MGM Resorts International

Previous wording

Consolidated net revenues decreased 2% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to Las Vegas Strip Resorts decreasing 3%, MGM China decreasing 3%, and Regional Operations decreasing 1%, each as compared to the prior year quarter and as discussed below. MGM Digital was flat compared to the prior year quarter.

Current wording

Consolidated net revenues increased 2% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to MGM China increasing 9%, Regional Operations increasing 4% and MGM Digital increasing 14%, partially offset by Las Vegas Strip Resorts decreasing 4%, each as compared to the prior year quarter and as discussed below.

Previous wording

Las Vegas Strip Resorts net revenues decreased 3% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to a decrease in rooms revenue and entertainment, retail and other revenue, partially offset by an increase in casino revenue, each discussed below.

Current wording

Las Vegas Strip Resorts net revenues decreased 4% for the six months ended June 30, 2025 compared to the prior year period due primarily to a decrease in rooms revenue and food and beverage revenue, partially offset by an increase in casino revenue, each discussed below.

Previous wording

Regional Operations net revenues decreased 1% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to the decrease in casino revenue, discussed below.

Current wording

Regional Operations net revenues increased 4% for the three months ended June 30, 2025 compared to the prior year quarter and increased 2% for the six months ended June 30, 2025 compared to the prior year period due primarily to the increase in casino revenue, discussed below.

Previous wording

Las Vegas Strip Resorts casino revenue increased 8% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to an increase in slot handle and an increase in table games win percentage compared to the prior year quarter.

Current wording

Regional Operations casino revenue increased 4% for the three months ended June 30, 2025 compared to the prior year quarter and increased 1% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in slot handle and table games drop.

Previous wording

MGM China net revenues decreased 3% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to a decrease in casino revenue in the current year quarter, discussed below.

Current wording

MGM China net revenues increased 9% for the three months ended June 30, 2025 compared to the prior year quarter and increased 3% for the six months ended June 30, 2025 compared to the prior year period due primarily to an increase in casino revenue in the current year periods, discussed below.

Previous wording

MGM China casino revenues decreased 3% for the three months ended March 31, 2025 compared to the prior year quarter due primarily to a decrease in main floor table games drop compared to the prior year quarter.

Current wording

MGM China casino revenues increased 10% for the three months ended June 30, 2025 compared to the prior year quarter due primarily to an increase in main floor table games drop as well as an increase in VIP table games win percentage.

Previous wording

(1) Includes triple net lease rent expense of $564 million for each of the three month periods ended March 31, 2025 and 2024.

Current wording

(1) Includes triple net lease rent expense of $564 million for each of the three month periods ended June 30, 2025 and 2024 and $1.1 billion for each of the six month periods ended June 30, 2025 and 2024.

Previous wording

Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 2% for the three months ended March 31, 2025 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 37.3% for the three months ended March 31, 2025, compared to 36.7% in the prior year quarter due primarily to the receipt of $37 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue, partially offset by the decline in revenue as discussed above and an increase in payroll related expenses.

Current wording

Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 5% for the six months ended June 30, 2025 compared to the prior year period. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 35.5% for the six months ended June 30, 2025, compared to 36.1% in the prior year period due primarily to the decline in revenue as discussed above, partially offset by the receipt of $42 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

Previous wording

Regional Operations Segment Adjusted EBITDAR increased 2% for the three months ended March 31, 2025, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 31.0% for the three months ended March 31, 2025 compared to 30.1% in the prior year quarter due primarily to the receipt of $12 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

Current wording

Regional Operations Segment Adjusted EBITDAR increased 7% for the three months ended June 30, 2025, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 32.0% for the three months ended June 30, 2025 compared to 31.1% in the prior year quarter due primarily to an increase in casino revenue as discussed above.

Previous wording

MGM China Segment Adjusted EBITDAR decreased 5% for the three months ended March 31, 2025 compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 27.8% for the three months ended March 31, 2025 compared to 28.5% in the prior year quarter due primarily to the decrease in casino revenue and an increase in payroll related expenses.

Current wording

MGM China Segment Adjusted EBITDAR increased 3% for the three months ended June 30, 2025 compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 27.1% for the three months ended June 30, 2025 compared to 28.9% in the prior year quarter due primarily to the increase in gaming taxes, partially offset by the increase in casino revenue.

Previous wording

MGM Digital Segment Adjusted EBITDAR loss was $34 million for the three months ended March 31, 2025 compared to $19 million the prior year quarter. The change was due primarily to the increase in payroll related expenses and costs from expansion into new markets.

Current wording

MGM Digital Segment Adjusted EBITDAR loss was $26 million for the three months ended June 30, 2025 compared to a loss of $14 million the prior year quarter. The change was due primarily to the increase in costs related to brand expansion partially offset by improved profitability in existing markets.

