Item 1. Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

			March 31, 2025						December 31, 2024
ASSETS
Current assets
Cash and cash equivalents			$	2,270,563					$	2,415,532
Accounts receivable, net			970,077						1,071,412
Inventories			135,016						140,559
Income tax receivable			210,222						257,514
Prepaid expenses and other			553,196						478,582
Total current assets			4,139,074						4,363,599
Property and equipment, net			6,190,406						6,196,159
Investments in and advances to unconsolidated affiliates			393,795						380,626
Goodwill			5,161,826						5,145,004
Other intangible assets, net			1,701,293						1,715,381
Operating lease right-of-use assets, net			23,407,115						23,532,287
Deferred income taxes			47,745						39,591
Other long-term assets, net			861,859						858,980
			$	41,903,113					$	42,231,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction payable			$	380,842					$	412,662
Accrued interest on long-term debt			100,342						69,916
Other accrued liabilities			2,688,271						2,869,105
Total current liabilities			3,169,455						3,351,683
Deferred income taxes			2,810,395						2,811,663
Long-term debt, net			6,414,628						6,362,098
Operating lease liabilities			25,056,930						25,076,139
Other long-term obligations			830,283						910,088
Total liabilities			38,281,691						38,511,671
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests			35,086						34,805
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 279,650,593 and 294,374,189 shares			2,797						2,944
Capital in excess of par value			—						—
Retained earnings			2,762,722						3,081,753
Accumulated other comprehensive income (loss)			88,025						(61,216)
Total MGM Resorts International stockholders' equity			2,853,544						3,023,481
Noncontrolling interests			732,792						661,670
Total stockholders’ equity			3,586,336						3,685,151
			$	41,903,113					$	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)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Revenues
Casino			$	2,252,148					$	2,241,095
Rooms			863,408						956,401
Food and beverage			770,173						769,403
Entertainment, retail and other			391,353						416,571
			4,277,082						4,383,470
Expenses
Casino			1,244,310						1,271,844
Rooms			280,849						274,408
Food and beverage			560,295						558,080
Entertainment, retail and other			234,429						256,477
General and administrative			1,164,898						1,194,682
Corporate expense			142,351						129,666
Preopening and start-up expenses			85						1,095
Property transactions, net			15,468						17,154
Depreciation and amortization			236,444						196,562
			3,879,129						3,899,968
Loss from unconsolidated affiliates			(12,896)						(25,124)
Operating income			385,057						458,378
Non-operating income (expense)
Interest expense, net of amounts capitalized			(107,269)						(110,037)
Non-operating items from unconsolidated affiliates			262						(136)
Other, net			(11,266)						(4,806)
			(118,273)						(114,979)
Income before income taxes			266,784						343,399
Provision for income taxes			(40,053)						(43,673)
Net income			226,731						299,726
Less: Net income attributable to noncontrolling interests			(78,177)						(82,250)
Net income attributable to MGM Resorts International			$	148,554					$	217,476
Earnings per share
Basic			$	0.52					$	0.68
Diluted			$	0.51					$	0.67
Weighted average common shares outstanding
Basic			287,125						320,488
Diluted			289,096						323,757

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

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Net income			$	226,731					$	299,726
Other comprehensive income (loss), net of tax:
Foreign currency translation			148,308						(85,190)
Comprehensive income			375,039						214,536
Less: Comprehensive income attributable to noncontrolling interests			(77,244)						(81,146)
Comprehensive income attributable to MGM Resorts International			$	297,795					$	133,390

