What changed in this filing

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Item 2. Properties

2023-02-24 compared with 2022-02-25 · 33 added, 25 removed, 17 unchanged (77% of the section changed)

The location and general characteristics of our properties are provided in Part I, Item 1.

As detailed in the aforementioned section, the majority of our facilities are subject to leases of the underlying real estate assets, which among other things, includes the land underlying the facility and the buildings used in the operations.

The following table lists certain of our principal land and leasehold holdings as of December 31, 2021.

Name and Location Acres

We have provided certain information below about our resorts as of December 31, 2022.

Name and Location Number of Guestrooms and Suites Approximate Casino Square Footage (1)

Gaming Tables (3)

Las Vegas Strip Resorts:

5,497 145,000 1,246 141

Bellagio 3,933 157,000 1,284 151

The Cosmopolitan 3,082 112,000 1,300 110

MGM Grand Las Vegas (5)

6,731 144,000 1,303 97

Mandalay Bay (6)

The Mirage (4)

4,750 154,000 1,009 69

Luxor 4,397 104,000 805 48

Excalibur 3,981 96,000 909 42

New York-New York 2,024 81,000 878 54

2,898 67,000 761 64

Subtotal 37,293 1,060,000 9,495 776

Regional Operations:

MGM Grand Detroit (Detroit, Michigan) (8)

400 147,000 2,692 151

Beau Rivage (Biloxi, Mississippi) 1,739 90,000 1,455 78

Gold Strike Tunica (Tunica, Mississippi) 1,109 59,000 1,149 61

MGM National Harbor (Prince George's County, Maryland) (4)(9)

Borgata (Atlantic City, New Jersey) 2,767 218,000 2,493 163

MGM National Harbor (Prince George's County, Maryland) (9)

308 154,000 2,086 157

MGM Springfield (Springfield, Massachusetts) (10)

240 106,000 1,469 48

MGM Northfield Park (Northfield, Ohio) — 74,000 1,533 —

Empire City (Yonkers, New York) — 137,000 4,562 —

MGM Macau (12)

MGM Cotai (12)

(1) Subject to a master lease agreement between a subsidiary of ours and funds managed by Blackstone.

(2) Subject to a lease agreement between a subsidiary of ours and Bellagio BREIT Venture.

(3) Subject to a master lease agreement between a subsidiary of ours and MGP BREIT Venture.

(4) Subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership.

(5) 58 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership.

We own an additional 15 acres of land located across the Las Vegas Strip from Luxor.

(6) Includes 3 acres of land related to The Park entertainment district development located between Park MGM and New York-New York.

(7) 24 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership.

(8) 26 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership, which leases 10 acres pursuant to a tidelands lease with a third party.

(9) All 23 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership, which leases all 23 acres pursuant to a ground lease with a third party.

(10) 37 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership, which leases 11 acres pursuant to a ground lease with a third party.

(11) 41 acres are subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership.

We own an additional 56 acres adjacent to the property retained for potential future development.

(12) Subject to separate land concession agreements with the Macau government.

The land and substantially all of the assets of MGP’s properties, indicated within the table above, other than MGM National Harbor, Empire City, and MGM Springfield, secure the obligations under the Operating Partnership’s credit agreement.

These borrowings are non-recourse to us.

Other than as described above, none of our properties are subject to any major encumbrance.

Subtotal 6,563 985,000 17,439 658

MGM Macau – 55.95% owned (Macau S.A.R.)

585 251,000 926 294

MGM Cotai – 55.95% owned (Macau S.A.R.) 1,418 264,000 934 258

Subtotal 2,003 515,000 1,860 552

Grand total 45,859 2,560,000 28,794 1,986

(1) Casino square footage is approximate and includes the gaming floor, race and sports, high limit areas and casino specific walkways, and excludes casino cage and other non-gaming space within the casino area, such as lounges.

(2) Includes slot machines, video poker machines and other electronic gaming devices in service.

(3) Includes blackjack (“21”), baccarat, craps, roulette and other table games in service;

does not include poker.

(4) Includes 1,495 condominium-hotel units at Vdara, which are predominantly utilized as company-owned hotel rooms.

(5) Includes 1,728 rooms at The Signature at MGM Grand Las Vegas.

(6) Includes 1,117 rooms at the Delano and 424 rooms at the Four Seasons Hotel.

(7) Includes 293 rooms at NoMad Las Vegas.

(8) Our local investors have an ownership interest of approximately 3% of MGM Grand Detroit.

(9) Our local investors have a non-voting economic interest in MGM National Harbor.

Refer to Note 2 in the accompanying consolidated financial statements for further description of such interest.

(10) Our local investor has a non-voting economic interest in MGM Springfield.

LEGAL PROCEEDINGS

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties