Second Quarter 2016 Earnings Presentation August 4, 2016 - PowerPoint PPT Presentation

MGM RESORTS INTERNATIONAL Second Quarter 2016 Earnings Presentation August 4, 2016

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 ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan, the Company’s expectations regarding future financial results (including guidance in this presentation), the realization of any benefits from the MGP transactions and the Company’s ability to execute its strategic plan and improve its financial flexibility. 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. Note Regarding Presentation of Non-GAAP Financial Measures The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. 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 on slide 46 and in our earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com. . 1

Key Second Quarter Highlights  Diluted earnings per share of $0.83 vs $0.17 in the prior year quarter, including $0.57 related to CityCenter’s sale of The Shops at Crystals  Strong net income of $514 million  Adjusted Property EBITDA surpassed $500 million for the first time since 2008 at the Company’s Domestic Resorts  Highest Domestic Resorts Adjusted Property EBITDA margins since 2007  Increased Profit Growth Plan target to $400 million 1 • Approximately $73 million of Adjusted EBITDA benefit realized in 2Q16 1  Announced the acquisition of Boyd Gaming's interest in the Borgata Hotel Casino & Spa (“Borgata”) and the subsequent sale of the real property to MGM Growth Properties (“MGP”) , which closed on August 1, 2016  Announced plans to partner with Sydell Group in rebranding Monte Carlo Resort to Park MGM and NoMad Hotel  CityCenter distributed $1.08 billion of which MGM Resorts received its 50% share, or $540 million 1 Includes Adjusted EBITDA impact contributed by Domestic Resorts plus 50% of CityCenter 2

Quarter Items At A Glance • Terminology change as a result of the MGP transaction: • “Wholly Owned Domestic” resorts now referred to as “Domestic” resorts • “Wholly Owned Las Vegas Strip” resorts now referred to as “Las Vegas Strip” resorts • Crystals sale impact : CityCenter reported a $411 million gain within discontinued operations for the second quarter of 2016 • MGM Resorts recorded a $406 million gain , which included $205 million representing its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain basis differences • Challenging comparison quarter, which included the Mayweather vs. Pacquiao fight held on May 2, 2015 at the MGM Grand Garden Arena as well as two weekends of Rock in Rio in May 2015 • Beginning in January 2016, the Las Vegas Arena Company (venture between MGM Resorts and AEG) managed the MGM Grand Garden Arena operations • As a result, MGM Grand Garden Arena’s operations will be recorded as part of “Income from Unconsolidated Affiliates” 3

2Q 2016 Financial Highlights Domestic Resorts Domestic Resorts 1,2 (YoY) Adjusted Property EBITDA $ $515 million 12% Adjusted Property EBITDA Margin 30% 354 bps Las Vegas Strip 3 (note: excludes CityCenter) Adjusted Property EBITDA $ $431 million 13% Adjusted Property EBITDA Margin 30% 339 bps RevPAR 4 $148 3% Regional 1,5 Adjusted Property EBITDA $ $85 million 11% Adjusted Property EBITDA Margin 30% 424 bps • Domestic Net Revenue -1%, but +1% excluding sold assets • Strong growth in Domestic Resorts Adjusted Property EBITDA and Domestic Resorts Adjusted Property EBITDA margin despite a tough comparison quarter 1 Year over year comparison includes Circus Circus Reno, Railroad Pass, and the Company’s properties in Jean Nevada, which were sold in 2015. 2 Domestic Resorts Operating Income of $390 million increased 16% year-over-year. 3 Las Vegas Strip (excluding CityCenter) Operating Income of $321 million increased 16% year-over-year. 4 RevPAR is hotel revenue per available room 5 Regional Operating Income of $70 million increased 15% year-over-year. 4

2Q 2016 Adjusted Property EBITDA Growth Drivers Domestic Resorts 1 ($ in millions) $64 $525 $515 $500 ($31) $24 $475 $ 458 $450 $425 Includes impact of Mayweather vs. $400 Pacquiao fight which negatively offset normal growth of $375 3-4% $350 Q2-15 Hold Impact Other PGP Q2-16 Growth % 5% -7% 14% Our Profit Growth Plan continues to drive our Domestic Adjusted Property EBITDA growth 1 Year over year comparison includes Circus Circus Reno, Railroad Pass, and the Company’s properties in Jean Nevada, which were sold during 2015 5

Two-Year Comparison Exhibits Healthy Growth Over a Unique 2Q15 Domestic Resorts 1 Las Vegas Strip Resorts Adjusted Property Net Revenue* RevPAR* EBITDA* ($ in millions) ($ in millions) (whole $) $1,694 $515 $414 $148 $1,639 $135 2Q 2014 2Q 2016 2Q 2014 2Q 2016 2Q 2014 2Q 2016 1 Domestic Resorts Operating Income for 2Q 2016 is $390 million compared to $294 million in 2Q 2014. 2 2Q14-2Q16 Net Revenue CAGR excluding Circus Circus Reno, Railroad Pass, and the Company’s properties in Jean Nevada, which were sold in 2015 + 3% 3 2Q14-2Q16 Adjusted Property EBITDA CAGR excluding Circus Circus Reno, Railroad Pass, and the Company’s properties in Jean Nevada, which were sold in 2015 +12% * Includes Profit Growth Plan initiatives. 6 Source: Company filings

RevPAR Trends MGM Resorts Las Vegas Strip Resorts 1 Guidance RevPAR growth Reported RevPAR growth 16% 3Q16 14% RevPAR Guidance 14% 12% Pro forma growth 12% CON/AGG excluding Year-over-year growth in 1Q14 10% fight weekends 2 10% 8% 8% 8% 8% 7% 7% 6% 6% 6% 6% 6% 6% 6% 5% 5% 5% 5% 5% 4% 3% 2% 1% 3% 0% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16E We have MET OR EXCEEDED Las Vegas Strip RevPAR guidance in 20 of the last 22 quarters , with misses attributable to difficult year-over-year comparisons due to historic events in the prior period 1 Excluding CityCenter 2 Excluding the Mayweather vs Pacquiao fight in May 2015 and Canelo vs. Kahn in May 2016 7 Source: Company filings

2Q 2016 Financial Highlights CityCenter Resort Operations CityCenter Resort Operations 1 (YoY) 50% owned by MGM Resorts Adjusted EBITDA $ $78 million 6% Adjusted EBITDA Margin 27% 238bps • Net Revenue -3% • Leverage 2 of ~3.8x • One-time items: • In April 2016, CityCenter closed the sale of The Shops at Crystals for approximately $1.1 billion and recorded a $411 million gain • Results include $20 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre 1 Excludes The Shops at Crystals. CityCenter Resort Operations reported Operating Income of $0.2 million, which includes $20 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre 2 Leverage ratio is calculated as Total Long-Term Debt over Adjusted EBITDA from Resort Operations 8