Item 1. Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

			March 31, 2026						December 31, 2025
ASSETS
Current assets
Cash and cash equivalents			$	2,292,830					$	2,062,994
Accounts receivable, net			1,127,143						1,122,940
Inventories			123,158						124,535
Income tax receivable			100,380						220,154
Prepaid expenses and other			571,335						486,419
Assets held for sale			313,917						315,382
Total current assets			4,528,763						4,332,424
Property and equipment, net			6,201,736						6,305,614
Investments in and advances to unconsolidated affiliates			660,360						536,066
Goodwill			4,885,382						4,901,960
Other intangible assets, net			1,309,252						1,356,676
Operating lease right-of-use assets, net			22,877,266						23,002,707
Deferred income taxes			98,673						89,792
Other long-term assets, net			840,726						848,547
			$	41,402,158					$	41,373,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction payable			$	404,489					$	421,502
Accrued interest on long-term debt			95,497						71,845
Other accrued liabilities			2,867,531						2,993,179
Liabilities related to assets held for sale			26,057						25,581
Total current liabilities			3,393,574						3,512,107
Deferred income taxes			2,614,529						2,617,067
Long-term debt, net			6,403,265						6,230,141
Operating lease liabilities			24,933,161						24,962,742
Other long-term obligations			725,625						775,411
Total liabilities			38,070,154						38,097,468
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests			20,452						21,777
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 255,846,644 and 258,323,143 shares			2,558						2,583
Capital in excess of par value			—						—
Retained earnings			2,173,529						2,106,836
Accumulated other comprehensive income			257,335						320,498
Total MGM Resorts International stockholders' equity			2,433,422						2,429,917
Noncontrolling interests			878,130						824,624
Total stockholders’ equity			3,311,552						3,254,541
			$	41,402,158					$	41,373,786

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,
			2026						2025
Revenues
Casino			$	2,378,855					$	2,252,148
Rooms			867,854						863,408
Food and beverage			804,840						770,173
Entertainment, retail and other			403,169						391,353
			4,454,718						4,277,082
Expenses
Casino			1,349,552						1,244,310
Rooms			285,276						280,849
Food and beverage			576,280						560,295
Entertainment, retail and other			253,420						234,429
General and administrative			1,282,832						1,164,898
Corporate expense			137,220						142,351
Preopening and start-up expenses			977						85
Property transactions, net			14,220						15,468
Depreciation and amortization			263,725						236,444
			4,163,502						3,879,129
Income (loss) from unconsolidated affiliates			10,026						(12,896)
Operating income			301,242						385,057
Non-operating income (expense)
Interest expense, net of amounts capitalized			(100,689)						(107,269)
Non-operating items from unconsolidated affiliates			(2,507)						262
Other, net			4,203						(11,266)
			(98,993)						(118,273)
Income before income taxes			202,249						266,784
Provision for income taxes			(27,457)						(40,053)
Net income			174,792						226,731
Less: Net income attributable to noncontrolling interests			(49,656)						(78,177)
Net income attributable to MGM Resorts International			$	125,136					$	148,554
Earnings per share
Basic			$	0.49					$	0.52
Diluted			$	0.48					$	0.51
Weighted average common shares outstanding
Basic			256,348						287,125
Diluted			258,877						289,096

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,
			2026						2025
Net income			$	174,792					$	226,731
Foreign currency translation			(69,923)						148,308
Comprehensive income			104,869						375,039
Less: Comprehensive income attributable to noncontrolling interests			(42,896)						(77,244)
Comprehensive income attributable to MGM Resorts International			$	61,973					$	297,795

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,
			2026						2025
Cash flows from operating activities
Net income			$	174,792					$	226,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			263,725						236,444
Amortization of debt discounts and issuance costs			6,376						6,820
Provision for credit losses			18,587						10,784
Stock-based compensation			35,137						28,653
Foreign currency transaction (gain) loss			(25,303)						100,923
Property transactions, net			14,220						15,468
Noncash lease expense			126,547						128,361
Other investment losses (gains)			12,043						(35,029)
(Income) loss from unconsolidated affiliates			(7,519)						12,634
Distributions from unconsolidated affiliates			1,553						1,449
Deferred income taxes			(11,935)						(9,781)
Change in operating assets and liabilities:
Accounts receivable			(23,071)						91,780
Inventories			1,137						5,507
Income taxes receivable and payable, net			125,812						49,407
Prepaid expenses and other			(76,859)						(70,475)
Accounts payable and accrued liabilities			(98,008)						(227,015)
Other			30,555						(25,582)
Net cash provided by operating activities			567,789						547,079
Cash flows from investing activities
Capital expenditures			(154,664)						(228,041)
Dispositions of property and equipment			5,629						60
Investments in unconsolidated affiliates			(137,558)						—
Distributions from unconsolidated affiliates			610						522
Investments and other			(86,811)						419
Net cash used in investing activities			(372,794)						(227,040)
Cash flows from financing activities
Net borrowings of debt - maturities of 90 days or less			178,393						50,374
Distributions to noncontrolling interest owners			(5,404)						(11,807)
Repurchases of common stock			(88,902)						(489,280)
Other			(44,162)						(19,506)
Net cash provided by (used in) financing activities			39,925						(470,219)
Effect of exchange rate on cash, cash equivalents, and restricted cash			(6,440)						5,089
Change in cash and cash equivalents classified as assets held for sale			731						—
Cash, cash equivalents, and restricted cash
Net change for the period			229,211						(145,091)
Balance, beginning of period			2,150,364						2,503,064
Balance, end of period			$	2,379,575					$	2,357,973
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized			$	70,741					$	70,023
Income tax refunds received, net			(86,837)						(156)

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, 2026			258,323						$	2,583					$	—					$	2,106,836					$	320,498					$	2,429,917					$	824,624					$	3,254,541
Net income			—						—						—						125,136						—						125,136						50,409						175,545
Currency translation adjustment			—						—						—						—						(63,163)						(63,163)						(6,760)						(69,923)
Stock-based compensation			—						—						31,510						—						—						31,510						3,613						35,123
Issuance of common stock pursuant to stock-based compensation awards			22						—						(323)						—						—						(323)						—						(323)
Distributions to noncontrolling interest owners			—						—						—						—						—						—						(5,124)						(5,124)
Repurchases of common stock			(2,498)						(25)						(31,187)						(58,462)						—						(89,674)						—						(89,674)
Adjustment of redeemable noncontrolling interest to redemption value			—						—						—						18						—						18						—						18
Other			—						—						—						1						—						1						11,368						11,369
Balances, March 31, 2026			255,847						$	2,558					$	—					$	2,173,529					$	257,335					$	2,433,422					$	878,130					$	3,311,552

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 (Loss)						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

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, 2026, 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 (until its disposition in April 2026, refer to Note 4), 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 of March 31, 2026 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. As of March 31, 2026, 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. In April 2026, the Company’s ownership interest in MGM Osaka decreased from 50% to approximately 39%, reflecting investment into the venture by other shareholders.

Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 11 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 2025 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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 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.

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 5;

• 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 accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $342 million and $355 million as of March 31, 2026 and December 31, 2025, 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, 2026 the Company recorded a net loss on its equity investments of $13 million. For the three months ended March 31, 2025, the Company recorded a net gain on its equity investments of $32 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, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of March 31, 2026, the fair value of derivatives classified as assets were $2 million with $1 million in each of current assets and long-term assets and those classified as liabilities were $25 million in current liabilities. 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.

For the three months ended March 31, 2026, the Company recorded a net loss on its derivatives of $19 million. For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $40 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, 2026						December 31, 2025
			(In thousands)
Cash and cash equivalents:
Money market funds			Level 1			$	181,623					$	158,564
Cash and cash equivalents						181,623						158,564
Short-term investments:
U.S. government securities			Level 1			63,793						62,267
Corporate bonds			Level 2			135,866						135,211
Asset-backed securities			Level 2			12,457						12,681
Short-term investments						212,116						210,159
Total debt investments						$	393,739					$	368,723

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 March 31, 2026 and December 31, 2025, securing the bank guarantees discussed in Note 8 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, 2026 and December 31, 2025.

Accounts receivable. As of March 31, 2026 and December 31, 2025, the loss reserve on accounts receivable was $147 million and $139 million, respectively.

Accounts payable. As of March 31, 2026 and December 31, 2025, the Company had accrued $80 million and $83 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
			2026						2025						2026						2025						2026						2025
			(In thousands)
Balance at January 1			$	204,020					$	215,710					$	216,579					$	215,005					$	860,126					$	825,236
Balance at March 31			178,828						177,017						205,314						205,276						838,793						813,917
Decrease			$	(25,192)					$	(38,693)					$	(11,265)					$	(9,729)					$	(21,333)					$	(11,319)

The January 1, 2026 and March 31, 2026 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) within Note 11.

Leases. Refer to Note 7 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, 2026, lease revenues from third-party tenants include $15 million recorded within food and beverage revenue and $29 million recorded within entertainment, retail, and other revenue. 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. 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 $660 million and $536 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $153 million and $160 million as of March 31, 2026 and December 31, 2025, 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:

			Three Months Ended March 31,
			2026						2025
			(In thousands)
Income (loss) from unconsolidated affiliates			$	10,026					$	(12,896)
Non-operating items from unconsolidated affiliates			(2,507)						262
			$	7,519					$	(12,634)

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

			Three Months Ended March 31,
			2026						2025
			(In thousands)
BetMGM North America Venture			$	7,360					$	(15,201)
Other			2,666						2,305
			$	10,026					$	(12,896)

NOTE 4 — DIVESTITURES

MGM Northfield Park sale. In April 2026, the Company completed the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for cash considerations of $546 million, subject to certain purchase price adjustments. At closing, the master lease between the Company and VICI Properties, Inc. (“VICI”) was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent.

The major classes of assets and liabilities classified as held for sale are as follows:

			March 31, 2026						December 31, 2025
			(In thousands)
Cash and cash equivalents			$	31,071					$	31,802
Accounts receivable, net			4,628						6,224
Inventories			305						302
Prepaid expenses and other			1,664						1,831
Property and equipment, net			30,006						28,980
Goodwill			17,915						17,915
Other intangible assets, net			228,000						228,000
Other long-term assets, net			328						328
Assets held for sale			$	313,917					$	315,382
Accounts payable			$	6,885					$	6,833
Other accrued liabilities			18,952						18,497
Other long-term obligations			220						251
Liabilities related to assets held for sale			$	26,057					$	25,581

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

			March 31, 2026						December 31, 2025
			(In thousands)
Senior secured yen credit facility			$	341,766					$	346,528
MGM China revolving credit facility			663,341						488,247
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
			6,430,659						6,260,327
Less: Unamortized discounts and debt issuance costs, net			(27,394)						(30,186)
			$	6,403,265					$	6,230,141

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.

Senior secured credit facility. At March 31, 2026, the Company’s senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which 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, 2026.

Senior secured yen credit facility. At March 31, 2026 the Company’s senior secured yen credit facility consisted of a JPY54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY67.8 billion.

At March 31, 2026, the interest rate was 2.74%.

The Company’s senior secured yen 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 March 31, 2026.

MGM China revolving credit facility. At March 31, 2026, the MGM China revolving credit facility consisted of a HK$23.4 billion (approximately $3.0 billion) senior unsecured revolving credit facility. At March 31, 2026, the weighted average interest rate was 4.16%.

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 March 31, 2026.

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, 2026 and December 31, 2025, respectively.

NOTE 6 — 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 a provision of 13.6% and 15.0% on income before income taxes for the three months ended March 31, 2026 and March 31, 2025, respectively.

NOTE 7 — 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,
			2026						2025
			(In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)			$	570,873					$	574,157
Finance lease costs
Interest expense			$	3,496					$	4,318
Amortization expense			19,008						18,171
Total finance lease costs			$	22,504					$	22,489

(1) Operating lease cost includes $83 million for each of the three months ended March 31, 2026 and 2025 related to the Bellagio lease, which is held with a related party.

			March 31, 2026						December 31, 2025
			(In thousands)
Operating leases
Operating lease ROU assets, net(1)			$	22,877,266					$	23,002,707
Operating lease liabilities - current, classified within “Other accrued liabilities”			$	115,428					$	106,005
Operating lease liabilities - long-term(2)			24,933,161						24,962,742
Total operating lease liabilities			$	25,048,589					$	25,068,747
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”			$	222,247					$	236,861
Finance lease liabilities - current, classified within “Other accrued liabilities”			$	79,598					$	76,913
Finance lease liabilities - long-term, classified within “Other long-term obligations”			162,118						178,053
Total finance lease liabilities			$	241,716					$	254,966
Weighted average remaining lease term (years)
Operating leases			23						23
Finance leases			9						9
Weighted average discount rate (%)
Operating leases			7						7
Finance leases			6						6

(1) As of March 31, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $3.3 billion related to the Bellagio lease.

(2) As of March 31, 2026 and December 31, 2025, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2026 and December 31, 2025, operating lease liabilities – current included $11 million and $9 million related to the Bellagio lease, respectively.

			Three Months Ended March 31,
			2026						2025
Cash paid for amounts included in the measurement of lease liabilities			(In thousands)
Operating cash outflows from operating leases			$	466,288					$	466,044
Operating cash outflows from finance leases			3,496						4,318
Financing cash outflows from finance leases(1)			17,635						15,038
ROU assets obtained in exchange for new lease liabilities
Operating leases			$	1,818					$	65
Finance leases			4,275						—

(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 (excluding the three months ended March 31, 2026)			$	1,413,231					$	69,634
2027			1,910,736						85,144
2028			1,942,975						32,636
2029			1,974,904						7,971
2030			2,010,457						7,436
Thereafter			44,962,987						114,210
Total future minimum lease payments			54,215,290						317,031
Less: Amount of lease payments representing interest			(29,166,701)						(75,315)
Present value of future minimum lease payments			25,048,589						241,716
Less: Current portion			(115,428)						(79,598)
Long-term portion of lease liabilities			$	24,933,161					$	162,118

NOTE 8 — COMMITMENTS AND CONTINGENCIES

Litigation. The Company is a party to various 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 MOP1 billion (approximately $124 million as of March 31, 2026) 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, 2026, MOP700 million of the bank guarantees (approximately $87 million as of March 31, 2026) 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 $80 million as of March 31, 2026) 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 $556 million as of March 31, 2026, is pledged as collateral for MGM Osaka’s obligations under its credit agreement.

MGM Osaka funding commitment. In connection with MGM Osaka’s development of an integrated resort, the Company has commitments to fund MGM Osaka of JPY428 billion, of which an estimated amount of approximately JPY335.9 billion (approximately $2.1 billion as of March 31, 2026) remains to be funded as of March 31, 2026. During the three months ended March 31, 2026, the Company funded JPY21.0 billion (approximately $138 million) of the committed amount. The fundings are recognized as contributions to investment in unconsolidated affiliates upon payment.

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, 2026, $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 9 — 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,
			2026						2025
			(In thousands)
Numerator:
Net income attributable to MGM Resorts International			$	125,136					$	148,554
Adjustment related to redeemable noncontrolling interests			18						(41)
Net income available to common stockholders – basic and diluted			$	125,154					$	148,513
Denominator:
Weighted-average common shares outstanding – basic			256,348						287,125
Potential dilution from stock-based awards			2,529						1,971
Weighted-average common and common equivalent shares – diluted			258,877						289,096

NOTE 10 — STOCKHOLDERS’ EQUITY

MGM Resorts International stock repurchases. In each of 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 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.

During the three months ended March 31, 2026, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $90 million. Repurchased shares were retired. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.5 billion as of March 31, 2026.

NOTE 11 — 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; 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 (until its disposition in April 2026).

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, 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,
			2026						2025
Net revenue			(In thousands)
Las Vegas Strip Resorts
Casino			$	513,145					$	538,259
Rooms			751,484						750,049
Food and beverage			606,587						586,039
Entertainment, retail and other			309,214						301,773
			2,180,430						2,176,120
Regional Operations
Casino			684,490						671,975
Rooms			68,592						66,725
Food and beverage			110,164						109,081
Entertainment, retail and other			54,664						52,638
			917,910						900,419
MGM China
Casino			976,514						895,852
Rooms			47,778						46,634
Food and beverage			88,089						75,053
Entertainment, retail and other			9,654						9,933
			1,122,035						1,027,472
MGM Digital
Casino			182,741						128,058
Reportable segment net revenues			4,403,116						4,232,069
Corporate and other			51,602						45,013
			$	4,454,718					$	4,277,082
Expenses
Las Vegas Strip Resorts
Payroll related			$	669,470					$	661,746
Cost of sales			132,641						127,757
Gaming taxes			55,283						59,210
Other segment items(1)			573,829						516,247
			1,431,223						1,364,960
Regional Operations
Payroll related			238,957						228,947
Cost of sales			37,115						37,214
Gaming taxes			188,508						184,714
Other segment items(1)			193,893						170,502
			658,473						621,377
MGM China
Payroll related			164,356						145,208
Cost of sales			31,119						27,500
Gaming taxes			504,278						448,776
Other segment items(1)			148,808						120,423
			848,561						741,907
MGM Digital
Payroll related			30,235						29,537
Marketing costs			79,230						57,793
Gaming taxes			45,632						30,625
Other segment items(2)			53,246						44,496
			$	208,343					$	162,451

(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,
			2026						2025
			(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts			$	749,207					$	811,160
Regional Operations			259,437						279,042
MGM China			273,474						285,565
MGM Digital			(25,602)						(34,393)
			1,256,516						1,341,374
Other operating income (expense)
Corporate and other, net			(121,751)						(126,949)
Preopening and start-up expenses			(977)						(85)
Property transactions, net			(14,220)						(15,468)
Depreciation and amortization			(263,725)						(236,444)
Triple net lease rent expense			(564,627)						(564,475)
Income (loss) from unconsolidated affiliates			10,026						(12,896)
Operating income			301,242						385,057
Non-operating income (expense)
Interest expense, net of amounts capitalized			(100,689)						(107,269)
Non-operating items from unconsolidated affiliates			(2,507)						262
Other, net			4,203						(11,266)
			(98,993)						(118,273)
Income before income taxes			202,249						266,784
Provision for income taxes			(27,457)						(40,053)
Net income			174,792						226,731
Less: Net income attributable to noncontrolling interests			(49,656)						(78,177)
Net income attributable to MGM Resorts International			$	125,136					$	148,554

			Three Months Ended March 31,
			2026						2025
Capital expenditures:			(In thousands)
Las Vegas Strip Resorts			$	51,008					$	105,238
Regional Operations			19,760						22,617
MGM China			42,147						59,736
MGM Digital			22,021						18,437
Reportable segment capital expenditures			134,936						206,028
Corporate and other			19,728						22,013
			$	154,664					$	228,041

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