First Quarter 2016 Earnings Presentation May 5, 2016

Forward-Looking Statements

Statements in this presentation that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan, the realization of any benefits from the MGP transactions and the Company’s ability to execute its strategic plan and improve its financial flexibility. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward- looking statements.

Note Regarding Presentation of Non-GAAP Financial Measures

The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules that reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States are included on slide 34 and in our earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com.

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2 Key Company Highlights

 MGM Resorts reported outstanding results for 1Q 2016

 Profit Growth Plan is ahead of plan • Approximately $59 million of Adjusted EBITDA benefit realized in 1Q161

 Successful completion of MGM Growth Properties initial public offering and debt financings

 CityCenter completed $1.1 billion sale of

 CityCenter announced $1.1 billion dividend to owners

 The Park and T-Mobile Arena debuted on the Strip

 MGM Resorts strengthens its financial position • Received $1.6 billion cash from the MGP IPO and distributions from the sale of The Shops at Crystals, which will be dedicated to debt reduction

1 Includes Adjusted EBITDA impact contributed by wholly owned domestic resorts plus 50% of CityCenter

3 Quarter Items At A Glance

• Non-recurring items that impact 1Q 2016 Diluted EPS of $0.12 • 1Q 2016 included a tax provision of $21 million vs. a tax benefit of $56 million in 1Q 2015

• Notable items from prior year (1Q 2015) • CityCenter’s results included a $160 million gain1 related to proceeds received pursuant to a global settlement agreement with Perini Building Company, Inc. (“Perini”) and the remaining Perini subcontractors, relating to and Spa • 1Q 2015 Diluted EPS of $0.33 included a $0.09 gain related to CityCenter’s global settlement with Perini (as discussed above)

1 MGM’s 50% economic share was impacted in Income From Unconsolidated Affiliates

4

1Q 2016 Financial Highlights

Wholly Owned Domestic1 (YoY) Adjusted Property EBITDA $ $485 million 24% Adjusted Property EBITDA Margin 30% 520 bps Wholly Owned Strip Adjusted Property EBITDA $ $409 million 26% Adjusted Property EBITDA Margin 30% 510 bps RevPAR2 $147 8% Regionals1 Adjusted Property EBITDA $ $76 million 18% Adjusted Property EBITDA Margin 28% 570 bps

• Net Revenue growth of 3%, or 4% excluding , Railroad Pass, and the Company’s properties in Jean , which were sold during 2015

• Strong convention base allowing for effective yield management resulting in 8% RevPAR growth on the Strip, exceeding our +6% guidance

• Strong Adjusted Property EBITDA growth across Las Vegas & Regional properties with the strongest first quarter margin since 2007, up 520 bps to 30%1

1 Year over year comparison includes Circus Circus Reno, Railroad Pass, and the Company’s properties in Jean Nevada, which were sold during 2015 2 RevPAR is hotel revenue per available room

5 1Q 2016 Financial Highlights

CityCenter Resort Operations1 (YoY) 50% owned by MGM Resorts Adjusted EBITDA $ $92 million 30% Adjusted EBITDA Margin 31% 570 bps

• Net Revenue growth of +6% • Highest first quarter Adjusted EBITDA1 on record • Record RevPAR at Aria and

• Leverage2: ~3.8x • Recent Announcements • In April 2016, CityCenter closed the sale of The Shops at Crystals for approximately $1.1 billion • The CityCenter Board of Directors approved a $1.08 billion dividend, consisting of a $990M special dividend in connection with the sale and a $90M dividend as part of its annual dividend policy

1 Excludes The Shops at Crystals 2 Leverage ratio is calculated as Long-Term Debt over Adjusted EBITDA from Resort Operations

6 1Q 2016 Financial Highlights

MGM China1 (YoY) 51% owned by MGM Resorts Adjusted EBITDA $ $122 million 23% Adjusted EBITDA Margin 26% 80 bps

• Adjusted EBITDA1 margin was impacted by lower table games hold in In- House VIP and mass table games • Adjusted EBITDA1 margin normalized for hold would have been flat sequentially at 28%

• Macau 1Q 2016 Market Trends: • Visitation +0.6% YoY • Total GGR -13% YoY • VIP Table Games GGR -19% YoY • Mass Table Games GGR -5% YoY

1 Before licensing fee

7 1Q 2016 EBITDA Growth Drivers

Wholly Owned Domestic Resorts ($ in millions) $525

$500 $54 $485

$475

$450 $21 $425 $20

$400 $390

$375

$350 Q1-15 Hold Impact Normal Growth PGP Q1-16

Growth % 5% 5% 14%

57% of Wholly Owned Domestic Adj. Property EBITDA growth was driven by the Profit Growth Plan, with the balance due to normal growth and hold impact

8 Profit Growth Plan

MGM’s Profit Growth Plan was created to challenge, reinvigorate and empower our Company to take a smarter, more innovative approach to the way we operate our business... …with the ultimate goal of creating an embedded culture of operational excellence and continuous improvement

Key Objectives Path to Achieving

 Realize $300 million of incremental Adjusted  We’ve identified roughly 500 ideas to EBITDA1 by 2017 implement across all segments of the business, including gaming, hotel, entertainment and F&B  Wholly owned domestic Adjusted Property EBITDA1 margins back to 30%  One-third from revenue generating ideas; Two-thirds from cost savings

 Year end 2016 targets:  Fully implement identified initiatives  Realize $200 million of the $300 million

1 Wholly owned domestic resorts plus 50% of CityCenter

9 Profit Growth Plan Is Ahead Of Pace

ADJUSTED EBITDA1 IMPACT - IMPROVEMENT OVER 2014 BASELINE

2015 impact: 2016 impact goal: 2017 impact goal: $71 million $200 million $300 million

1Q16 $59 million annualized- rate is ahead MGM of plan Exceed 30% Launches Adjusted Profit $38 million Growth Plan $33 million EBITDA margins

Q2-15 Q3-15 Q4-15 Q1-16

1 Wholly owned domestic resorts plus 50% of CityCenter

10 MGM Growth Properties

Key Criteria for MGM Resorts Key Highlights

 Maximizes shareholder value  Priced at $21/ share, the top of the $18-21 range

 Highlights the significant inherent value  MGP’s $1.2 billion IPO was the third largest REIT of our real estate IPO ever, with meaningful support from a new class of investors  Strengthens MGM’s financial profile  $3.8 billion capital raised with a blended cost of  Enhances ability to execute growth debt of approximately 4.5% strategy  Over $800 million in liquidity, including an  Minimize friction costs undrawn $600 million revolver

 MGM will participate in distributions through ~73% ownership of the operating partnership

11 Capital Structure Enhancement: Consolidated Net Leverage

Actual Notes CityCenter MGP Pro Forma 3/31/2016 Paydown Dividend Transaction 3/31/16

Total Cash1 $1,665 ($243) $540 $505 $2,467 LTM Adjusted EBITDA related to: Wholly owned domestic resorts $1,785 $-- $-- $-- $1,785 Management and other operations 25 ------25 MGM 506 ------506 Corporate (excld. stock-based compensation) (274) -- -- (13) (287) $2,042 $-- $-- ($13) $2,029 Dividends and distributions received by MGM2 34 -- 45 -- 79 $2,076 $-- $45 ($13) $2,108

Total Principal Amount of Debt related to: MGM Resorts Borrower Group3 $11,255 ($243) $-- ($3,692) 4 $7,321 MGM National Harbor 250 ------250 MGM China 1,559 ------1,559 MGM Growth Properties ------3,200 3,200 $13,064 ($243) $-- ($492) $12,329

Net Leverage Ratio 5.5x 4.7x

1 Includes $595 million of cash at MGM China 2 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter, and Grand Victoria. Pro forma adjustments reflect MGM's share of the $90 million dividend paid by CityCenter in May 2016 as part of its annual dividend policy 3 Based on Borrower Group total debt as defined in the Company’s Credit Agreement 4 Includes the pending redemption of MGM Resorts’ 10% senior notes due 2016 and its 7.5% senior notes due 2016

12 Enhanced U.S. Debt Maturity Profile

Senior secured As of 3/31/161 Senior unsecured ($ in millions)

MGM U.S. maturities through 2019: $2,543 $6.25 billion $1,759 $1,476 Through the MGP transactions, $475 MGM will address almost 2016 2017 2018 2019 70% of its US maturities Post-MGP Transaction1,2 through 2019 ($ in millions)

MGM U.S. maturities through 2019: $2.07 billion $850 $743 $475 $0

2016 2017 2018 2019

1 Excludes amortization 2 Pro forma for events subsequent to 3/31/16 including the MGM Growth Properties IPO and related debt financings, the pending redemption of MGM Resorts’ 10% senior notes due 2016 and its 7.5% senior notes due 2016, and the repayment of MGM’s 6.875% notes due April 2016.

13 1Q 2016 Capital Expenditures

• Domestic Operations: $78 million – Includes The Park, room remodels and convention center expansion, theater at Monte Carlo, and general maintenance and growth

• U.S. Development Projects: $143 million – MGM National Harbor: $132 million – MGM Springfield: $11 million

• MGM China: $188 million – MGM Cotai: $180 million – MGM Macau: $8 million

Excludes capitalized interest.

14 2016 At A Glance

2Q 2016 2H 2016

 CityCenter Related1:  Continued contribution from Profit Growth Plan  $20 million of accelerated depreciation at Aria  due to the closure of the Zarkana theatre Notable items from 4Q 2015   $400 million gain from the sale of The Shops at MGM China’s $1.5 billion non-cash goodwill Crystals impairment charge  : $20 million negative hold  Corporate expense: $80-85 million, including impact  ~$15 million related to the MGP transactions  CityCenter Depreciation: $20 million increase  ~$3 million related to MGP corporate expense related to accelerated depreciation due to closure of the Zarkana theatre  ~$6 million related to Profit Growth Plan

 Preopening expense: $25-30 million

 Loss on debt retirements related to MGP transactions: Approximately $50 million

 Notable items from the year prior:  Mayweather/Pacquiao fight in May 2015

1 MGM’s economic share will be impacted in Income from unconsolidated Affiliates

15 T-Mobile Arena & The Park

Opened April 2016

16 Development – MGM National Harbor

Expected To Open 4Q 2016

Rendering Construction as of 4/20/16

17 Development – MGM Cotai

Expected To Open 1Q 2017

Rendering Construction as of 4/25/16 Front Exterior Front Exterior

18 Development – MGM Springfield

Expected To Open Late 2018

Rendering Rendering Aerial Front Exterior

19 Appendix

APPENDIX AGENDA

Las Vegas Market Position

Profit Growth Plan

Supplemental Data

20 Las Vegas Positioned to Outperform

The Las Vegas market is positioned to outperform over the next several years As the leading Entertainment Company of Las Vegas, MGM Resorts International will be the primary benefactor of this growth

• Strong visitation trends

• Las Vegas is positioned to continue to regain RevPAR share

• Limited supply growth expected in the near-term

• Continued diversification defining Las Vegas as a leading U.S. entertainment destination which drives incremental domestic and international demand

• Meetings and convention business trends continue to improve

21 Las Vegas Visitation

Strong visitation trends

2007 to 2015 Trend Year-to-date March

43,000 42,312 42,000 Las Vegas Visitation is 8% ahead of 2007's peak 41,000

40,000 39,197 39,000

38,000

37,000 36,351 36,000

35,000

34,000

33,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 Mar-15 YTD Mar-16 YTD Las Vegas Visitation ('000)

• Las Vegas visitation trends continue to improve • 2015 is significantly ahead of 2007’s peak • This positive trend continues into 2016

* Source: LVCVA

22 Las Vegas vs. U.S. Room Supply (Indexed)

Las Vegas will have limited supply growth over the next several years

125 2007 - 2015 CAGR

120 Las Vegas 1.5% U.S 1.3%

115

110

105 2015 - 2018F CAGR 100 Las Vegas 0.4% U.S 2.2% 95 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F Las Vegas Supply U.S. Supply

• Over the next several years Las Vegas is expected to have limited supply growth while U.S. lodging supply is expected to continue to expand • This will be an additional contributing factor that will allow Las Vegas to grow its RevPAR share premium to the U.S. over the next several years

* Source: U.S. historical data Smith Travel Research, U.S. Forecast PKF; Las Vegas data LVCVA (Resort World 50% 2018 based on current probability of completion)

23 Revenue Mix

Diversification of market into a leading entertainment destination

Las Vegas Strip Market (Fiscal Year Ended 6/30) MGM Las Vegas Properties1

70% 2015 65% 2006 60% 2006 60% Hotel 28% Non- 50% Gaming 2006 40% Gaming 35% Food & 65% Beverage 2015 35% 40% 20% Other 17% 30% 1991 1997 1998 2003 2004 2010 1990 1992 1993 1994 1995 1996 1999 2000 2001 2002 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015

Gaming Revenue Non-Gaming Revenue 2015

• The Las Vegas market continues to diversify from Hotel primarily a gaming market to a major U.S. entertainment 29% Non- Gaming Food & destination 29% Gaming 71% Beverage 23% • MGM Resorts’ increased diversification has solidified its Other place as a leading destination for world-class 19% entertainment and food & beverage venues

Source: Nevada Gaming Control Board; MGM includes wholly-owned LV properties 1 Based on gross revenues

24 Attendee & Group Trends (Indexed)

Group business continues to improve, MGM significantly outperforms

120 MGM 12% U.S. 3% LV (5)% ahead of 2007 ahead of 2007 behind 2007 110

100

90

80

70 MGM Implements new group sales strategy 60 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

MGM Las Vegas Group Room Nights Las Vegas Convention Attendees U.S. Group Room Nights • MGM Resorts has outperformed after the implementation of several key initiatives that successfully shifted group mix to over 18%, an all-time record high.

o Optimization of group placement across a portfolio-wide meeting space platform o Global Sales Team to better leverage key accounts on an enterprise-wide basis o Citywide group sales department – one-stop shop for all MGM properties

* Source: Las Vegas Attendees - Nevada Gaming Control Board , U.S. group room nights - Smith Travel Research, Luxury & Upper Upscale , MGM - Wholly-Owned Las Vegas Properties

25 Appendix

APPENDIX AGENDA

Las Vegas Market Position

Profit Growth Plan

Supplemental Data

26 MGM’s Profit Growth Plan

The Profit Growth Plan provides a strategic, structured approach that embeds a culture of continuous improvement aimed at driving sustainable value to our customers, shareholders and employees.

Generate Improve Guest Leverage Size Operate More Operate More Incremental Experience & Scale Efficiently Effectively Revenue & Cash Flow

Creating a Long-Term Competitive Advantage

27 Improve Guest Experience

• Technology utilized to improve service and reduce wait times

o Introducing mobile point of sale systems at pools o Launching a mobile check-in solution o Installing guidance systems in parking garages

• Increased offerings and ease of booking • Upgrading facilities and amenities • Standardizing service across the organization • Aligning staffing levels to meet customer demand

28 Leverage Size & Scale

• Renegotiating with existing partners to enhance value of relationships • Identifying opportunities to standardize purchases across the organization o Wine o Linens and terry o Guest room amenities and supplies

• Increasing spend under management through centralized sourcing • Developing new products at scale, that best fit the needs of our properties and customers • Leveraging our buying power with new partner companies to drive value

29 Operate More Efficiently

• Investing in new aircraft to reduce fuel and maintenance costs, deliver exceptional experiences, and increase the number of eligible customers • Utilizing technology and advanced analytics to better manage staffing levels

• Consolidation of similar functions into Centralized Centers of Excellence • Various HR functions • Analytics • Food and Beverage production • Identifying and eliminating processes that are not value added • Adjusting work schedules and staggering shifts to better align with demand

30 Operate More Effectively

• Rethinking how our departments operate

o Moving to a preventive maintenance model within our facilities o Standardizing menu rotations in employee dining rooms to reduce waste o Staggering shifts to best meet guest needs

• Migrating to an upgraded, modern, source to pay system • Consolidating brand agencies to more effectively promote the company and properties • Aligning to a single customer value matrix to provide more effective and consistent offers

31 Incremental Revenue & Cash Flow

• Offering new gaming options and enhancements to increase player participation • More precisely identifying and managing the utilization of various room types • Consolidation of marketing functions to ensure we are providing the right offers to our customers at the right time

• Better training staff to engage, enhance, and upgrade our customer experiences at various touch-points

o Employee training and coaching on situational selling skills o Incentivizing employees to promote service enhancement behaviors

o Utilizing technology to provide consistent offerings to customers

32 Appendix

APPENDIX AGENDA

Las Vegas Market Position

Profit Growth Plan

Supplemental Data

33 Supplemental Data: Non-GAAP Financial Measures

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Twelve Months Three Months Ended Ended Ended (1) March 31, March 31, December 31, March 31, 2016 2015 2015 2016 $ 116,651 $ 89,167 $ 395,385 $ 422,869 MGM Grand Las Vegas 80,894 65,206 280,266 295,954 Mandalay Bay 58,122 53,988 203,474 207,608 38,330 30,520 112,475 120,285 Luxor 25,391 17,299 87,169 95,261 New York-New York 30,903 24,593 106,457 112,767 Excalibur 23,877 16,542 82,247 89,582 Monte Carlo 21,300 20,056 85,962 87,206 13,293 7,833 43,245 48,705 MGM Grand Detroit 40,042 33,612 154,979 161,409 Beau Rivage 22,799 18,390 88,843 93,252 13,329 11,550 46,023 47,802 Other resort operations (2) - 1,123 3,441 2,318 Wholly owned domestic resorts 484,931 389,879 1,689,966 1,785,018 MGM China 114,123 148,456 539,881 505,548 Unconsolidated resorts (3) 14,702 117,381 257,883 155,204 Management and other operations 4,115 16,317 37,419 25,217 617,871 672,033 2,525,149 2,470,987

Stock compensation (9,869) (7,579) (32,125) (34,415) Corporate (65,118) (45,478) (254,104) (273,744) $ 542,884 $ 618,976 $ 2,238,920 $ 2,162,828

(1) The last twelve months financial data for the period ending March 31, 2016 has been calculated by subtracting the data for the three months ended March 31, 2015 from the data for the year ended December 31, 2015 and adding the data for the three months ended March 31, 2016. (2) Sold in 2015. (3) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.

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