidated Adjusted EBITDAR ($49)

Las Vegas Strip Resorts Adjusted Property EBITDAR $441 $15 ($426) (97%)

Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR $438 $21 ($417) (95%)

Regional Operations Adjusted Property EBITDAR $269 $146 ($123) (46%)

MGM China Adjusted Property EBITDAR $184 ($96) ($280) NM

CityCenter Adjusted EBITDA $109 $25 ($84) (77%)


($ in U.S. millions)

3Q20 vs. 2Q20 Change 3Q20 vs. 2Q20 Change

$ % $ %

Las Vegas Strip Resorts $151 $481 +$331 219% $142 $489 +$347 245%

Regional Operations $89 $557 +$468 524%

MGM China $33 $47 +$14 41% $32 $54 +$22 70%

3Q20 vs. 2Q20 Change 3Q20 vs. 2Q20 Change

$ % $ %

Las Vegas Strip Resorts ($104) $15 +$120 NM ($112) $21 +$134 NM

Regional Operations ($112) $146 +$258 NM

MGM China ($116) ($96) +$20 17% ($118) ($93) +$25 21%

Actual Hold Adjusted

Net Revenue 2Q20 3Q20 2Q20 3Q20

Adjusted Property EBITDAR 2Q20 3Q20 2Q20 3Q20

S E Q U E N T I A L I M P R O V E M E N T A C R O S S T H E P O R T F O L I O

6Note: Calculations may not match exactly, due to rounding


O U R L I Q U I D I T Y P O S I T I O N R E M A I N S S T R O N G

7

As of September 30, 2020, the Company’s domestic operations had $4.5 billion of liquidity

($ in U.S. millions)MGM Resorts

(Ex. MGM China and MGP) MGM China MGPMGM Resorts Consolidated

Cash and Equivalents $3,543 $396 $655 $4,594 Revolver Availability $922 $996 $1,250 $3,168

Total Liquidity $4,465 $1,392 $1,905 $7,762

• MGM Resorts (consolidated) had $7.8 billion of liquidity as of September 30, 2020

• In October 2020, MGM Resorts raised an additional $750 million of 4.75% senior notes due 2028, further strengthening MGM Resorts’ (consolidated) liquidity to $8.5 billion➢ Adjusting for the recent $750 million notes, the Company’s domestic operations had $5.2 billion of liquidity

• The Company currently has $700 million remaining under its agreement with MGP to redeem operating partnership units held by MGM Resorts for cash through February 2022


S O L I D D E B T P R O F I L E

• MGM Resorts (consolidated) had $11.5 billion of principal amount of debt as of September 30, 2020

• Adjusting for the Company’s recent $750 million senior notes due in 2028 (closed in October 2020):➢ MGM Resorts (consolidated) principal amount of debt was $12.3 billion➢ MGM Resorts domestic operations principal amount of debt was $6.1 billion

• MGM Resorts and MGM China have, under their respective credit facilities, waivers of financial maintenance covenants through 1Q 2021 and 4Q 2021, respectively

$550$1,000 $1,250

$1,425

$400 $675 $750

2020 2021 2022 2023 2024 2025 2026 2027 2028

Revolving Credit Facility Outstandings Senior Notes New $750 million notes issued in October 2020

NO MATURITIES UNTIL 2022

As of September 30, 2020, the Company’s domestic operations had $5.3 billion of debt, with no domestic maturities until 2022

MGM RESORTS (EXCLUDING MGM CHINA AND MGP) – DEBT MATURITY PROFILE CONSOLIDATED DEBT OVERVIEW

$ in millions ($ in U.S. millions) Debt

MGM Resorts (Ex. MGM China and MGP) $5,301

MGM China $2,654

MGP $3,550

MGM Resorts Consolidated $11,505


A L L U . S . P R O P E R T I E S N O W O P E N

9

• As of September 30, 2020, all MGM Resorts properties have reopened under local COVID-19 guidelines

• Operations strategy continues to prioritize:➢ Health and safety➢ Minimizing cash burn and maximizing portfolio-wide profit➢ Cost control: Managing variable labor to closely match demand

• The Company provided benefits to its furloughed employees through September 30, 2020 and negotiated union benefit contributions, which impacted the quarter:➢ Las Vegas Strip: $20.7 million➢ Regional: $4.2 million➢ CityCenter: $2.4 million (the Company’s 50% share)➢ Corporate: $1.5 million

