"MGM Resorts achieved strong first quarter results across our portfolio in the face of the well anticipated comparison to last year's Super Bowl in Las Vegas, highlighted by a positive EBITDA performance at our BetMGM venture," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International. "We are well prepared for the remainder of 2025, and are making excellent progress on the implementation of $200 million EBITDA enhancements that launched last year, and expect to exceed $150 million in implementation in the year. MGM Resorts is strongly positioned with an outstanding team, globally recognized brands, and a diverse group of market leading operations that have benefited from significant capital investment. Our forward bookings remain solid and April is on track to be a record hotel month for our Las Vegas Strip operations."

"The equity market volatility has provided MGM Resorts with the opportunity to repurchase shares at very attractive valuations in the first quarter, which resulted in the repurchase of nearly 15 million shares for $494 million," said Jonathan Halkyard, Chief Financial Officer & Treasurer of MGM Resorts International. "We continue to see significant value in our shares at current levels and our Board of Directors have authorized a new $2 billion share repurchase program."

First Quarter 2025 Financial Highlights:

Consolidated Results

• Consolidated net revenues of $4.3 billion, a decrease of 2% compared to the prior year quarter, due primarily to a decrease in net revenues at the Las Vegas Strip Resorts and MGM China;
• Net income attributable to MGM Resorts was $149 million in the current quarter compared to $217 million in the prior year quarter due primarily to the decrease in net revenues discussed above;
• Consolidated Adjusted EBITDA of $637 million in the current quarter compared to $673 million in the prior year quarter;
• Diluted earnings per share of $0.51 in the current quarter compared to diluted earnings per share of $0.67 in the prior year quarter; and
• Adjusted diluted earnings per share ("Adjusted EPS") of $0.69 in the current quarter compared to $0.74 in the prior year quarter.

Las Vegas Strip Resorts

• Net revenues of $2.2 billion in the current quarter compared to $2.3 billion in the prior year quarter, a decrease of 3% due primarily to a decrease in non-gaming revenues, primarily resulting from a decrease in ADR as a result of the Super Bowl being hosted in Las Vegas in the prior year quarter, partially offset by an increase in casino revenue; and
• Segment Adjusted EBITDAR of $811 million in the current quarter compared to $828 million in the prior year quarter, a decrease of 2%. The current quarter included $37 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

Regional Operations

• Net revenues of $900 million in the current quarter, compared to $909 million in the prior year quarter, a decrease of 1%, due primarily to a decrease in casino revenue; and
• Segment Adjusted EBITDAR of $279 million in the current quarter compared to $274 million in the prior year quarter, an increase of 2%. The current quarter included $12 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

MGM China

• Net revenues of $1.0 billion in the current quarter compared to $1.1 billion in the prior year quarter, a decrease of 3% due primarily to a decrease in casino revenue driven by a decline in main floor table games drop compared to the prior year quarter; and
• Segment Adjusted EBITDAR of $286 million in the current quarter compared to $301 million in the prior year quarter, a decrease of 5%.

MGM Digital (1)

• Net revenues of $128 million in the current quarter, which was flat compared to the prior year quarter; and
• Segment Adjusted EBITDAR loss of $34 million in the current quarter compared to a loss of $19 million in the prior year quarter.