Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial Statements:
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 34)						52
Consolidated Balance Sheets						55
Consolidated Statements of Operations						56
Consolidated Statements of Comprehensive Income						57
Consolidated Statements of Cash Flows						58
Consolidated Statements of Stockholders’ Equity						59
Notes to Consolidated Financial Statements						60

Financial statement schedules have been omitted because they are not applicable, or the required information is included in the consolidated financial statements or the notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of MGM Resorts International

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of MGM Resorts International and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 11, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

February 11, 2026

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of MGM Resorts International

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of MGM Resorts International and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders’ equity for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 11, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill – A Reporting Unit in the MGM Digital Segment — Refer to Notes 2 and 7 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company used the discounted cash flow model to estimate fair value, which requires management to make significant estimates and assumptions related to expected cash flows and projected financial results, including forecasted revenues and expenses (collectively the “forecast”), as well as the selection of discount rates. Changes in these assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, or both. The goodwill balance for one of the reporting units in the MGM Digital segment was $341 million as of December 31, 2025. The fair value of this reporting unit exceeded its carrying value by a 7% margin as of the measurement date and, therefore, no impairment was recognized.

The Company’s fair value determination for the reporting unit required management to make significant estimates and assumptions for the discount rate and the forecast. Therefore, performing audit procedures to evaluate the

reasonableness of management’s estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the involvement of our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the forecast and selection of the discount rate used by management to estimate the fair value of this reporting unit in the MGM Digital segment included the following, among others:

• We tested the effectiveness of controls over determining the fair value of the reporting unit, including those over management’s forecast and the selection of the discount rate.

• We evaluated management’s ability to accurately forecast revenues and expenses by comparing actual results to management’s historical forecasts.

• We evaluated the assumptions and estimates included in the forecast by:

–Comparing the forecast to information included in the Company’s communications, industry reports, and analyst reports for the Company and certain of its peer companies;

–Comparing the forecast to historical financial results;

–Conducting inquiries with management; and

–Evaluating whether the forecast was consistent with evidence obtained in other areas of the audit.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rate by:

–Testing the market-based source information underlying the determination of the discount rates and the mathematical accuracy of the discount rate calculations; and

–Developing a range of independent estimates and comparing it to the discount rate selected by management.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

February 11, 2026

We have served as the Company’s auditor since 2002.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

						December 31,
						2025						2024
ASSETS
Current assets
Cash and cash equivalents						$	2,062,994					$	2,415,532
Accounts receivable, net						1,122,940						1,071,412
Inventories						124,535						140,559
Income tax receivable						220,154						257,514
Prepaid expenses and other						486,419						478,582
Assets held for sale						315,382						—
Total current assets						4,332,424						4,363,599
Property and equipment, net						6,305,614						6,196,159
Investments in and advances to unconsolidated affiliates						536,066						380,626
Goodwill						4,901,960						5,145,004
Other intangible assets, net						1,356,676						1,715,381
Operating lease right-of-use assets, net						23,002,707						23,532,287
Deferred income taxes						89,792						39,591
Other long-term assets, net						848,547						858,980
						$	41,373,786					$	42,231,627
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts and construction payable						$	421,502					$	412,662
Accrued interest on long-term debt						71,845						69,916
Other accrued liabilities						2,993,179						2,869,105
Liabilities related to assets held for sale						25,581						—
Total current liabilities						3,512,107						3,351,683
Deferred income taxes						2,617,067						2,811,663
Long-term debt, net						6,230,141						6,362,098
Operating lease liabilities						24,962,742						25,076,139
Other long-term obligations						775,411						910,088
Total liabilities						38,097,468						38,511,671
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests						21,777						34,805
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 258,323,143 and 294,374,189 shares						2,583						2,944
Capital in excess of par value						—						—
Retained earnings						2,106,836						3,081,753
Accumulated other comprehensive income (loss)						320,498						(61,216)
Total MGM Resorts International stockholders’ equity						2,429,917						3,023,481
Noncontrolling interests						824,624						661,670
Total stockholders’ equity						3,254,541						3,685,151
						$	41,373,786					$	42,231,627

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

						Year Ended December 31,
						2025						2024						2023
Revenues
Casino						$	9,450,887					$	8,785,649					$	8,087,917
Rooms						3,377,400						3,681,617						3,500,926
Food and beverage						3,045,965						3,078,731						2,891,483
Entertainment, retail and other						1,663,431						1,694,548						1,683,923
						17,537,683						17,240,545						16,164,249
Expenses
Casino						5,340,097						4,958,020						4,316,547
Rooms						1,101,061						1,119,108						1,017,650
Food and beverage						2,262,434						2,253,031						2,153,795
Entertainment, retail and other						1,043,960						1,063,382						1,065,570
General and administrative						4,877,538						4,825,313						4,700,657
Corporate expense						556,952						520,197						512,399
Preopening and start-up expenses						1,086						7,972						415
Property transactions, net						126,036						81,316						(370,513)
Goodwill impairment						278,927						—						—
Depreciation and amortization						1,017,794						831,097						814,128
						16,605,885						15,659,436						14,210,648
Income (loss) from unconsolidated affiliates						69,982						(90,653)						(62,104)
Operating income						1,001,780						1,490,456						1,891,497
Non-operating income (expense)
Interest expense, net of amounts capitalized						(419,042)						(443,230)						(460,293)
Non-operating items from unconsolidated affiliates						1,135						(734)						(1,032)
Other, net						(303,094)						70,573						42,591
						(721,001)						(373,391)						(418,734)
Income before income taxes						280,779						1,117,065						1,472,763
Benefit (provision) for income taxes						240,093						(52,457)						(157,839)
Net income						520,872						1,064,608						1,314,924
Less: Net income attributable to noncontrolling interests						(315,010)						(318,050)						(172,744)
Net income attributable to MGM Resorts International						$	205,862					$	746,558					$	1,142,180
Earnings per share
Basic						$	0.77					$	2.42					$	3.22
Diluted						$	0.76					$	2.40					$	3.19
Weighted average common shares outstanding
Basic						275,046						307,408						354,926
Diluted						277,275						310,232						358,627

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

						Year Ended December 31,
						2025						2024						2023
Net income						$	520,872					$	1,064,608					$	1,314,924
Other comprehensive income, net of tax:
Foreign currency translation						380,857						(201,594)						109,278
Other						—						—						936
Other comprehensive income (loss)						380,857						(201,594)						110,214
Comprehensive income						901,729						863,014						1,425,138
Less: Comprehensive income attributable to noncontrolling interests						(314,153)						(321,568)						(172,562)
Comprehensive income attributable to MGM Resorts International						$	587,576					$	541,446					$	1,252,576

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

						Year Ended December 31,
						2025						2024						2023
Cash flows from operating activities
Net income						$	520,872					$	1,064,608					$	1,314,924
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						1,017,794						831,097						814,128
Amortization of debt discounts and issuance costs						26,679						27,227						27,844
Loss on extinguishment of debt						—						7,087						—
Provision for credit losses						61,127						61,089						48,984
Stock-based compensation						90,471						80,224						73,607
Property transactions, net						126,036						81,316						(370,513)
Goodwill impairment						278,927						—						—
Foreign currency transaction loss (gain)						288,002						(128,588)						106,428
Noncash lease expense						509,098						515,403						516,120
Other investment losses						22,421						32,237						1,112
Loss (income) from unconsolidated affiliates						(71,117)						91,387						63,136
Distributions from unconsolidated affiliates						17,153						21,929						20,121
Deferred income taxes						(245,564)						(85,116)						(117,278)
Change in operating assets and liabilities:
Accounts receivable						(90,115)						(157,662)						(132,288)
Inventories						15,679						1,275						(15,524)
Income taxes receivable and payable, net						47,645						(132,842)						(58,493)
Prepaid expenses and other						4,453						35,062						(50,875)
Accounts payable and accrued liabilities						(82,374)						(107,395)						410,131
Other						(7,809)						124,157						39,213
Net cash provided by operating activities						2,529,378						2,362,495						2,690,777
Cash flows from investing activities
Capital expenditures						(1,068,927)						(1,150,589)						(931,813)
Dispositions of property and equipment						7,113						13,179						5,431
Proceeds from sale of operating resorts						—						—						460,392
Proceeds from repayment of principal on note receivable						—						—						152,518
Acquisitions, net of cash acquired						—						(113,882)						(122,058)
Investments in unconsolidated affiliates						(237,759)						(182,078)						(161,040)
Distributions from unconsolidated affiliates						207,272						2,324						8,342
Investments and other						(48,488)						147,883						(125,947)
Net cash used in investing activities						(1,140,789)						(1,283,163)						(714,175)
Cash flows from financing activities
Net borrowings (repayments) of debt – maturities of 90 days or less						6,607						104,416						(1,097,306)
Issuance of long-term debt						353,778						2,100,000						—
Repayment of long-term debt						(500,000)						(2,175,000)						(1,285,600)
Debt issuance costs						(40,839)						(38,318)						(21,535)
Distributions to noncontrolling interest owners						(169,235)						(188,567)						(177,093)
Repurchases of common stock						(1,228,272)						(1,357,890)						(2,291,917)
Other						(153,133)						(8,922)						(131,180)
Net cash used in financing activities						(1,731,094)						(1,564,281)						(5,004,631)
Effect of exchange rate on cash, cash equivalents, and restricted cash						4,410						(26,883)						(19,401)
Change in cash and cash equivalents classified as assets held for sale						(14,605)						—						25,938
Cash, cash equivalents, and restricted cash
Net change for the period						(352,700)						(511,832)						(3,021,492)
Balance, beginning of period						2,503,064						3,014,896						6,036,388
Balance, end of period						$	2,150,364					$	2,503,064					$	3,014,896
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized						$	389,128					$	406,260					$	452,160
Non-cash investing and financing activities
MGM Grand Paradise gaming concession intangible asset						$	—					$	—					$	226,083
MGM Grand Paradise gaming concession payment obligation						—						—						226,083

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Years ended December 31, 2025, 2024 and 2023

(In thousands**)**

						Common Stock												Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total MGM Resorts International Stockholders' Equity						Noncontrolling Interests						Total Stockholders' Equity
						Shares						Par Value
Balances, January 1, 2023						379,088						$	3,791					$	—					$	4,794,239					$	33,499					$	4,831,529					$	378,594					$	5,210,123
Net income						—						—						—						1,142,180						—						1,142,180						172,131						1,314,311
Currency translation adjustment						—						—						—						—						109,461						109,461						(183)						109,278
Stock-based compensation						—						—						70,775						—						—						70,775						2,676						73,451
Issuance of common stock pursuant to stock-based compensation awards						1,787						18						(22,529)						(9,318)						—						(31,829)						—						(31,829)
Distributions to noncontrolling interest owners						—						—						—						—						—						—						(29,566)						(29,566)
Issuance of restricted stock units						—						—						1,701						—						—						1,701						—						1,701
Repurchases of common stock						(54,325)						(543)						(50,332)						(2,263,093)						—						(2,313,968)						—						(2,313,968)
Adjustment of redeemable noncontrolling interest to redemption value						—						—						2,129						—						—						2,129						—						2,129
Other						—						—						(1,744)						—						936						(808)						(677)						(1,485)
Balances, December 31, 2023						326,550						3,266						—						3,664,008						143,896						3,811,170						522,975						4,334,145
Net income						—						—						—						746,558						—						746,558						317,392						1,063,950
Currency translation adjustment						—						—						—						—						(205,112)						(205,112)						3,518						(201,594)
Stock-based compensation						—						—						76,785						—						—						76,785						2,923						79,708
Issuance of common stock pursuant to stock-based compensation awards						1,282						12						(21,631)						—						—						(21,619)						—						(21,619)
Distributions to noncontrolling interest owners						—						—						—						—						—						—						(187,062)						(187,062)
Repurchases of common stock						(33,458)						(334)						(42,062)						(1,328,492)						—						(1,370,888)						—						(1,370,888)
Adjustment of redeemable noncontrolling interest to redemption value						—						—						(2,585)						(321)						—						(2,906)						—						(2,906)
Other						—						—						(10,507)						—						—						(10,507)						1,924						(8,583)
Balances, December 31, 2024						294,374						2,944						—						3,081,753						(61,216)						3,023,481						661,670						3,685,151
Net income						—						—						—						205,862						—						205,862						320,081						525,943
Currency translation adjustment						—						—						—						—						381,714						381,714						(857)						380,857
Stock-based compensation						—						—						86,438						—						—						86,438						3,034						89,472
Issuance of common stock pursuant to stock-based compensation awards						1,423						14						(21,021)						—						—						(21,007)						—						(21,007)
Distributions to noncontrolling interest owners						—						—						—						—						—						—						(163,056)						(163,056)
Repurchases of common stock						(37,474)						(375)						(45,753)						(1,180,819)						—						(1,226,947)						—						(1,226,947)
Adjustment of redeemable noncontrolling interest to redemption value						—						—						5,188						40						—						5,228						—						5,228
Other						—						—						(24,852)						—						—						(24,852)						3,752						(21,100)
Balances, December 31, 2025						258,323						$	2,583					$	—					$	2,106,836					$	320,498					$	2,429,917					$	824,624					$	3,254,541

The accompanying notes are an integral part of these consolidated financial statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — ORGANIZATION

Organization. MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.

As of December 31, 2025, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas (“The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including The Reserve at Park MGM), and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements, as further discussed in Note 11.

As of December 31, 2025, the Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions.

The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company has a 50% ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. The Company also has a 50% ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan.

Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 17 for additional information about the Company’s segments.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (as defined in Note 11) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.

Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates or equity interests, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are quoted prices for identical or comparable instruments or pricing using observable market data; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements:

• Level 1 inputs when measuring its equity investments recorded at fair value;

• Level 2 inputs for its long-term debt fair value disclosures. See Note 9;

• Level 2 inputs for its derivatives;

• Level 1 and Level 2 inputs for its debt investments;

• Level 1, Level 2, and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed in acquisitions. See Note 4; and

• Level 3 inputs when measuring the fair value of reporting units. See Note 7.

Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825, and equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $355 million and $388 million as of December 31, 2025 and 2024, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses on equity investments are recorded in “Other, net” in the statements of operations. For the years ended December 31, 2025, 2024 and 2023, the Company recorded a net loss on its equity investments of $33 million, $47 million, and $26 million, respectively.

Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of December 31, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of December 31, 2025, the fair value of derivatives classified as liabilities were $88 million, with $69 million in current liabilities and $19 million in long-term liabilities. As of December 31, 2024, the fair value of derivatives classified as liabilities were $96 million, with $57 million in current liabilities and $39 million in long-term liabilities.

For the years ended December 31, 2025 and 2024, the Company recorded a net loss on its derivatives of $35 million and $116 million, respectively.

Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.

The following table presents information regarding the Company’s debt investments:

			Fair value level			December 31,
			2025						2024
			(In thousands)
Cash and cash equivalents:
Money market funds			Level 1			$	158,564					$	52,794
Cash and cash equivalents						158,564						52,794
Short-term investments:
U.S. government securities			Level 1			62,267						19,075
Corporate bonds			Level 2			135,211						171,117
Asset backed securities			Level 2			12,681						9,960
Short-term investments						210,159						200,152
Total debt investments						$	368,723					$	252,946

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with effective maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).

Restricted cash. MGM China’s pledged cash of $87 million for each of December 31, 2025 and 2024, securing the bank guarantees discussed in Note 12 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of December 31, 2025 and 2024.

Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino receivables. The Company issues credit following assessments of creditworthiness. At December 31, 2025 and 2024, approximately 57% and 50%, respectively, of the Company’s gross accounts receivable related to casino receivables.

Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated loss reserve is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The loss reserve is estimated based on both a specific review of customer accounts as well as historical collection experience and current and expected future economic and business conditions. Management believes that as of December 31, 2025, no significant concentrations of credit risk existed for which a loss reserve had not already been recorded.

Inventories. Inventories consist primarily of food and beverage and retail merchandise, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method.

Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred.

Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis:

Building and improvements						15 to 40 years
Land improvements						10 to 20 years
Furniture and fixtures						3 to 20 years
Equipment						3 to 15 years

The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the

lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset group, on an undiscounted basis, to the carrying value of the asset group. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses.

In connection with the expiration of the MGM Grand Paradise gaming subconcession on December 31, 2022, the casino areas of MGM Cotai and MGM Macau reverted, free of charge and without any encumbrances, to the Macau government, which is now the legal owner of the reverted gaming assets. On January 1, 2023 and in connection with the commencement of the gaming concession, the gaming assets were temporarily transferred to MGM Grand Paradise for the duration of the gaming concession in return for annual payments as further discussed in Note 12. As the Company will continue to operate the gaming assets in the same manner as under the gaming subconcession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of assets for the economic life of the assets, the Company will continue to recognize the reverted gaming assets within “Property and equipment” and depreciate the assets over their remaining estimated useful lives.

Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete, or development activity is suspended for more than a brief period.

Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations.

The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an other-than-temporary decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group.

Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Indefinite-lived intangibles consist of trademarks and certain of our gaming licenses. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2025, 2024, and 2023. During the third quarter of 2025, the Company performed an interim impairment test of goodwill related to the Empire City reporting unit. See Note 7 for further discussion.

Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis.

Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using an income approach in which a discounted cash flow analysis is utilized based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference.

Other intangible assets that have a finite life, including gaming rights in certain jurisdictions where the nature or extent of the renewal process is uncertain, customer lists, and technology, are amortized on a straight-line basis over their estimated useful lives. The Company reviews the carrying amount of its amortizing intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. When testing for impairment, the Company compares the estimated undiscounted cash flows of the asset group to its carrying value. If the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded.

Note receivable. In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land in December 2019 was repaid, prior to maturity, for $170 million, which approximated its carrying value on the date of repayment.

Accounts payable. As of December 31, 2025 and 2024, the Company had accrued $83 million and $109 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

Revenue recognition. The Company’s revenue from contracts with customers consists of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions.

The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). Discounts on markers and commissions rebated to players are recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis.

For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon standalone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense.

For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third-party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue.

The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services and the Company is not the controlling entity, which primarily include certain of the Company’s entertainment shows and, in certain jurisdictions, the Company’s arrangement with BetMGM North America Venture for online sports betting and iGaming.

The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers.

Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the consolidated balance sheets.

The following table summarizes the activity related to contract and contract-related liabilities:

						Outstanding Chip Liability												Loyalty Program												Customer Advances and Other
						2025						2024						2025						2024						2025						2024
						(In thousands)
Balance at January 1						$	215,710					$	211,606					$	215,005					$	201,973					$	825,236					$	766,226
Balance at December 31						204,020						215,710						216,579						215,005						860,126						825,236
Increase / (decrease)						$	(11,690)					$	4,104					$	1,574					$	13,032					$	34,890					$	59,010

The December 31, 2025 balances exclude liabilities related to assets held for sale. See Note 4.

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 17.

Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement, the right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The initial measurement of ROU assets also includes any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, such as for the Company’s triple net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its ground subleases and equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Refer to Note 11 for discussion of leases under which the Company is a lessee.

The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third-party tenants include $72 million, $82 million and $78 million recorded within food and beverage revenue for 2025, 2024 and 2023, respectively, and $120 million, $117 million and $114 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Advertising. The Company expenses advertising costs as incurred. Advertising expense that primarily relates to media placement costs and which is generally included in general and administrative expenses, was $398 million, $384 million and $299 million for 2025, 2024 and 2023, respectively.

Corporate expense. Corporate expense represents unallocated payroll, professional fees, and various other expenses not directly related to the Company’s operations.

Preopening and start-up expenses. Preopening and start-up costs are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations.

Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 16 for a detailed discussion of these amounts.

Redeemable noncontrolling interest. Noncontrolling interests with redemption features, such as put rights, that are not exclusively in the Company’s control, are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are presented outside of stockholders’ equity within the mezzanine section of the consolidated balance sheets. The interests are initially accounted for at fair value and subsequently adjusted to the greater of the redemption value and carrying value (initial fair value adjusted for attributed net income (loss) and distributions, as applicable). The Company records such adjustments to retained earnings, to the extent available, with any residual amount applied against capital in excess of par value.

In 2023, the Company purchased $138 million of interests from its redeemable noncontrolling interest parties.

Earnings per share of common stock. The table below reconciles basic and diluted earnings per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material.

						Year Ended December 31,
						2025						2024						2023
Numerator:						(In thousands)
Net income attributable to MGM Resorts International						$	205,862					$	746,558					$	1,142,180
Adjustment related to redeemable noncontrolling interests						5,228						(2,906)						2,128
Net income available to common stockholders - basic and diluted						$	211,090					$	743,652					$	1,144,308
Denominator:
Weighted-average common shares outstanding - basic						275,046						307,408						354,926
Potential dilution from stock-based awards						2,229						2,824						3,701
Weighted-average common and common equivalent shares - diluted						277,275						310,232						358,627

Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Foreign currency transaction gain or loss from remeasurements are recorded to other non-operating income (expense) as “Other, net” in the consolidated statements of operations. In 2025, 2024, and 2023, the Company recorded foreign currency transaction loss of $288 million, foreign currency transaction gain of $129 million, and foreign currency transaction loss of $106 million, respectively.

Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the consolidated statements of stockholders’ equity.

Share repurchases. Shares repurchased pursuant to the Company’s share repurchase plans are retired upon purchase. The cost of the repurchases in excess of the aggregate par value of the shares reduces capital in excess of par value, to the extent available, with any residual cost applied against retained earnings.

Recently adopted accounting standards. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Improvements to Income Tax Disclosures,” which requires public

companies, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements prospectively to the current annual period. Refer to Note 10 for income tax disclosures.

Recently issued accounting standards. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which primarily requires disaggregation of specific expense categories in disclosures within the footnotes on an annual and interim basis. ASU 2024-03 is effective for the Company’s annual period ending December 31, 2027 and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the impact of adoption.

NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

						December 31,
						2025						2024
						(In thousands)
Casino						$	718,117					$	603,307
Hotel						339,556						335,128
Other						204,480						268,127
						1,262,153						1,206,562
Less: Loss reserves						(139,213)						(135,150)
						$	1,122,940					$	1,071,412

Loss reserves consisted of the following:

						Balance at Beginning of Period						Expected Credit Losses						Write-offs, Net of Recoveries						Balance at End of Period
Loss reserves:						(In thousands)
Year Ended December 31, 2025						$	135,150					$	61,127					$	(57,064)					$	139,213
Year Ended December 31, 2024						130,476						61,089						(56,415)						135,150
Year Ended December 31, 2023						$	113,266					$	48,984					$	(31,774)					$	130,476

NOTE 4 — ACQUISITIONS AND DIVESTITURES

MGM Northfield Park sale. In October 2025, the Company entered into an agreement to sell the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for $546 million in cash, subject to customary purchase price adjustments. Upon closing, the master lease between the Company and VICI Properties, Inc. (“VICI”) will be amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, subject to a 2% escalator on May 1, 2026. The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.

The operations of MGM Northfield Park are not classified as discontinued operations because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line.

The major classes of assets and liabilities classified as held for sale as of December 31, 2025 are as follows:

			(In thousands)
Cash and cash equivalents			$	31,802
Accounts receivable, net			6,224
Inventories			302
Prepaid expenses and other			1,831
Property and equipment, net			28,980
Goodwill			17,915
Other intangible assets, net			228,000
Other long-term assets, net			328
Assets held for sale			$	315,382
Accounts payable			$	6,833
Other accrued liabilities			18,497
Other long-term obligations			251
Liabilities related to assets held for sale			$	25,581

Push Gaming acquisition. On August 31, 2023, LeoVegas acquired 86% of digital gaming developer, Push Gaming Holding Limited (“Push Gaming”) for total consideration of $146 million, which was allocated to $126 million of goodwill and $40 million of amortizable intangible assets.

Gold Strike Tunica sale. On February 15, 2023, the Company completed the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, LLC, a subsidiary of Cherokee Nation Business, for cash consideration of $450 million, or $474 million, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI was amended to remove Gold Strike Tunica and to reflect a $40 million reduction in annual cash rent. The Company recognized a $399 million gain recorded within “Property transactions, net.” The gain reflects the net cash consideration less the net carrying value of the assets and liabilities derecognized of $75 million.

NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

						December 31,
						2025						2024
						(In thousands)
Land						$	484,067					$	484,338
Building, building improvements, and land improvements						5,657,823						5,150,315
Furniture, fixtures, and equipment						5,660,313						5,300,400
Construction in progress						379,559						600,945
						12,181,762						11,535,998
Less: Accumulated depreciation						(6,113,009)						(5,644,484)
Finance lease ROU assets, net						236,861						304,645
						$	6,305,614					$	6,196,159

NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $536 million and $381 million as of December 31, 2025 and 2024, respectively. The Company’s share of losses and distributions of BetMGM North America Venture in excess of its equity method investment balance was $160 million and $89 million as of December 31, 2025 and 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

The Company recorded its share of income (loss) from unconsolidated affiliates as follows:

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Income (loss) from unconsolidated affiliates						$	69,982					$	(90,653)					$	(62,104)
Non-operating items from unconsolidated affiliates						1,135						(734)						(1,032)
						$	71,117					$	(91,387)					$	(63,136)

The following table summarizes the Company’s share of operating income (loss) from unconsolidated affiliates:

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
BetMGM North America Venture						$	59,634					$	(110,079)					$	(90,894)
Other						10,348						19,426						28,790
						$	69,982					$	(90,653)					$	(62,104)

BetMGM North America Venture. In 2025, the Company received $135 million in distributions from BetMGM North America Venture. In 2024 and 2023, the Company contributed $25 million and $50 million, respectively, to BetMGM North America Venture.

MGM Osaka. Refer to Note 12 for discussion on the Company’s funding of MGM Osaka, which is recognized as contributions to MGM Osaka.

NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consisted of the following:

						December 31,
						2025						2024
						(In thousands)
Goodwill						$	4,901,960					$	5,145,004
Indefinite-lived intangible assets:
Trademarks						$	598,977					$	749,399
Gaming rights and other						99,529						382,065
Total indefinite-lived intangible assets						698,506						1,131,464
Finite-lived intangible assets:
Customer lists						291,657						296,600
Less: Accumulated amortization						(182,549)						(150,715)
						109,108						145,885
Gaming rights						348,043						339,248
Less: Accumulated amortization						(124,255)						(93,151)
						223,788						246,097
Technology and other						470,996						270,986
Less: Accumulated amortization						(145,722)						(79,051)
						325,274						191,935
Total finite-lived intangible assets, net						658,170						583,917
Total other intangible assets, net						$	1,356,676					$	1,715,381

Goodwill. A summary of changes in the Company’s goodwill is as follows:

						2025
						Balance at January 1						Acquisitions						Impairment						Reclassifications						Currency exchange						Balance at December 31
						(In thousands)
Las Vegas Strip Resorts						$	2,707,009					$	—					$	—					$	—					$	—					$	2,707,009
Regional Operations						660,940						—						(256,133)						(17,915)						—						386,892
MGM China						1,356,625						—						—						—						(2,510)						1,354,115
MGM Digital						420,430						—						(22,794)						—						56,308						453,944
						$	5,145,004					$	—					$	(278,927)					$	(17,915)					$	53,798					$	4,901,960

						2024
						Balance at January 1						Acquisitions						Impairment						Reclassifications						Currency exchange						Balance at December 31
						(In thousands)
Las Vegas Strip Resorts						$	2,707,009					$	—					$	—					$	—					$	—					$	2,707,009
Regional Operations						660,940						—						—						—						—						660,940
MGM China						1,349,356						—						—						—						7,269						1,356,625
MGM Digital						448,389						215						—						—						(28,174)						420,430
						$	5,165,694					$	215					$	—					$	—					$	(20,905)					$	5,145,004

Refer to Note 4 for discussion on assets held for sale (reclassifications).

Empire City goodwill and gaming license impairment. The value of the Empire City reporting unit has been dependent upon the Company obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility. In the third quarter of 2025, the competitive and economic assumptions underpinning the Company’s return expectations on its investment in a commercial gaming facility changed, which led the Company to determine it would withdraw its application for a commercial gaming license for Empire City. Accordingly, the Company performed an interim impairment test of the goodwill related to the Empire City reporting unit using a discounted cash flow model to estimate fair value. As a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value. As such, the Company recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $256 million, which is reflected within Regional Operations above and presented in “Goodwill impairment” in the accompanying statements of operations. Additionally, the Company recorded an impairment of $52 million relating to Empire City’s existing gaming license, presented in “Property transactions, net” in the accompanying statements of operations.

Amortization expense. Amortization expense related to intangible assets was $139 million, $119 million and $103 million for 2025, 2024, and 2023, respectively. As of December 31, 2025, estimated future amortization was as follows:

Years ending December 31,						(In thousands)
2026						$	147,716
2027						127,799
2028						90,504
2029						68,682
2030						44,840
Thereafter						178,629
						$	658,170

NOTE 8 — OTHER ACCRUED LIABILITIES

Other accrued liabilities consisted of the following:

						December 31,
						2025						2024
						(In thousands)
Contract and contract-related liabilities:
Outstanding chip liability						$	204,020					$	215,710
Loyalty program obligations						216,579						215,005
Casino front money						334,159						324,956
Advance deposits and ticket sales						287,243						271,474
Unpaid wagers and other						238,724						228,806
Other accrued liabilities:
Payroll and related						565,979						580,153
Taxes, other than income taxes						364,749						382,842
Operating lease liabilities - current (Refer to Note 11)						106,005						98,021
Finance lease liabilities - current (Refer to Note 11)						76,913						74,191
Other						598,808						477,947
						$	2,993,179					$	2,869,105

NOTE 9 — LONG-TERM DEBT

Long-term debt consisted of the following:

						December 31,
						2025						2024
						(In thousands)
Senior secured yen credit facility						$	346,528					$	—
MGM China revolving credit facility						488,247						—
MGM China first revolving credit facility						—						477,567
5.25% MGM China senior notes, due 2025						—						500,000
5.875% MGM China senior notes, due 2026						750,000						750,000
4.625% senior notes, due 2026						400,000						400,000
5.5% senior notes, due 2027						675,000						675,000
4.75% MGM China senior notes, due 2027						750,000						750,000
4.75% senior notes, due 2028						750,000						750,000
6.125% senior notes, due 2029						850,000						850,000
7.125% MGM China senior notes, due 2031						500,000						500,000
6.5% senior notes, due 2032						750,000						750,000
7% debentures, due 2036						552						552
						6,260,327						6,403,119
Less: Unamortized discounts and debt issuance costs, net						(30,186)						(41,021)
						$	6,230,141					$	6,362,098

Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis.

Interest expense, net consisted of the following:

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Total interest incurred						$	421,143					$	445,660					$	463,175
Interest capitalized						(2,101)						(2,430)						(2,882)
						$	419,042					$	443,230					$	460,293

Senior secured credit facility. In February 2024, the Company amended its revolving facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. The revolving credit facility bears interest of SOFR plus a 0.1% SOFR adjustment plus 1.50% to 2.25% determined by reference to a rent adjusted total net leverage ratio pricing grid. At December 31, 2025, no amounts were drawn.

