MGM First Quarter 2017 Earnings Presentation

MGM Resorts International
Investor Presentation
First Quarter 2017 Earnings
April 27, 2017

Forward-Looking Statements
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
of 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 Industry Data
This presentation also contains estimates 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 most 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
of 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 space28,00
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 Limited
(56% ownership)
CityCenter
Holdings
(50% ownership)
OtherMGM Growth
Properties (“MGP”)
(76% ownership)Owned Properties
Bellagio, MGM Grand LV,
Circus Circus LV,
MGM National Harbor
Development
MGM Springfield
(Opening Sept 2018)
Publicly Traded REIT1
Properties
MGM MACAU
Development
MGM COTAI
(Opening Late 2017)
Properties
Aria
Vdara
Mandarin Oriental
Las Vegas Arena
Company (42.5%)
T-Mobile Arena
(NYSE: MGM)
1Q 2017 Diluted EPS: $0.36
Owned
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 (49%)
MGM Grand Sanya,
Diaoyutai Hotel Hangzhou,
Diaoyutai Hotel Chengdu,
Bellagio Shanghai
(Opening 2017)
Elgin Riverboat Resort
(50%)
Grand Victoria – Elgin, IL
(HKSE: 2282 HK)(NYSE: MGP)
1 MGM Growth Properties owns the properties leased by MGM Resorts International 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
ownership 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
of 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
ownership mitigates rental expense
1 As a result of our ownership of MGP’s Class B share
2 Refer to 1Q 2016 Earnings Presentation dated 5/5/16: Consolidated net leverage from 5.5x to 4.7x (Pro Forma 3/31/16)
3 Trailing stock performance as of 4/26/17 and includes dividends; Source: Bloomberg
4 Right of first offer
MGM
Growth
Properties
Operating
Partnership
MGM
ResortsRent
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
• 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 footprint3 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
1 Ms. Pansy Ho has a direct interest in approximately 10% interest in MGM China Holdings Limited and an indirect interest of approximately 12.5% as a result of her control
of Grand Paradise Macau Limited
2 As of 4/24/17
3 Based on room count
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
of CityCenter
CityCenter is NOT
consolidated in MGM’s
financial statements
• 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 WorldDividends
9

OUR FUNDAMENTAL BELIEFS
10
We develop and
create
extraordinary
experiences
We provide a
consistent level
of 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: Company filings; All figures are on an MGM Resorts consolidated basis except Hotel RevPAR
1 Excludes one-time gain at CityCenter of approximately $404 million
2 Las Vegas Strip resorts (Excludes CityCenter)
3 Pro forma for the annualization of Borgata and MGM National Harbor. Refer to slide 22 for calculation
remains focused on
optimizing operations,
maximizing free cash flow,
enhancing the balance
sheet, and investing in
accretive capital
opportunities 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

• 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
2 Same-store financial information included in this presentation is Adjusted Property EBITDA related to operating resorts which were consolidated by the Company
for both the entire current and prior year periods presented
FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS
13

1 Excludes Borgata which was acquired on August 1, 2016 and MGM National Harbor which opened December 8, 2016
2 RevPAR is hotel revenue per available room
3 Regional includes MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata and MGM National Harbor
4 See Appendix slide 52
14
Domestic Resorts (YoY)
Actual Same-store1
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 Same-store1
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

• Net revenue increased 8% year-over-year
• Aria and Vdara’s RevPAR increased 9.1% and 7.6%, respectively
• Key Balance Sheet Items (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
1 Pro forma for senior credit facilities refinancing, Total Debt is $1.6 billion; Excess cash was used to pay $600 million dividend
2 Includes an upsized $1.6 billion term loan and upsized $125 million revolving credit facility
3 Leverage ratio is calculated as Total Long-Term Debt over LTM Adjusted EBITDA from Resort Operations
15

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 Items (as of 3/31/17)
• Cash & Cash Equivalents: approximately $465 million
MGM China (YoY)
Adjusted EBITDA $ $143 million 25%
Adjusted EBITDA Margin 28% 413bps

17
• Net Income of $47 million
• General and administrative expenses of $2.7 million
• Key Balance Sheet Items (as of 3/31/2017)
• Cash & Cash Equivalents: $368 million
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 Growth Properties
$ in millions Per Diluted Share1
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
2 Expected closing date for the repricing transaction on May 1, 2017

ITEMS AFFECTING FIRST QUARTER 2017
18
• Las Vegas Strip table games hold:
 1Q 2017 table games hold of 25.2% was higher than the normal range1
as well as higher than 1Q 2016
• 4.0-5.0pt positive impact to 1Q 2017 RevPAR growth:
 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
1 Refer to Appendix slide 52

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 EBITDA margin 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 items:
 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
2 Net of capitalized interest

• Our 2017 targets at our Las Vegas Strip resorts remain 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 items:
 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
201 Net of capitalized interest

FULL YEAR 2017 CAPITAL EXPENDITURES
21
• Domestic Operations: ~$540 million
 Includes Monte Carlo rebrand and general maintenance and growth
• U.S. Development Projects: $458 million
 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)
1 Excludes capitalized interest, pre-opening expense and land related fees

1 3/31/17 Actual includes $465 million and $368 million at MGM China and MGM Growth Properties, respectively
2 Borgata annualization based on LTM March 31, 2017 actuals less $140.2M of Borgata Adjusted Property EBITDA reported as of LTM March 31, 2017. National Harbor
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
3 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter and Grand Victoria
4 LTM 3/31/2017 Actual includes $2.0 billion, $3.7 billion, and $450 million at MGM China, MGM Growth Properties, and MGM National Harbor, respectively
CAPITAL STRUCTURE ENHANCEMENT
22
CONSOLIDATED NET LEVERAGE
Consolidated Net Leverage Ratio
($ in millions)
Actual
3/31/2017
Annualization
Adjustment
Pro Forma
3/31/2017
Total Cash1
$1,395 $-- $1,395
LTM Adjusted EBITDA related to:
Domestic Resorts $2,226 $187 2
$2,413
Management and other operations 20 -- 20
MGM China 550 -- 550
Corporate expense (excluding stock-based compensation) (283) -- (283)
$2,512 $187 $2,699
Dividends and distributions received by MGM Resorts3
58 -- 58
$2,570 $187 $2,757
Total Principal Amount of Debt related to:
MGM Resorts Consolidated4
$13,247 $-- $13,247
$13,247 $-- $13,247
Net Leverage Ratio 4.6x 4.3x
MGM Resorts continues to strengthen the balance sheet while positioning the company for growth

12.3x
11.8x
9.9x
8.1x
7.4x
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 1,24
MGM Implied US Valuation
MGM Resorts Market Value of Equity 16,652$
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% 4,620
Less: MGP
MGP Share Price as of 4/24/2017 $28.13
Shares 243
Market Value of Equity 76.30% 5,213
Implied US Market Value of Equity 6,819$
Plus: US Domestic Net Debt 6,695
Implied US Enterprise Value 13,513$
Implied US EV / EBITDA Multiple 7.4x
2
1
3
1 Based on 2018E Consensus Metrix estimates with MGM’s market value of equity as of 4/24/17 adjusted for the market values of equity for MGM China and MGM Growth Properties as of 4/24/17.
2 MGM Net Debt is calculated using domestic resorts (including MGM National Harbor and excluding MGP) total debt less domestic cash and cash equivalents plus 50% of CityCenter’s total debt less
cash and cash equivalents
3 EBITDA derived from implied multiple corresponds with Adjusted EBITDA related to MGM Resorts domestic and corporate operations excluding MGM China and less annual rent payments to MGM
Growth properties operating partnership.
4 Based on average 2018E Wall Street Analyst estimates with Wynn and LVS market value of equity adjusted for the market value of equity for Wynn Macau and Sands China as of 4/24/17.

DOMESTIC FINANCIAL INFORMATION
2 MGM Resorts Owned refers to properties owned by MGM Resorts and not leased from a subsidiary of MGP pursuant to the Master Lease
3 MGP Growth Properties Owned refers to properties owned by a subsidiary of MGP and leased to MGM pursuant to the Master Lease
4 Consolidated domestic corporate expense excluding stock based compensation, less MGM Growth Properties G&A expense
5 Excludes interest related to MGP Operating Partnership indebtedness and excludes capitalized interest
6 U.S. domestic capital expenditures including Park MGM Las Vegas. Excludes project costs associated with development activities, including MGM National Harbor and MGM
Springfield
Domestic Resorts Adjusted Property EBITDA1
1Q 2017 ($ in millions)
Domestic Dividends Received and Other
24
MGM Resorts owned2
:
Las Vegas $219
MGM National Harbor $32
MGM Growth Properties owned3
:
Las Vegas $258
U.S. Regionals $139
__________
Total $648
Other Domestic and Corporate
Dividends Received by MGM Resorts, from:
CityCenter $0
MGM China $0
Grand Victoria $4
MGP Operating Partnership $72
Other:
Domestic Capital Expenditures Ex. Development6
($79)
Domestic Cash Paid for Taxes ($3)
Management & Other Adjusted EBITDA $11
Rent Payments to MGP Operating Partnership ($163)
Corporate Expense4
($62)
Domestic Interest Expense, net5
($129)

DOMESTIC CAPITAL ALLOCATION
Domestic Development Projects1 Return of Capital to MGM Shareholders
25
1Q 2017 – U.S. Domestic
• MGM National Harbor: $86 million
• MGM Springfield: $39 million
• Quarterly dividend to MGM Resorts
shareholders: $63 million (or $0.11/ share)
1 Excludes capitalized interest and land related costs, includes pre-opening

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
28Source: 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 Gaming Abstract
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
30Source: 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
31Source: Las Vegas data LVCVA; Future supply assumes Resort World and Alon do not open by 2019
Assuming 1.5%-2.0% annual growth in visitation,
Las Vegas is expected to get back to 2007 levels this year
1.26 1.24 1.24 1.37 1.50 1.46 1.41 1.39 1.39 1.34 1.29 1.28 1.24 1.21 1.19
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 Inventory 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 Smith Travel Research; Las Vegas data LVCVA
$54
$20
$31
$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
33Source: Las Vegas Attendees - LVCVA , U.S. group room nights - Smith Travel Research, MGM - Domestic 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
of 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
of 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.
34Sources: Dept of Gaming Enforcement of New Jersey, Michigan Gaming Control Board, Maryland Lottery and Gaming Control Commission, Mississippi Gaming Commission
1 Based on gross gaming revenue as of the twelve months ended December 31, 2016
2 Beau Rivage market includes 11 casinos in Biloxi, Gulfport and Bay Saint Louis; Gold Strike market includes 19 casinos in Tunica, Lula, Vicksburg, Natchez and Greenville
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
or maintain their market
share1,2 of 25% and
16%, respectively.
Maryland/ WV/
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
of the top regional
markets in the country.
• Potential risk: Highly
competitive market that
continues to evolve
Geographic diversification through market leading premium properties in stable markets

MGM NATIONAL HARBOR
• MGM is outperforming 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 22,000 daily
visitors
• M life Rewards loyalty program seeing
strong demand
 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
1 D.C. Metro peer/ competitive set including MGM National Harbor, Maryland Live, Horseshoe Baltimore, Hollywood Perryville, Ocean Downs, Rocky Gap and Hollywood Charles Town
2 Fair share is based on total table game and slot units for the D.C Metro peer/competitive set
3 As of April 2017
First full quarter of operations proves MGM National Harbor is the market1 leader

MACAU MARKET SUMMARY
• Macau remains the world’s largest gaming market at US$28 billion1
 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 premium operator in Macau
 Strong customer retention despite new capacity in Cotai
 Solid and efficient execution
 Tripling our footprint2 with the opening of MGM COTAI in late 2017
36
Source: DICJ
1 Based on gross gaming revenue as of the twelve months ended December 31, 2016
2 Based on room count

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
39
 Ensures a data-driven mindset and strategy
 Applying the art and science of analytics to
optimize 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
operational and real estate outperformance

FROM TO
PROJECT MANAGEMENT OFFICE
40
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
41
ONE COMPANY, ONE CULTURE
GUEST SERVICE CULTURE

43
• 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

44
EVOLVING GUEST EXPERIENCES
Day Club Bungalows F&B Reconcepting
Convention Center
ExpansionRoom & 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
461 As of April 2017
2 Includes CityCenter
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.
47

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.
$1,324M $1,439M $1,519M
$1,687M
$1,972M
23%
24% 24%
26%
30%
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
49
• 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 $274mm1
 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
1 Total consideration includes 7,060,492 shares of MGM Resorts common stock and cash consideration of $100 million; Excludes deferred cash payment of $50 million .
2 Assumes HKD / USD exchange rate of 7.75 based on closing price of HK$16.84 on 4/24/17

• 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
1 Pro forma for the annualization of Borgata and MGM National Harbor; Refer to slide 22 for calculation
STRONG FINANCIAL POSITION
50

APPENDIX
• Las Vegas Strip – Normalized Hold Impact
• Adjusted Property EBITDAR
• Capital Initiative Projects
• Historical Earnings Call-outs
• Supplemental Data

($ in millions) 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017
Table Games Hold - Actual 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
Adjusted Property EBITDA $409 $431 $452 $365 $477
Hold Impact to:
Net Revenues ($6) ($20) ($15) ($4) ($18)
Adjusted Property EBITDA ($5) ($17) ($13) ($3) ($16)
LAS VEGAS STRIP – NORMALIZED HOLD IMPACT
52
1 Hold impact represents the estimated impact of the difference in actual table games hold percentage to the mid-point of our normal range of 21% – 25% for Las
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 games hold impact to a
hold percentage of 23%, the mid-point of our normal range of 21%-25%

ADJUSTED PROPERTY EBITDAR
53
Beau Rivage Borgata National Harbor
Net Revenue 89,177$ 201,081$ 173,159$
Adjusted Property EBITDA 20,487 58,923 32,140
Rent expense 382 1,368 3,905
Adjusted Property EBITDAR 20,869 60,291 36,045
Adjusted Property EBITDA margin 23.0% 29.3% 18.6%
Adjusted Property EBITDAR margin 23.4% 30.0% 20.8%
Three Months Ended
March 31, 2017
(In thousands)
(Unaudited)
1 Adjusted Property EBITDAR is defined as Adjusted Property EBITDA plus rent related to land leases with third parties. Rent does not include rent payments to a
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
54
Opening Date:
• Late 2017
Total Project Cost1:
• $3.3 billion
Project Spend1 in 1Q 2017:
• $233 million
Project Spend1 to Date:
• $2.2 billion

MGM COTAI
55
Construction as of April 2017

MGM COTAI
56

MGM COTAI
57

MGM SPRINGFIELD
58
Opening Date:
• September 2018
Total Project Cost1:
• $865 million
Project Spend1 in 1Q 2017:
• $39 million
Project Spend1 to Date:
• $300 million

MGM SPRINGFIELD
59

MGM SPRINGFIELD
60

HISTORICAL EARNINGS CALL-OUTS: 2016
• Las Vegas Strip RevPAR guidance of 6%, achieved 8%
• Domestic Adjusted Property EBITDA increased $95 million year-over-year or 24% year-over-year
• Includes hold impact of $20 million or 5%, Profit Growth Plan of $54 million or 14%, and normal growth of $21 million or 5%
1Q
2Q
• 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
• Includes 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%
• Variance to guidance attributable to stronger convention business than expected and leisure business driven by entertainment
events at T-Mobile Arena
• Includes 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%
3Q
z4Q
• Includes 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
61

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
2Q
3Q
• 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
out of the city. Excluding CONEXPO-CON/AGG, RevPAR would have been up 6% year-over-year
1Q
4Q
• 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 game hold of $20 million impacting Las Vegas Strip Adjusted Property EBITDA
• Approximately $14 million of Adjusted Property EBITDA impact at The Mirage
62

(1) The last twelve months financial data for the period ending March 31, 2017 has been calculated by subtracting the data for the three months ended March 31, 2016
from the data for the year ended December 31, 2016 and adding the data for the three months ended March 31, 2017.
(2) Represents Adjusted EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through March 31, 2017
(3) Represents Adjusted EBITDA of National Harbor for the period from December 8, 2016 (Opening Day) through March 31, 2017
(4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.
SUPPLEMENTAL DATA:
NON-GAAP FINANCIAL MEASURES
Twelve Months Twelve Months
Ended Ended (1)
December 31, March 31,
2016 2017
Bellagio $ 129,107 $ 116,651 $ 479,259 $ 491,715
MGM Grand Las Vegas 73,650 80,894 330,681 323,437
Mandalay Bay 78,117 58,122 235,609 255,604
The Mirage 62,095 38,330 139,427 163,192
Luxor 32,804 25,391 108,192 115,605
New York-New York 33,912 30,903 121,729 124,738
Excalibur 28,798 23,877 101,525 106,446
Monte Carlo 22,454 21,300 78,862 80,016
Circus Circus Las Vegas 15,958 13,293 61,989 64,654
MGM Grand Detroit 44,604 40,042 171,414 175,976
Beau Rivage 20,487 22,799 93,762 91,450
Gold Strike Tunica 14,726 13,329 49,690 51,087
Borgata (2) 58,923 - 81,281 140,204
National Harbor (3) 32,140 - 9,596 41,736
Domestic resorts 647,775 484,931 2,063,016 2,225,860
MGM China 142,982 114,123 520,736 549,595
Unconsolidated resorts (4) 39,703 14,702 527,616 552,617
Management and other operations 10,916 4,115 13,000 19,801
841,376 617,871 3,124,368 3,347,873
Corporate (64,301) (65,118) (283,727) (282,910)
Stock compensation (13,363) (9,869) (44,957) (48,451)
$ 763,712 $ 542,884 $ 2,795,684 $ 3,016,512
March 31, March 31,
2017 2016
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended
63

MGM First Quarter 2017 Earnings Presentation

Recommended

Recommended

More Related Content

What's hot

What's hot (18)

Similar to MGM First Quarter 2017 Earnings Presentation

Similar to MGM First Quarter 2017 Earnings Presentation (20)

Recently uploaded

Recently uploaded (20)

MGM First Quarter 2017 Earnings Presentation