Previous wording

The following table summarizes information related to our share of operating loss from unconsolidated affiliates:

Current wording

The following table summarizes information related to our share of operating income (loss) from unconsolidated affiliates:

Previous wording

Other, net was expense of $11 million and $5 million for the three months ended March 31, 2025 and 2024, respectively. Other, net for the three months ended March 31, 2025 was primarily comprised of a foreign currency transaction loss of $101 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $40 million, a gain related to debt and equity investments of $35 million, and interest and dividend income of $15 million. Other, net for the three months ended March 31, 2024 was primarily comprised of a net loss related to derivatives of $38 million and a loss related to debt and equity investments of $21 million, partially offset by a foreign currency transaction gain of $33 million and interest and dividend income of $23 million.

Current wording

Other, net was expense of $161 million and $43 million for the three months ended June 30, 2025 and 2024, respectively. Other, net for the three months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $208 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $34 million and dividend and interest income of $10 million. Other, net for the three months ended June 30, 2024 was primarily comprised of a net loss related to derivatives of $62 million, a loss related to debt and equity investments of $23 million, partially offset by interest and dividend income of $22 million.

Previous wording

Our effective income tax rate was 15.0% and 12.7% for the three months ended March 31, 2025 and March 31, 2024, respectively. The effective rate for the three months ended March 31, 2025 and March 31, 2024 was favorably impacted primarily by Macau gaming profits which are exempt from complementary tax.

Current wording

Our effective income tax rate was 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively, compared to (4.3%) and 5.2% for the three and six months ended June 30, 2024, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign incomes including Macau gaming profits which are exempt from complementary tax. The effective rate for the three months ended June 30, 2024 was also impacted by a decrease in the valuation allowance for Macau deferred tax assets.

Previous wording

“Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China. “Segment Adjusted EBITDAR margin” is Segment Adjusted EBITDAR divided by related segment net revenues.

Current wording

“Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at

Previous wording

Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $547 million in the three months ended March 31, 2025 compared to $549 million in the prior year period.

Current wording

Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $1.2 billion in the six months ended June 30, 2025 compared to $1.0 billion in the prior year period. The increase from the prior year period was due primarily to a decrease in cash paid for income taxes and changes in net working capital, partially offset by a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts discussed within the Results of Operations section above.

Previous wording

Cash used in investing activities was $227 million in the three months ended March 31, 2025 compared to $108 million in the prior year period. In the three months ended March 31, 2025, we made payments of $228 million in capital expenditures, as further discussed below. In comparison, in the prior year period we made payments of $172 million in capital expenditures, as further discussed below, contributed $10 million to unconsolidated affiliates, and received $105 million in net short-term investments in debt securities.

Current wording

Cash used in investing activities was $605 million in the six months ended June 30, 2025 compared to $385 million in the prior year period. In the six months ended June 30, 2025, we made payments of $496 million in capital expenditures, as further discussed below, and contributed $85 million to unconsolidated affiliates. In comparison, in the prior year period we made payments of $410 million in capital expenditures, as further discussed below, contributed $41 million to unconsolidated affiliates, and received $122 million in net short-term investments in debt securities.

Previous wording

We made capital expenditures of $228 million in the three months ended March 31, 2025, of which $60 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels and information technology.

Current wording

We made capital expenditures of $496 million in the six months ended June 30, 2025, of which $111 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.

Previous wording

We made capital expenditures of $172 million in the three months ended March 31, 2024, of which $15 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to information technology and room remodels.

Current wording

We made capital expenditures of $410 million in the six months ended June 30, 2024, of which $40 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to information technology and room remodels.

Previous wording

Financing activities. Cash used in financing activities was $470 million in the three months ended March 31, 2025 compared to $629 million in the prior year period. In the three months ended March 31, 2025, we had net borrowings of debt of $50 million, as further discussed below, paid $489 million for repurchases of our common stock, and distributed $12 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $77 million, as further discussed below, paid $507 million for repurchases of our common stock, and distributed $12 million to noncontrolling interest owners.

Current wording

Financing activities. Cash used in financing activities was $1.1 billion in the six months ended June 30, 2025 compared to $1.1 billion in the prior year period. In the six months ended June 30, 2025, we had net repayments of debt of $161 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $80 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $42 million, as further discussed below, paid $915 million for repurchases of our common stock, and distributed $95 million to noncontrolling interest owners.

Previous wording

During the three months ended March 31, 2025, we paid $489 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 9 for further information on the stock repurchases. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $337 million as of March 31, 2025. Additionally, in April 2025, we announced that the Board of Directors authorized a $2.0 billion stock repurchase plan.

Current wording

During the six months ended June 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 9 for further information on the stock repurchases. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $122 million and the remaining availability under the April 2025 $2.0 billion stock repurchase plan was $2.0 billion as of June 30, 2025.

Previous wording

During the three months ended March 31, 2024, we paid $507 million relating to repurchases of our common stock pursuant to our stock repurchase plans. In connection with those repurchases, the February 2023 $2.0 billion stock repurchase plan was completed.