The Company’s senior secured credit facility is guaranteed by each of the Company’s existing direct and indirect wholly-owned material domestic restricted subsidiaries, subject to certain exclusions. The senior secured credit facility is secured by a pledge of the equity in certain of the Company’s domestic operating properties. Mandatory prepayments will be required upon the occurrence of certain events, including sales of certain assets, subject to certain exceptions. The Company’s senior secured credit facility also contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at December 31, 2025.

Senior secured yen credit facility. In October 2025, the Company entered into a senior secured credit facility, which had consisted of a JPY45.2 billion term loan A facility with an option to increase the amount of the facility up to JPY67.8 billion. The option to increase the amount of the facility was partially exercised in November 2025, increasing the term loan A facility by JPY9.0 billion to JPY54.2 billion (approximately $347 million). The senior secured yen credit facility bears interest at a fluctuating rate per annum based on the Tokyo Interbank Offered Rate plus 1.75% until the submission of the covenant certificate for the quarter ending March 31, 2026 and then at 1.50% to 2.25%, as determined by a rent adjusted total net leverage ratio pricing grid and will mature in October 2030, provided that if, as of February 2029, the revolving loans or commitments thereof under the Company’s senior secured credit facility remain outstanding and have not been extended, replaced or refinanced with a scheduled maturity date of no earlier than October 23, 2030, then the maturity date will be in February 2029.

The Company's senior secured yen credit facility is guaranteed by each of the Company’s existing direct and indirect wholly owned material domestic restricted subsidiaries, subject to certain exclusions. The senior secured yen credit facility is secured by a pledge of the equity in certain of the Company's domestic operating properties, subject to receipt of gaming approvals. Mandatory prepayments will be required upon the occurrence of certain events. The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive and negative covenants.

MGM China revolving credit facility. In April 2025, MGM China entered into the MGM China revolving credit facility and subsequently repaid in full, the amounts outstanding under the MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility. The total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

At December 31, 2025, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility, which matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. At December 31, 2025, the weighted average interest rate was 6.46%. The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at December 31, 2025.

Senior notes. In September 2024, the Company issued $850 million in aggregate principal amount of 6.125% notes due 2029. The Company used the net proceeds from the offering to fund the early redemption of its $675 million in aggregate principal amount of 5.75% notes due 2025 at a redemption price of 100.607% in October 2024, with the remainder primarily used for general corporate purposes.

In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024.

In March 2023, the Company repaid its $1.25 billion 6% notes due 2023 upon maturity.

MGM China senior notes. In June 2025, MGM China repaid its $500 million in aggregate principal amount of 5.25% notes due 2025 with borrowings under the MGM China revolving credit facility.

In June 2024, MGM China issued $500 million in aggregate principal amount of 7.125% notes due 2031.

In May 2024, MGM China repaid its $750 million in aggregate principal amount of 5.375% notes due 2024.

LeoVegas senior notes. In August 2023, LeoVegas repaid its senior unsecured notes totaling SEK382 million (approximately $36 million).

Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2025 were as follows:

Year ending December 31,						(In thousands)
2026						$	1,150,000
2027						1,425,000
2028						750,000
2029						850,000
2030						834,775
Thereafter						1,250,552
						$	6,260,327

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.3 billion for each of the years ended December 31, 2025 and 2024.

NOTE 10 — INCOME TAXES

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied.

The domestic and foreign components of income before income taxes were as follows:

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Domestic operations						$	(237,067)					$	256,890					$	1,214,888
Foreign operations						517,846						860,175						257,875
						$	280,779					$	1,117,065					$	1,472,763

The components of the provision for (benefit from) income taxes were as follows:

						Year Ended December 31,
						2025						2024						2023
Federal:						(In thousands)
Current						$	(17,647)					$	126,933					$	259,128
Deferred (excluding separate components)						113,941						(22,919)						48,363
Deferred – valuation allowance change						(283,694)						(9,506)						(153,768)
Other noncurrent						(13,658)						1,458						(10,969)
(Benefit) provision for federal income taxes						(201,058)						95,966						142,754
State:
Current						32,865						10,477						24,931
Deferred (excluding separate components)						(28,878)						(3,731)						(11,206)
Deferred – operating loss carryforward						4,150						(880)						12,219
Deferred – valuation allowance change						(1,020)						3,177						2,140
Provision for state income taxes						7,117						9,043						28,084
Foreign:
Current						3,423						(2,363)						(223)
Deferred (excluding separate components)						(72,232)						(4,250)						(5,611)
Deferred – operating loss carryforward						(10,807)						(39,769)						57,485
Deferred – valuation allowance change						33,464						(6,170)						(64,650)
Benefit for foreign income taxes						(46,152)						(52,552)						(12,999)
						$	(240,093)					$	52,457					$	157,839

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate for the year ended December 31, 2025 was as follows (in thousands, except percentages):

						Year ended December 31, 2025
						Amount						Percent
U.S. federal statutory rate						$	58,965					21.0		%
State and local income taxes, net of federal income tax effect****1						6,248						2.2		%
Foreign tax effects
Macau
Statutory tax rate differential						(75,044)						(26.7)		%
Tax holiday benefit						(144,831)						(51.6)		%
Other						(7,478)						(2.7)		%
Brazil
Statutory tax rate differential						(7,505)						(2.7)		%
Changes in valuation allowance						20,217						7.2		%
Other						(588)						(0.2)		%
Hong Kong						40,868						14.6		%
Malta						23,513						8.4		%
Other foreign jurisdictions						10,939						3.9		%
Effects of cross-border tax laws						12,682						4.5		%
Tax credits						(16,486)						(5.9)		%
Changes in valuation allowance						(283,694)						(101.0)		%
Nontaxable and nondeductible items
Foreign currency transaction gain or loss						60,501						21.5		%
Goodwill impairment						53,788						19.2		%
Other						25,997						9.3		%
Other adjustments						(18,185)						(6.5)		%
Effective tax rate						$	(240,093)					(85.5)		%

1State taxes in New Jersey comprise the majority (greater than 50 percent) of the tax effect in this category.

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate was as follows:

						Year Ended December 31,
						2024						2023
Federal income tax statutory rate						21.0		%				21.0		%
Noncontrolling interest						(0.2)						(0.1)
Foreign income/losses taxed at other than U.S. statutory rate						(19.5)						(3.6)
Federal valuation allowance						(0.9)						(10.4)
State taxes, net						0.6						1.5
General business credits						(1.5)						(1.2)
Incremental U.S. tax on foreign earnings						4.5						2.4
Permanent and other items						0.7						1.1
						4.7		%				10.7		%

The tax-effected components of the Company’s net deferred tax liability were as follows:

						December 31,
						2025						2024
Deferred tax assets – federal and state:						(In thousands)
Net operating loss carryforward						$	10,915					$	14,193
Accruals, reserves and other						52,615						66,328
Lease liabilities						5,732,208						5,750,744
Tax credits						334,468						1,008,363
Intangibles						95,100						—
						6,225,306						6,839,628
Less: Valuation allowance						(277,391)						(867,416)
						5,947,915						5,972,212
Deferred tax assets – foreign:
Net operating loss carryforward						191,777						180,970
Accruals, reserves and other						9,049						6,673
Property and equipment						39,059						37,832
Lease liabilities						207						1,488
						240,092						226,963
Less: Valuation allowance						(144,108)						(173,984)
						95,984						52,979
Total deferred tax assets						$	6,043,899					$	6,025,191
Deferred tax liabilities – federal and state:
Property and equipment						$	(548,951)					$	(438,455)
Investments in unconsolidated affiliates						(585,266)						(583,865)
Investment in equity securities						(2,234,665)						(2,232,601)
ROU assets						(5,187,169)						(5,283,821)
Intangibles						—						(237,107)
						(8,556,051)						(8,775,849)
Deferred tax liabilities – foreign:
Intangibles						(15,123)						(21,414)
						(15,123)						(21,414)
Total deferred tax liability						(8,571,174)						(8,797,263)
Net deferred tax liability						$	(2,527,275)					$	(2,772,072)

A reconciliation of income taxes paid (refunds received), net was as follows:

			Year Ended December 31,
						2025
U.S. federal						$	(53,373)
U.S. state and local						19,519
Foreign						(765)
Income tax refunds received, net						$	(34,619)

For the years ended December 31, 2024 and 2023, income taxes paid, net was $267 million and $344 million, respectively.

Deferred income tax valuation allowance consisted of the following:

						Balance at Beginning of Period						Increase						Decrease						Balance at End of Period
Deferred income tax valuation allowance:						(In thousands)
Year Ended December 31, 2025						$	1,041,400					$	—					$	(619,901)					$	421,499
Year Ended December 31, 2024						1,778,446						—						(737,046)						1,041,400
Year Ended December 31, 2023						2,886,575						—						(1,108,129)						1,778,446

The Company has recorded a valuation allowance of $265 million on its foreign tax credit (“FTC”) carryover of $334 million as of December 31, 2025, resulting in an FTC net deferred tax asset of approximately $69 million. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. The Company believes payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. While the Company generally does not expect to generate new FTC carryovers after the year ended December 31, 2017, it will be able to utilize its existing FTC carryovers only to the extent it has active foreign source income during the applicable 10-year FTC carryforward period. The Company relies on future U.S.-source operating income in assessing, future FTC realization during the applicable 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $134 million in 2026 and $200 million in 2027.

The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and foreign source income. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.

At December 31, 2025, gross foreign net operating loss carryforwards consisted primarily of a complementary tax exempt net operating loss (“NOL”) carryforward of $1.1 billion at MGM Grand Paradise resulting from non-gaming operations that will expire if not utilized in years 2026 through 2028.

As of December 31, 2025, there is a $144 million valuation allowance on certain foreign deferred tax assets, which relates primarily to MGM Grand Paradise’s NOLs.

The Company has NOLs in some of the states in which it operates that total $171 million as of December 31, 2025, which equates to deferred tax assets of $11 million after federal tax effect and before valuation allowance. The NOL carryforwards in most of the states will expire, if not utilized, between 2030 through 2044. Otherwise, the NOL carryforward can be carried forward indefinitely. The Company has provided a valuation allowance of $12 million on its state deferred tax assets, including the NOLs described above.

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was not material at December 31, 2025 and 2024, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits as well as overpayments and underpayment of income taxes in income tax expense, which were not material for each of the periods presented.

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions. As of December 31, 2025, the federal, state, and local tax jurisdictions in which the Company files tax returns generally cannot assess tax with respect to years ended prior to 2021. However, NOLs and other available carryforwards generated or utilized in earlier years may be subject to adjustment.

The examination by the IRS of the Company’s 2015 through 2019 U.S. consolidated federal income tax returns concluded in the first half of 2025 following approval of the examination findings by the Joint Committee on Taxation. The Company received $102 million in tax refunds and related interest in 2025 and an additional $85 million in January 2026. Additional interest remains outstanding and is expected to be received by the Company in 2026.

In addition, the Company is subject to state income tax examinations for various tax years ranging from 2022 through 2024. The Company does not anticipate any material adjustments upon resolution of these examinations.

NOTE 11 – LEASES

The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.

Real estate assets and land. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements, which are classified as operating leases. The triple net structure of the leases requires the Company to pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance (with each lease obligating the Company to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent. Each of the triple net leases also requires the Company to comply with certain financial covenants, which, if not met, would require the Company to maintain either cash security or one or more letters of credit in favor of the landlord in amounts ranging from six months to two years of rent.

Bellagio lease. The Company leases the real estate assets of Bellagio from a venture in which it has a 5% ownership interest (the “Bellagio REIT Venture”). The Bellagio lease commenced November 15, 2019 and has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11th through 20th years and 4% thereafter. Annual cash rent payments for the lease year that commenced on December 1, 2025 increased to $276 million as a result of the 2% fixed annual escalator.

Mandalay Bay and MGM Grand Las Vegas lease. The Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas. The Mandalay Bay and MGM Grand Las Vegas lease commenced February 14, 2020 and has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the lease year that commenced on March 1, 2025 increased to $322 million as a result of the 2% fixed annual escalator.

Aria and Vdara lease. The Company leases the real estate assets of Aria and Vdara. The Aria and Vdara lease commenced September 28, 2021 and has an initial term of 30 years with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the lease year that commenced on October 1, 2025 increased to $233 million as a result of the 2% fixed annual escalator.

The VICI lease and ground subleases. The Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property. Annual cash rent payments for the lease year that commenced on May 1, 2025 increased to $775 million as a result of the 2% fixed annual escalator.

The Company is also required to pay the rent payments under the ground leases of the Borgata, Beau Rivage, and MGM National Harbor through the term of the VICI lease. The ground subleases of Beau Rivage and MGM National Harbor are classified as operating leases and the ground sublease of Borgata is classified as a finance lease.

In February 2023, in connection with the sale of the operations of Gold Strike Tunica, the VICI lease was amended to remove Gold Strike Tunica and to reflect a $40 million reduction in annual cash rent. The modification resulted in reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and $507 million of net operating lease ROU and $516 million of lease liabilities were derecognized.

The Cosmopolitan lease. The Company leases the real estate assets of The Cosmopolitan. The Cosmopolitan lease commenced May 17, 2022 and has an initial term of 30 years with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the lease year that commenced on June 1, 2025 was $212 million.

MGM China land concessions. MGM Grand Paradise has MGM Macau and MGM Cotai land concession contracts with the government of Macau, each with an initial 25-year contract term ending in April 2031 and January 2038,

respectively, with a right to renew for further consecutive periods of 10 years, at MGM Grand Paradise’s option. The land leases are classified as operating leases.

Other information: Components of lease costs and other information related to the Company’s leases were:

			Year Ended December 31,
			2025						2024						2023
			(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)			$	2,290,377					$	2,300,373					$	2,306,640
Finance lease costs
Interest expense			$	15,995					$	32,251					$	9,899
Amortization expense			73,863						58,845						65,629
Total finance lease costs			$	89,858					$	91,096					$	75,528

(1)Operating lease cost includes $331 million for each of the years ended December 31, 2025, 2024, and 2023, related to the Bellagio lease, which is held with a related party.

			December 31,
			2025						2024
			(In thousands)
Operating leases
Operating lease ROU assets, net(1)			$	23,002,707					$	23,532,287
Operating lease liabilities - current, classified within “Other accrued liabilities”			$	106,005					$	98,021
Operating lease liabilities - long-term(2)			24,962,742						25,076,139
Total operating lease liabilities			$	25,068,747					$	25,174,160
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”			$	236,861					$	304,645
Finance lease liabilities - current, classified within “Other accrued liabilities”			$	76,913					$	74,191
Finance lease liabilities - long-term, classified within “Other long-term obligations”			178,053						243,256
Total finance lease liabilities			$	254,966					$	317,447
Weighted average remaining lease term (years)
Operating leases			23						24
Finance leases			9						8
Weighted average discount rate (%)
Operating leases			7						7
Finance leases			6						6

(1)As of December 31, 2025 and 2024, operating lease ROU assets, net included $3.3 billion and $3.4 billion related to the Bellagio lease, respectively.

(2)As of December 31, 2025 and 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of December 31, 2025 and 2024, operating lease liabilities – current included $9 million and $3 million related to the Bellagio lease, respectively.

			Year Ended December 31,
			2025						2024						2023
Cash paid for amounts included in the measurement of lease liabilities			(In thousands)
Operating cash outflows from operating leases			$	1,867,130					$	1,833,022					$	1,802,577
Operating cash outflows from finance leases			15,995						15,939						6,332
Financing cash outflows from finance leases(1)			70,118						54,798						71,611
ROU assets obtained in exchange for new lease liabilities
Operating leases			$	6,502					$	6,658					$	15,089
Finance leases			6,688						275,455						3,073

(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.

Maturities of lease liabilities were as follows:

			Operating Leases						Finance Leases
Year ending December 31,			(In thousands)
2026			$	1,878,845					$	89,236
2027			1,910,407						83,577
2028			1,942,639						31,075
2029			1,974,637						7,948
2030			2,010,199						7,440
Thereafter			44,962,919						114,210
Total future minimum lease payments			54,679,646						333,486
Less: Amount of lease payments representing interest			(29,610,899)						(78,520)
Present value of future minimum lease payments			25,068,747						254,966
Less: Current portion			(106,005)						(76,913)
Long-term portion of lease liabilities			$	24,962,742					$	178,053

NOTE 12 – COMMITMENTS AND CONTINGENCIES

Cybersecurity litigation, claims, and investigations. In September 2023, through unauthorized access to certain of its U.S. systems, third-party criminal actors accessed, for some of the Company’s customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and driver’s license numbers). For a limited number of customers, Social Security numbers and passport numbers were also accessed by the criminal actors. The Company has notified individuals impacted by this issue in accordance with federal and state law.

In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S. and Canadian courts. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief. The Company reached a settlement for $45 million to resolve the purported U.S. civil class action litigation related to the 2023 cybersecurity issue and a 2019 cybersecurity issue, which was paid by insurance carriers into a settlement fund in February 2025. The District Court for the District of Nevada approved the parties' settlement in the U.S. class actions and entered judgment in June 2025. In addition, the Company continues to be subject to investigations by state regulators, which also could result in monetary fines and other relief. The Company cannot predict the timing or outcome of any of these potential matters, or whether the Company may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions. While the Company believes it is reasonably possible that it may incur losses associated with the above-described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the preliminary stage of these proceedings.

Other litigation*.* The Company is a party to various other legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse

effect on the Company’s financial position, results of operations or cash flows.

Commitments and guarantees. MGM Grand Paradise concession contract. Pursuant to the concession contract, MGM Grand Paradise is required to pay (i) a special gaming tax of 35% of gross gaming revenue and a special levy of up to 5% of gross gaming revenue, of which the tax is subject to a minimum annual payment in the form of a special premium in the event the minimum amount is not achieved, (ii) a fixed annual premium, and (iii) a variable premium based on the number of gaming tables and machines. Based upon the approved number of gaming tables and slot machines as of December 31, 2025, the premiums for the above obligations payable to the Macau government are approximately MOP2.2 billion ($269 million as of December 31, 2025) during each of the next five years ending December 31, 2030, and approximately MOP4.3 billion ($540 million as of December 31, 2025) in the aggregate thereafter through the expiration of the gaming concession in December 2032.

In addition, MGM Grand Paradise is required to make annual payments in connection with the temporary use of the reverted gaming assets based upon square meters of the reverted casino areas. Such payments will be adjusted with the Macau average price index during the term of the reversion agreement. The annual payment to the Macau government is approximately MOP148 million ($19 million as of December 31, 2025) during each of the next five years ending December 31, 2030, and approximately MOP297 million ($37 million as of December 31, 2025) in the aggregate thereafter through the term of the reversion agreement, with each annual payment subject to the Macau average price index adjustment.

The minimum required amount of the payments described in (ii) and (iii) above, as well as the payments relating to the use of the reverted gaming assets were accrued as of and at the commencement of the concession contract as an offset to the related gaming rights intangible asset for $226 million. The initial value of the intangible asset and liability were measured as the present value of these payments based upon the approved number of gaming tables and slot machines, estimates of Macau average price index, and square meters of the reverted casino areas, each as of January 1, 2023. Payments incremental to minimum amounts due or any subsequent changes to the amounts due under such payments are expensed as incurred.

Under the gaming concession, MGM Grand Paradise committed to make gaming and non-gaming investments of MOP19.7 billion ($2.5 billion as of December 31, 2025) over the ten year term of the concession, of which MOP18 billion ($2.2 billion as of December 31, 2025) is designated for non-gaming projects in connection with, among others, the attraction of international visitors, conventions and exhibitions, entertainment shows, sporting events, culture and art, health and wellness, themed entertainment, gastronomy, community tourism, and maritime tourism.

The gaming law also requires concessionaires to maintain share capital of at least MOP5 billion (approximately $624 million as of December 31, 2025).

MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $125 million as of December 31, 2025) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of December 31, 2025, MOP700 million of the bank guarantees (approximately $87 million as of December 31, 2025) were secured by pledged cash.

Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial.

MGM Osaka guarantees. The Company provides for guarantees (1) in the amount of JPY12.65 billion (approximately $81 million as of December 31, 2025) for 50% of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $434 million as of December 31, 2025, is pledged as collateral for MGM Osaka’s obligations under its credit agreement.

MGM Osaka funding commitment. The Company has commitments to fund MGM Osaka of JPY428 billion, of

which an estimated amount of approximately JPY356.9 billion (approximately $2.3 billion as of December 31, 2025) remains to be funded as of December 31, 2025. During the years ended December 31, 2025, 2024 and 2023, the Company funded JPY35.3 billion (approximately $238 million), JPY25.2 billion (approximately $157 million), and JPY10.3 billion (approximately $69 million) of the committed amount, respectively.

Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $1.35 billion. At December 31, 2025, $25 million in letters of credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.

NOTE 13 — STOCKHOLDERS’ EQUITY

MGM Resorts International stock repurchases. In each of March 2022, February 2023, November 2023, and April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the year ended December 31, 2023, the Company repurchased approximately 54 million shares of its common stock for an aggregate amount of $2.3 billion. Repurchased shares were retired. In connection with these repurchases, the March 2022 $2.0 billion stock repurchase plan was completed.

During the year ended December 31, 2024, the Company repurchased approximately 33 million shares of its common stock for an aggregate amount of $1.4 billion. Repurchased shares were retired. In connection with these repurchases, the February 2023 $2.0 billion stock repurchase plan was completed.

During the year ended December 31, 2025, the Company repurchased approximately 37 million shares of its common stock for an aggregate amount of $1.2 billion. Repurchased shares were retired. In connection with these repurchases, the November 2023 $2.0 billion stock repurchase plan was completed. As of December 31, 2025 the remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.6 billion.

Subsequent to December 31, 2025, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $89 million, excluding excise tax. Repurchased shares were retired.

NOTE 14 — STOCK-BASED COMPENSATION

MGM Resorts International 2022 Omnibus Incentive Plan. The MGM Resorts 2022 Omnibus Incentive Plan (“2022 Omnibus Plan”) allows the Company to grant up to approximately 18 million shares or stock-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers, employees, and consultants of the Company and its subsidiaries.

As of December 31, 2025, the Company had an aggregate of approximately 12 million shares of common stock available for grant as stock-based awards under the 2022 Omnibus Plan. Additionally, as of December 31, 2025, the Company had approximately 6 million aggregate RSUs and PSUs outstanding, including deferred share units.

MGM China Share Option Plan and Restricted Stock Unit Plan. MGM China adopted its own equity award plan for the issuance of stock based awards to eligible recipients.

Stock-based compensation expense. Stock-based compensation expense was recognized as follows:

						Year Ended December 31,
						2025						2024						2023
Stock-based compensation expense:						(In thousands)
Omnibus Plan						$	82,587					$	73,074					$	67,375
MGM China share-based compensation plans						7,884						7,150						6,232
Total stock-based compensation expense						90,471						80,224						73,607
Less: Reimbursed costs						(67)						(67)						(21)
						90,404						80,157						73,586
Less: Related tax benefit						(13,894)						(17,266)						(15,975)
Stock-based compensation expense, net of tax benefit						$	76,510					$	62,891					$	57,611

NOTE 15 — EMPLOYEE BENEFIT PLANS

Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects:

a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers;

c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and

d) If the plan is terminated by withdrawal of all employers and if the value of the non-forfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference.

The Company’s participation in these plans is presented below.

						EIN/Pension						Pension Protection Act Zone Status (2)												FIP/RP						Contributions by the Company (in thousands)****(4)																		Surcharge						Expiration Dates of Collective Bargaining Agreements
Pension Fund**(1)**						Plan Number						2024						2023						Status (3)						2025						2024						2023						Imposed
Western Unite Here and Employers Pension Fund(6)						93-4160766/001						Green						Green						No						$	63,757					$	61,630					$	59,172					No						09/30/2028(5); 09/30/2029(5)
The Legacy Plan of the UNITE HERE Retirement Fund (UHF)						82-0994119/001						Red						Red						Implemented						$	10,657					$	10,448					$	10,113					No						5/31/2026

(1)The Company was listed in the plan’s Form 5500 as providing more than 5% of the total contributions for the plan years 2024 and 2023 for both plans. At the date the financial statements were issued, Form 5500 was not available for the plan year 2025.

(2)The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded.

(3)Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented.

(4)There have been no significant changes that affect the comparability of contributions.

(5)The Company is party to eleven collective bargaining agreements (CBA) that provide for contributions to the Western Unite Here and Employers Pension Fund, which are primarily with the Local Joint Executive Board of Las Vegas, for and on behalf of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, The Cosmopolitan, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than two-thirds of the Company’s employee participants in this plan are covered by those five agreements.

(6)Effective January 1, 2024, the Southern Nevada Culinary and Bartenders Pension Plan merged into the Western Unite Here and Employers Pension Fund. There were no material changes to the terms of the plan.

Multiemployer benefit plans other than pensions. Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $238 million, $237 million, and $230 million to the Health Fund for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 16 — PROPERTY TRANSACTIONS, NET

Property transactions, net consisted of the following:

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Gain on sale of the operations of Gold Strike Tunica						$	—					$	—					$	(398,787)
Other property transactions, net						126,036						81,316						28,274
						$	126,036					$	81,316					$	(370,513)

Refer to Note 4 for discussion on the sale of the operations of Gold Strike Tunica.

Other. Other property transactions, net in 2025 included miscellaneous asset disposals and write-downs as well as write-downs and impairments of $93 million related to the Company determining it would no longer seek a commercial gaming license for Empire City, which primarily consists of the impairment of $52 million relating to Empire City’s existing gaming license. Refer to Note 7 for further discussion.

Other property transactions, net in 2024 and 2023 includes miscellaneous asset disposals and write-downs.

NOTE 17 — SEGMENT INFORMATION

The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.

Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).

Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio.

MGM China. MGM China consists of MGM Macau and MGM Cotai.

MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

The Company’s operations related to investments in unconsolidated affiliates, and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses and monitors budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR in assessing performance of each segment and deciding where to invest capital.

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Net revenue
Las Vegas Strip Resorts
Casino						$	2,013,701					$	1,960,146					$	2,127,612
Rooms						2,880,685						3,159,497						3,027,668
Food and beverage						2,260,651						2,356,718						2,289,812
Entertainment, retail and other						1,286,466						1,339,752						1,354,054
						8,441,503						8,816,113						8,799,146
Regional Operations
Casino						2,772,734						2,737,778						2,712,205
Rooms						307,959						304,322						296,100
Food and beverage						461,549						456,129						440,002
Entertainment, retail and other						230,091						222,093						222,002
						3,772,333						3,720,322						3,670,309
MGM China
Casino						3,909,643						3,496,697						2,787,837
Rooms						188,757						217,798						177,158
Food and beverage						323,764						265,883						161,669
Entertainment, retail and other						39,579						42,006						26,945
						4,461,743						4,022,384						3,153,609
MGM Digital
Casino						654,190						552,012						432,146
Reportable segment net revenues						17,329,769						17,110,831						16,055,210
Corporate and other						207,914						129,714						109,039
						$	17,537,683					$	17,240,545					$	16,164,249
Expenses
Las Vegas Strip Resorts
Payroll related						$	2,623,256					$	2,635,565					$	2,517,233
Cost of sales						515,998						536,807						551,877
Gaming taxes						230,045						232,841						241,943
Other segment items(1)						2,214,331						2,304,357						2,297,607
						5,583,630						5,709,570						5,608,660
Regional Operations
Payroll related						935,699						922,924						879,221
Cost of sales						161,998						166,872						159,670
Gaming taxes						763,166						757,824						735,179
Other segment items(1)						748,243						729,146						763,043
						2,609,106						2,576,766						2,537,113
MGM China
Payroll related						633,050						565,858						473,616
Cost of sales						116,260						96,516						62,453
Gaming taxes						1,969,031						1,778,032						1,380,976
Other segment items(1)						540,208						494,852						369,675
						3,258,549						2,935,258						2,286,720
MGM Digital
Payroll related						128,715						87,579						71,929
Marketing costs						267,621						253,227						164,645
Gaming taxes						157,721						125,934						84,064
Other segment items(2)						190,440						162,499						143,932
						$	744,497					$	629,239					$	464,570

(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.

(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.

						Year Ended December 31,
						2025						2024						2023
						(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts						$	2,857,873					$	3,106,543					$	3,190,486
Regional Operations						1,163,227						1,143,556						1,133,196
MGM China						1,203,194						1,087,126						866,889
MGM Digital						(90,307)						(77,227)						(32,424)
						5,133,987						5,259,998						5,158,147
Other operating income (expense)
Corporate and other, net						(519,941)						(500,447)						(496,867)
Preopening and start-up expenses						(1,086)						(7,972)						(415)
Property transactions, net						(126,036)						(81,316)						370,513
Goodwill impairment						(278,927)						—						—
Depreciation and amortization						(1,017,794)						(831,097)						(814,128)
Triple net lease rent expense						(2,258,405)						(2,258,057)						(2,263,649)
Income (loss) from unconsolidated affiliates						69,982						(90,653)						(62,104)
Operating income						1,001,780						1,490,456						1,891,497
Non-operating income (expense)
Interest expense, net of amounts capitalized						(419,042)						(443,230)						(460,293)
Non-operating items from unconsolidated affiliates						1,135						(734)						(1,032)
Other, net						(303,094)						70,573						42,591
						(721,001)						(373,391)						(418,734)
Income before income taxes						280,779						1,117,065						1,472,763
Benefit (provision) for income taxes						240,093						(52,457)						(157,839)
Net income						520,872						1,064,608						1,314,924
Less: Net income attributable to noncontrolling interests						(315,010)						(318,050)						(172,744)
Net income attributable to MGM Resorts International						$	205,862					$	746,558					$	1,142,180

						Year Ended December 31,
						2025						2024						2023
Capital expenditures:						(In thousands)
Las Vegas Strip Resorts						$	513,605					$	597,152					$	527,104
Regional Operations						154,186						170,490						135,848
MGM China						195,211						148,813						45,331
MGM Digital						82,824						65,849						34,175
Reportable segment capital expenditures						945,826						982,304						742,458
Corporate and other						123,101						168,285						189,355
						$	1,068,927					$	1,150,589					$	931,813

Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.

Long-lived assets, which includes property and equipment, net and operating and finance lease right-of-use assets, net, presented by geographic region were as follows:

						December 31,
						2025						2024						2023
Long-lived assets:						(In thousands)
United States						$	26,478,770					$	26,903,773					$	26,698,996
China						2,672,851						2,734,513						2,731,397
Other						156,700						90,160						46,616
						$	29,308,321					$	29,728,446					$	29,477,009

Net revenue, for which the country was determined based upon the location of the property or online gaming hub, presented by geographic region were as follows:

						Year Ended December 31,
						2025						2024						2023
Net revenue:						(In thousands)
United States						$	12,411,625					$	12,664,897					$	12,577,085
China						4,464,095						4,020,420						3,153,520
Other						661,963						555,228						433,644
						$	17,537,683					$	17,240,545					$	16,164,249