• We continue to believe:➢ Regionals will lead the recovery in the U.S.➢ While our Las Vegas Strip properties remain more heavily impacted in the near

term, the city will recover to prior levels of business and tourist demand over time

U.S. REOPENING DATES1

1 Indicates opening dates to the general public

LAS VEGAS Date % of 3Q Open

Bellagio 6/4/20 100%MGM Grand 6/4/20 100%New York New York 6/4/20 100%Excalibur 6/11/20 100%Luxor 6/25/20 100%Mandalay Bay 7/1/20 100%ARIA 7/1/20 100%Vdara 7/16/20 84%Mirage 8/27/20 38%Park MGM 9/30/20 1%

REGIONAL Date % of 3Q Open

Gold Strike Tunica, MS 5/25/20 100%Beau Rivage, MS 6/1/20 100%MGM Northfield Park, OH 6/20/20 100%MGM National Harbor, MD 6/29/20 100%MGM Springfield, MA 7/13/20 87%Borgata, NJ 7/26/20 73%MGM Grand Detroit, MI 8/7/20 60%Empire City, NY 9/21/20 11%


($ in U.S. millions) Annualized Run-rate1

MGM 2020 $160 Corporate expense (gross)2 $180 Fixed labor $25Operations streamlining $85

Annualized domestic cost reductions $450

1 Annual run-rate savings relative to 2019 actuals2 Represents gross corporate expense savings, a large portion of which gets allocated to property-level operating results

MGM 2020 savings include initiatives launched at the end of 2019 that began yielding tangible results prior to the COVID-19 crisis

Since the beginning of the COVID-19 crisis, the Company has fundamentally re-evaluated how it operates, with a focus on

permanently eliminating redundancies and low profitability initiatives

D E M O N S T R A T I N G O P E R A T I N G M O D E L S T R E N G T H


C O N T I N U E D S T R O N G R E G I O N A L P E R F O R M A N C E

11

3Q 2019 3Q 2020

-15%

3Q 2019 3Q 2020

Net

Revenues

Adjusted Property

EBITDAR

Adjusted Property

EBITDAR Margin

3Q 2019 3Q 2020

+7% +768 bps

U.S. REGIONAL YEAR-OVER-YEAR PERFORMANCE FOR PROPERTIES OPEN DURING ENTIRE 3Q 2020

(BEAU RIVAGE, GOLD STRIKE TUNICA, MGM NORTHFIELD PARK, MGM NATIONAL HARBOR)

• Gold Strike Tunica, MGM Northfield Park, and MGM National Harbor achieved all-time record quarterly Adjusted Property EBITDARs

• MGM Springfield achieved a record third quarter Adjusted Property EBITDAR despite being open a partial quarter

• Our integrated resort regional properties, Beau Rivage and Borgata, continued to ramp in the quarter as Beau expanded its charter program and as Borgata adapted to NJ’s COVID-19 protocols

• MGM Grand Detroit delivered solid results despite local capacity restrictions at 15%


T H E L A S V E G A S S T R I P M A R K E T I S I M P R O V I N G

12

• Solid demand on the weekends with hotel occupancy at 60%, by design, as the Company continued to maintain occupancy caps for appropriate social distancing and quality guest experience

• The recent expansion of NV’s mass gathering limitation to 250 people opens the door to restarting meetings and live entertainment. However, we continue to believe that meaningful recovery will require the return of large-scale conventions and entertainment as well as significant air travel

• Lack of group business and live entertainment continued to impact the marketplace. Despite success in leveraging our casino database, mid-week occupancy remained challenged at 38% in the third quarter

$151

$481

2Q 2020 3Q 2020

+$331Net Revenues Adjusted Property EBITDAR

+$120

LAS VEGAS STRIP PERFORMANCE

3Q 2020 vs. 2Q 2020


ACTUAL

($104)

$15

2Q 2020 3Q 2020

$142

$489

2Q 2020 3Q 2020

+$347Net Revenues Adjusted Property EBITDAR

+$134

HOLD ADJUSTED

($112)

$21

2Q 2020 3Q 2020

Note: Calculations may not match exactly, due to rounding


C O N V E N E W I T H C O N F I D E N C E : M E E T I N G S & E V E N T S

13

Convene with Confidence is a comprehensive set of protocols designed specifically for bringing meetings and entertainment safely back to Las Vegas. We have worked closely with health experts and local public officials to detail every aspect of an attendee

experience for these important events.