Current wording

During the six months ended June 30, 2024, we paid $915 million relating to repurchases of our common stock pursuant to our stock repurchase plans. In connection with those repurchases, the February 2023 $2.0 billion stock repurchase plan was completed.

Previous wording

As of March 31, 2025, we had cash and cash equivalents of $2.3 billion, of which MGM China held $815 million, and we had $6.5 billion in principal amount of indebtedness, including $3.0 billion related to MGM China. No amounts were drawn on our revolving credit facility or MGM China’s second revolving credit facility and, as of March 31, 2025, there was $527 million outstanding under MGM China’s first revolving credit facility.

Current wording

As of June 30, 2025, we had cash and cash equivalents of $2.0 billion, of which MGM China held $703 million, and we had $6.2 billion in principal amount of indebtedness, including $2.8 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of June 30, 2025, there was $815 million outstanding under MGM China’s revolving credit facility.

Previous wording

Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of March 31, 2025, are approximately $190 million to $210 million, excluding MGM China, and approximately $360 million to $380 million on a consolidated basis, which includes MGM China.

Current wording

Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of June 30, 2025, are approximately $190 million to $210 million, excluding MGM China, and approximately $340 million to $360 million on a consolidated basis, which includes MGM China.

Previous wording

We have planned capital expen ditures expected over the remainder of 2025 of approximately $870 million to $970 million on a consolidated basis, of which $175 million to $225 million relates to MGM China and is inclusive of theestimated amount of the gaming concession investment that relates to capital projects.

Current wording

We have planned capital expen ditures expected over the remainder of 2025 of approximately $540 million to $640 million on a consolidated basis, of which $100 million to $150 million relates to MGM China and is inclusive of theestimated amount of the gaming concession investment that relates to capital projects.

Previous wording

We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence and pursuing a commercial gaming facility in New York, which may require cash commitments in the future. If our pursuit of a commercial gaming facility in New York is successful, we expect the project cost to be approximately $2 billion, inclusive of a $500 million license fee, with the amount and timing of costs dependent upon the progress and scope of the project and selection process. Additionally, we have cash commitments to fund Osaka IR KK relating to the development of an integrated resort in Osaka, Japan of 428 billion yen, which represents our approximate 43.5% equity share (our estimated ownership percentage of Osaka IR KK subsequent to subscribed minority equity interest funding). We expect to fund the estimated remaining amount of approximately 392 billion yen (approximately $2.6 billion as of March 31, 2025) over the next four years, depending upon project progress. We expect project costs will increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 7 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees.

Current wording

We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence and pursuing a commercial gaming facility in New York for which we submitted our license application in June 2025, which may require cash commitments in the future. If our pursuit of a commercial gaming facility in New York is successful, we expect the project cost to be approximately $2.3 billion, inclusive of a $500 million license fee. Additionally, we have cash commitments to fund MGM Osaka relating to the development of an integrated resort in Osaka, Japan of 428 billion yen, which represents our approximate 43.5% equity share (our estimated ownership percentage of MGM Osaka subsequent to subscribed minority equity interest funding). We expect to fund the estimated remaining amount of approximately 380 billion yen (approximately $2.6 billion as of June 30, 2025) over the next four years, depending upon project progress. We expect project costs will increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 7 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees.

Previous wording

As of March 31, 2025, variable rate borrowings represented approximately 8% of our total borrowings. The following table provides additional information about our gross long-term debt subject to changes in interest rates:

Current wording

As of June 30, 2025, variable rate borrowings represented approximately 13% of our total borrowings. The following table provides additional information about our gross long-term debt subject to changes in interest rates:

Previous wording

This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, a commercial gaming facility in New York, expectations regarding the potential opportunity for gaming expansion in Dubai, and investments we make in online sports betting and iGaming, the expansion of LeoVegas and the MGM digital brand; positioning BetMGM North America Venture as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China; amounts projected to be realized as deferred tax assets; our ability to achieve our public social impact and sustainability goals; the impact to our business, operations and reputation from, and expenses and uncertainties associated with, the September 2023 cybersecurity issue; the timing and outcome of investigations by state regulators related to the September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds and the nature and scope of any regulatory proceedings that may be brought against us. The foregoing is not a complete list of all forward-looking statements we make.

Current wording

This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, a commercial gaming facility in New York, expectations regarding the potential opportunity for gaming expansion in Dubai, and investments we make in online sports betting and iGaming, the expansion of LeoVegas and the MGM digital brand; positioning BetMGM North America Venture as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China; amounts projected to be realized as deferred tax assets; expected tax refunds; the timing and outcome of investigations by state regulators related to the September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident and the nature and scope of any regulatory proceedings that may be brought against us. The foregoing is not a complete list of all forward-looking statements we make.

Previous wording

•impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the September 2023 cybersecurity issue, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems;

Current wording

•impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the September 2023 cybersecurity issue, the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems;