2018 Annual Report to Stockholders Contain “Forward-Looking Statements” Within the Meaning of the U.S

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2018 Annual Report to Stockholders Contain “Forward-Looking Statements” Within the Meaning of the U.S ANNUAL REPORT 2018 PARK MGM LAS VEGAS MGM COTAI 2018: THE YEAR IN REVIEW $467 MILLION Consolidated $11.8 BILLION Net Income Attributable to Consolidated MGM Resorts International Net Revenues $2.8 BILLION Consolidated Adjusted EBITDA 2ND BEST Las Vegas Strip Adjusted Property EBITDA CONCLUSION OF Since 2007 MAJOR DEVELOPMENT: • MGM Cotai • MGM Springfield RECORD NET REVENUES • Park MGM / NoMad Las Vegas and ADJUSTED PROPERTY EBITDA at • MGM Grand Detroit LEADER IN ENTERTAINMENT • Beau Rivage • Sold 8.6 million tickets at 8,026 events • MGM National Harbor • Newest Residencies: Lady Gaga and Bruno Mars Entry into Positioning MGM for FUTURE GROWTH: NEW YORK AND • Sports, Sports Betting and Interactive: OHIO Markets − Venture with GVC − Partnerships with professional sports leagues and teams EXPANDED − Entered into market access agreements • Committed to Japan IR Opportunity CONVENTION SPACE: ARIA and MGM Grand Las Vegas COMMITMENT TO ESG (450k Sq Ft Expansion) • Welcomed Jan Swartz and Paul Salem to the Board of Directors • Employer of choice: $1.5 BILLION Returned MGM is Forbes #13 World’s Best Employers to Shareholders • Recognized by DiversityInc, Points of Light and others on diversity and inclusion, philanthropy and community engagement and environmental sustainability Schedules that reconcile the non-GAAP financial measure to the most directly comparable GAAP financial measures are included in the MGM Resorts International Form 10-K and are available on the MGM Resorts International website at www.mgmresorts.com. MGM SPRINGFIELD UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-10362 MGM RESORTS INTERNATIONAL (Exact name of Registrant as specified in its charter) DELAWARE 88-0215232 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 3600 Las Vegas Boulevard South - Las Vegas, Nevada 89109 (Address of principal executive office) (Zip Code) (702) 693-7120 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common Stock, $0.01 Par Value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes X No Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No X Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes X No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K: Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer X Accelerated filer Non-accelerated filer Smaller reporting company Emerging Growth Company___ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes No X The aggregate market value of the Registrant’s Common Stock held by non-affiliates of the Registrant as of June 30, 2018 (based on the closing price on the New York Stock Exchange Composite Tape on June 30, 2018) was $15.6 billion. As of February 22, 2019, 536,916,609 shares of Registrant’s Common Stock, $0.01 par value, were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive Proxy Statement for its 2018 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. TABLE OF CONTENTS Page PART I Item 1. Business............................................................................................................................................................................ 1 Item 1A. Risk Factors...................................................................................................................................................................... 11 Item 1B. Unresolved Staff Comments ............................................................................................................................................ 24 Item 2. Properties.......................................................................................................................................................................... 25 Item 3. Legal Proceedings ............................................................................................................................................................ 26 Item 4. Mine Safety Disclosures................................................................................................................................................... 26 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities...... 27 Item 6. Selected Financial Data.................................................................................................................................................... 29 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations........................................... 31 Item 7A. Quantitative and Qualitative Disclosures About Market Risk ......................................................................................... 50 Item 8. Financial Statements and Supplementary Data................................................................................................................ 51 Consolidated Financial Statements .................................................................................................................................. 54 Notes to Consolidated Financial Statements.................................................................................................................... 59 Schedule II – Valuation and Qualifying Accounts........................................................................................................... 100 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.......................................... 101 Item 9A. Controls and Procedures................................................................................................................................................... 101 Item 9B. Other Information............................................................................................................................................................. 102 PART III Item 10. Directors, Executive Officers and Corporate Governance............................................................................................... 102 Item 11. Executive Compensation.................................................................................................................................................. 102 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters........................ 102 Item 13. Certain Relationships and Related Transactions, and Director Independence................................................................. 102 Item 14. Principal Accounting Fees and Services .......................................................................................................................... 102 PART IV Item 15. Exhibits, Financial Statements Schedules........................................................................................................................ 103 Item 16. Form 10-K Summary ....................................................................................................................................................... 109 Signatures......................................................................................................................................................................... 110 PART I ITEM 1. BUSINESS MGM Resorts International is referred to as the “Company,” “MGM
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