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

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Cash flows from operating activities
Net income			$	226,731					$	299,726
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			236,444						196,562
Amortization of debt discounts and issuance costs			6,820						7,020
Provision for credit losses			10,784						18,152
Stock-based compensation			28,653						26,780
Foreign currency transaction loss (gain)			100,923						(32,925)
Property transactions, net			15,468						17,154
Noncash lease expense			128,361						128,509
Other investment losses (gains)			(35,029)						21,287
Loss from unconsolidated affiliates			12,634						25,260
Distributions from unconsolidated affiliates			1,449						1,317
Deferred income taxes			(9,781)						(8,203)
Change in operating assets and liabilities:
Accounts receivable			91,780						34,607
Inventories			5,507						(5,727)
Income taxes receivable and payable, net			49,407						52,949
Prepaid expenses and other			(70,475)						(39,249)
Accounts payable and accrued liabilities			(227,015)						(224,616)
Other			(25,582)						30,668
Net cash provided by operating activities			547,079						549,271
Cash flows from investing activities
Capital expenditures			(228,041)						(172,080)
Dispositions of property and equipment			60						547
Investments in unconsolidated affiliates			—						(10,029)
Acquisitions, net of cash acquired			—						(491)
Distributions from unconsolidated affiliates			522						595
Investments and other			419						73,048
Net cash used in investing activities			(227,040)						(108,410)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less			50,374						(76,702)
Debt issuance costs			—						(9,608)
Distributions to noncontrolling interest owners			(11,807)						(11,572)
Repurchases of common stock			(489,280)						(506,571)
Other			(19,506)						(24,517)
Net cash used in financing activities			(470,219)						(628,970)
Effect of exchange rate on cash, cash equivalents, and restricted cash			5,089						(17,600)
Cash, cash equivalents, and restricted cash
Net change for the period			(145,091)						(205,709)
Balance, beginning of period			2,503,064						3,014,896
Balance, end of period			$	2,357,973					$	2,809,187
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized			$	70,023					$	48,362
Federal, state, and foreign income taxes paid (refunds received), net			(156)						2,327

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

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

			Common Stock
			Shares						Par Value						Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Income						Total MGM Resorts International Stockholders’ Equity						Noncontrolling Interests						Total Stockholders’ Equity
Balances, January 1, 2025			294,374						$	2,944					$	—					$	3,081,753					$	(61,216)					$	3,023,481					$	661,670					$	3,685,151
Net income			—						—						—						148,554						—						148,554						78,378						226,932
Currency translation adjustment			—						—						—						—						149,241						149,241						(933)						148,308
Stock-based compensation			—						—						27,758						—						—						27,758						746						28,504
Issuance of common stock pursuant to stock-based compensation awards			31						1						(366)						—						—						(365)						—						(365)
Distributions to noncontrolling interest owners			—						—						—						—						—						—						(11,365)						(11,365)
Repurchases of common stock			(14,754)						(148)						(26,513)						(467,544)						—						(494,205)						—						(494,205)
Adjustment of redeemable noncontrolling interest to redemption value			—						—						—						(41)						—						(41)						—						(41)
Other			—						—						(879)						—						—						(879)						4,296						3,417
Balances, March 31, 2025			279,651						$	2,797					$	—					$	2,762,722					$	88,025					$	2,853,544					$	732,792					$	3,586,336

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

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

			Common Stock
			Shares						Par Value						Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Income						Total MGM Resorts International Stockholders’ Equity						Noncontrolling Interests						Total Stockholders’ Equity
Balances, January 1, 2024			326,550						$	3,266					$	—					$	3,664,008					$	143,896					$	3,811,170					$	522,975					$	4,334,145
Net income			—						—						—						217,476						—						217,476						82,048						299,524
Currency translation adjustment			—						—						—						—						(84,086)						(84,086)						(1,104)						(85,190)
Stock-based compensation			—						—						25,894						—						—						25,894						707						26,601
Issuance of common stock pursuant to stock-based compensation awards			68						—						(1,161)						—						—						(1,161)						—						(1,161)
Distributions to noncontrolling interest owners			—						—						—						—						—						—						(33,183)						(33,183)
Repurchases of common stock			(11,703)						(117)						(23,553)						(487,812)						—						(511,482)						—						(511,482)
Adjustment of redeemable noncontrolling interest to redemption value			—						—						—						133						—						133						—						133
Other			—						—						(1,180)						—						—						(1,180)						(930)						(2,110)
Balances, March 31, 2024			314,915						$	3,149					$	—					$	3,393,805					$	59,810					$	3,456,764					$	570,513					$	4,027,277

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

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 March 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 NoMad Las Vegas), 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.

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 and its venture partner, Entain plc, each have 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 Osaka IR KK, 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 10 for additional information about the Company’s segments.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2024 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

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 (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and Osaka IR KK 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.

Reclassifications. Certain reclassifications have been made to conform the prior period presentation.

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 4;

• Level 2 inputs for its derivatives, and

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

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 $420 million and $388 million as of March 31, 2025 and December 31, 2024, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three months ended March 31, 2025 the Company recorded a net gain on its equity investments of $32 million. For the three months ended March 31, 2024, the Company recorded a net loss on its equity investments of $24 million.

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 March 31, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of March 31, 2025, the fair value of derivatives classified as assets were $2 million within long-term assets and liabilities of $60 million within current 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 three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $40 million. For the three months ended March 31, 2024, the Company recorded a net loss on its derivatives of $38 million.

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			March 31, 2025						December 31, 2024
			(In thousands)
Cash and cash equivalents:
Money market funds			Level 1			$	174,687					$	52,794
Cash and cash equivalents						174,687						52,794
Short-term investments:
U.S. government securities			Level 1			10,420						19,075
Corporate bonds			Level 2			180,324						171,117
Asset-backed securities			Level 2			12,334						9,960
Short-term investments						203,078						200,152
Total debt investments						$	377,765					$	252,946

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with 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 March 31, 2025 and December 31, 2024, securing the bank guarantees discussed in Note 7 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 March 31, 2025 and December 31, 2024.

Accounts receivable. As of March 31, 2025 and December 31, 2024, the loss reserve on accounts receivable was $134 million and $135 million, respectively.

Accounts payable. As of March 31, 2025 and December 31, 2024, the Company had accrued $84 million and $109 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

Revenue recognition. 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 March 31			177,017						190,631						205,276						194,946						813,917						781,973
Increase / (decrease)			$	(38,693)					$	(20,975)					$	(9,729)					$	(7,027)					$	(11,319)					$	15,747

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) within Note 10.

Leases. Refer to Note 6 for information regarding 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. For the three months ended

March 31, 2025, lease revenues from third-party tenants include $18 million recorded within food and beverage revenue, and $28 million recorded within entertainment, retail, and other revenue. For the three months ended March 31, 2024, lease revenues from third-party tenants include $20 million recorded within food and beverage revenue and $28 million recorded within entertainment, retail, and other revenue. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $394 million and $381 million as of March 31, 2025 and December 31, 2024, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $103 million and $89 million as of March 31, 2025 and December 31, 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

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

			Three Months Ended March 31,
			2025						2024
			(In thousands)
Loss from unconsolidated affiliates			$	(12,896)					$	(25,124)
Non-operating items from unconsolidated affiliates			262						(136)
			$	(12,634)					$	(25,260)

The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates:

			Three Months Ended March 31,
			2025						2024
			(In thousands)
BetMGM North America Venture			$	(15,201)					$	(32,601)
Other			2,305						7,477
			$	(12,896)					$	(25,124)

NOTE 4 — LONG-TERM DEBT

Long-term debt consisted of the following:

			March 31, 2025						December 31, 2024
			(In thousands)
MGM China first revolving credit facility			$	527,033					$	477,567
5.25% MGM China senior notes, due 2025			500,000						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
			6,452,585						6,403,119
Less: Unamortized discounts and debt issuance costs, net			(37,957)						(41,021)
			$	6,414,628					$	6,362,098

MGM China’s senior notes due within one year of the applicable balance sheet date were classified as long-term as MGM China had both the intent and ability to refinance the notes on a long-term basis.

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. At March 31, 2025, no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2025.

MGM China first revolving credit facility. At March 31, 2025, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.3 billion) unsecured revolving credit facility, which was to mature in May 2026, and had a weighted average interest rate of 5.47%.

The MGM China first revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China first revolving credit facility covenants at March 31, 2025.

MGM China second revolving credit facility. At March 31, 2025, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $752 million) unsecured revolving credit facility, which was to mature in May 2026. At March 31, 2025, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China second revolving credit facility covenants at March 31, 2025.

MGM China revolving credit facility. On April 15, 2025, MGM China entered into a HK$23.4 billion senior unsecured revolving credit facility. The MGM China revolving credit facility 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. 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. In April 2025, MGM China repaid in full the amounts

outstanding under its MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility and the total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.4 billion and $6.3 billion at March 31, 2025 and December 31, 2024, respectively.

