MGM Resorts International Q4 FY2025 earnings call

• Introduced new Chief Operating Officer Ayesha Molino and promoted Kenny Feng to Chief Executive Officer of MGM China and Tian Han to Chief Operating Officer of MGM China. - MGM achieved record 4Q and full year EBITDAR in Macau, nearly $470 million EBITDA turnaround at BetMGM North America, broke ground in MGM Osaka. - Invested in upgrading experiences across portfolio, saw 18% increase in digital check-ins and 1 million chats through digital concierge. - Construction on schedule in Dubai and Japan for respective projects.

Las Vegas: Fourth quarter EBITDAR declined 4% year-over-year, but regional operations had another strong quarter with record fourth quarter slot win and best-ever annual slot win in 2025, net revenues up 2% in fourth quarter and stable EBITDAR. MGM China: Fourth quarter net revenues grew 21% and segment adjusted EBITDAR grew by 31%, a new fourth quarter record. BetMGM North America: Fourth quarter net revenue from operations up 39% and EBITDA improved by $176 million to $71 million. MGM Digital: Impressive 35% growth in net revenues. Japan: 2026 funding commitment approximately USD 350 million to USD 400 million, with proceeds from yen-denominated credit facility used.

• Optimistic about growth in Las Vegas in 2026 with full year contribution from capital projects, group and convention room nights on the books for future years. - BetMGM North America provided 2026 adjusted EBITDA guidance of $300 million to $350 million. - Expect MGM Osaka to open in 2030 and Dubai properties in 3Q of 2028. - Aim for $500 million of adjusted EBITDA in 2027 at BetMGM.

• Macro economic uncertainties. - Potential changes in tax regulations, such as the 90% gaming loss tax deductibility issue which is being monitored and advocated for a fix.

Q: Dan Politzer from JPMorgan asked about the path to reverting to growth in Las Vegas, specifically first and second quarter.

A: Bill Hornbuckle and Ayesha Molino responded about occupancy stabilization, CON/AGG coming up, continued drive of high-end luxury pieces, and favorable comparisons in later half.

Q: John DeCree from CBRE asked about value customers in Las Vegas.

A: Jonathan Halkyard and Ayesha Molino talked about initiatives to address value customers, city-wide sale efforts, and strong database for casino bookings.

Q: Shaun Kelley from Bank of America asked about expense growth and room renovation cadence in Vegas.

A: Jonathan Halkyard and Ayesha Molino discussed low single-digit expense growth, renovation impact of MGM Grand last year, and ARIA project scheduling.

Q: Chad Beynon from Macquarie asked about Macau margins and Lunar New Year bookings.

A: Kenny Feng responded about rational competition, stable margins, and optimistic booking trend for Chinese New Year.

Q: Brandt Montour from Barclays asked about Vegas KPI stabilization and table hold.

A: Jonathan Halkyard and Bill Hornbuckle talked about RevPOR, stabilization, and high-end activity driving table hold.

Q: Steven Pizzella from Deutsche Bank asked about regional segment start to the year.

A: Ayesha Molino and Bill Hornbuckle mentioned regional business steadiness, investment in high-limit table rooms, and potential Sphere in Maryland.

Q: Barry Jonas from Truist asked about trade down and 90% gaming loss tax deductibility.

A: Bill Hornbuckle and Ayesha Molino responded about digital gaming offsetting brick-and-mortar, and monitoring the tax issue.

Q: Stephen Grambling from Morgan Stanley asked about buybacks and MGM China value.

A: Jonathan Halkyard and Bill Hornbuckle discussed share repurchase evaluation and capital allocation related to MGM China