MGM Resorts International 10-Q

Item 1. Financial Statements MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 2,292,830 $ 2,062,994 Accounts receivable, net 1,127,143 1,122,940 Inventories 123,158 124,535 Income tax receivable 100,380 220,154 Prepaid expenses and other 571,335 486,419 Assets held for sale 313,917 315,382 Total current assets 4,528,763 4,332,424 Property and equipment, net 6,201,736 6,305,614 Investments in and advances to unconsolidated affiliates 660,360 536,066 Goodwill 4,885,382 4,901,960 Other intangible assets, net 1,309,252 1,356,676 Operating lease right-of-use assets, net 22,877,266 23,002,707 Deferred income taxes 98,673 89,792 Other long-term assets, net 840,726 848,547 $ 41,402,158 $ 41,373,786 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts and construction payable $ 404,489 $ 421,502 Accrued interest on long-term debt 95,497 71,845 Other accrued liabilities 2,867,531 2,993,179 Liabilities related to assets held for sale 26,057 25,581 Total current liabilities 3,393,574 3,512,107 Deferred income taxes 2,614,529 2,617,067 Long-term debt, net 6,403,265 6,230,141 Operating lease liabilities 24,933,161 24,962,742 Other long-term obligations 725,625 775,411 Total liabilities 38,070,154 38,097,468 Commitments and contingencies (Note 8) Redeemable noncontrolling interests 20,452 21,777 Stockholders' equity Common stock, $ 0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 255,846,644 and 258,323,143 shares 2,558 2,583 Capital in excess of par value — — Retained earnings 2,173,529 2,106,836 Accumulated other comprehensive income 257,335 320,498 Total MGM Resorts International stockholders' equity 2,433,422 2,429,917 Noncontrolling interests 878,130 824,624 Total stockholders’ equity 3,311,552 3,254,541 $ 41,402,158 $ 41,373,786 The accompanying notes are an integral part of these consolidated financial statements. 1 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2026 2025 Revenues Casino $ 2,378,855 $ 2,252,148 Rooms 867,854 863,408 Food and beverage 804,840 770,173 Entertainment, retail and other 403,169 391,353 4,454,718 4,277,082 Expenses Casino 1,349,552 1,244,310 Rooms 285,276 280,849 Food and beverage 576,280 560,295 Entertainment, retail and other 253,420 234,429 General and administrative 1,282,832 1,164,898 Corporate expense 137,220 142,351 Preopening and start-up expenses 977 85 Property transactions, net 14,220 15,468 Depreciation and amortization 263,725 236,444 4,163,502 3,879,129 Income (loss) from unconsolidated affiliates 10,026 ( 12,896 ) Operating income 301,242 385,057 Non-operating income (expense) Interest expense, net of amounts capitalized ( 100,689 ) ( 107,269 ) Non-operating items from unconsolidated affiliates ( 2,507 ) 262 Other, net 4,203 ( 11,266 ) ( 98,993 ) ( 118,273 ) Income before income taxes 202,249 266,784 Provision for income taxes ( 27,457 ) ( 40,053 ) Net income 174,792 226,731 Less: Net income attributable to noncontrolling interests ( 49,656 ) ( 78,177 ) Net income attributable to MGM Resorts International $ 125,136 $ 148,554 Earnings per share Basic $ 0.49 $ 0.52 Diluted $ 0.48 $ 0.51 Weighted average common shares outstanding Basic 256,348 287,125 Diluted 258,877 289,096 The accompanying notes are an integral part of these consolidated financial statements. 2 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income $ 174,792 $ 226,731 Foreign currency translation ( 69,923 ) 148,308 Comprehensive income 104,869 375,039 Less: Comprehensive income attributable to noncontrolling interests ( 42,896 ) ( 77,244 ) Comprehensive income attributable to MGM Resorts International $ 61,973 $ 297,795 The accompanying notes are an integral part of these consolidated financial statements. 3 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 174,792 $ 226,731 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 263,725 236,444 Amortization of debt discounts and issuance costs 6,376 6,820 Provision for credit losses 18,587 10,784 Stock-based compensation 35,137 28,653 Foreign currency transaction (gain) loss ( 25,303 ) 100,923 Property transactions, net 14,220 15,468 Noncash lease expense 126,547 128,361 Other investment losses (gains) 12,043 ( 35,029 ) (Income) loss from unconsolidated affiliates ( 7,519 ) 12,634 Distributions from unconsolidated affiliates 1,553 1,449 Deferred income taxes ( 11,935 ) ( 9,781 ) Change in operating assets and liabilities: Accounts receivable ( 23,071 ) 91,780 Inventories 1,137 5,507 Income taxes receivable and payable, net 125,812 49,407 Prepaid expenses and other ( 76,859 ) ( 70,475 ) Accounts payable and accrued liabilities ( 98,008 ) ( 227,015 ) Other 30,555 ( 25,582 ) Net cash provided by operating activities 567,789 547,079 Cash flows from investing activities Capital expenditures ( 154,664 ) ( 228,041 ) Dispositions of property and equipment 5,629 60 Investments in unconsolidated affiliates ( 137,558 ) — Distributions from unconsolidated affiliates 610 522 Investments and other ( 86,811 ) 419 Net cash used in investing activities ( 372,794 ) ( 227,040 ) Cash flows from financing activities Net borrowings of debt - maturities of 90 days or less 178,393 50,374 Distributions to noncontrolling interest owners ( 5,404 ) ( 11,807 ) Repurchases of common stock ( 88,902 ) ( 489,280 ) Other ( 44,162 ) ( 19,506 ) Net cash provided by (used in) financing activities 39,925 ( 470,219 ) Effect of exchange rate on cash, cash equivalents, and restricted cash ( 6,440 ) 5,089 Change in cash and cash equivalents classified as assets held for sale 731 — Cash, cash equivalents, and restricted cash Net change for the period 229,211 ( 145,091 ) Balance, beginning of period 2,150,364 2,503,064 Balance, end of period $ 2,379,575 $ 2,357,973 Supplemental cash flow disclosures Interest paid, net of amounts capitalized $ 70,741 $ 70,023 Income tax refunds received, net ( 86,837 ) ( 156 ) The accompanying notes are an integral part of these consolidated financial statements. 4 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Common Stock Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balances, January 1, 2026 258,323 $ 2,583 $ — $ 2,106,836 $ 320,498 $ 2,429,917 $ 824,624 $ 3,254,541 Net income — — — 125,136 — 125,136 50,409 175,545 Currency translation adjustment — — — — ( 63,163 ) ( 63,163 ) ( 6,760 ) ( 69,923 ) Stock-based compensation — — 31,510 — — 31,510 3,613 35,123 Issuance of common stock pursuant to stock-based compensation awards 22 — ( 323 ) — — ( 323 ) — ( 323 ) Distributions to noncontrolling interest owners — — — — — — ( 5,124 ) ( 5,124 ) Repurchases of common stock ( 2,498 ) ( 25 ) ( 31,187 ) ( 58,462 ) — ( 89,674 ) — ( 89,674 ) Adjustment of redeemable noncontrolling interest to redemption value — — — 18 — 18 — 18 Other — — — 1 — 1 11,368 11,369 Balances, March 31, 2026 255,847 $ 2,558 $ — $ 2,173,529 $ 257,335 $ 2,433,422 $ 878,130 $ 3,311,552 The accompanying notes are an integral part of these consolidated financial statements. 5 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Common Stock Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity Balances, January 1, 2025 294,374 $ 2,944 $ — $ 3,081,753 $ ( 61,216 ) $ 3,023,481 $ 661,670 $ 3,685,151 Net income — — — 148,554 — 148,554 78,378 226,932 Currency translation adjustment — — — — 149,241 149,241 ( 933 ) 148,308 Stock-based compensation — — 27,758 — — 27,758 746 28,504 Issuance of common stock pursuant to stock-based compensation awards 31 1 ( 366 ) — — ( 365 ) — ( 365 ) Distributions to noncontrolling interest owners — — — — — — ( 11,365 ) ( 11,365 ) Repurchases of common stock ( 14,754 ) ( 148 ) ( 26,513 ) ( 467,544 ) — ( 494,205 ) — ( 494,205 ) Adjustment of redeemable noncontrolling interest to redemption value — — — ( 41 ) — ( 41 ) — ( 41 ) Other — — ( 879 ) — — ( 879 ) 4,296 3,417 Balances, March 31, 2025 279,651 $ 2,797 $ — $ 2,762,722 $ 88,025 $ 2,853,544 $ 732,792 $ 3,586,336 The accompanying notes are an integral part of these consolidated financial statements. 6 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 — ORGANIZATION Organization. MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations. As of March 31, 2026, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas ( “ The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including The Reserve at Park MGM), and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026, refer to Note 4), and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements. As of March 31, 2026 the Company has an approximate 56 % controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions. The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company has a 50 % ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. As of March 31, 2026, the Company also has a 50 % ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan. In April 2026, the Company’s ownership interest in MGM Osaka decreased from 50 % to approximately 39 %, reflecting investment into the venture by other shareholders. Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 11 for additional information about the Company’s segments. NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation . As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2025 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. Principles of consolidation . The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5 % ownership interest) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that 7 affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100 % of the equity. For entities in which the Company owns less than 100 % of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321. Fair value measurements . Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates or equity interests, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are quoted prices for identical or comparable instruments or pricing using observable market data; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 inputs when measuring its equity investments recorded at fair value; • Level 2 inputs for its long-term debt fair value disclosures; See Note 5; • Level 2 inputs for its derivatives; and • Level 1 and Level 2 inputs for its debt investments. Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $ 342 million and $ 355 million as of March 31, 2026 and December 31, 2025, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three months ended March 31, 2026 the Company recorded a net loss on its equity investments of $ 13 million. For the three months ended March 31, 2025, the Company recorded a net gain on its equity investments of $ 32 million. Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.” As of March 31, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of March 31, 2026, the fair value of derivatives classified as assets were $ 2 million with $ 1 million in each of current assets and long-term assets and those classified as liabilities were $ 25 million in current liabilities. As of December 31, 2025, the fair value of derivatives classified as liabilities were $ 88 million, with $ 69 million in current liabilities and $ 19 million in long-term liabilities. For the three months ended March 31, 2026, the Company recorded a net loss on its derivatives of $ 19 million. For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $ 40 million. Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations. 8 The following table presents information regarding the Company’s debt investments: Fair value level March 31, 2026 December 31, 2025 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 181,623 $ 158,564 Cash and cash equivalents 181,623 158,564 Short-term investments: U.S. government securities Level 1 63,793 62,267 Corporate bonds Level 2 135,866 135,211 Asset-backed securities Level 2 12,457 12,681 Short-term investments 212,116 210,159 Total debt investments $ 393,739 $ 368,723 Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with effective maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1). Restricted cash. MGM China’s pledged cash of $ 87 million for each of March 31, 2026 and December 31, 2025 , securing the bank guarantees discussed in Note 8 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of March 31, 2026 and December 31, 2025 . Accounts receivable. As of March 31, 2026 and December 31, 2025, the loss reserve on accounts receivable was $ 147 million and $ 139 million, respectively. Accounts payable. As of March 31, 2026 and December 31, 2025, the Company had accrued $ 80 million and $ 83 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets. Revenue recognition. Contract and Contract-Related Liabilities . There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided, such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2026 2025 2026 2025 2026 2025 (In thousands) Balance at January 1 $ 204,020 $ 215,710 $ 216,579 $ 215,005 $ 860,126 $ 825,236 Balance at March 31 178,828 177,017 205,314 205,276 838,793 813,917 Decrease $ ( 25,192 ) $ ( 38,693 ) $ ( 11,265 ) $ ( 9,729 ) $ ( 21,333 ) $ ( 11,319 ) The January 1, 2026 and March 31, 2026 balances exclude liabilities related to assets held for sale. See Note 4. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) within Note 11. Leases. Refer to Note 7 for information regarding leases under which the Company is a lessee. The Company is a 9 lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service . For the three months ended March 31, 2026, lease revenues from third-party tenants include $ 15 million recorded within food and beverage revenue and $ 29 million recorded within entertainment, retail, and other revenue. For the three months ended March 31, 2025, lease revenues from third-party tenants include $ 18 million recorded within food and beverage revenue and $ 28 million recorded within entertainment, retail, and other revenue. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates were $ 660 million and $ 536 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $ 153 million and $ 160 million as of March 31, 2026 and December 31, 2025, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets. The Company recorded its share of income (loss) from unconsolidated affiliates as follows: Three Months Ended March 31, 2026 2025 (In thousands) Income (loss) from unconsolidated affiliates $ 10,026 $ ( 12,896 ) Non-operating items from unconsolidated affiliates ( 2,507 ) 262 $ 7,519 $ ( 12,634 ) The following table summarizes the Company’s share of operating income (loss) from unconsolidated affiliates: Three Months Ended March 31, 2026 2025 (In thousands) BetMGM North America Venture $ 7,360 $ ( 15,201 ) Other 2,666 2,305 $ 10,026 $ ( 12,896 ) NOTE 4 — DIVESTITURES MGM Northfield Park sale. In April 2026, the Company completed the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc. for cash considerations of $ 546 million, subject to certain purchase price adjustments. At closing, the master lease between the Company and VICI Properties, Inc. (“VICI”) was amended to remove MGM Northfield Park and to reflect a $ 53 million reduction in annual cash rent. 10 The major classes of assets and liabilities classified as held for sale are as follows: March 31, 2026 December 31, 2025 (In thousands) Cash and cash equivalents $ 31,071 $ 31,802 Accounts receivable, net 4,628 6,224 Inventories 305 302 Prepaid expenses and other 1,664 1,831 Property and equipment, net 30,006 28,980 Goodwill 17,915 17,915 Other intangible assets, net 228,000 228,000 Other long-term assets, net 328 328 Assets held for sale $ 313,917 $ 315,382 Accounts payable $ 6,885 $ 6,833 Other accrued liabilities 18,952 18,497 Other long-term obligations 220 251 Liabilities related to assets held for sale $ 26,057 $ 25,581 NOTE 5 — LONG-TERM DEBT Long-term debt consisted of the following: March 31, 2026 December 31, 2025 (In thousands) Senior secured yen credit facility $ 341,766 $ 346,528 MGM China revolving credit facility 663,341 488,247 5.875 % MGM China senior notes, due 2026 750,000 750,000 4.625 % senior notes, due 2026 400,000 400,000 5.5 % senior notes, due 2027 675,000 675,000 4.75 % MGM China senior notes, due 2027 750,000 750,000 4.75 % senior notes, due 2028 750,000 750,000 6.125 % senior notes, due 2029 850,000 850,000 7.125 % MGM China senior notes, due 2031 500,000 500,000 6.5 % senior notes, due 2032 750,000 750,000 7 % debentures, due 2036 552 552 6,430,659 6,260,327 Less: Unamortized discounts and debt issuance costs, net ( 27,394 ) ( 30,186 ) $ 6,403,265 $ 6,230,141 Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis. Senior secured credit facility. At March 31, 2026, the Company’s senior secured credit facility consisted of a $ 2.3 billion revolving credit facility, of which no amounts were drawn. The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2026. Senior secured yen credit facility. At March 31, 2026 the Company’s senior secured yen credit facility consisted of a JPY 54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY 67.8 billion. 11 At March 31, 2026, the interest rate was 2.74 %. The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2026. MGM China revolving credit facility. At March 31, 2026, the MGM China revolving credit facility consisted of a HK$ 23.4 billion (approximately $ 3.0 billion) senior unsecured revolving credit facility. At March 31, 2026, the weighted average interest rate was 4.16 %. The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at March 31, 2026. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $ 6.4 billion and $ 6.3 billion at March 31, 2026 and December 31, 2025, respectively. NOTE 6 — INCOME TAXES For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 13.6 % and 15.0 % on income before income taxes for the three months ended March 31, 2026 and March 31, 2025, respectively. NOTE 7 — LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. Other information. Components of lease costs and other information related to the Company’s leases were: Three Months Ended March 31, 2026 2025 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 570,873 $ 574,157 Finance lease costs Interest expense $ 3,496 $ 4,318 Amortization expense 19,008 18,171 Total finance lease costs $ 22,504 $ 22,489 (1) Operating lease cost includes $ 83 million for each of the three months ended March 31, 2026 and 2025 related to the Bellagio lease, which is held with a related party. 12 March 31, 2026 December 31, 2025 (In thousands) Operating leases Operating lease ROU assets, net (1) $ 22,877,266 $ 23,002,707 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 115,428 $ 106,005 Operating lease liabilities - long-term (2) 24,933,161 24,962,742 Total operating lease liabilities $ 25,048,589 $ 25,068,747 Finance leases Finance lease ROU assets, net, classified within “Property and equipment, net” $ 222,247 $ 236,861 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 79,598 $ 76,913 Finance lease liabilities - long-term, classified within “Other long-term obligations” 162,118 178,053 Total finance lease liabilities $ 241,716 $ 254,966 Weighted average remaining lease term (years) Operating leases 23 23 Finance leases 9 9 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 6 (1) As of March 31, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $ 3.3 billion related to the Bellagio lease. (2) As of March 31, 2026 and December 31, 2025, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease. As of March 31, 2026 and December 31, 2025, operating lease liabilities – current included $ 11 million and $ 9 million related to the Bellagio lease, respectively. Three Months Ended March 31, 2026 2025 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 466,288 $ 466,044 Operating cash outflows from finance leases 3,496 4,318 Financing cash outflows from finance leases (1) 17,635 15,038 ROU assets obtained in exchange for new lease liabilities Operating leases $ 1,818 $ 65 Finance leases 4,275 — (1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. 13 Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2026 (excluding the three months ended March 31, 2026) $ 1,413,231 $ 69,634 2027 1,910,736 85,144 2028 1,942,975 32,636 2029 1,974,904 7,971 2030 2,010,457 7,436 Thereafter 44,962,987 114,210 Total future minimum lease payments 54,215,290 317,031 Less: Amount of lease payments representing interest ( 29,166,701 ) ( 75,315 ) Present value of future minimum lease payments 25,048,589 241,716 Less: Current portion ( 115,428 ) ( 79,598 ) Long-term portion of lease liabilities $ 24,933,161 $ 162,118 NOTE 8 — COMMITMENTS AND CONTINGENCIES Litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows . Commitments and guarantees. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $ 124 million as of March 31, 2026 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of March 31, 2026 , MOP 700 million of the bank guarantees (approximately $ 87 million as of March 31, 2026 ) were secured by pledged cash. Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $ 3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial. MGM Osaka guarantees. The Company provides for guarantees (1) in the amount of JPY 12.65 billion (approximately $ 80 million as of March 31, 2026 ) for 50 % of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $ 556 million as of March 31, 2026 , is pledged as collateral for MGM Osaka’s obligations under its credit agreement. MGM Osaka funding commitment. In connection with MGM Osaka’s development of an integrated resort, the Company has commitments to fund MGM Osaka of JPY 428 billion, of which an estimated amount of approximately JPY 335.9 billion (approximately $ 2.1 billion as of March 31, 2026 ) remains to be funded as of March 31, 2026 . During the three months ended March 31, 2026, the Company funded JPY 21.0 billion (approximately $ 138 million) of the committed amount. The fundings are recognized as contributions to investment in unconsolidated affiliates upon payment. Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions . The Company’s senior credit facility limits the amount of letters of credit that can be issued to $ 1.35 billion. At March 31, 2026, $ 25 million in letters of 14 credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit. NOTE 9 — EARNINGS PER SHARE The table below reconciles basic and diluted earnings per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material. Three Months Ended March 31, 2026 2025 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 125,136 $ 148,554 Adjustment related to redeemable noncontrolling interests 18 ( 41 ) Net income available to common stockholders – basic and diluted $ 125,154 $ 148,513 Denominator: Weighted-average common shares outstanding – basic 256,348 287,125 Potential dilution from stock-based awards 2,529 1,971 Weighted-average common and common equivalent shares – diluted 258,877 289,096 NOTE 10 — STOCKHOLDERS’ EQUITY MGM Resorts International stock repurchases. In each of November 2023 and April 2025, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $ 494 million. Repurchased shares were retired. During the three months ended March 31, 2026, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $ 90 million. Repurchased shares were retired. The remaining availability under the April 2025 $ 2.0 billion stock repurchase plan was $ 1.5 billion as of March 31, 2026. 15 NOTE 11 — SEGMENT INFORMATION The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM). Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026). MGM China. MGM China consists of MGM Macau and MGM Cotai. MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming. The Company’s operations related to investments in unconsolidated affiliates, and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses and monitors budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR in assessing performance of each segment and deciding where to invest capital. Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its 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 MGM China. 16 Three Months Ended March 31, 2026 2025 Net revenue (In thousands) Las Vegas Strip Resorts Casino $ 513,145 $ 538,259 Rooms 751,484 750,049 Food and beverage 606,587 586,039 Entertainment, retail and other 309,214 301,773 2,180,430 2,176,120 Regional Operations Casino 684,490 671,975 Rooms 68,592 66,725 Food and beverage 110,164 109,081 Entertainment, retail and other 54,664 52,638 917,910 900,419 MGM China Casino 976,514 895,852 Rooms 47,778 46,634 Food and beverage 88,089 75,053 Entertainment, retail and other 9,654 9,933 1,122,035 1,027,472 MGM Digital Casino 182,741 128,058 Reportable segment net revenues 4,403,116 4,232,069 Corporate and other 51,602 45,013 $ 4,454,718 $ 4,277,082 Expenses Las Vegas Strip Resorts Payroll related $ 669,470 $ 661,746 Cost of sales 132,641 127,757 Gaming taxes 55,283 59,210 Other segment items (1) 573,829 516,247 1,431,223 1,364,960 Regional Operations Payroll related 238,957 228,947 Cost of sales 37,115 37,214 Gaming taxes 188,508 184,714 Other segment items (1) 193,893 170,502 658,473 621,377 MGM China Payroll related 164,356 145,208 Cost of sales 31,119 27,500 Gaming taxes 504,278 448,776 Other segment items (1) 148,808 120,423 848,561 741,907 MGM Digital Payroll related 30,235 29,537 Marketing costs 79,230 57,793 Gaming taxes 45,632 30,625 Other segment items (2) 53,246 44,496 $ 208,343 $ 162,451 (1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses. (2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses. 17 Three Months Ended March 31, 2026 2025 (In thousands) Segment Adjusted EBITDAR Las Vegas Strip Resorts $ 749,207 $ 811,160 Regional Operations 259,437 279,042 MGM China 273,474 285,565 MGM Digital ( 25,602 ) ( 34,393 ) 1,256,516 1,341,374 Other operating income (expense) Corporate and other, net ( 121,751 ) ( 126,949 ) Preopening and start-up expenses ( 977 ) ( 85 ) Property transactions, net ( 14,220 ) ( 15,468 ) Depreciation and amortization ( 263,725 ) ( 236,444 ) Triple net lease rent expense ( 564,627 ) ( 564,475 ) Income (loss) from unconsolidated affiliates 10,026 ( 12,896 ) Operating income 301,242 385,057 Non-operating income (expense) Interest expense, net of amounts capitalized ( 100,689 ) ( 107,269 ) Non-operating items from unconsolidated affiliates ( 2,507 ) 262 Other, net 4,203 ( 11,266 ) ( 98,993 ) ( 118,273 ) Income before income taxes 202,249 266,784 Provision for income taxes ( 27,457 ) ( 40,053 ) Net income 174,792 226,731 Less: Net income attributable to noncontrolling interests ( 49,656 ) ( 78,177 ) Net income attributable to MGM Resorts International $ 125,136 $ 148,554 Three Months Ended March 31, 2026 2025 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 51,008 $ 105,238 Regional Operations 19,760 22,617 MGM China 42,147 59,736 MGM Digital 22,021 18,437 Reportable segment capital expenditures 134,936 206,028 Corporate and other 19,728 22,013 $ 154,664 $ 228,041 Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented. 18