NOTE 5 — INCOME TAXES

For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 15.0% and 12.7% for the three months ended March 31, 2025 and March 31, 2024, respectively.

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.

NOTE 6 — 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.

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

			Three Months Ended March 31,
			2025						2024
			(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)			$	574,157					$	574,943
Finance lease costs
Interest expense			$	4,318					$	8,884
Amortization expense			18,171						12,896
Total finance lease costs			$	22,489					$	21,780

(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.

			March 31, 2025						December 31, 2024
			(In thousands)
Operating leases
Operating lease ROU assets, net(1)			$	23,407,115					$	23,532,287
Operating lease liabilities - current, classified within “Other accrued liabilities”			$	100,189					$	98,021
Operating lease liabilities - long-term(2)			25,056,930						25,076,139
Total operating lease liabilities			$	25,157,119					$	25,174,160
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”			$	282,912					$	304,645
Finance lease liabilities - current, classified within “Other accrued liabilities”			$	74,551					$	74,191
Finance lease liabilities - long-term, classified within “Other long-term obligations”			225,880						243,256
Total finance lease liabilities			$	300,431					$	317,447
Weighted average remaining lease term (years)
Operating leases			24						24
Finance leases			8						8
Weighted average discount rate (%)
Operating leases			7						7
Finance leases			6						6

(1)As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $3.4 billion related to the Bellagio lease.

(2)As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $5 million and $3 million related to the Bellagio lease, respectively.

			Three Months Ended March 31,
			2025						2024
Cash paid for amounts included in the measurement of lease liabilities			(In thousands)
Operating cash outflows from operating leases			$	466,044					$	456,382
Operating cash outflows from finance leases			4,318						3,817
Financing cash outflows from finance leases(1)			15,038						14,309
ROU assets obtained in exchange for new lease liabilities
Operating leases			$	65					$	3,072
Finance leases			—						186,197

(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)
2025 (excluding the three months ended March 31, 2025)			$	1,403,211					$	68,910
2026			1,891,709						81,702
2027			1,919,697						81,462
2028			1,945,674						29,569
2029			1,972,273						7,046
Thereafter			46,972,297						121,202
Total future minimum lease payments			56,104,861						389,891
Less: Amount of lease payments representing interest			(30,947,742)						(89,460)
Present value of future minimum lease payments			25,157,119						300,431
Less: Current portion			(100,189)						(74,551)
Long-term portion of lease liabilities			$	25,056,930					$	225,880

NOTE 7 — 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. 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 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 March 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 March 31, 2025, MOP 700 million of the bank guarantees (approximately $87 million as of March 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.

Osaka IR KK guarantees. The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $84 million as of March 31, 2025) for 50% of Osaka IR KK’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 Osaka IR KK, 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 Osaka IR KK, which had a carrying value of $285 million as of March 31, 2025, is pledged as collateral for Osaka IR KK’s obligations under its credit agreement.

Osaka IR KK funding commitment. The Company has commitments to fund Osaka IR KK of 428 billion yen, of which an estimated amount of approximately 392 billion yen (approximately $2.6 billion as of March 31, 2025) remains to be funded as of March 31, 2025. During the three months ended March 31, 2024, the Company funded 1.4 billion yen (approximately $9 million) of the committed amount to Osaka IR KK. The amount and timing of funding is expected to change as a result of project progress, inflation, and other factors.

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 March 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 8 — EARNINGS PER SHARE

The table below reconciles basic and diluted earnings per share of common stock. 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.

			Three Months Ended March 31,
			2025						2024
			(In thousands)
Numerator:
Net income attributable to MGM Resorts International			$	148,554					$	217,476
Adjustment related to redeemable noncontrolling interests			(41)						133
Net income available to common stockholders – basic and diluted			$	148,513					$	217,609
Denominator:
Weighted-average common shares outstanding – basic			287,125						320,488
Potential dilution from stock-based awards			1,971						3,269
Weighted-average common and common equivalent shares – diluted			289,096						323,757

NOTE 9 — STOCKHOLDERS’ EQUITY

MGM Resorts International stock repurchases. In February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, in November 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, and in 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 three months ended March 31, 2024, the Company repurchased approximately 12 million shares of its common stock for an aggregate amount of $511 million. In connection with these repurchases, the February 2023 stock repurchase plan was completed. Repurchased shares were retired.

During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $494 million. Repurchased shares were retired. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $337 million as of March 31, 2025.

Subsequent to March 31, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $215 million, excluding excise tax. Repurchased shares were retired.

NOTE 10 — 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 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. The Company’s interactive gaming operations are reported within the MGM Digital reportable segment. During the fourth quarter of 2024, the Company added MGM Digital as a reportable segment to reflect the Company’s strategic focus on interactive gaming. The corresponding items of segment information for MGM Digital, which were previously included within “Corporate and other”, as applicable, were recast for prior periods.

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 NoMad Las Vegas).

Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; 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.

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, loss from unconsolidated affiliates, 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.

			Three Months Ended March 31,
			2025						2024
Net revenue			(In thousands)
Las Vegas Strip Resorts
Casino			$	538,259					$	497,548
Rooms			750,049						827,253
Food and beverage			586,039						599,281
Entertainment, retail and other			301,773						330,947
			2,176,120						2,255,029
Regional Operations
Casino			671,975						684,968
Rooms			66,725						65,933
Food and beverage			109,081						107,753
Entertainment, retail and other			52,638						50,825
			900,419						909,479
MGM China
Casino			895,852						920,048
Rooms			46,634						63,215
Food and beverage			75,053						62,369
Entertainment, retail and other			9,933						10,385
			1,027,472						1,056,017
MGM Digital
Casino			128,058						127,608
Reportable segment net revenues			4,232,069						4,348,133
Corporate and other			45,013						35,337
			$	4,277,082					$	4,383,470

			Three Months Ended March 31,
			2025						2024
Expenses			(In thousands)
Las Vegas Strip Resorts
Payroll related			$	661,746					$	643,583
Cost of sales			127,757						135,188
Gaming taxes			59,210						57,944
Other segment items(1)			516,247						590,526
			1,364,960						1,427,241
Regional Operations
Payroll related			228,947						227,238
Cost of sales			37,214						39,344
Gaming taxes			184,714						185,996
Other segment items(1)			170,502						182,799
			621,377						635,377
MGM China
Payroll related			145,208						133,166
Cost of sales			27,500						22,350
Gaming taxes			448,776						478,319
Other segment items(1)			120,423						120,996
			741,907						754,831
MGM Digital
Payroll related			29,537						20,369
Marketing costs			57,793						59,034
Gaming taxes			30,625						28,814
Other segment items(2)			44,496						38,181
			$	162,451					$	146,398

(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.

			Three Months Ended March 31,
			2025						2024
			(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts			$	811,160					$	827,788
Regional Operations			279,042						274,102
MGM China			285,565						301,186
MGM Digital			(34,393)						(18,790)
			1,341,374						1,384,286
Other operating income (expense)
Corporate and other, net			(126,949)						(121,634)
Preopening and start-up expenses			(85)						(1,095)
Property transactions, net			(15,468)						(17,154)
Depreciation and amortization			(236,444)						(196,562)
Triple net lease rent expense			(564,475)						(564,339)
Loss from unconsolidated affiliates			(12,896)						(25,124)
Operating income			385,057						458,378
Non-operating income (expense)
Interest expense, net of amounts capitalized			(107,269)						(110,037)
Non-operating items from unconsolidated affiliates			262						(136)
Other, net			(11,266)						(4,806)
			(118,273)						(114,979)
Income before income taxes			266,784						343,399
Provision for income taxes			(40,053)						(43,673)
Net income			226,731						299,726
Less: Net income attributable to noncontrolling interests			(78,177)						(82,250)
Net income attributable to MGM Resorts International			$	148,554					$	217,476

			Three Months Ended March 31,
			2025						2024
Capital expenditures:			(In thousands)
Las Vegas Strip Resorts			$	105,238					$	102,985
Regional Operations			22,617						19,832
MGM China			59,736						15,384
MGM Digital			18,437						11,769
Reportable segment capital expenditures			206,028						149,970
Corporate and other			22,013						22,110
			$	228,041					$	172,080

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