PROTOCOLS FOR MEETINGS & EVENTS

1. PLANNINGVirtual site inspections and pre-planning services available. This includes careful planning of event, meal and break times to safely optimize guest movement throughout the meeting space.

2. MGM HEALTH PASSMGM Resorts is bringing together cutting-edge Health Pass technology from CLEAR, innovative COVID-19 testing with CUE Health, and expert health providers from Impact Health with the goal of creating safer environments and ecosystems across MGM venues. This is an optional offering.

3. ARRIVALWe always recommend advance registration but when not possible, where registration desk queuing is needed, required scheduling and distancing will be clearly indicated.

4. CLEANING AND DISINFECTINGHigh touch points will be cleaned and disinfected regularly; single-use amenities will be disposed of daily. Hand sanitizer will be available in high traffic areas.

5. PHYSICAL DISTANCINGOur facility capacities have been adjusted to meet physical distancing requirements and will evolve as needed. Signage will be placed to remind guests of physical distancing standards, floor clings to mark entrances and exits. Transparent barriers will be used where physical distancing is challenging.

6. DINING EXPERIENCE AND BREAK REFRESHVaried styles of meal service will be offered. Servers and chef attendants will serve guests.

Please refer to Supplemental section for more information


C O N V E N E W I T H C O N F I D E N C E : L I V E E N T E R T A I N M E N T

14

Convene with Confidence is a comprehensive set of protocols designed specifically for bringing meetings and entertainment safely back to Las Vegas. We have worked closely with health experts and local public officials to detail every aspect of an attendee

experience for these important events.

PROTOCOLS FOR LIVE ENTERTAINMENT

1. VENUE LAYOUTSeating capacities have been modified to allow for appropriate physical distancing between parties. Signage and floor clings will be placed to remind attendees of physical distancing standards.

2. CLEANING AND DISINFECTINGRegular cleaning of venues, backstage areas and restrooms before, between and after shows including high-touch points such as door handles, railings and arm rests. MGM’s HVAC systems have been programmed to circulate up to 100% outside fresh air and supply up to 12 air exchanges per hour.

3. PROTECTIVE EQUIPMENTAll individuals will be required to wear masks, hand sanitizer will be readily available throughout the venue and gloves will be provided to staff when necessary.

4. ENTRYPrior to entering our venues, all individuals must respond to health screening questions and may have their temperatures checked. Entry will be staggered with ushers to assist with physical distancing where appropriate. Exact protocols are subject to local regulations.

5. TICKETINGAdoption of digital tickets where available and contactless scanning of digital tickets.

6. CONCESSIONSMobile order and pay for food and beverage items with designated pick up locations where available.

7. EXITINGExiting venues will be controlled by ushers who will assist with maintaining physical distancing requirements.

6. RESTROOMSLimit number of guests permitted to enter a venue restroom to avoid overcrowding.

Please refer to Supplemental section for more information


C R E A T I N G S A F E R E N V I R O N M E N T S & E C O S Y S T E M S

W I T H M G M H E A L T H P A S S

15

Optional multi-layered health screening with CLEAR’s health pass: a touchless product that links verified identity with COVID-19 health insights, including: • real-time health questionnaire, • COVID-19 test results, and • temperature checks.

Additionally, MGM is working in conjunction with Impact Health, a leading provider of healthcare services for high-profile and high-volume events, for on-site testing capabilities.

MGM is deploying a rapid, portable, molecular, point-of-care COVID-19 test with our partner CUE Health.

Point of care device collects and tests samples on-site, producing accurate results in approximately 20 minutes.

MGM Resorts is bringing together cutting-edge Health Pass technology from CLEAR, innovative COVID-19 testing with CUE Health, and expert health providers from Impact Health with the goal of creating safer environments and ecosystems across MGM venues.1

1 This is an optional offering.


E N T E R T A I N M E N T R E T U R N S T O L A S V E G A S N O V E M B E R 6

16

Carrot Top @ Luxor

Thunder From Down Under @ ExcaliburThe Australian Bee Gees @ Excalibur

Jabbawockeez @ MGM Grand

David Copperfield @ MGM Grand

Fantasy @ Luxor

Brad Garrett’s Comedy Club

@ MGM Grand

Shows will be held with a maximum audience of 250 guests, physically distanced at 6 feet between parties and a minimum of 25 feet from on-stage performers


M A C A U U P D A T E

17

• Limited market activity in 3Q 2020, resulting in market-wide GGR declining 93% year over year (though a sequential improvement from 2Q’s 96% year over year decline).

