Financial Analysis

COMMITMENTS AND CONTINGENCIES Cybersecurity litigation, claims, and investigations. In September 2023, through unauthorized access to certain of its U.S. systems, third-party criminal actors accessed, for some of the Companys customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and drivers license numbers). For a limited number of customers, Social Security numbers and passport numbers were also accessed by the criminal actors. The Company has notified individuals impacted by this issue in accordance with federal and state law. In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S. and Canadian courts. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers personal information, and seek monetary and statutory damages, injunctive relief and other related relief. The Company reached a settlement for $45 million to resolve the purported U.S. civil class action litigation related to the 2023 cybersecurity issue and a 2019 cybersecurity issue, which was paid by insurance carriers into a settlement fund in February 2025. The District Court for the District of Nevada approved the parties' settlement in the U.S. class actions and entered judgment in June 2025. In addition, the Company continues to be subj …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2025 2024 (In thousands) Senior secured yen credit facility $ 346,528 $ MGM China revolving credit facility 488,247 MGM China first revolving credit facility 477,567 5.25% MGM China senior notes, due 2025 500,000 5.875% MGM China senior notes, due 2026 750,000 750,000 4.625% senior notes, due 2026 400,000 400,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 750,000 4.75% senior notes, due 2028 750,000 750,000 6.125% senior notes, due 2029 850,000 850,000 7.125% MGM China senior notes, due 2031 500,000 500,000 6.5% senior notes, due 2032 750,000 750,000 7% debentures, due 2036 552 552 6,260,327 6,403,119 Less: Unamortized discounts and debt issuance costs, net (30,186) (41,021) $ 6,230,141 $ 6,362,098 Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis. Interest expense, net consisted of the following: Year Ended December 31, 2025 2024 2023 (In thousands) Total interest incurred $ 421,143 $ 445,660 $ 463,175 Interest capitalized (2,101) (2,430) (2,882) $ 419,042 $ 443,230 $ 460,293 Senior secured credit facility. In February 2024, the Company amended its revolving facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. The revolving credit facility bears interest of SOFR plus a 0.1% SOFR adjustm …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION MGM Resorts International 2022 Omnibus Incentive Plan. The MGM Resorts 2022 Omnibus Incentive Plan (2022 Omnibus Plan) allows the Company to grant up to approximately 18 million shares or stock-based awards, such as stock options, stock appreciation rights (SARs), restricted stock units (RSUs), performance share units (PSUs) and other stock-based awards to eligible directors, officers, employees, and consultants of the Company and its subsidiaries. As of December 31, 2025, the Company had an aggregate of approximately 12 million shares of common stock available for grant as stock-based awards under the 2022 Omnibus Plan. Additionally, as of December 31, 2025, the Company had approximately 6 million aggregate RSUs and PSUs outstanding, including deferred share units. MGM China Share Option Plan and Restricted Stock Unit Plan. MGM China adopted its own equity award plan for the issuance of stock based awards to eligible recipients. Stock-based compensation expense. Stock-based compensation expense was recognized as follows: Year Ended December 31, 2025 2024 2023 Stock-based compensation expense: (In thousands) Omnibus Plan $ 82,587 $ 73,074 $ 67,375 MGM China share-based compensation plans 7,884 7,150 6,232 Total stock-based compensation expense 90,471 80,224 73,607 Less: Reimbursed costs (67) (67) (21) 90,404 80,157 73,586 Less: Related tax benefit (13,894) (17,266) (15,975) Stock-based compensation expense, net of tax benefit $ 76,510 $ 62,891 $ 57,61 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2025 2024 (In thousands) Goodwill $ 4,901,960 $ 5,145,004 Indefinite-lived intangible assets: Trademarks $ 598,977 $ 749,399 Gaming rights and other 99,529 382,065 Total indefinite-lived intangible assets 698,506 1,131,464 Finite-lived intangible assets: Customer lists 291,657 296,600 Less: Accumulated amortization (182,549) (150,715) 109,108 145,885 Gaming rights 348,043 339,248 Less: Accumulated amortization (124,255) (93,151) 223,788 246,097 Technology and other 470,996 270,986 Less: Accumulated amortization (145,722) (79,051) 325,274 191,935 Total finite-lived intangible assets, net 658,170 583,917 Total other intangible assets, net $ 1,356,676 $ 1,715,381 Goodwill . A summary of changes in the Companys goodwill is as follows: 2025 Balance at January 1 Acquisitions Impairment Reclassifications Currency exchange Balance at December 31 (In thousands) Las Vegas Strip Resorts $ 2,707,009 $ $ $ $ $ 2,707,009 Regional Operations 660,940 (256,133) (17,915) 386,892 MGM China 1,356,625 (2,510) 1,354,115 MGM Digital 420,430 (22,794) 56,308 453,944 $ 5,145,004 $ $ (278,927) $ (17,915) $ 53,798 $ 4,901,960 2024 Balance at January 1 Acquisitions Impairment Reclassifications Currency exchange Balance at December 31 (In thousands) Las Vegas Strip Resorts $ 2,707,009 $ $ $ $ $ 2,707,009 Regional Operations 660,940 660,940 MGM China 1,349,356 7,269 1,356,625 MGM Digital 448,3 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. The domestic and foreign components of income before income taxes were as follows: Year Ended December 31, 2025 2024 2023 (In thousands) Domestic operations $ (237,067) $ 256,890 $ 1,214,888 Foreign operations 517,846 860,175 257,875 $ 280,779 $ 1,117,065 $ 1,472,763 The components of the provision for (benefit from) income taxes were as follows: Year Ended December 31, 2025 2024 2023 Federal: (In thousands) Current $ (17,647) $ 126,933 $ 259,128 Deferred (excluding separate components) 113,941 (22,919) 48,363 Deferred valuation allowance change (283,694) (9,506) (153,768) Other noncurrent (13,658) 1,458 (10,969) (Benefit) provision for federal income taxes (201,058) 95,966 142,754 State: Current 32,865 10,477 24,931 Deferred (excluding separate components) (28,878) (3,731) (11,206) Deferred operating loss carryforward 4,150 (880) 12,219 Deferred valuation allowance change (1,020) 3,177 2,140 Provision for state income taxes 7,117 9,043 28,084 Foreign: Current 3,423 (2,363) (223) Deferred (excluding separate components) (72,232) (4,250) (5,611) Deferred operating loss carryforward (10,807) (39,769) 57,485 Deferred valuation allowance cha …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. Real estate assets and land. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements, which are classified as operating leases. The triple net structure of the leases requires the Company to pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance (with each lease obligating the Company to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent. Each of the triple net leases also requires the Company to comply with certain financial covenants, which, if not met, would require the Company to maintain either cash security or one or more letters of credit in favor of the landlord in amounts ranging from six months to two years of rent. Bellagio lease . The Company leases the real estate assets of Bellagio from a venture in which it has a 5% ownership interest (the Bellagio REIT Venture). The Bellagio lease commenced November 15, 2019 and has an initial term of 30 years with two 10-year renewal periods, exercisable at the Companys option, with a fixed 2% rent escalator for the first 10 years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% du …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently adopted accounting standards. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, which requires public companies, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements prospectively to the current annual period. Refer to Note 10 for income tax disclosures. Recently issued accounting standards. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which primarily requires disaggregation of specific expense categories in disclosures within the footnotes on an annual and interim basis. ASU 2024-03 is effective for the Companys annual period ending December 31, 2027 and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the impact of adoption. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and d) If the plan is terminated by withdrawal of all employers and if the value of the non-forfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. The Companys participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands) (4) Surcharge Expiration Dates of Collective Bargaining Agreements Pension Fund (1) Plan Number 2024 2023 Status (3) 2025 2024 2023 Imposed Western Unite Here and Employers Pension Fund (6) 93-4160766/001 Green Green No $ 63,757 $ 61,630 $ 59,172 No 09/30/2028 (5); 09/30/2029 (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) 82-0994119/001 Red Red Imp …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION The Companys management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Companys operating segments that comprise the Companys interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM). Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince Georges County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio. MGM China. MGM China consists of MGM Macau and MGM Cotai. MGM Digi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY MGM Resorts International stock repurchases. In each of March 2022, February 2023, November 2023, and April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the year ended December 31, 2023, the Company repurchased approximately 54 million shares of its common stock for an aggregate amount of $2.3 billion. Repurchased shares were retired. In connection with these repurchases, the March 2022 $2.0 billion stock repurchase plan was completed. During the year ended December 31, 2024, the Company repurchased approximately 33 million shares of its common stock for an aggregate amount of $1.4 billion. Repurchased shares were retired. In connection with these repurchases, the February 2023 $2.0 billion stock repurchase plan was completed. During the year ended December 31, 2025, the Company repurchased approximately 37 million share …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Companys financial position, results of operations or cash flows . Commitments and guarantees. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP1 billion (approximately $124 million as of June 30, 2026 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of June 30, 2026 , MOP700 million of the bank guarantees (approximately $87 million as of June 30, 2026 ) were secured by pledged cash. Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collat …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT Long-term debt consisted of the following: June 30, 2026 December 31, 2025 (In thousands) Senior secured yen credit facility $ 333,360 $ 346,528 MGM China revolving credit facility 344,274 488,247 5.875% MGM China senior notes, due 2026 750,000 4.625% senior notes, due 2026 400,000 400,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 750,000 4.75% senior notes, due 2028 750,000 750,000 6.125% senior notes, due 2029 850,000 850,000 7.125% MGM China senior notes, due 2031 500,000 500,000 6.5% senior notes, due 2032 750,000 750,000 6.25% MGM China senior notes, due 2033 750,000 7% debentures, due 2036 552 552 6,103,186 6,260,327 Less: Unamortized discounts and debt issuance costs, net (34,744) (30,186) $ 6,068,442 $ 6,230,141 Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis. Senior secured credit facility. At June 30, 2026, the Companys senior secured credit facility consisted of a $2.3 billion revolving credit facility, of which no amounts were drawn. The Companys senior secured credit facility contains customary representations and warranties, events of default and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June 30, 2026. Senior secured yen credit facility. At June 30, 2026 the Companys senior secured yen credit facili …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Companys effective income tax rate was a provision of 21.9% and 19.2% on income before income taxes for the three and six months ended June 30, 2026, respectively, and 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. The VICI lease. As of June 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Companys option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property. In April 2026, in connection with the sale of the operations of MGM Northfield Park, the VICI lease was amended and restated to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $722 million. The partial termination resulted in the reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and a decrease in operating lease ROU …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION The Companys management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Companys operating segments that comprise the Companys interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM). Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince Georges County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026). MGM China. MGM China consists of MGM Macau and MGM Cotai. MGM Digital. MGM Digital consists of LeoVegas and oth …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY MGM Resorts International stock repurchases. In each of November 2023 and April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the three months ended June 30, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $217 million. During the six months ended June 30, 2025, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $711 million. Repurchased shares were retired. During the three months ended June 30, 2026, the Company repurchased approximately 4 million shares of its common stock for an aggregate amount of $164 million. During the six months ended June 30, 2026, the Company repurchased approximately 7 million shares of its common stock for an aggregate amount of $253 million. Repurchased shares were retired. The rem …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing