MGM RESORTS INTERNATIONAL FOURTH QUARTER & FULL YEAR 2018 EARNINGS

FEBRUARY 13, 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 projected Adjusted EBITDA and projected Adjusted Free Cash Flow and other guidance), 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 deliver on its 2020 goals. 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, Same- store Adjusted Property EBITDA and Adjusted Property EBITDAR. To the extent available, 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 and in the Company’s earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com.

In addition, this presentation includes Strip Normalized Net Revenues, Normalized Adjusted Property EBITDA and Las Vegas Strip Normalized Adjusted Property EBITDA Margin. For a reconciliation of these normalized non-GAAP results see Slide 30 and the reconciliations provided in the Company’s earnings releases.

The presentation also includes projected Adjusted Free Cash Flow and projected Adjusted EBITDA. Projected Adjusted Free Cash Flow is a non-GAAP measure and may not be similar to free cash flow measures used by other companies. The Company uses projected Adjusted Free Cash Flow because the Company believes that it is a reasonable indicator of the performance of its operating assets. In addition, this measure is useful to investors because it is frequently used by industry analysts, investors and lenders as one measure used in performing equity valuation analyses. Projected Adjusted Free Cash Flow is not intended to replace “Net cash provided by operating activities,” which is the most comparable U.S. GAAP measure. Projected Adjusted Free Cash Flow is an estimate of the Company’s 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.

This presentation also includes projected Adjusted EBITDA. The Company is unable to provide a quantitative reconciliation of projected Adjusted EBITDA to net income (loss) or earnings per share, as applicable, because the Company cannot reliably forecast property transactions, net, depreciation and amortization, or tax provision, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact the Company’s future financial results.

MGM RESORTS INTERNATIONAL 2 FOURTH QUARTER 2018 FINANCIAL REVIEW

• Diluted loss per share of $0.06, compared to $2.39 in the prior year quarter ➢ 4Q18 included a non-recurring, non-cash income tax expense of $92 million, $0.17 per share on a diluted basis1. The prior year quarter included a non- recurring, non-cash income tax benefit of $2.50 per share on a diluted basis, due to enactment of the Tax Act at the end of 2017.

• Net loss attributable to MGM Resorts of $23 million, compared to net income of $1.4 billion in the prior year quarter • Consolidated net revenues increased 18% year-over-year to $3.1 billion ➢ Las Vegas Strip Resorts net revenue increased 6% to $1.4 billion ➢ Regional Operations net revenue increased 18% to $782 million ➢ MGM China net revenue increased 33% to $687 million

• RevPAR2 at the Company’s Las Vegas Strip resorts increased 8.2% to $141

• Consolidated Adjusted Property EBITDA of $821 million ➢ Las Vegas Strip Resorts Adjusted Property EBITDA increased 15% to $401 million; Margins increased 222 bps to 29.1% (increased 51 bps to 27.4% excluding insurance proceeds) ➢ Regional Operations Adjusted Property EBITDA increased 32% to $195 million; Margins increased 277 bps to 24.9% ➢ MGM China Adjusted Property EBITDA increased 11% to $167 million

• CityCenter resort operations Adjusted EBITDA increased 15% year-over-year to $111 million ➢ ARIA reported fourth quarter Adjusted EBITDA of $102 million and Adjusted EBITDA margin of 34%

• Distributed $63 million via the Company’ s quarterly dividend of $0.12 per share in the fourth quarter

• Repurchased $150 million of the Company’s common shares in the fourth quarter (~6 million shares)

• Announced 8% increase to quarterly cash dividend to $0.13 per share 1 Primarily resulting from recently issued guidance on certain international provisions of the U.S. Tax Cut and Jobs Act (“Tax Act”), including the treatment of foreign tax credits MGM RESORTS INTERNATIONAL resulting from Global Intangible Low-Taxed Income and other provisions impacting foreign tax credit utilization. 3 2 RevPAR is hotel revenue per available room Note: 2017 results restated under new revenue recognition accounting standard FULL YEAR 2018 FINANCIAL REVIEW

• Diluted earnings per share of $0.81, compared to $3.34 in the prior year ➢ Included non-recurring, non-cash income tax expense of $20 million, or $0.04 per share on a diluted basis for Tax Act adjustments, including the impact of recently issued guidance on certain international provisions mentioned above. The prior year included a non-recurring, non-cash income tax benefit of $1.4 billion or $2.47 per share on a diluted basis, due to the Tax Act. • Net income attributable to MGM Resorts of $467 million, compared to $2 billion in the prior year • Consolidated net revenues increased 9% year-over-year to $11.8 billion ➢ Las Vegas Strip Resorts net revenue was $5.7 billion in both the current and prior year periods ➢ Regional Operations net revenue increased 8% to $2.9 billion ➢ MGM China net revenue increased 32% to $2.4 billion

• RevPAR1 at the Company’s Las Vegas Strip resorts increased 0.3% to $147

• Consolidated Adjusted Property EBITDA of $3.3 billion ➢ Las Vegas Strip Resorts Adjusted Property EBITDA decreased 4% to $1.7 billion; Margins decreased 115 bps to 29.8% (decreased 157 bps to 29.4% excluding insurance proceeds) ➢ Regional Operations Adjusted Property EBITDA increased 4% to $759 million; Margins decreased 114 bps to 25.9% ➢ MGM China Adjusted Property EBITDA increased 6% to $568 million

• CityCenter resort operations Adjusted EBITDA was flat year-over-year at $419 million ➢ ARIA reported Adjusted EBITDA of $381 million and Adjusted EBITDA margin of 33%

• Distributed $261 million via the Company’ s quarterly dividend of $0.12 per share

• Repurchased $1.3 billion of the Company’s common shares during 2018 (~41 million shares)

MGM RESORTS INTERNATIONAL 1 RevPAR is hotel revenue per available room Note: 2017 results restated under new revenue recognition accounting standard 4 • Investment Case

T A B L E O F • 4Q 2018 Financial Results CONTENTS • Appendix

MGM RESORTS INTERNATIONAL 5 MGM RESORTS: OUR STRATEGIC OBJECTIVES

• Business optimization initiative to reduce costs, drive margin improvement and position the company for growth • Leverage a more centralized organization to maximize profitability MGM 2020 • Lay the groundwork for the company’s digital transformation with a customer-centric strategy • Reallocate capital expenditures to technology advancements • 2020 Consolidated Adjusted EBITDA target of $3.6 to $3.9 billion Adjusted • Primarily driven by MGM Cotai, Park MGM, MGM Springfield and MGM 2020 EBITDA • Las Vegas Strip Adjusted Property EBITDA margin goal of 32%-33% in 2020 Adjusted FCF/ • Target of $4.5 to $5.0 billion in cumulative consolidated adjusted free cash flow from 2018-2020 Share • Our goal is to generate $3.50 in consolidated adjusted free cash flow per share in 2020

Balance Sheet • Net leverage target of 3-4x by year-end 2020, primarily through cash flow growth

• Excess free cash flow will be returned to shareholders or dedicated to high return investments Capital Allocation • Committed to returning 50%-65% of 2018-2020 consolidated adjusted free cash flow to shareholders

• Created ad-hoc board committee to evaluate real estate portfolio to enhance long-term value Real Estate • MGM Resorts intends to continue on the path to becoming asset-light through the potential sale of the real estate of Strategy MGM Springfield, , , and MGM Grand Las Vegas

MGM Growth • Support the healthy growth of MGP through ROFO1 assets and future transactions Properties • Reduce MGM Resorts ownership of MGP to under 50%

• Laser focused on the Japan Integrated Resort opportunity Targeted • Opportunistically access new markets for sports and interactive by leveraging our brands, relationships, partnerships Opportunities and expertise

MGM RESORTS INTERNATIONAL 1 Right of first offer 6 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; to drive top-line growth, maximize opportunities (e.g., Japan) strategic plan to drive FCF per share additions in both Las Vegas MGM Resorts remains well operating efficiencies and expand and Macau positioned to generate margins Amplify the MGM Resorts brand Focus on shareholder returns and meaningful free cash flow through sports, technology, social high ROI opportunities Diversified our gaming and (“FCF”) We reinforce our leadership by media, hospitality and non-gaming business mix investing in our people and our entertainment Ability to accelerate capital return We remain on track to reduce brand, as well as enhancing our through relationship with MGP our consolidated net capabilities via analytics and Well positioned to grow Macau leverage to three to four times technology market share with opening of to maximize the efficiency of our MGM COTAI capital structure We continue to reinvest in our business to elevate the guest MGM Growth Properties provides We expect to reach our leverage experience and generate strategic avenue for growth targets primarily through cash attractive returns through third party acquisitions flow growth on investment

MGM 2020 to support execution MGM RESORTS INTERNATIONAL 7 WE ARE EXECUTING ON THE 5 PILLARS OF OUR INVESTMENT CASE

Investment Case Recent Achievements

ATTRACTIVE ✓ Increased consolidated net revenue 9% to $11.8 billion in 2018 1 LONG-TERM INDUSTRY FUNDAMENTALS Opened three properties: MGM Cotai, MGM Springfield and ✓ Park MGM/NoMad Las Vegas STRONG FINANCIAL ✓ Announced MGM 2020 to further reduce costs, improve 2 POSITION AND FREE efficiencies and position the company for growth CASH FLOW PROFILE Created world-class sports betting and online gaming platform ✓ in the U.S. through the formation of the MGM GVC Interactive 3 MAXIMIZING OUR JV and partnerships with professional sports leagues PERFORMANCE Two accretive transactions to enter the New York and Ohio ✓ markets, enhancing our regional presence ACTIVELY SEEKING Returned ~$1.5 billion to shareholders through buybacks and 4 PRUDENT GROWTH ✓ dividends in 2018; As of December 31, 2018, approximately $1.4 OPPORTUNITIES billion remains under our current share repurchase authorization

FOCUS ON DRIVING Received over $370 million in distributions from joint ventures and ✓ 1 5 SHAREHOLDER VALUE MGM China in 2018

1 Includes our share of the proceeds from sale of Mandarin Oriental Las Vegas 8 M G M 2 0 2 0

OBJECTIVES

• Reduce costs • Drive margin improvement • Position the company for future growth

PHASE 1 PHASE 2

Organizational changes to improve operating efficiencies Investing in the company’s digital transformation to drive revenue growth

• ~$200 million Adjusted EBITDA uplift by the end • Additional ~$100 million Adjusted EBITDA uplift by of 2020 the end of 2021 ➢ ~$100 million by labor savings ➢ ~$50 million by sourcing ➢ ~$50 million by revenue optimization

EXPECTED ANNUALIZED ADJUSTED EBITDA UPLIFT OF ~$300 MILLION MGM RESORTS INTERNATIONAL 9 OUR STRUCTURE SUPPORTS OUR STRATEGIC DIRECTION…

OWNED RESORTS MGM GROWTH MGM CHINA CITYCENTER PROPERTIES (“MGP”) HOLDINGS LIMITED HOLDINGS OTHER KEY JOINT VENTURES OWNED PROPERTIES (70% ownership)2 (56% ownership) (50% ownership) Bellagio, MGM Grand LV, Circus Circus LV, MGM Springfield (NYSE: MGP) (HKSE: 2282 HK) MGM GVC SPORTS BETTING & INTERACTIVE JV INTERACTIVE LLC (50% ownership) Joint Venture with GVC

LEASED1 (“OPCO”) ENTERTAINMENT LAS VEGAS ARENA COMPANY 1 TRIPLE NET LEASE REIT1 (42.5% ownership) LEASED PROPERTIES PROPERTIES Joint Venture with AEG – T-Mobile Arena; Las Vegas: Operations Under TRS: ARIA 3 PROPERTIES Manages MGM Grand Garden Arena , Luxor, Mirage, The Hard Rock Rocksino Excalibur, The Park, (Northfield, OH) MGM MACAU New York-New York, Park MGM MGM COTAI NON-GAMING DIAOYUTAI MGM HOSPITALITY U.S. Regional: HOSPITALITY (49% ownership) MGM Grand Detroit, Beau AND BRAND Rivage, , EXTENSION MGM Grand Sanya, Diaoyutai Hotel , MGM National Harbor, Hangzhou, Diaoyutai Hotel Chengdu, Empire City Casino Bellagio Shanghai

1 MGM Growth Properties owns the properties leased by MGM Resorts International MGM RESORTS INTERNATIONAL 2 Economic ownership stake subsequent to Empire City transaction and MGP’s January 31st public offering of 19.55 million Class A shares 3 On July 6, 2018, MGP announced it had completed the acquisition of the Hard Rock Rocksino. On September 19, 2018, MGM entered into an agreement to acquire the operating 10 assets from MGP. The transaction is expected to close in the first half of 2019 and is subject to regulatory approvals and other customary closing conditions …AND MAXIMIZES GROWTH POTENTIAL & CAPITAL EFFICIENCY

The MGM Resorts enterprise is comprised not only of the property brands both owned and leased within our portfolio, but several key entities in which MGM Resorts has significant equity ownership.

• MGM Growth Properties is a growth vehicle that over time is expected to dilute MGM Resorts’ ownership as MGP executes on third party transactions. MGP’s stable business model and low cost of capital affords it the ability to target net leverage in the 5.0- 5.5x range.

• MGM China provides significant exposure to the robust Chinese and Far East markets through its operations of MGM MACAU as well as MGM COTAI, which opened in February 2018.

• Our 50% ownership of CityCenter (comprised of ARIA and Vdara), provides unique luxury experiences in Las Vegas.

1111 • Investment Case

T A B L E O F • 4Q 2018 Financial Results CONTENTS • Appendix

MGM RESORTS INTERNATIONAL 12 FOURTH QUARTER 2018 – DOMESTIC RESORTS

LAS VEGAS STRIP 1 Vs. Guidance

Net Revenues $1.4 billion 6% Up slightly

Adjusted Property EBITDA $ $401 million 15%

Excluding Insurance Proceeds2 $377 million 8%

Adjusted Property EBITDA Margin 29.1% 222 bps Flat to up slightly

Excluding Insurance Proceeds2 27.4% 51 bps

RevPAR3 $141 8.2% Up 1%-2%

REGIONAL (Ex. Springfield)

Net Revenues $782 million 18%

Adjusted Property EBITDA $ $195 million 32% 28%

Adjusted Property EBITDA Margin 24.9% 277 bps 465 bps

• Las Vegas Strip Table Games Hold (see slide 30) In 4Q18, Las Vegas Strip table games hold of 22.0% was at the low end of the normal 22%-26% range In 4Q17, hold of 25.3% was within the normal range

1 Excludes CityCenter MGM RESORTS INTERNATIONAL 2 Insurance proceeds of $23.5 million; primarily at Mandalay Bay 13 3 RevPAR is hotel revenue per available room FOURTH QUARTER 2018 – CITYCENTER

CITY CENTER RESORT OPERATIONS (YoY) 1 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY 50% owned by MGM Resorts

Net Revenues $335 million 13%

Adjusted EBITDA $ $111 million 15%

Adjusted EBITDA Margin 33% 63 bps

• Aria RevPAR increased 12% to $238 • Aria’s table games win increased 16%, due to a 22% • Vdara RevPAR increased 14% to $192 increase in table games drop partially offset by a decrease in table games hold percentage to 24.0% in the current quarter compared to 25.4% in the prior • Key Balance Sheet Items (as of 12/31/18) year quarter ➢ Cash & Cash Equivalents: Approximately $183 million • Aria’s slots win increased 6% compared to the prior ➢ Total Debt: $1.77 billion year quarter due primarily to an increase in slots ➢ Net Leverage2: ~3.8x handle

1 Excludes Mandarin Oriental Las Vegas, which effective 1Q18 was classified as discounted operations 2 Net Leverage ratio is calculated as Total Long-Term Debt less cash & cash equivalents over LTM Adjusted EBITDA from Resort Operations excluding Mandarin Oriental Las Vegas

MGM RESORTS INTERNATIONAL 14 FOURTH QUARTER 2018 – M G M C H I N A

MGM CHINA (YoY) 1. STRUCTURE TODAY (73% OWNERSHIP56% OF owned OP) by MGM Resorts3. MGM RESORTS LONG-TERM STRATEGY Net Revenues $687 million 33% Adjusted Property EBITDA $ $167 million 11% MGM Macau $114 million 24% MGM Cotai $52 million - Adjusted Property EBITDA Margin 24.3% 482 bps MGM Macau 28.6% 48 bps MGM Cotai 18.2% -

Note: MGM China Adjusted Property EBITDA reported by MGM Resorts International in this presentation is net of $12 million license fee expense in the current quarter compared to $10 million in the prior year quarter. 4Q 2018 Adjusted Property EBITDA is before certain other corporate expenses and stock based compensation

• VIP table games: 12% increase in turnover year-over-year; • ~80% of gaming profit from the mass segment hold percentage of 3.3% vs. 3.1% in the prior year quarter • Key Balance Sheet Items (as of 12/31/18) • Mass table games: 45% increase in volume year-over-year; ➢ hold percentage of 19% vs. 21% in the prior year quarter Cash & Cash Equivalents: Approximately $510 million ➢ Total Debt: $2.43 billion

MGM RESORTS INTERNATIONAL Note: MGM Cotai opened February 13, 2018 15 MGM CHINA FINANCIAL INFORMATION UNDER IFRS

Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors. Three Months Ended Twelve Months Ended December 31 December 31

2018 2017 2018 2017 HK$'000 HK$'000 HK$'000 HK$'000 (unaudited) (unaudited) (unaudited) (unaudited)

Revenue

MGM Macau $3,127,268 $4,034,857 $13,488,705 $14,480,532

MGM Cotai 2,249,043 - 5,712,016 -

Total Revenue $5,376,311 $4,034,857 $19,200,721 $14,480,532

Adjusted EBITDA1

MGM Macau $949,586 $1,294,800 $3,983,223 $4,587,435 MGM Cotai 462,897 - 853,957 -

Total Adjusted EBITDA $1,412,483 $1,294,800 $4,837,180 $4,587,435

Note: The Company adopted the new revenue recognition accounting standard (“IFRS 15”), effective January 1, 2018. Certain prior period amounts have been retrospectively adjusted under IFRS 15. 1 Adjusted EBITDA is profit before finance costs, income tax benefit/expense, depreciation and amortization, interest income, net foreign currency difference, share-based payments, pre- opening costs, corporate expenses which mainly include administrative expenses of the corporate office and license fee paid to a related company, property charges and other non- recurring expenses. Adjusted EBITDA is used by management as the primary measure of the Group’s operating performance and to compare our operating performance with that of our MGM RESORTS INTERNATIONAL competitors. Adjusted EBITDA should not be considered in isolation, construed as an alternative to profit or operating profit as reported under IFRS or other combined operations or cash flow data, or interpreted as an alternative to cash flow as a measure of liquidity. Adjusted EBITDA presented in this announcement may not be comparable to other similarly titled measures of 16 other companies operating in the gaming or other business sectors. MGM CHINA FINANCIAL INFORMATION UNDER IFRS

Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors. Three Months Ended Twelve Months Ended December 31 December 31 2018 2017 2018 2017 HK$'000 HK$'000 HK$'000 HK$'000 MGM Macau (unaudited) (unaudited) (unaudited) (unaudited) (in thousands, except for percentages and revenue per available room (“RevPAR”))

VIP Table Games Turnover 61,678,000 76,798,447 280,358,952 269,102,995 VIP Gross Table Games Win 1 1,769,139 2,390,151 8,415,507 8,566,563 VIP Table Games Win Percentage2 2.9% 3.1% 3.0% 3.2% Average Daily Gross Win Per VIP Gaming Table 213 186 211 162

Main Floor Table Games Drop 9,680,328 10,927,370 39,303,702 40,200,290 Main Floor Gross Table Games Win 1 1,730,862 2,296,283 7,004,478 8,138,837 Main Floor Table Games Win Percentage 17.9% 21.0% 17.8% 20.2%

Average Daily Gross Win Per Main Floor Floor Gaming Table 89 93 84 83

Slot Machine Handle 8,262,819 8,694,718 34,555,278 31,025,807 Slot Machine Gross Win 1 365,717 391,001 1,504,785 1,406,587 Slot Hold Percentage 4.4% 4.5% 4.4% 4.5%

Average Daily Win Per Slot 4.2 4.3 4.0 3.8

Commissions and Incentives (988,452) (1,324,465) (4,422,365) (4,554,547)

Room Occupancy Rate 97% 98% 97% 96% RevPAR 1,945 2,150 1,941 2,022

Note: The Company adopted the new revenue recognition accounting standard (“IFRS 15”), effective January 1, 2018. Certain prior period amounts have been retrospectively adjusted under IFRS 15. 1 The total of “VIP gross table games win”, “main floor gross table games win” and “slot machine gross win” is different to the casino revenue because casino revenue is reported net of MGM RESORTS INTERNATIONAL commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis. 17 2 Calculated before commissions and incentives MGM CHINA FINANCIAL INFORMATION UNDER IFRS

Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors. Three Months Twelve Months Ended Ended December 31 December 31 2018 2018 HK$'000 HK$'000 MGM Cotai (unaudited) (unaudited) (in thousands, except for percentages and revenue per available room (“RevPAR”))

VIP Table Games Turnover 24,301,475 37,836,369 VIP Gross Table Games Win 1 1,061,737 1,266,838 VIP Table Games Win Percentage2 4.4% 3.4% Average Daily Gross Win Per VIP Gaming Table 249 174

Main Floor Table Games Drop 6,248,203 19,997,067 Main Floor Gross Table Games Win 1 1,288,883 3,901,036 Main Floor Table Games Win Percentage 20.6% 19.5% Average Daily Gross Win Per Main Floor Floor Gaming Table 83 73

Slot Machine Handle 9,014,189 23,774,287 Slot Machine Gross Win 1 231,084 728,263 Slot Hold Percentage 2.6% 3.1% Average Daily Win Per Slot 2.1 1.9

Commissions and Incentives (680,414) (1,222,492)

Room Occupancy Rate 93% 90% RevPAR 1,390 1,290

Note: The Company adopted the new revenue recognition accounting standard (“IFRS 15”), effective January 1, 2018. Certain prior period amounts have been retrospectively adjusted under IFRS 15. 1 The total of “VIP gross table games win”, “main floor gross table games win” and “slot machine gross win” is different to the casino revenue because casino revenue is reported net of MGM RESORTS INTERNATIONAL commissions and certain sales incentives including the allocation of casino revenue to hotel rooms, food and beverage and other revenue for services provided to casino customers on a complimentary basis. 18 2 Calculated before commissions and incentives BALANCE SHEET STRENGTH REMAINS A PRIORITY FOR MGM RESORTS

PF Consolidated Leverage ($ in millions)

ACTUAL PRO FORMA ADJUSTMENTS 12/31/2018 12/31/2018

Total Cash1 $1,527 $-- $1,527

LTM Adjusted EBITDA related to: LV Strip $1,705 ($24) 2 $1,681 Regional 759 25 3 784 Management and other operations 75 47 4 122 MGM Macau 478 -- 478 MGM Cotai 90 12 5 102 Corporate expense (excluding stock-based compensation) (379) -- (379) $2,728 $60 $2,789 Dividends and distributions received by MGM Resorts6 40 -- 40 $2,768 $60 $2,828

Total Principal Amount of Debt related to: MGM Resorts Consolidated7 $15,253 $-- $15,253 $15,253 $-- $15,253

Net Leverage Ratio 4.96x 4.85x

1 12/31/2018 Actual includes $510 million and $60 million at MGM China and MGM Growth Properties, respectively 2 $24 million adjustment reflects insurance proceeds received. 3 MGM Springfield annualization adjustment based on actual results since the property opening date (August 24, 2018). 4 Northfield Park annualization adjustment based on actual results since the acquisition date (July 6, 2018). 5 MGM Cotai's annualization based on actual results since the property opening date (February 13, 2018). MGM RESORTS INTERNATIONAL 6 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter 19 7 12/31/18 Actual includes $2.4 billion and $4.7 billion at MGM China and MGM Growth Properties, respectively MGM RESORTS U.S. DOMESTIC FINANCIAL INFORMATION

TWELVE MONTHS ENDED DECEMBER 31, 2018 ($ IN MILLIONS) 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY

DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA DISTRIBUTIONS RECEIVED

MGM Resorts owned1: City Center $313 Las Vegas $924 MGM China $44 U.S. Regionals $14 Grand Victoria $14 Arena $6 MGM Growth Properties owned2: Las Vegas $782 MGM GROWTH PROPERTIES U.S. Regionals $745 ______Total $2,465 Rent Payments to MGP Operating Partnership ($767) Dividends from MGP Operating Partnership $333 CORPORATE AND OTHER DOMESTIC

OTHER DOMESTIC ITEMS Management & Other Adjusted EBITDA $75 Corporate Expense3 ($337) Domestic Capital Expenditures Ex. Development5 ($712) Domestic Interest Expense, net4 ($483) Net Domestic Cash Tax Refund Received $11

1 “MGM Resorts owned” refers to properties owned by MGM Resorts and not leased from a subsidiary of MGP pursuant to the Master Lease 2 “MGM Growth Properties owned” refers to properties owned by a subsidiary of MGP and leased to MGM pursuant to the Master Lease 3 Domestic corporate expense excluding stock based compensation and MGM Growth Properties G&A expense 4 Excludes interest related to MGP Operating Partnership indebtedness and includes interest that has been capitalized and excludes amortization of debt costs; MGM RESORTS INTERNATIONAL 5 U.S. domestic capital expenditures including the rebranding of Park MGM. Excludes capitalized interest and project costs associated with development activities, including MGM Springfield; 20 Net of ~$25 million in asset sale proceeds MGM RESORTS U.S. DOMESTIC CAPITAL ALLOCATION

TWELVE MONTHS ENDED DECEMBER 31, 2018 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY

DOMESTIC DEVELOPMENT PROJECTS 1 RETURN OF CAPITAL TO MGM SHAREHOLDERS 3. MGM RESORTS LONG-TERM STRATEGY

• MGM Springfield: $404 million • Dividends: ~$261 million

• Share repurchases: ~$1.3 billion

Returned ~$1.5 billion to shareholders through buybacks and dividends in 2018

As of December 31, 2018, approximately $1.4 billion remains under our current share repurchase authorization

1 Excludes capitalized interest and land related costs, includes pre-opening

MGM RESORTS INTERNATIONAL 21 FULL YEAR 2018 CAPITAL EXPENDITURES

• U.S. Domestic Operations1: ~$712 million ➢ Includes general maintenance capital expenditures ➢ ~$340 million related to larger projects including the Park MGM repositioning, the expansion of MGM National Harbor’s gaming floor, as well as the expansion of the MGM Grand Las Vegas Convention Center

• U.S. Development Projects ➢ MGM Springfield: ~$345 million

• MGM China: ~$356 million

Note: Excludes development fees, capitalized interest, preopening expense, and land related fees 1 Net of ~$25 million in asset sale proceeds

MGM RESORTS INTERNATIONAL 22 FULL YEAR 2019 AT A GLANCE

ITEMS IMPACTING COMPARABILITY

• Steady ramp expected at new properties ➢ MGM Cotai opened on February 13, 2018 ➢ MGM Springfield opened on August 24, 2018 ➢ Park MGM / NoMad Las Vegas officially opened on December 28, 2018

• MGM 2020 ➢ Expect to realize one-third of the initial $200 million in 2019 ➢ Benefits expected starting from 2H 2019 ➢ Related costs and investments incurred starting from 1H 2019

• First half of 2018 had higher table games hold at LV Strip properties, particularly at some of our larger events

• Empire City transaction closed on January 29, 2019

• Northfield Park transaction ➢ MGP closed on TRS on July 6, 2018 operations are currently consolidated within MGM’s financial results under “Management and other operations” ➢ Upon closing on operations in 1H 2019, MGM Resorts will report Northfield Park operations under Regional Operations

• MGM GVC Interactive Joint Venture ➢ Future race and sports book profits will be included in venture and we will record 50% through equity method accounting

• 4Q 2018 benefitted from insurance proceeds of $23.5 million, primarily at Mandalay Bay

MGM RESORTS INTERNATIONAL 23 2019 CAPITAL EXPENDITURES AND OTHER

CAPITAL EXPENDITURES

• Domestic Capital Expenditures: $600-650 million ➢ Includes ~$50 million of Park MGM closeout costs as well as ~$50 million of transition capex related to Empire City and Northfield Park ➢ Includes ~$75 million in transformational technology spend

• MGM Springfield: $45-50 million of closeout costs

• MGM China: $350-375million ➢ Includes ~$250 million of MGM Cotai closeout costs and $100-125 million maintenance

OTHER ITEMS

• Corporate Expense (ex. stock compensation)1: ~$420-440 million ➢ Includes MGM China and MGP corporate expense ➢ $35-45 million of MGM 2020-related costs (Digital / IT, third party fees) more heavily weighted toward 1H 2019 ➢ $20-25 million of transaction costs related to the acquisition of Empire City Casino (1Q 2019) and the operations at Northfield Park (1H 2019)

• Net interest expense2: ~$890-910 million

MGM RESORTS INTERNATIONAL 1 In 1Q18, MGM China began recording in corporate expense certain expenses not directly related to its casino resort operations 2 Net of capitalized interest 24 • Investment Case

T A B L E O F • 4Q 2018 Financial Results CONTENTS • Appendix

MGM RESORTS INTERNATIONAL 25 • Full Year 2018 Results • Las Vegas Strip – Normalized Hold Impact APPENDIX • New Openings • MGM China Supplemental Information • New Lease Accounting Standard / Adjusted Property EBITDAR

26 FULL YEAR 2018 – DOMESTIC RESORTS

LAS VEGAS STRIP 1 Vs. Guidance

Net Revenues $5.7 billion 0.5% Down low single digits

Adjusted Property EBITDA $ $1.7 billion 4.2%

Excluding Insurance Proceeds2 $1.7 billion 5.5%

Adjusted Property EBITDA Margin 29.8% 115 bps Approximately 29%

Excluding Insurance Proceeds2 29.4% 157 bps

RevPAR3 $147 0.3% Down low single digits

REGIONAL (Ex. Springfield)

Net Revenues $2.9 billion 8.3%

Adjusted Property EBITDA $ $759 million 3.7% 1.8%

Adjusted Property EBITDA Margin 25.9% 114 bps 53 bps

• Las Vegas Strip Table Games Hold (see slide 30) In FY18, Las Vegas Strip table games hold of 24.6% was within the normal 22%-26% range In FY17, hold of 24.7% was within the normal range

1 Excludes CityCenter MGM RESORTS INTERNATIONAL 2 Insurance proceeds of $23.5 million, primarily at Mandalay Bay 27 3 RevPAR is hotel revenue per available room FULL YEAR 2018 – CITYCENTER

CITY CENTER RESORT OPERATIONS (YoY) 1 1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY 50% owned by MGM Resorts

Net Revenues $1.3 billion 4.1%

Adjusted EBITDA $ $419 million 0.4%

Adjusted EBITDA Margin 33% 119 bps

➢ Aria RevPAR increased 3% to $237 ➢ Vdara RevPAR increased 3% to $192

1 Excludes Mandarin Oriental Las Vegas, which effective 1Q18 was classified as discounted operations

MGM RESORTS INTERNATIONAL 28 FULL YEAR 2018 – M G M C H I N A

MGM CHINA (YoY) 1. STRUCTURE TODAY (73% OWNERSHIP56% OF owned OP) by MGM Resorts3. MGM RESORTS LONG-TERM STRATEGY Net Revenues $2.4 billion 32% Adjusted Property EBITDA $ $568 million 6% MGM Macau $478 million 11% MGM Cotai $90 million - Adjusted Property EBITDA Margin 23.2% 562 bps MGM Macau 27.8% 104 bps MGM Cotai 12.4% -

• VIP table games: 18% increase in turnover year-over-year; • 82% of gaming profit from the mass segment hold percentage of 3.0% vs. 3.2% in the prior year • Mass table games: 47% increase in volume year-over-year; hold percentage of 18.4% vs. 20.2%

MGM RESORTS INTERNATIONAL Note: MGM Cotai opened February 13, 2018 1 Hold adjustments assume a 2.95% VIP hold %, 19.2% Mass Table Games hold %, and a 4.5% Slots hold % 29 LAS VEGAS STRIP – NORMALIZED HOLD IMPACT

For illustrative purposes, we had historically calculated our Las Vegas Strip table games hold impact to a hold percentage of 23%, the mid-point of our normal range of 21%-25%; based on our analysis of the prior 8 quarters of our Las Vegas table games hold, beginning in the first quarter of 2018, we increased our normal range to 22%-26% (mid-point of 24%)

($ IN MILLIONS) 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018

Table Games Hold - Actual 25.3% 25.9% 25.2% 25.4% 22.0% Normalized Table Games Hold1 23.0% 24.0% 24.0% 24.0% 24.0%

Actual: Net Revenues $1,296 $1,432 $1,455 $1,454 $1,376 Adjusted Property EBITDA $349 $449 $436 $420 $401

Hold Impact to: Net Revenues ($18) ($17) ($10) ($11) $17 Adjusted Property EBITDA ($16) ($15) ($8) ($9) $15

Las Vegas Strip Normalized Net Revenues2 $1,278 $1,415 $1,445 $1,444 $1,393 Las Vegas Strip Normalized Adjusted Property EBITDA3 $333 $435 $428 $410 $416

1 Hold impact represents the estimated impact of the difference in actual table games hold percentage to the mid-point of our normal range of 22% – 26% for Las Vegas resorts for 1Q2018 and beyond; prior quarters were based off a hold percentage of 23%, the mid-point of our prior normal range of 21%-25% MGM RESORTS INTERNATIONAL This calculation includes an estimate of discounts, taxes, bad debt and other expenses. 2 Normalized Net Revenue includes an adjustment reflecting an estimate of discounts, which estimate is based on historical results 30 3 Normalized Adjusted Property EBITDA includes adjustments reflecting an estimate of discounts, taxes, bad debt and other expenses, which estimates are based on historical results MONTE CARLO TRANSFORMATION TO PARK MGM AND NOMAD LAS VEGAS

31 NOMAD LAS VEGAS

Opened October 12, 2018

32 EATALY

Opened December 27, 2018

33 PARK MGM FULLY OPENED IN DECEMBER 2018

MGM RESORTS INTERNATIONAL 34 MGM GRAND CONFERENCE CENTER EXPANSION

Opened January 2019 850k sq. ft. total (250k sq. ft. expansion)

35 MARKET - LEADING REGIONAL ASSETS IN THE U.S.

ATLANTIC CITY, NJ MISSISSIPPI (BILOXI, TUNICA) MARYLAND/WV/METRO DC DETROIT, MI 2018 GGR: $2.5 billion 2018 GGR: $2.I billion 2018 GGR: $2.1 billion 2018 GGR: $1.4 billion Borgata is #1 in market1 Beau Rivage is #1 in market1 MGM National Harbor is #1 in market1 MGM Detroit is #1 in market1

MGM Grand Detroit, MGM National Harbor and Beau Rivage had record EBITDA years in 2018

Sources: Dept of Gaming Enforcement of New Jersey, Michigan Gaming Control Board, Maryland Lottery and Gaming Control Commission, Mississippi Gaming Commission 1 Based on gross gaming revenue as of the twelve months ended December 31, 2018. MGM RESORTS INTERNATIONAL 36 M G M C O T A I

SOLIDIFYING OUR HIGH-END OFFERINGS IN COTAI

VIP OPERATIONS THE MANSION MANSION ONE

Junket rooms in Cotai Hotel within hotel concept to bring Redefine the concept of premium mass Each room uniquely designed exclusive luxury to the next level in Macau

MGM RESORTS INTERNATIONAL 37 MGM CHINA SUPPLEMENTAL INFORMATION

($ IN MILLIONS)

1Q17 2Q17 3Q17 4Q17 FY17 MGM China Adjusted EBITDA as Previously Reported $143.0 $116.3 $118.2 $147.4 $524.9 Add: Stock Based Compensation 2.2 2.6 2.9 2.9 10.6 Add: Amounts Currently Reported as Corporate Expense 3.8 4.0 5.0 5.9 18.7 MGM China Adjusted Property EBITDA $149.0 $122.9 $126.1 $156.2 $554.2

MGM RESORTS INTERNATIONAL 38 NEW LEASE ACCOUNTING STANDARD

• Adopted new lease accounting standard on January 1, 2019 using simplified transition method and accordingly will not recast prior periods. Our current lease classifications will not change.

• Most significant impacts will be to our balance sheet due to the recognition of right of use (ROU) assets and liabilities for operating leases. Our most material operating leases are ground leases at National Harbor, Borgata, and MGM China.

• In addition, as required by the new standard, we are reassessing the intercompany accounting for the master lease which is eliminated in consolidation. If the master lease intercompany sale leaseback transaction qualifies for sale accounting under the new standard our properties will recognize rent expense and therefore we may move to an Adjusted EBITDAR performance measure in our presentation of property level results in the future.

MGM RESORTS INTERNATIONAL 39 ADJUSTED PROPERTY EBITDAR

Beau Rivage, Borgata and MGM National Harbor have land leases with third parties

(In Thousands, Unaudited) Three Months Ended Dec 31, 2018 MGM National Beau Rivage Borgata Harbor Net Revenue $102,169 $192,130 $213,606

Adjusted Property EBITDA 27,000 43,439 56,780 Rent Expense 405 1,388 3,905 Adjusted Property EBITDAR1 $27,405 $44,827 $60,685

1 Adjusted Property EBITDA margin 26.4% 22.6% 26.6% Adjusted Property EBITDAR margin 26.8% 23.3% 28.4%

1 Adjusted Property EBITDAR is defined as Adjusted Property EBITDA plus rent related to land leases with third parties. Rent does not include rent payments to a subsidiary of MGM Growth Properties Operating Partnership under the master lease which is not included in Adjusted Property EBITDA for MGM’s operating MGM RESORTS INTERNATIONAL segments and is eliminated in consolidation 40