• While logistical headwinds (visa issuance process, nucleic acid testing requirements) continue to impact visitation levels, the market has been steadily improving, indicating a gradual recovery pace➢ Steady increase in volumes across all segments since the second week of October➢ Encouraged that month to date in October, MGM China has crossed property EBITDAR break-even levels

• Continue to believe in the long-term success of Macau ➢ Evidenced by continued investment in future development projects to strengthen MGM China’s position in the premium mass

segment, including the development of the MGM Cotai South Tower suites

JULY 6

Macau residents exempted from quarantine when

entering Zhuhai may also visit the nine GBA cities

JULY 15

Visitors crossing borders between Macau and

Guangdong Province no longer need to undergo the 14-day quarantine

AUGUST 26

Guangdong province resumes issuance of

tourist visas to Macau

SEPTEMBER 23

The rest of mainland China resumes tourist visas to Macau.

Visitors are still required to present valid proof of a

negative nucleic acid test to enter

OCTOBER 1-7

October Golden Week visitation down 86% year

over year; Continued gradual

improvements in October

18

• 3 Q 2 0 2 0 H I G H L I G H T S

• B E T M G M



T A B L E O F

C O N T E N T S


S I G N I F I C A N T O P P O R T U N I T Y I N T H E G R O W I N G

U . S . M A R K E T

38 States224.3 million adultsSpend per adult ~$60Expected market size ~$13.5 billion

$20.3

BILLION

15% - 20%

SPORTS MARKET ASSUMPTIONS

13 States61.6 million adultsSpend per adult ~$110Expected market size ~$6.8 billion

IGAMING MARKET ASSUMPTIONS

Note: Market sizes based on expected GGR in the states currently expected to have legislated for sports and/or igaming by 2025Source: BetMGM and Morgan Stanley estimates

BETMGM’S EXPECTED

MARKET SHARE

Sports $13.5 billion

iGaming $6.8 billion

BY 2025


P O S I T I O N I N G B E T M G M A S A L O N G - T E R M L E A D E R

I N U . S . S P O R T S B E T T I N G A N D I G A M I N G

• Market access secured in 20 states1, live in 8 states with the expectation to be live in 11 states by year end 2020

• BetMGM is now a Top 3 operator2 in every market where it is live and revenues are publicly reported,with 18% collective market share in September 20203:➢ iGaming: #1 in the most mature and competitive iGaming market in the U.S. (NJ)4

➢ Online sports betting: Doubled market share since January 2020

➢ Retail sports betting: Significant presence with estimated leading share in MS and MI

• Increased 2020 net revenue target to $150-160 million (up from original $130+ million)

• Building an effective customer acquisition model through proven omni-channel strategy, MGM Resorts’ 34+ million M life Rewards database, and strategic relationships to drive high value customers at lower cost

1 Market access includes states where certain legislative modifications are required and states in which the Company is seeking direct licensure 2 In markets that BetMGM is live in markets that are publicly reported; Also based on Eilers & Krejcik Gaming estimates3 Based on BetMGM revenues as a percentage of state reported sports betting and iGaming revenues4 Excludes Pala; Based on Eilers & Krejcik Gaming estimates


S T R A T E G I C M A R K E T A C C E S S E N A B L E S D A Y 1 L A U N C H

A S M O R E S T A T E S G O L I V E

WA

OR

CA

MT

ID

NV

AZ

UT

WY

CO

NM

TX

OK

KS

NE

SD

NDMN

IA

MO

AR

LA

MS AL GA

FL

SCTN

NC

IL

WI MI

OHIN

KYWV VA

PA

NY

ME

VTNH

NJDE

MDD.C.

