MGM Resorts International

Previous wording

In April 2026, we completed the sale of the operations of MGM Northfield Park for cash consideration of $546 million, subject to certain purchase price adjustments. Refer to Note 4 in the accompanying consolidated financial statements for discussion of this transaction. At closing, the master lease between the Company and VICI was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent.

Current wording

In April 2026, we completed the sale of the operations of MGM Northfield Park for cash consideration of $546 million, or $540 million, net of purchase price adjustments and transaction costs. Refer to Note 4 in the accompanying consolidated financial statements for discussion of this transaction. At closing, the master lease between the Company and VICI was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent.

Previous wording

Revenue for the three months ended June 30, 2026 increased 1% compared to the prior year quarter due primarily to revenue from Las Vegas Strip Resorts increasing 3% and MGM Digital increasing 20%, partially offset by revenue from Regional Operations decreasing 4% and MGM China decreasing 1%, each as compared to the prior year quarter.

Current wording

Revenue for the three months ended September 30, 2026 decreased 1% compared to the prior year quarter due primarily to revenue from Regional Operations decreasing 8% and Las Vegas Strip Resorts decreasing 2%, partially offset by revenue from MGM China increasing 5% and MGM Digital increasing 6%, each as compared to the prior year quarter.

Previous wording

Revenue for the six months ended June 30, 2026 increased 3% compared to the prior year period due primarily to revenue from MGM Digital increasing 30%, MGM China increasing 4%, and Las Vegas Strip Resorts increasing 1%, partially offset by revenue from Regional Operations decreasing 1%, each as compared to the prior year period.

Current wording

Revenue for the nine months ended September 30, 2026 increased 1% compared to the prior year period due primarily to revenue from MGM China increasing 4% and MGM Digital increasing 21%, partially offset by revenue from Regional Operations decreasing 3%, while Las Vegas Strip Resorts was flat, each as compared to the prior year period.

Previous wording

Operating income increased 2% for the six months ended June 30, 2026 compared to the prior year period due primarily to a $272 million gain in “Property transactions, net” for the current year period, of which $255 million related to the gain on sale of the operations of MGM Northfield Park, and the increase in revenue, discussed above, partially offset by a goodwill impairment charge of $111 million, as well as due to the receipt of $56 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the prior year period compared to $8 million in the current year period.

Current wording

Operating income increased 36% for the nine months ended September 30, 2026 compared to the prior year period. The increase was due primarily to a gain of $265 million in “Property transactions, net” for the current year period, of which $253 million related to the gain on sale of the operations of MGM Northfield Park, the $185 million increase in revenue, and $256 million of a goodwill impairment charge and $93 million of other write-downs and impairments related to Empire City recorded within “Property transactions, net” in the prior year period, partially offset by a goodwill impairment charge of $111 million in the current year period, the receipt of $87 million of business interruption proceeds in the prior year period related to the September 2023 cybersecurity issue, and an increase of $83 million in depreciation and amortization due to recently completed projects.

Previous wording

Las Vegas Strip Resorts revenues increased 3% or $55 million for the three months ended June 30, 2026 compared to the prior year quarter and increased 1% or $60 million for the six months ended June 30, 2026 compared to the prior year period due primarily to casino revenue, which benefited from a higher table games win percentage, and food and beverage revenue, driven by an increase from catering and banquets, partially offset by a decrease in hotel revenue due to lower ADR as well as a decrease in entertainment revenue from our venues.

Current wording

Las Vegas Strip Resorts revenues were flat for the nine months ended September 30, 2026 compared to the prior year period due primarily to an increase in casino revenue, which benefited from a higher table games win percentage, and an increase in food and beverage revenue, driven by an increase from catering and banquets, partially offset by a decrease in room revenue due to lower ADR as well as a decrease in entertainment revenue from our venues.

Previous wording

Regional Operations revenues decreased 4% or $41 million for the three months ended June 30, 2026 compared to the prior year quarter due primarily to the sale of the operations of MGM Northfield Park, partially offset by an increase in same-store casino revenue primarily driven by slot handle.

Current wording

Regional Operations revenues decreased 8% or $74 million for the three months ended September 30, 2026 compared to the prior year quarter due primarily to the sale of the operations of MGM Northfield Park.

Previous wording

Regional Operations revenues decreased 1% or $23 million for the six months ended June 30, 2026 compared to the prior year period due primarily to the sale of the operations of MGM Northfield Park, partially offset by an increase in same-store casino revenue primarily driven by slot handle and table game drop.

Current wording

Regional Operations revenues decreased 3% or $97 million for the nine months ended September 30, 2026 compared to the prior year period due primarily to the sale of the operations of MGM Northfield Park, partially offset by an increase in same-store casino revenue primarily driven by slot handle and table game drop.

Previous wording

MGM China revenues decreased 1% or $9 million for the three months ended June 30, 2026 compared to the prior year quarter due primarily to a $21 million decrease in casino revenue primarily due to a decline in table games volume, partially offset by the increase in main floor table games win percentage.

Current wording

MGM China revenues increased 5% or $50 million for the three months ended September 30, 2026 compared to the prior year quarter and increased 4% or $136 million for the nine months ended September 30, 2026 compared to the prior year period due primarily to an increase in casino revenue due primarily to an increase in main floor table games win percentage, partially offset by a decline in table games volume.

Previous wording

MGM Digital’s revenue increased 20% or $32 million for the three months ended June 30, 2026 compared to the prior year quarter and increased 30% or $87 million for the six months ended June 30, 2026 compared to the prior year period due primarily to growth within the digital business to consumer offerings.

Current wording

MGM Digital’s revenue increased 6% or $10 million for the three months ended September 30, 2026 compared to the prior year quarter and increased 21% or $97 million for the nine months ended September 30, 2026 compared to the prior year period due primarily to growth within the business to consumer channels.

Previous wording

(1) Includes triple net lease rent expense of $552 million and $564 million for the three months ended June 30, 2026 and 2025, respectively, and $1.1 billion for each of the six months ended June 30, 2026 and 2025.

Current wording

(1) Includes triple net lease rent expense of $549 million and $565 million for the three months ended September 30, 2026 and 2025, respectively, and $1.7 billion for each of the nine months ended September 30, 2026 and 2025.

Previous wording

Las Vegas Strip Resorts Segment Adjusted EBITDAR increased 3% for the three months ended June 30, 2026 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 33.9% for the three months ended June 30, 2026, compared to 33.6% in the prior year quarter due primarily to the increase in casino revenue.

Current wording

Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 12% for the three months ended September 30, 2026 compared to the prior year quarter due primarily to an increase in payroll related expenses, the decrease in revenue, and the receipt of $23 million of business interruption insurance proceeds in the prior year quarter.

Previous wording

Regional Operations Segment Adjusted EBITDAR decreased 9% for the three months ended June 30, 2026, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 30.3% for the three months ended June 30, 2026, compared to 32.0% in the prior year quarter due primarily to the disposition of MGM Northfield Park.

Current wording

Regional Operations Segment Adjusted EBITDAR decreased 18% for the three months ended September 30, 2026 compared to the prior year quarter due primarily to the disposition of MGM Northfield Park and the receipt of $9 million of business interruption insurance proceeds in the prior year quarter.

Previous wording

MGM China Segment Adjusted EBITDAR decreased 15% for the three months ended June 30, 2026, compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 23.3% for the three months ended June 30, 2026, compared to 27.1% in the prior year quarter due primarily to the increase in the intercompany branding license fee expense of $21 million primarily as a result of a new intercompany long term branding agreement, an increase in payroll related expenses, and the decrease in casino revenue, as discussed above.

Current wording

MGM China Segment Adjusted EBITDAR decreased 7% for the three months ended September 30, 2026 compared to the prior year quarter due primarily to the increase in the intercompany branding license fee expense of $22 million primarily as a result of a new intercompany long term branding agreement, an increase in payroll related expenses, and an increase in gaming taxes due to an increase in casino revenue, partially offset by the increase in casino revenue, as discussed above.

Previous wording

MGM China Segment Adjusted EBITDAR decreased 10% for the six months ended June 30, 2026, compared to the prior year period. MGM China Segment Adjusted EBITDAR margin was 23.9% for the six months ended June 30, 2026, compared to 27.5% in the prior year period due primarily to the increase in the intercompany branding license fee expense of $44 million primarily as a result of a new intercompany long term branding agreement and an increase in payroll related expenses, partially offset by the increase in casino revenue, as discussed above.

Current wording

MGM China Segment Adjusted EBITDAR decreased 9% for the nine months ended September 30, 2026 compared to the prior year period due primarily to an increase gaming taxes due to an increase in casino revenue, the increase in the intercompany branding license fee expense of $66 million primarily as a result of a new intercompany long term branding agreement, and an increase in payroll related expenses, partially offset by the increase in casino revenue, as discussed above.

Previous wording

MGM Digital Segment Adjusted EBITDAR loss was $31 million for the three months ended June 30, 2026 compared to a loss of $26 million in the prior year quarter. The change was due primarily to an increase in marketing expenses and gaming taxes, partially offset by an increase in revenue, as discussed above.

Current wording

MGM Digital Segment Adjusted EBITDAR loss was $4 million for the three months ended September 30, 2026 compared to a loss of $23 million in the prior year quarter. The change was due primarily to an increase in revenue, as discussed above, and a decrease in marketing expenses, partially offset by an increase in gaming taxes.

Previous wording

MGM Digital Segment Adjusted EBITDAR loss was $56 million for the six months ended June 30, 2026 compared to a loss of $60 million in the prior year period. The change was due primarily to an increase in revenue, as discussed above partially offset by an increase in marketing expenses and gaming taxes.

Current wording

MGM Digital Segment Adjusted EBITDAR loss was $61 million for the nine months ended September 30, 2026 compared to a loss of $83 million in the prior year period. The change was due primarily to an increase in revenue, as discussed above, partially offset by an increase in marketing expenses and gaming taxes.

Previous wording

The following table presents the financial results of Regional Operations on a same-store basis for the three and six months ended June 30, 2026 and 2025. Same-Store Segment Adjusted EBITDAR is a non-GAAP measure, discussed within “Non-GAAP measures” below.

Current wording

The following table presents the financial results of Regional Operations on a same-store basis for the three and nine months ended September 30, 2026 and 2025. Same-Store Segment Adjusted EBITDAR is a non-GAAP measure, discussed within “Non-GAAP measures” below.

Previous wording

Gross interest expense was $102 million and $106 million for the three months ended June 30, 2026 and 2025, respectively, and was $203 million and $214 million for the six months ended June 30, 2026 and 2025, respectively. See Note 5 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt.

Current wording

Gross interest expense was $103 million for each of the three months ended September 30, 2026 and 2025 and was $306 million and $317 million for the nine months ended September 30, 2026 and 2025, respectively. See Note 5 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt.

Previous wording

Other, net was income of $9 million and expense of $161 million for the three months ended June 30, 2026 and 2025, respectively. Other income, net for the three months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $30 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net loss related to derivatives of $27 million. Other expense, 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.

Current wording

Other, net was income of $8 million and expense of $10 million for the three months ended September 30, 2026 and 2025, respectively. Other income, net for the three months ended September 30, 2026 was primarily comprised of a net gain related to derivatives of $24 million, interest and dividend income of $17 million, and foreign currency transaction gain of $12 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net loss related to debt and equity investments of $44 million. Other expense, net for the three months ended September 30, 2025 was primarily comprised of a net loss related to derivatives of $41 million, partially offset by a foreign currency transaction gain of $23 million primarily related to USD denominated debt held by a foreign subsidiary.

Previous wording

Other, net was income of $14 million and expense of $172 million for the six months ended June 30, 2026 and 2025, respectively. Other income, net for the six months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $55 million primarily related to USD denominated debt held by a foreign subsidiary and interest and dividend income of $25 million, partially offset by a net loss related to derivatives of $46 million and a net loss related to debt and equity investments of $20 million. Other expense, net for the six months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $308 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $75 million, a gain related to debt and equity investments of $38 million, and interest and dividend income of $25 million.

Current wording

Other, net was income of $21 million and expense of $183 million for the nine months ended September 30, 2026 and 2025, respectively. Other income, net for the nine months ended September 30, 2026 was primarily comprised of a foreign currency transaction gain of $67 million primarily related to USD denominated debt held by a foreign subsidiary and of interest and dividend income of $42 million, partially offset by a net loss related to debt and equity investments of $64 million and a net loss related to derivatives of $21 million. Other expense, net for the nine months ended September 30, 2025 was primarily comprised of a foreign currency transaction loss of $285 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by interest and dividend income of $37 million, a net gain related to debt and equity investments of $35 million, and a net gain related to derivatives of $34 million.

Previous wording

Our effective income tax rate was 21.9% and 19.2% for the three and six months ended June 30, 2026, respectively, compared to 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign income, including Macau gaming profits which are exempt from complementary tax. In the current year periods, this benefit was partially offset by the non-tax deductible goodwill impairment.

Current wording

Our effective income tax rate was a benefit of 79.1% and a provision of 15.8% on income before income taxes for the three and nine months ended September 30, 2026, respectively, compared to a benefit of 5.9% on loss before income taxes and a provision of 23.7% on income before income taxes for the three and nine months ended September 30, 2025, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign income, including Macau gaming profits which are exempt from complementary tax. The change in the mix of U.S. and foreign income resulted in a lower effective tax rate for the three months ended September 30, 2026 and a corresponding tax benefit. The effective tax rate for the nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025 was unfavorably impacted by non-tax deductible goodwill impairment.

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, income from unconsolidated affiliates, goodwill impairment, 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 revenue.

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 from unconsolidated affiliates, goodwill impairment, 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.

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 $1.1 billion in the six months ended June 30, 2026 compared to $1.2 billion in the prior year period. The decrease from the prior year period was due primarily to a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts, Regional Operations, and MGM China discussed within the Results of Operations section above, and changes in net working capital, partially offset by the change in cash paid (refunded) for income taxes.

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 $1.7 billion in the nine months ended September 30, 2026 compared to $1.9 billion in the prior year period. The decrease from the prior year period was due primarily to a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts, Regional Operations, and MGM China discussed within the Results of Operations section above, and the decrease in cash refunded for income taxes, partially offset by changes in net working capital.

Previous wording

Cash used in investing activities was $109 million in the six months ended June 30, 2026 compared to cash used in investing activities of $605 million in the prior year period. In the six months ended June 30, 2026, we made payments of $396 million in capital expenditures, as further discussed below, contributed $138 million to unconsolidated affiliates, and we received $507 million in net cash proceeds related to the sale of the operations of MGM Northfield Park. In comparison, in the prior year period we made payments of $496 million in capital expenditures, as further discussed below, and contributed $85 million to unconsolidated affiliates.

Current wording

Cash used in investing activities was $321 million in the nine months ended September 30, 2026 compared to $940 million in the prior year period. In the nine months ended September 30, 2026, we made payments of $618 million in capital expenditures, as further discussed below, contributed $155 million to unconsolidated affiliates, received $30 million in distributions from unconsolidated affiliates, which included $25 million from BetMGM North America Venture, and we received $513 million in net cash proceeds related to the sale of the operations of MGM Northfield Park. In comparison, in the prior year period we made payments of $772 million in capital expenditures, as further discussed below, contributed $208 million to unconsolidated affiliates, and received $71 million in distributions from unconsolidated affiliates.

Previous wording

We made capital expenditures of $396 million in the six months ended June 30, 2026, of which $77 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 $618 million in the nine months ended September 30, 2026, of which $119 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.

Previous 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 related to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.

Current wording

We made capital expenditures of $772 million in the nine months ended September 30, 2025, of which $158 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology.

Previous wording

Financing activities. Cash used in financing activities was $551 million in the six months ended June 30, 2026 compared to cash used in financing activities of $1.1 billion in the prior year period. In the six months ended June 30, 2026, we had net repayments of debt of $141 million, as further discussed below, paid $262 million for repurchases of our common stock, and distributed $83 million to noncontrolling interest owners. In comparison, in the prior year period, 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.

Current wording

Financing activities. Cash used in financing activities was $1.0 billion in the nine months ended September 30, 2026 compared to $1.2 billion in the prior year period. In the nine months ended September 30, 2026, we had net repayments of debt of $554 million, as further discussed below, paid $262 million for repurchases of our common stock, and distributed $139 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $210 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $159 million to noncontrolling interest owners.

Previous wording

During the six months ended June 30, 2026, we had net repayments of debt of $141 million, which primarily consisted of:

Current wording

During the nine months ended September 30, 2026, we had net repayments of debt of $554 million, which primarily consisted of:

Previous wording

•net repayments of $141 million on MGM China’s revolving credit facility,

Current wording

•net repayments of $154 million on MGM China’s revolving credit facility,

Previous wording

•the repayment of MGM China’s $750 million of aggregate principal amount 5.875% notes due 2026 upon maturity with borrowings under the MGM China revolving credit facility, and

Current wording

•the repayment of MGM China’s $750 million of aggregate principal amount of 5.875% notes due 2026 upon maturity with borrowings under the MGM China revolving credit facility,

Previous wording

During the six months ended June 30, 2025, we had net repayments of debt of $161 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 at maturity, partially offset by net borrowings of $339 million on MGM China’s revolving credit facility, which were used to fund the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025.

Current wording

During the nine months ended September 30, 2025, we had net repayments of debt of $210 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 upon maturity, partially offset by net borrowings of $290 million on MGM China’s revolving credit facility, which were used to fund the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025.

Previous wording

During the six months ended June 30, 2026, we paid $262 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 10 for further information on the stock repurchases. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2026.

Current wording

During the nine months ended September 30, 2026, we paid $262 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 10 for further information on the stock repurchases. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of September 30, 2026.

Previous 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.

Current wording

During the nine months ended September 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $2.5 billion, of which MGM China held $514 million, and we had $6.1 billion in principal amount of indebtedness, including $2.3 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of June 30, 2026, there was $344 million outstanding under MGM China’s revolving credit facility.

Current wording

As of September 30, 2026, we had cash and cash equivalents of $2.4 billion, of which MGM China held $598 million, and we had $5.7 billion in principal amount of indebtedness, including $2.3 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of September 30, 2026, there was $331 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 June 30, 2026, are approximately $190 million to $210 million, excluding MGM China, and approximately $345 million to $365 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 September 30, 2026, are approximately $180 million to $200 million, excluding MGM China, and approximately $315 million to $335 million on a consolidated basis, which includes MGM China.

Previous wording

We have planned capital expen ditures expected over the remainder of 2026 of approximately $575 million to $675 million on a consolidated basis, of which $75 million to $125 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 2026 of approximately $360 million to $410 million on a consolidated basis, of which $35 million to $55 million relates to MGM China and is inclusive of theestimated amount of the gaming concession investment that relates to capital projects.

Previous wording

Additionally, we have cash commitments to fund MGM Osaka relating to the development of an integrated resort in Osaka, Japan of JPY428 billion, which represents our expected approximate 43.5% equity share (our ownership percentage is expected to fluctuate over the equity funding period, with us holding an expected approximate 43.5% ownership interest upon completion of such fundings). We expect to fund the estimated remaining amount of approximately JPY335.9 billion (approximately $2.1 billion as of June 30, 2026) on a quarterly basis through 2028, of which a portion we expect to fund with the proceeds from the senior secured yen credit facility. In July 2026, we funded JPY2.9 billion (approximately $18 million) of the committed amount. Project costs may increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 8 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees.

Current wording

Additionally, we have cash commitments to fund MGM Osaka relating to the development of an integrated resort in Osaka, Japan of JPY 428 billion, which represents our expected approximate 43.5% equity share (our ownership percentage is expected to fluctuate over the equity funding period, with us holding an expected approximate 43.5% ownership interest upon completion of such fundings). We expect to fund the estimated remaining amount of approximately JPY333.0 billion (approximately $2.1 billion as of September 30, 2026) on a quarterly basis through 2028, of which a portion we expect to fund with the proceeds from the senior secured yen credit facility. In October 2026, we funded JPY19.4 billion (approximately $123 million) of the committed amount. Project costs may increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 8 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees.

Previous wording

As of June 30, 2026, variable rate borrowings represented approximately 11% 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 September 30, 2026, variable rate borrowings represented approximately 12% of our total borrowings. The following table provides additional information about our gross long-term debt subject to changes in interest rates: