SOLID PRINCIPLES. SOLID MGM Resorts International™ - 2010 Annual Report MGM Resorts International is the leader in entertainment and hospitality – a diverse collection of extraordinary people, distinctive brands and best-in-class destinations. Working together, we create partnerships and experiences that engage, entertain and inspire. A Letter From The Chairman 1 2010 ANNUAL REPORT ANNUAL 2010 Dear Shareholders: Faced with a critical decision, an individual relies on strength of character. To succeed in an adverse economy, a Company must stand on solid principles. 2010 brought inconsistency and instability. Yet through it all, MGM Resorts International transformed what others saw as obstacles into stepping stones toward progress. We can confidently state that through the highs and lows of an erratic economy, our Company found a path above the turbulence to gain ground toward recovery. And we did so with our solid principles as our foundation. James J. Murren Chairman & CEO 3 2010 ANNUAL REPORT ANNUAL 2010 SOLID PRINCIPLES / SOLID While others merely persisted in survival mode, we harnessed the uncertainty of a recession as impetus to meet our challenges. We successfully changed the MGM Resorts International narrative from a tale of liquidity into a chronicle of revival. We significantly improved the Company’s balance sheet - securing liquidity, extending maturities and reducing debt. We re-branded the Company - changing our name to better represent the strength and depth of our portfolio and the global reach of our Company’s brand. We launched M life - leveraging our unparalleled assets through a game-changing customer loyalty program designed to promote the breadth of our Company’s offerings. We redeployed our executive team - positioning their unmatched knowledge and leadership abilities to execute our Company’s efforts. We undertook numerous operating initiatives - benefiting our Company in late 2010, and we believe will continue to improve our bottom line going forward. If there is a measure of a company’s integrity, look to the way that company’s leaders deal with their obligations – to their customers, their employees and their financial partners. 5 2010 ANNUAL REPORT ANNUAL 2010 SOLID PRINCIPLES / SOLID In 2010, we set aggressive goals to improve our liquidity profile; not only did we meet our goals, we exceeded them. We raised more than $3 billion of new capital and extended approximately $3.5 billion of our credit facility into 2014. We also put in place long-term credit facilities at both MGM Macau and CityCenter. MGM Resorts International delivered on our promise to employees and financial partners to improve our financial footing, positioning your Company to benefit from a recovery. MGM Resorts International has remained fully engaged throughout the downturn to prepare our Company for success in an economic recovery. We implemented a strategy to grow our convention mix to strengthen pricing across other hotel segments and improve customer spend mid-week. We have seen early successes of that strategy driving improved convention mix, and increased ADR. Already in 2011, advance bookings are on the rise. Our resorts have approximately 1.6 million convention room nights on the books for 2011- this represents a double-digit increase over 2010 and we are still booking groups for the current year. In casino operations, we continue to see strength in our international play. In 2010, we posted an all-time record for international volume at our Strip properties with the addition of ARIA. Through M life and a strong event calendar, your Company is focused on improving market share and maximizing profitability. 7 2010 ANNUAL REPORT ANNUAL 2010 The centerpiece initiative your Company deployed in 2010 was the introduction last fall of our new comprehensive customer loyalty program, M life. M life will engage customers in multiple phases, rolling out first to our casino players, and by the end of 2011, expanding to become a broad-based program also recognizing and rewarding non-gaming channels of our business. M life is in its early stages, but we’ve seen very strong indications of its popularity in Mississippi and Detroit, and more recently, here in Las Vegas. We’ve already enrolled more than one million customers and re-activated more than 150,000 existing customers. We believe we will capture a greater share of business from these guests and be better positioned to cross- market our resorts in Las Vegas and throughout our regional properties. 9 2010 ANNUAL REPORT ANNUAL 2010 SOLID PRINCIPLES / SOLID MGM Resorts continues to be the undisputed leader in the world of entertainment. While for the past couple of years entertainers have limited touring due to weakened consumer demand, we are seeing a renewed energy and already have in place a much stronger event calendar for 2011, both in terms of quality and quantity. We have also signed great long-term entertainment for our properties including the Blue Man Group opening at Monte Carlo in late 2012 and Cirque du Soleil®’s Michael Jackson show opening at Mandalay Bay in early 2013. We continue to reinvest in our market-leading assets by enhancing our product offering. Soon guests at Bellagio and MGM Grand Las Vegas will enjoy newly renovated rooms. We also have plans this year to bring Hyde Lounge to Bellagio, refresh slot machines across many of our properties, and modernize the offerings at several of our existing restaurants and retail outlets. We are deeply committed to excellence in all aspects of our operations. This commitment has been widely recognized and is positively impacting our business. Following CityCenter’s first full year of operations, ARIA took its rightful place in 2010 among the premium properties in Las Vegas. ARIA drove growth in the high-end market in Las Vegas and is now a leader in the baccarat market. CityCenter continues to serve as the benchmark for our industry going forward. CityCenter has received accolades and awards in nearly every discipline. Perhaps most notably, ARIA and Mandarin Oriental, Las Vegas were honored with the coveted AAA Five Diamond award in their first year of operations, a very rare distinction. In 2010, your Company made significant strides in improving the operating performance of our Macau joint venture, showing solid results in the fourth quarter and reflecting improvement across the entire business mix. As a result of improved cash flows, we received distributions from Macau totaling $192 million, including full repayment of the interest- and noninterest-bearing notes we had initially invested in that venture. 11 2010 ANNUAL REPORT ANNUAL 2010 SOLID PRINCIPLES / SOLID The stage is set for growth in Macau with a new $950 million long-term credit facility. Along with our partner, we are actively pursuing expansion opportunities in Macau. Our overseas endeavors through our subsidiary, MGM Hospitality, are on schedule to open the first international non-gaming resort – MGM Grand Sanya – before the end of this year. Last year, we were pleased to announce our first partnership in India and we look forward to additional announcements and openings in dynamic cities around the globe in the years to come. For several years, MGM Resorts has been recognized for its leadership in corporate social responsibility. Our diversity initiative, community engagement programs and commitment to environmental responsibility have led the gaming industry by receiving local, regional and national awards and accolades. As shareholders, we have reason to celebrate these efforts. Not only do they reflect values of critical importance to society, they are also central to our business strategy. We are inspired by these efforts and pleased to share the highlights of these programs and recognitions in the following pages. In conclusion, I want to acknowledge the extraordinary efforts of the entire team of men and women at MGM Resorts International. Everyday, they embody the fundamental core principles on which we’ve built this company. Without their efforts, none of our progress this past year would have been possible. James J. Murren - Chairman & CEO Las Vegas, Nevada April 23, 2011 13 2010 ANNUAL REPORT ANNUAL 2010 SOLID PRINCIPLES / SOLID MGM Resorts International is the recognized global leader in entertainment and hospitality. We embrace innovation and diversity to inspire excellence. We reward our employees, invest in our communities and enrich our stakeholders. We engage, entertain and exceed the expectations of our guests worldwide. Diversity Over the past decade, we have spent more than $1 billion directly with minority-owned, women-owned, and disadvantaged business enterprises. In 2010 the Company celebrated the 10th anniversary of its award-winning Diversity and Inclusion Initiative, marking a decade of evolution, endurance and excellence in this business imperative. This initiative has become a central part of our Company identity: we have embedded the diversity paradigm into our core values, major business systems and operations. Leveraging diversity of viewpoints and experiences of our multicultural team members to inspire and recognize the unique contribution of each of them is the essence of inclusion. In today’s competitive global economy, diversity and inclusion are key drivers in our culture of engagement, innovation and peak performance. Our diversity competency equips us to appeal to multicultural customer segments domestically and to work with diverse business partners around the world, thereby enhancing shareholder value. On another