MA

CTRI

1 Market access includes states where certain legislative modifications are required and states in which the Company is seeking direct licensure

Live

Launching in 2020

Market Access Secured1

Live States Retail Sports Online Sports Online Casino Online Poker

Oregon ✓

Nevada ✓ ✓

Colorado On hold ✓

Mississippi ✓

Indiana ✓

Michigan ✓ End 2020 End 2020 End 2020

West Virginia ✓ ✓ ✓

New Jersey ✓ ✓ ✓ ✓

2020 Launch Retail Sports Online Sports Online Casino Online Poker

New Mexico ✓

Tennessee ✓

Pennsylvania ✓ ✓

To date, BetMGM has secured market access in 20 states1 and is live in eight states,

with the expectation of being live in 11 states by year end 2020


B E T M G M H A S I N C R E A S E D S H A R E I N K E Y U . S . M A R K E T S

T O B E C O M E A T O P # 3 O P E R A T O R 1

1 In markets that BetMGM is live and are publicly reportedNote: Market share is estimated based on BetMGM revenues as a percentage of state reported sports betting and iGaming revenues* Based on Eilers & Krejcik Gaming estimates. Market does not report by operator** Based on BetMGM assumptions

Consistently the #1 brand in NJ iGaming, with

WV ramping

Significant growth in online sports betting

despite competition

Strong retail sports betting driven by premier

MGM Resorts and partner destinations

CONFIDENT IN REPLICATING SUCCESS AS

BETMGM LAUNCHES IN ADDITIONAL STATES

YTD2Q20

Market

Share

Position1

3Q20

Market

Share

Position1

YTD September

Market Share

Position1

NJ 17.9% #1 20.3% #1 #1

WV N/A N/A 23.8% #2 #2

NV 4.6% Unknown 1.7% Unknown Unknown

NJ 5.7% #5 9.2% #3 #3

WV 4.3% #3 12.5% #3 #3

IN 2.4% #4 11.0% #3 #3

CO 9.4% #3* 12.3% #3* #3*

NV 27.7% Unknown 14.9% Unknown Unknown

NJ 3.6% #3 17.0% #3 #3

MS 19.3% #1/#2** 35.2% #1/#2** #1/#2**

MI 80.2% #1 47.7% #1 #1

ONLINE SPORTS

MARKET SHARE1

RETAIL SPORTS

MARKET SHARE1

IGAMING

MARKET SHARE1


D R I V I N G M O M E N T U M I N O N L I N E S P O R T S B E T T I N G

23

4.5%

5.6%

8.5% 8.5%8.7%

Jan-20 Jun-20 Jul-20 Aug-20 Sep-20

BetMGM Online Sports Betting Market Share

BetMGM has nearly doubled its online sports betting market share1 since January 2020

1 In markets that BetMGM is live and are publicly reported; Estimated based on BetMGM revenues as a percentage of state reported sports betting revenues


D R I V I N G H I G H E R V A L U E C U S T O M E R S T H R O U G H A N

U N M A T C H E D O M N I - C H A N N E L S T R A T E G Y

24

GUEST BOOKING

GUEST ARRIVAL TO MGM RESORTS

PROPERTY

GUEST ON-PROPERTY EXPERIENCE

GUEST CHECKOUT & RETURN TO HOME

STATE

• PRE-ARRIVAL EMAIL

• IN-ROOM TV COMMERCIAL

• WI-FI POD INCLUSION

• MLIFE INTEGRATED WITH BETMGM APP

• STATE-SPECIFIC PROMO OFFERS FOR

BETMGM SIGN-UP WITH HOME STATE

• RETURN VISIT RETENTION

COMMUNICATIONS

• MGM RESORTS AND ALL PROPERTY

WEBSITE INCLUSIONS

• DIRECT MARKETING POD INCLUSIONS

• PROPERTY SIGNAGE

• IN-VENUE ACTIVATION (SPORTSBOOKS)

• BRAND AMBASSADORS PROMOTING

BETMGM SIGN-UPS

• VIP HOST INTERACTIONS

• MARQUEE SCREEN EXPOSURE

• SPORTSBAR VENUE COLLATERAL

1

23

4


O N - P R O P E R T Y B R A N D I N G & A C T I V A T I O N S

25


B E T M G M B R A N D I N G A T L U X O R


N E W Y A H O O ! F E A T U R E S R E L E A S E D M I D - O C T O B E R

27

DIRECT ACCESS TO BETMGM

Streamlined registration and onboarding experience between the Yahoo Sports app1

ENHANCED FEATURESPlayer prop odds addedto Yahoo Fantasy app2

YAHOO SPORTS

~50 millionMONTHLY AVERAGE USERS IN U.S.

YAHOO FANTASY

>15 billionMINUTES OF USER TIME EVERY YEAR

1 Available in states where BetMGM is live except NV2 Available in states where permitted by regulators


K E Y P I L L A R S P O S I T I O N B E T M G M F O R S U C C E S S

28

KEY STRATEGIC PILLARS RECENT SUCCESSES

MARKET ACCESS

• Prime MGM Resorts assets in key states• Additional access secured via other partners• Proprietary platform enables entering markets through B2C

and B2B partnerships

• Access to 20 markets secured• Operational in 8 markets• Expect to be operational in 11 by year end 2020• Ongoing access discussions in further states

TECHNOLOGY &

PRODUCT

• Proprietary retail and online platform, including advanced trading, marketing, CRM and BI tools

• Flexibility to respond to different conditions• Available at lower costs vs. competitors given that GVC owns

complete technology stack

• Significantly customized for the U.S. market• Leading gaming product - proprietary content in gaming

supporting NJ performance• Single app launch

BRANDS &

MARKETING

• BetMGM brand in all active states• Continue strengthening BetMGM’s position as a sports brand• PartyPoker re-launched as national U.S. poker brand

PLAYER

ACQUISITION

• Integration of M life Rewards status and tier credit earning capabilities (Phase 1)

• Integration with Yahoo Sports!• Key strategic relationships in place• Omni-channel campaigns launched to drive customer

acquisition at a lower cost

BetMGM’s four key strategic pillars position it to become an industry leader with an efficient financial model

29

• 3 Q 2 0 2 0 H I G H L I G H T S

• B E T M G M



T A B L E O F

C O N T E N T S


F I N A N C I A L C O N S I D E R A T I O N S

30

• Health and Safety / Benefits➢ Health and Safety – Domestic Operating Expenses

– 3Q 2020: $20 million1

– 4Q 2020: Expect to incur ~$20 million1, primarily related to labor, PPE, and other supplies➢ Benefits

– 3Q 2020: The Company provided benefits to its furloughed employees through September 30, 2020 and negotiated union benefit contributions which resulted in ~$29 million in expenses, primarily in Las Vegas (also referenced on Slide 9)

– 4Q 2020: Expect to incur $6-7 million, primarily in Las Vegas

• Corporate Expense & Stock Based Compensation➢ Corporate Expense (Excluding Stock Based Compensation)

– 3Q 2020: 43% year-over-year decrease to $55 million, reflecting the Company’s ongoing cost-savings efforts, properties continuing to ramp, and lower than expected certain global development and IT costs

– 4Q 2020: Expect sequential increase vs. 3Q 2020, as properties continue to ramp and also due to the timing of certain global development and technology costs

➢ Stock Based Compensation– 3Q 2020: $21 million due to the timing of annual grants occurring in August (vs. typically in October) as well as the accelerated recognition

of expense across a minimum of 6 months due to MGM Resorts’ new retirement policy – 4Q 2020: Expect sequential increase vs. 3Q 2020, due to timing of grants and retirement eligibility

• BetMGM – Full Year 2020 Expectations➢ Net revenues: $150-160 million (recently increased from ~$130 million)➢ Ongoing losses reflect the start-up nature of the business and heightened marketing costs

1 Includes approximately $1 million at CityCenter, reflecting MGM Resorts’ 50% share


T R I P L E N E T O P E R A T I N G A N D G R O U N D L E A S E S

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• The Company has rental obligations to the following entities: MGM Growth Properties, the Bellagio BREIT venture and the MGP BREIT venture (Mandalay Bay and MGM Grand Las Vegas)

• Given the Company’s 57% economic ownership in MGP, MGP is consolidated within the Company’s financial statements. However, the BREIT ventures are not consolidated

• Thus, MGM Resorts’ rent expense associated with the BREIT ventures and other ground leases are expensed within the Company’s consolidated income statement as part of “General and administrative” expenses➢ Recognized on a straight-line basis ($189.6 million in 3Q 2020)

• Additionally, the Company’s income is recognized via the equity method under “Income (loss) from unconsolidated affiliates” ($41.7 million in 3Q 2020) and “Non-operating items from unconsolidated affiliates”(-$15.2 million in 3Q 2020)➢ 5% ownership of Bellagio BREIT venture➢ 50.1% ownership of MGP BREIT venture through the consolidation of MGP within MGM Resorts financial statements

• Consolidated net income is adjusted to exclude the impact of these items in our Adjusted EBITDAR calculation1

• 3Q 2020 triple net operating lease rent expense on a cash basis:➢ MGP: $206.9 million (partially offset by $83.9 million in distributions received from MGP)➢ BREIT ventures: $134.3 million

• Our ground lease expenses aggregate to approximately $8 million of rent expense per quarter (~$32 million per year)

1 Refer to “Reconciliation of Net Income (Loss) Attributable to MGM Resorts International to Adjusted EBITDAR” table within the Company’s 3Q 2020 earnings release


3 Q 2 0 2 0 – L A S V E G A S S T R I P

32

• Casino revenue decreased 44% compared to the prior year quarter➢ Table games drop of $498 million compared to $842 million in 3Q 2019➢ Table games win % of 21.6% compared to 24.2% in 3Q 2019➢ Slot handle $1.9 billion compared to $3.3 billion in 3Q 2019➢ Slot hold % of 9.4% compared to 9.4% in 3Q 2019

Note: Excludes CityCenter1 RevPAR is hotel revenue per available room. Rooms that were out of service during the three months ended September 30, 2020 as a result of property closures due to the COVID-19 pandemic were excluded from the available room count when calculating hotel occupancy and REVPAR.

$1,507 $1,504

$481 $489

3Q19 3Q193Q20 3Q20


Net Revenues ($ in U.S. millions)

$441 $438

$15 $21

3Q19 3Q193Q20 3Q20


Adjusted Property EBITDAR($ in U.S. millions)

• Rooms revenue decreased 71% compared to the prior year quarter➢ Occupancy of 44% compared to 92.5% in 3Q 2019➢ ADR declined 15% to $139 compared to $164 in 3Q 2019 ➢ RevPAR1 decreased 60% to $61 compared to $152 in 3Q 2019


3 Q 2 0 2 0 – R E G I O N A L

33

• Casino revenue decreased 30% compared to the prior year quarter➢ Table games drop of $739 million compared to $1.1 billion in 3Q 2019➢ Table games win % of 21.0% compared to 19.6% in 3Q 2019➢ Slot handle $4.4 billion compared to $6.7 billion in 3Q 2019➢ Slot hold % of 9.8% compared to 9.4% in 3Q 2019

$935

$269

$557

$146

3Q19 3Q193Q20 3Q20

Net Revenue Adjusted Property EBITDAR



3 Q 2 0 2 0 – C I T Y C E N T E R

34

1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY

• CityCenter reopened in July 2020➢ Occupancy of 36.9% compared to 91.0% in 3Q 2019➢ ADR declined 14% to $213 compared to $248 in 3Q 2019 ➢ RevPAR1 decreased 65% to $79 compared to $225in 3Q 2019

• Key Balance Sheet Items (as of 9/30/20)

➢ Cash and cash equivalents: $106 million

➢ Availability under revolver: $117 million

➢ Total debt: $1.74 billion

1 RevPAR is hotel revenue per available room. Rooms that were out of service during the three months ended September 30, 2020 as a result of property closures due to the COVID-19 pandemic were excluded from the available room count when calculating hotel occupancy and REVPAR.

$320

$109 $127

$25

3Q19 3Q193Q20 3Q20

Net Revenue Adjusted EBITDA



3 Q 2 0 2 0 – M G M C H I N A

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1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY

• VIP table games: 89% decrease in turnover year-over-year; hold percentage of 1.9%

• Mass table games: 93% decrease in volume year-over-year; hold percentage of 17.3%

• See Supplemental section MGM China reported property-level details

$738 $699

$47 $54

3Q19 3Q193Q20 3Q20


Net Revenues ($ in U.S. millions)

$184 $170

($96) ($93)

3Q19 3Q19

3Q20 3Q20


Adjusted Property EBITDAR($ in U.S. millions)

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• M G M C H I N A P R O P E R T Y D A T A

• C O N V E N E W I T H C O N F I D E N C ES U P P L E M E N T A L


M G M C H I N A P R O P E R T Y D A T A


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, construction in progress 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 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.

