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18110-01 Corporate Power Point 16 9 Format V03

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18110-01 Corporate Power Point 16 9 Format V03 MGM RESORTS INTERNATIONAL SECOND QUARTER 2019 EARNINGS JULY 25, 2019 MGM RESORTS INTERNATIONAL 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 expectations regarding future results and the Company’s financial outlook (including Adjusted EBITDA, Adjusted Free Cash Flow and leverage targets and other guidance), expectations regarding convention bookings and mix, the Company’s ability to generate free cash flow growth, return capital to shareholders and further de-lever, and the Company’s ability to execute its strategic plan, capital allocations strategy, and achieve the benefits associated with its 2020 goals and targets. 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 United States 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. MARKET AND INDUSTRY DATA This presentation also contains estimates and information concerning the Company’s industry that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC. NOTE REGARDING PRESENTATION OF NON -GAAP FINANCIAL MEASURES This presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended, including Adjusted EBITDA, Adjusted Property EBITDA, Adjusted Property EBITDAR and Adjusted EPS. 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 herein or in the Company’s earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com. This presentation also includes references to target financial measures and achievement goals (including targeted Adjusted EBITDA, targeted Free Cash Flow and targeted Net Leverage) which are not presented as forecasts or projections of expected future performance. Targeted free cash flow is based on the Company’s targeted operating cash flow adjusted for maintenance capital expenditures, distributions received from unconsolidated affiliates in excess of cumulative earnings, proceeds from asset sales, and distributions to noncontrolling interests. In addition, this presentation includes Las Vegas Strip Normalized Net Revenues, Las Vegas Strip Normalized Adjusted Property EBITDA and Las Vegas Strip Normalized Adjusted Property EBITDA Margin. For a reconciliation of these normalized non-GAAP results see Slide 42 and the reconciliations provided in the Company’s earnings releases. MGM RESORTS INTERNATIONAL 2 SECOND QUARTER HIGHLIGHTS $ in U.S. millions, except per share information 2Q18 2Q19 $ Change % Change Consolidated Net Revenue $2,859 $3,223 $364 13% Las Vegas Strip Resorts $1,455 $1,466 $12 1% Regional Operations $708 $911 $203 29% MGM China $561 $706 $145 26% Net Income Attributable to MGM Resorts $124 $43 ($81) -65% Diluted EPS $0.21 $0.08 ($0.13) -62% Adjusted EPS $0.26 $0.23 ($0.03) -12% Consolidated Adjusted EBITDA $695 $756 $61 9% Las Vegas Strip Resorts Adjusted Property EBITDA $436 $418 ($18) -4% Las Vegas Strip Resorts Normalized Adjusted Property EBITDA $428 $436 $8 2% Regional Operations Adjusted Property EBITDA $190 $255 $65 34% MGM China Adjusted Property EBITDA $120 $171 $51 43% CityCenter Adjusted Property EBITDA from Resort Operations $131 $112 ($19) -14% Dividends per Common Share $0.12 $0.13 $0.01 8% MGM RESORTS INTERNATIONAL 3 SECOND QUARTER KEY TAKEAWAYS • Solid Q2 results which were in line with our expectations • Consolidated Net Revenues +13% to $3.2 billion and Consolidated Adjusted EBITDA +9% to $756 million • Significant progress on the implementation of our MGM 2020 Plan • Positive outlook on 2H 2019 business trends • Confident in achieving 2020 financial goals • Focused on Japan, sports betting growth opportunities and interactive initiatives MGM RESORTS INTERNATIONAL 4 ITEMS IMPACTING Q2 2019 EARNINGS Reported Adjusted EBITDA of $756 million was negatively impacted by certain one time items: • $18 million: Normalized Las Vegas Strip table games hold impact • $16 million: Other items impacting Adjusted EBITDA1 Restructuring (see slide 32) • The current quarter included $43 million in restructuring costs directly related to the operating model component of the MGM 2020 Plan Corporate Expense • Corporate expense, including normal share-based compensation for corporate employees, was $108 million in the second quarter of 2019, an increase of $5 million compared to the prior year quarter. The current quarter included $9 million in costs incurred to implement the MGM 2020 Plan (of which $5 million was considered part of “restructuring” and was adjusted for in Adjusted EBITDA) and $3 million in finance modernization initiative costs. The prior year quarter included $12 million of corporate brand campaign expenses. Share Repurchases • MGM Resorts repurchased approximately 11 million shares of its common stock under its repurchase plan during the second quarter MGM RESORTS INTERNATIONAL 1 One time fees including costs associated with the termination of certain operating agreements which impacted “Income from unconsolidated resorts” and “Management and other operations” 5 • Investment Case • 2Q 2019 Financial Results T A B L E O F CONTENTS • MGM 2020 • Appendix MGM RESORTS INTERNATIONAL 6 KEY STRATEGIC OBJECTIVES 1) 2020 CONSOLIDATED 2) 2020 CONSOLIDATED ADJUSTED EBITDA 3) DISCIPLINED CAPITAL 4) FURTHER VALUE FREE CASH FLOW PER TARGET OF ALLOCATION CREATION OPPORTUNITIES SHARE TARGET OF $3.50 $3.6 – $3.9 BILLION Key Drivers: Key Drivers: Focus Areas: Focus Areas: Target Leverage / Debt Japan New Properties Adjusted EBITDA Growth Reduction to 3-4x Steady Dividend Growth Sports Betting MGM 2020 Uplift Reduced Capex Share Buybacks Digital Transformation Low Single Digit Reduced Number of Shares M&A or Other Major Projects Organic Growth Via Buybacks (outside of Japan) are Not a Real Estate Committee Priority MGM RESORTS INTERNATIONAL 7 THE MGM RESORTS INVESTMENT CASE 1 2 3 4 5 ATTRACTIVE STRONG FINANCIAL MAXIMIZING OUR ACTIVELY SEEKING FOCUS ON DRIVING LONG-TERM POSITION AND FREE PERFORMANCE PRUDENT GROWTH SHAREHOLDER VALUE INDUSTRY CASH FLOW PROFILE OPPORTUNITIES FUNDAMENTALS Continued healthy demand Concluded our current We leverage our size and scale Pursuing targeted, high-growth Continue to execute on long term, and limited new supply development cycle; MGM Resorts to drive top-line growth, maximize opportunities (e.g., Japan) strategic plan to drive FCF per share additions in both Las Vegas remains well positioned to operating efficiencies and expand and Macau generate meaningful free cash margins Amplify the MGM Resorts brand Focus on shareholder returns and flow (“FCF”) through sports, technology, social high ROI opportunities Diversified business mix We reinforce our leadership by media, hospitality and across offerings, pricing and We remain on track to reduce investing in our people and our entertainment Ability to accelerate capital return regions for greater earnings our consolidated net brand, as well as enhancing our through relationship with MGP resilience leverage to three to four times capabilities via analytics and Well positioned to grow Macau to maximize the efficiency of our technology market share with the ramp up of Strong performance from key capital structure MGM Cotai market-leading regional We continue to reinvest in our properties We expect to reach our leverage business to elevate the guest MGM Growth Properties provides targets primarily through
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