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

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

Three Months Ended Nine Months EndedSeptember 30 September 30

2020 2019 2020 2019HK$'000 HK$'000 HK$'000 HK$'000

(unaudited) (unaudited) (unaudited) (unaudited)

Revenue

MGM Macau $263,882 $2,928,872 $1,532,497 $9,388,221

MGM Cotai $99,357 $2,847,742 $1,201,136 $7,685,027

Total Revenue $363,239 $5,776,614 $2,733,633 $17,073,248

Adjusted EBITDA1

MGM Macau ($274,240) $855,586 ($631,145) $2,901,181

MGM Cotai ($456,326) $692,922 ($1,107,807) $1,724,130

Total Adjusted EBITDA ($730,566) $1,548,508 ($1,738,952) $4,625,311


(in thousands, except for percentages and revenue per available room (“RevPAR”))


391 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 Permanent table count as of September 30, 2020 and 2019




MGM MACAU2020 2019 2020 2019

HK$'000 HK$'000 HK$'000 HK$'000(unaudited) (unaudited) (unaudited) (unaudited)

VIP Table Games Turnover 4,949,128 39,327,793 22,494,616 144,214,901VIP Gross Table Games Win1 106,704 1,299,582 656,744 4,396,222VIP Table Games Win Percentage 2.16% 3.30% 2.92% 3.05%Average Daily Gross Win Per VIP Gaming Table 17.0 181.0 38.9 201.8Main Floor Table Games Drop 690,385 9,204,392 4,483,888 28,029,967Main Floor Gross Table Games Win1 118,750 1,976,577 923,604 5,982,457Main Floor Table Games Win Percentage 17.2% 21.5% 20.6% 21.3%

Average Daily Gross Win Per Main Floor Gaming Table 6.5 103.5 18.7 104.7

Slot Machine Handle 1,174,460 7,883,265 5,556,499 23,760,588Slot Machine Gross Win1 45,907 296,793 193,667 900,670Slot Hold Percentage 3.9% 3.8% 3.5% 3.8%Average Daily Win Per Slot 0.8 3.1 1.2 3.2Commissions, complimentaries and other incentives1 (53,820) (887,416) (422,373) (2,612,905)

Room Occupancy Rate 12.3% 96.9% 20.5% 96.8%RevPAR 193 1,954 385 1,951

As of September 30Gaming Units: 2020 2019Tables2 285 290Slot Machines 640 1,083




(in thousands, except for percentages and revenue per available room (“RevPAR”))


MGM COTAI2020 2019 2020 2019

HK$'000 HK$'000 HK$'000 HK$'000(unaudited) (unaudited) (unaudited) (unaudited)

VIP Table Games Turnover 2,239,225 28,350,048 14,767,878 87,955,761VIP Gross Table Games Win1 27,721 1,188,829 411,374 3,030,147VIP Table Games Win Percentage 1.24% 4.19% 2.79% 3.45%Average Daily Gross Win Per VIP Gaming Table 5.6 233.0 30.3 201.6Main Floor Table Games Drop 416,098 7,369,655 3,165,136 20,155,343Main Floor Gross Table Games Win1 73,184 1,941,806 813,716 5,011,724Main Floor Table Games Win Percentage 17.6% 26.3% 25.7% 24.9%

Average Daily Gross Win Per Main Floor Gaming Table 3.8 103.3 16.1 90.3

Slot Machine Handle 573,515 8,472,100 4,541,868 28,231,400Slot Machine Gross Win1 13,325 275,586 137,778 768,823Slot Hold Percentage 2.3% 3.3% 3.0% 2.7%Average Daily Win Per Slot 0.2 2.6 0.8 2.4Commissions, complimentaries and other incentives1 (58,941) (908,716) (396,275) (2,135,177)

Room Occupancy Rate 7.4% 92.4% 14.5% 92.0%RevPAR 96 1,449 242 1,409

As of September 30Gaming Units: 2020 2019Tables2 267 262Slot Machines 666 1,186

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 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 Permanent table count as of September 30, 2020 and 2019



C O N V E N E W I T H C O N F I D E N C E


C O N V E N E W I T H C O N F I D E N C E : M E E T I N G S

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C O N V E N E W I T H C O N F I D E N C E : E N T E R T A I N M E N T

43


P R O T E C T E D E X P E R I E N C E S W I T H M G M H E A L T H P A S S

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ENROLL HEALTH PASS

SECURITY/TICKET CHECK

PROTECTED EXPERIENCES

RAPID TEST

HEALTH SCREEN

HEALTH PASS CREATION

HEALTH PASS CHECK

PASS

FAIL

PARTNERS

F&B

CONCERTSSPORTS

HOTEL

CONVENTIONS

GUEST JOURNEY

Optional Multi-Layered Health Screening Capabilities


P I L O T P R O G R A M A T M G M G R A N D D E T R O I T

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PHOTO

HERE

NAME HERE

third quarter 2020 earnings...minimizing cash burn and maximizing portfolio-wide profit cost...

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