MGM Resorts International reports $17.11M net loss in Q3 2026

Cover page 4 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

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Class Outstanding at July 27, 2026

Class Outstanding at October 26, 2026

Common Stock, $0.01 par value 251,592,756 253,010,547 shares

2 unchanged paragraphs

Financial Statements (Unaudited) 11 changes

Consolidated Balance Sheets at June 30, 2026 and December 31, 2025

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and June 30, 2025

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and June 30, 2025

Consolidated Statements of Stockholders Equity for the Three and Six Months Ended June 30, 2026 and June 30, 2025

Condensed Notes to Consolidated Financial Statements

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Cash Flows

Consolidated Statements of Stockholders Equity

Financial statements 220 changes

3 unchanged paragraphs

Cash and cash equivalents $ 2,547,380 2,395,957 $ 2,062,994

Accounts receivable, net 1,218,354 1,072,242 1,122,940

Inventories 123,371 123,509 124,535

Income tax receivable 1,612 36,114 220,154

Prepaid expenses and other 513,236 560,981 486,419

1 unchanged paragraph

Total current assets 4,403,953 4,188,803 4,332,424

Property and equipment, net 6,182,784 6,170,440 6,305,614

Investments in and advances to unconsolidated affiliates 637,534 673,379 536,066

Goodwill 4,768,737 4,765,627 4,901,960

Other intangible assets, net 1,258,099 1,229,520 1,356,676

Operating lease right-of-use assets, net 21,659,125 21,547,868 23,002,707

1 unchanged paragraph

Other long-term assets, net 820,902 770,114 848,547

1 unchanged paragraph

Accounts and construction payable $ 422,884 425,490 $ 421,502

Accrued interest on long-term debt 72,345 95,314 71,845

Other accrued liabilities 2,803,719 2,864,055 2,993,179

1 unchanged paragraph

Total current liabilities 3,298,948 3,384,859 3,512,107

Deferred income taxes 2,600,028 2,591,836 2,617,067

Long-term debt, net 6,068,442 5,668,986 6,230,141

Operating lease liabilities 23,778,515 23,749,751 24,962,742

Other long-term obligations 726,335 701,378 775,411

Total liabilities 36,472,268 36,096,810 38,097,468

1 unchanged paragraph

Redeemable noncontrolling interests 8,404 8,527 21,777

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Noncontrolling interests 853,879 824,624

Common stock, $ 0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 251,586,206 251,601,576 and 258,323,143 shares

Capital in excess of par value 11,536

Retained earnings 2,308,750 2,291,614 2,106,836

Accumulated other comprehensive income 202,509 198,743 320,498

Total MGM Resorts International stockholders' equity 2,513,775 2,504,409 2,429,917

Noncontrolling interests 864,326 824,624

Total stockholders equity 3,367,654 3,368,735 3,254,541

4 unchanged paragraphs

June 30, Six Months Ended

Casino $ 2,383,185 $ 2,329,798 $ 4,762,040 $ 4,581,946

Rooms 849,143 860,401 1,716,997 1,723,809

Food and beverage 802,332 778,179 1,607,172 1,548,352

Entertainment, retail and other 416,333 436,492 819,502 827,845

Casino 1,349,281 1,333,850 2,698,833 2,578,160

Rooms 276,390 272,066 561,666 552,915

Food and beverage 582,734 576,633 1,159,014 1,136,928

Entertainment, retail and other 263,346 262,880 516,766 497,309

General and administrative 1,263,260 1,213,691 2,546,092 2,378,589

Corporate expense 131,433 124,096 268,653 266,447

Preopening and start-up expenses 112 849 1,089 934

Property transactions, net ( 286,695 ) 125 ( 272,475 ) 15,593

Goodwill impairment 111,019 111,019

Depreciation and amortization 282,315 241,975 546,040 478,419

Income from unconsolidated affiliates 25,838 25,860 35,864 12,964

Operating income 503,636 404,565 804,878 789,622

September 30, Nine Months Ended

Casino $ 2,304,393 $ 2,293,996 $ 7,066,433 $ 6,875,942

Rooms 762,999 795,236 2,479,996 2,519,045

Food and beverage 741,476 748,597 2,348,648 2,296,949

Entertainment, retail and other 403,023 412,635 1,222,525 1,240,480

Casino 1,354,872 1,321,774 4,053,705 3,899,934

Rooms 281,278 266,767 842,944 819,682

Food and beverage 576,304 554,554 1,735,318 1,691,482

Entertainment, retail and other 266,022 261,772 782,788 759,081

General and administrative 1,228,504 1,240,178 3,774,596 3,618,767

Corporate expense 133,485 125,257 402,138 391,704

Preopening and start-up expenses 129 31 1,218 965

Property transactions, net 7,578 101,775 ( 264,897 ) 117,368

Goodwill impairment 256,133 111,019 256,133

Depreciation and amortization 276,399 260,717 822,439 739,136

Income from unconsolidated affiliates 31,364 25,642 67,228 38,606

Operating income (loss) 118,684 ( 112,852 ) 923,562 676,770

1 unchanged paragraph

Non-operating items from unconsolidated affiliates 2,525 ( 4,055 ) 18 ( 3,793 )

Other, net 9,488 ( 161,170 ) 13,691 ( 172,436 )

Income before income taxes 413,520 133,756 615,769 400,540

Provision for income taxes ( 90,731 ) ( 15,662 ) ( 118,188 ) ( 55,715 )

Net income 322,789 118,094 497,581 344,825

Less: Net income attributable to noncontrolling interests ( 30,356 ) ( 69,143 ) ( 80,012 ) ( 147,320 )

Net income attributable to MGM Resorts International $ 292,433 $ 48,951 $ 417,569 $ 197,505

Basic $ 1.12 $ 0.18 $ 1.61 $ 0.70

Diluted $ 1.11 $ 0.18 $ 1.59 $ 0.70

Interest expense, net of amounts capitalized ( 102,129 102,607 ) ( 105,584 102,287 ) ( 202,818 305,425 ) ( 212,853 315,140 )

Non-operating items from unconsolidated affiliates ( 1,780 ) 5,942 ( 1,762 ) 2,149

Other, net 7,597 ( 10,390 ) 21,288 ( 182,826 )

Income (loss) before income taxes 21,894 ( 219,587 ) 637,663 180,953

Benefit (provision) for income taxes 17,313 12,858 ( 100,875 ) ( 42,857 )

Net income (loss) 39,207 ( 206,729 ) 536,788 138,096

Less: Net income attributable to noncontrolling interests ( 56,315 ) ( 78,526 ) ( 136,327 ) ( 225,846 )

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and 140 more changes in the filing

Note 1: ORGANIZATION 3 changes

1 unchanged paragraph

As of June September 30, 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, 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 June September 30, 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 June September 30, 2026, the Company also has a 39 40 % 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 % due to equity funding by other shareholders, and in July October 2026, the Company s ownership interest in MGM Osaka increased to approximately 40 41 % due to equity funding by the Company; refer to Note 8.

1 unchanged paragraph

Note 2: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 23 changes

10 unchanged paragraphs

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 $ 333 289 million and $ 355 million as of June September 30, 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 and six nine months ended June September 30, 2026 the Company recorded a net loss on its equity investments of $ 9 44 million and $ 22 66 million, respectively. For the three and six months ended June September 30, 2025, the Company recorded a net gain loss on its equity investments of less than $ 1 6 million. and For the nine months ended September 30, 2025, the Company recorded a net gain on its equity investments of $ 32 27 million. respectively.

1 unchanged paragraph

As of June September 30, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of June September 30, 2026, the fair value of derivatives classified as assets were $ 1 million in current long-term assets and those classified as liabilities were $ 52 million with $ 40 28 million in current liabilities and $ 12 million in long-term 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 and six months ended June September 30, 2026, the Company recorded a net loss gain on its derivatives of $ 27 24 million and for the nine months ended September 30, 2026 the Company recorded a net loss on derivatives of $ 46 21 million. respectively. For the three and six months ended June September 30, 2025, the Company recorded a net gain loss on its derivatives of $ 34 41 million and for the nine months ended September 30, 2025, the Company recorded a net gain on its derivatives of $ 75 34 million. respectively.

2 unchanged paragraphs

Fair value level June September 30, 2026 December 31, 2025

3 unchanged paragraphs

U.S. government securities Level 1 69,897 65,238 62,267

Corporate bonds Level 2 132,498 136,222 135,211

4 unchanged paragraphs

Restricted cash. MGM China s pledged cash of $ 87 million for each of June September 30, 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 June September 30, 2026 and December 31, 2025 .

Accounts receivable. As of June September 30, 2026 and December 31, 2025, the loss reserve on accounts receivable was $ 167 166 million and $ 139 million, respectively.

Goodwill. During the three and six nine months ended June September 30, 2026, the Company recorded a goodwill impairment charge of $ 111 million relating to a reporting unit within the MGM Digital reportable segment.

During the three and nine months ended September 30, 2025, the Company recorded a goodwill impairment charge of $ 256 million relating to the Empire City reporting unit within the Regional Operations reportable segment. The value of the Empire City reporting unit had been dependent upon the Company obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility. In the third quarter of 2025, the competitive and economic assumptions underpinning the Company s return expectations on its investment in a commercial gaming facility changed, which led the Company to determine it would withdraw its application for a commercial gaming license for Empire City. Accordingly, the Company performed an interim impairment test and, as a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value. As such, the Company recorded an impairment of the full amount of the Empire City reporting unit s goodwill.

Accounts payable. As of June September 30, 2026 and December 31, 2025, the Company had accrued $ 75 million and $ 83 million, respectively, for purchases of property and equipment within Accounts and construction payable on the consolidated balance sheets.

1 unchanged paragraph

The following table summarizes the activity related to contract and contract-related liabilities. The January 1, 2026 balances exclude liabilities related to assets held for sale. See Note 4.

2 unchanged paragraphs

Balance at June 30 172,661 222,259 211,836 213,502 836,017 764,446

Increase (decrease) $ ( 31,359 ) $ 6,549 $ ( 4,743 ) $ ( 1,503 ) $ ( 24,109 ) $ ( 60,790 )

The January 1, 2026 balances exclude liabilities related to assets held for sale. See Note 4.

Balance at September 30 177,755 187,067 215,817 217,802 851,424 789,532

Increase (decrease) $ ( 26,265 ) $ ( 28,643 ) $ ( 762 ) $ 2,797 $ ( 8,702 ) $ ( 35,704 )

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, rooms, 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 lessor under certain other lease arrangements. Lease revenue earned by the Company from third parties is classified within the line item corresponding to the type or nature of the tenant s good or service . For the three and six nine months ended June September 30, 2026, lease revenue from third-party tenants include $ 18 million and $ 34 51 million recorded within food and beverage revenue, respectively, and $ 30 29 million and $ 58 88 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. For the three and six nine months ended June September 30, 2025, lease revenue from third-party tenants include $ 19 18 million and $ 36 54 million recorded within food and beverage revenue, respectively, and $ 29 30 million and $ 57 88 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenue from the rental of hotel rooms are recorded as rooms revenue within the consolidated statements of operations.

Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as Property transactions, net.

Property transactions, net for the nine months ended September 30, 2026 included a $ 253 million gain related to the MGM Northfield Park sale, as discussed in Note 4, and a $ 51 million gain related to the partial termination of the VICI lease, as discussed in Note 7.

Property transactions, net for the three and nine months ended September 30, 2025 included $ 93 million of write-downs and impairments related to the Company determining it would withdraw its application for a commercial gaming license for Empire City, which primarily consist of an impairment of $ 52 million relating to Empire City s existing gaming license.

Currency translation. For the three and six nine months ended June September 30, 2026, the Company recorded foreign currency transaction gain of $ 30 12 million and $ 55 67 million, respectively. For the three and six months ended June September 30, 2025, the Company recorded foreign currency transaction loss gain of $ 208 23 million. and For the nine months ended September 30, 2025, the Company recorded foreign currency transaction loss of $ 308 285 million. respectively.

Note 3: INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES 12 changes

Investments in and advances to unconsolidated affiliates were $ 638 673 million and $ 536 million as of June September 30, 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 $ 131 128 million and $ 160 million as of June September 30, 2026 and December 31, 2025, respectively, which is recorded within Other accrued liabilities on the consolidated balance sheets.

1 unchanged paragraph

June 30, Six Months Ended

Income from unconsolidated affiliates $ 25,838 $ 25,860 $ 35,864 $ 12,964

Non-operating items from unconsolidated affiliates 2,525 ( 4,055 ) 18 ( 3,793 )

September 30, Nine Months Ended

Income from unconsolidated affiliates $ 31,364 $ 25,642 $ 67,228 $ 38,606

Non-operating items from unconsolidated affiliates ( 1,780 ) 5,942 ( 1,762 ) 2,149

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

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Other 2,741 4,090 5,407 6,395

Other 4,621 1,917 10,028 8,312

BetMGM North America Venture. In the three and nine months ended September 30, 2026, the Company received $ 25 million in distributions from BetMGM North America Venture.

Note 4: DIVESTITURES 2 changes

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 consideration of $ 546 million, or $ 541 540 million, net of purchase price adjustments and transaction costs. 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. The Company recognized a $ 255 253 million gain recorded within Property transactions, net which reflects the net cash consideration, above, less the net carrying value of the assets and liabilities derecognized of $ 286 million. The transaction did not meet the criteria for presentation as a discontinued operation.

12 unchanged paragraphs

MGM Springfield agreement. In March 2026, the Company entered into an agreement to sell the operations of MGM Springfield to private equity funds managed by Clairvest Group Inc. for $ 443 million, subject to certain purchase price adjustments. The agreement provides for several termination rights if certain events do not occur, or do not occur within a specified period of time, as well as various other regulatory, governmental, and third party consents, agreements, and approvals, among other conditions, many of which are outside of the Company s control.

Note 5: LONG-TERM DEBT 11 changes

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Senior secured yen credit facility $ 333,360 344,239 $ 346,528

MGM China revolving credit facility 344,274 331,371 488,247

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Less: Unamortized discounts and debt issuance costs, net ( 34,744 32,176 ) ( 30,186 )

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Senior secured credit facility. At June September 30, 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, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June September 30, 2026.

Senior secured yen credit facility. At June September 30, 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. At June September 30, 2026, the interest rate was 3.17 3.16 %.

The Company s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive, negative, and financial covenants. The Company was in compliance with its credit facility covenants at June September 30, 2026.

Senior notes. In September 2026, the Company repaid its $ 400 million 4.625 % notes due 2026 upon maturity.

MGM China revolving credit facility. At June September 30, 2026, the MGM China revolving credit facility consisted of a HK$ 23.4 billion (approximately $ 3.0 billion) senior unsecured revolving credit facility. At June September 30, 2026, the weighted average interest rate was 4.85 4.95 %.

The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative, and financial covenants. MGM China was in compliance with its credit facility covenants at June September 30, 2026.

3 unchanged paragraphs

Fair value of long-term debt. The estimated fair value of the Company s long-term debt was $ 6.1 5.6 billion and $ 6.3 billion at June September 30, 2026 and December 31, 2025, respectively.

Note 6: INCOME TAXES 1 change

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 benefit of 21.9 79.1 % and 19.2 a provision of 15.8 % on income before income taxes for the three and six nine months ended June September 30, 2026, respectively, and 11.7 was a benefit of 5.9 % on loss before income taxes and 13.9 a provision of 23.7 % on income before income taxes for the three and six nine months ended June September 30, 2025, respectively.

Note 7: LEASES 33 changes

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The VICI lease. As of June September 30, 2026, the Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company s option, with a fixed 2 % rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2 % and the CPI increase during the prior year subject to a cap of 3 %. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property.

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June 30, Six Months Ended

September 30, Nine Months Ended

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Interest expense $ 3,659 $ 4,068 $ 7,155 $ 8,386

Amortization expense 18,134 18,031 37,142 36,202

Interest expense $ 4,039 $ 3,918 $ 11,194 $ 12,304

Amortization expense 18,650 18,727 55,792 54,929

Total finance lease costs $ 21,793 22,689 $ 22,099 22,645 $ 44,297 66,986 $ 44,588 67,233 (1) Operating lease cost includes $ 83 million for each of the three months ended June September 30, 2026 and 2025 and $ 166 248 million for each of the six nine months ended June September 30, 2026 and 2025 related to the Bellagio lease, which is held with a related party.

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Operating lease liabilities - current, classified within Other accrued liabilities $ 110,993 $ 106,005

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Total operating lease liabilities $ 23,877,591 23,860,744 $ 25,068,747

Finance lease ROU assets, net, classified within Property and equipment, net $ 182,669 $ 236,861

Finance lease liabilities - current, classified within Other accrued liabilities $ 78,844 $ 76,913

Finance lease liabilities - long-term, classified within Other long-term obligations 122,524 178,053

Total finance lease liabilities $ 212,656 201,368 $ 254,966

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(1) As of June September 30, 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 June September 30, 2026 and December 31, 2025, operating lease liabilities long-term included $ 3.8 billion related to the Bellagio lease. As of June September 30, 2026 and December 31, 2025, operating lease liabilities current included $ 12 14 million and $ 9 million related to the Bellagio lease, respectively.

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Operating cash outflows from operating leases $ 926,205 1,386,468 $ 938,333 1,403,082

Operating cash outflows from finance leases 7,155 8,386 11,194 12,304

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Operating leases $ 3,592 $ 5,555

Finance leases 4,726

Operating leases $ 9,401 $ 5,570

Finance leases 7,790 6,130

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2026 (excluding the six months ended June 30, 2026) $ 916,232 $ 42,751

Thereafter 43,832,324 114,210

Total future minimum lease payments 52,370,821 283,956

Less: Current portion ( 99,076 ) ( 72,981 )

2026 (excluding the nine months ended September 30, 2026) $ 457,298 $ 25,209

Thereafter 43,833,648 114,210

Total future minimum lease payments 51,918,360 270,286

Less: Amount of lease payments representing interest ( 28,493,230 28,057,616 ) ( 71,300 68,918 )

Present value of future minimum lease payments 23,877,591 212,656 23,860,744 201,368

Less: Current portion ( 110,993 ) ( 78,844 )

Long-term portion of lease liabilities $ 23,778,515 23,749,751 $ 139,675 122,524

Note 8: COMMITMENTS AND CONTINGENCIES 4 changes

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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 June September 30, 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 June September 30, 2026 , MOP 700 million of the bank guarantees (approximately $ 87 million) as of June 30, 2026 ) were secured by pledged cash.

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MGM Osaka guarantees. The Company provides for guarantees (1) in the amount of JPY 12.65 billion (approximately $ 78 80 million as of June September 30, 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 $ 544 576 million as of June September 30, 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 335.9 333.0 billion (approximately $ 2.1 billion) as of June 30, 2026 ) remains to be funded as of June September 30, 2026 . During the six three and nine months ended June September 30, 2026, the Company funded JPY 21.0 2.9 billion (approximately $ 138 18 million) and JPY 23.9 billion (approximately $ 155 million) of the committed amount, respectively. Subsequent to June September 30, 2026, in July October 2026, the Company funded JPY 2.9 19.4 billion (approximately $ 18 123 million) of the committed amount. During the three and six nine months ended June September 30, 2025, the Company funded JPY 18.4 billion (approximately $ 123 million) and JPY 30.7 billion (approximately $ 85 208 million) of the committed amount, respectively. The fundings are recognized as contributions to investment in unconsolidated affiliates.

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 June September 30, 2026, $ 25 million in letters of 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 10 changes

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June 30, Six Months Ended

Net income attributable to MGM Resorts International $ 292,433 $ 48,951 $ 417,569 $ 197,505

Net income available to common stockholders basic and diluted $ 284,839 $ 48,982 $ 409,993 $ 197,495

Weighted-average common shares outstanding basic 254,018 273,329 255,193 280,199

September 30, Nine Months Ended

Net income (loss) attributable to MGM Resorts International $ ( 17,108 ) $ ( 285,255 ) $ 400,461 $ ( 87,750 )

Adjustment related to redeemable noncontrolling interests ( 7,594 959 ) 31 ( 7,576 377 ) ( 10 8,535 ) ( 387 )

Net income (loss) available to common stockholders basic and diluted $ ( 18,067 ) $ ( 285,632 ) $ 391,926 $ ( 88,137 )

Weighted-average common shares outstanding basic 251,964 272,517 254,105 277,610

1 unchanged paragraph

Weighted-average common and common equivalent shares diluted 257,758 275,615 258,327 282,328 251,964 272,517 257,442 277,610

Note 10: STOCKHOLDERS EQUITY 2 changes

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During the three months ended June 30, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $ 217 million. During the six nine months ended June September 30, 2025, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $ 711 million. Repurchased shares were retired.

During the three months ended June 30, 2026, the Company repurchased approximately 4 million shares of its common stock for an aggregate amount of $ 164 million. During the six nine months ended June September 30, 2026, the Company repurchased approximately 7 million shares of its common stock for an aggregate amount of $ 253 million. Repurchased shares were retired. The remaining availability under the April 2025 $ 2.0 billion stock repurchase plan was $ 1.4 billion as of June September 30, 2026.

Note 11: SEGMENT INFORMATION 124 changes

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MGM China. MGM China primarily consists of MGM Macau and MGM Cotai.

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June 30, Six Months Ended

September 30, Nine Months Ended

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Casino $ 535,524 $ 456,581 $ 1,048,669 $ 994,840

Rooms 716,936 734,850 1,468,420 1,484,899

Food and beverage 602,755 584,948 1,209,342 1,170,987

Entertainment, retail and other 314,830 338,313 624,044 640,086

Casino 668,392 710,115 1,352,882 1,382,090

Rooms 83,478 79,813 152,070 146,538

Food and beverage 113,369 115,575 223,533 224,656

Entertainment, retail and other 58,859 59,109 113,523 111,747

Casino 956,308 977,397 1,932,822 1,873,249

Rooms 48,730 45,738 96,508 92,372

Food and beverage 86,207 77,656 174,296 152,709

Entertainment, retail and other 9,636 9,302 19,290 19,235

Casino 196,308 163,861 379,049 291,919

Reportable segment revenue 4,391,332 4,353,258 8,794,448 8,585,327

Corporate and other 59,661 51,612 111,263 96,625

Total revenue $ 4,450,993 $ 4,404,870 $ 8,905,711 $ 8,681,952

June 30, Six Months Ended

Casino $ 488,187 $ 450,273 $ 1,536,856 $ 1,445,113

Rooms 621,578 660,488 2,089,998 2,145,387

Food and beverage 538,257 547,298 1,747,599 1,718,285

Entertainment, retail and other 306,318 326,578 930,362 966,664

Casino 626,313 695,938 1,979,195 2,078,028

Rooms 90,358 87,162 242,428 233,700

Food and beverage 112,331 118,206 335,864 342,862

Entertainment, retail and other 54,202 55,569 167,725 167,316

Casino 981,403 947,483 2,914,225 2,820,732

Rooms 51,062 47,586 147,570 139,958

Food and beverage 90,889 83,092 265,185 235,801

Entertainment, retail and other 14,813 9,567 34,103 28,802

Casino 183,666 174,027 562,715 465,946

Reportable segment revenue 4,159,377 4,203,267 12,953,825 12,788,594

Corporate and other 52,514 47,197 163,777 143,822

Total revenue $ 4,211,891 $ 4,250,464 $ 13,117,602 $ 12,932,416

September 30, Nine Months Ended

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Revenue $ 2,170,045 $ 2,114,692 $ 4,350,475 $ 4,290,812

Payroll related expense 682,979 666,550 1,352,449 1,328,296

Cost of sales 135,408 129,926 268,049 257,683

Gaming taxes 58,263 53,824 113,546 113,034

Revenue $ 1,954,340 $ 1,984,637 $ 6,304,815 $ 6,275,449

Payroll related expense 682,427 639,265 2,034,876 1,967,561

Cost of sales 126,982 126,193 395,031 383,876

Gaming taxes 52,118 53,038 165,664 166,072

1 unchanged paragraph

Segment Adjusted EBITDAR 735,118 710,496 1,484,325 1,521,656

Revenue 924,098 964,612 1,842,008 1,865,031

Payroll related expense 232,154 232,239 471,111 461,186

Cost of sales 39,602 40,847 76,717 78,061

Gaming taxes 176,011 195,672 364,519 380,386

Segment Adjusted EBITDAR 530,781 600,869 2,015,106 2,122,525

Revenue 883,204 956,875 2,725,212 2,821,906

Payroll related expense 235,038 237,540 706,149 698,726

Cost of sales 39,755 41,101 116,472 119,162

Gaming taxes 163,134 191,899 527,653 572,285

1 unchanged paragraph

Segment Adjusted EBITDAR 280,216 308,656 539,653 587,698

Revenue 1,100,881 1,110,093 2,222,916 2,137,565

Payroll related expense 169,055 154,776 333,411 299,984

Cost of sales 30,355 27,350 61,474 54,850

Gaming taxes 492,687 500,143 996,965 948,919

Segment Adjusted EBITDAR 242,622 295,521 782,275 883,219

Revenue 1,138,167 1,087,728 3,361,083 3,225,293

Payroll related expense 174,607 157,782 508,018 457,766

Cost of sales 33,109 30,284 94,583 85,134

Gaming taxes 504,797 482,213 1,501,762 1,431,132

1 unchanged paragraph

Segment Adjusted EBITDAR 256,709 301,342 530,183 586,907

Revenue 196,308 163,861 379,049 291,919

Payroll related expense 34,192 32,854 64,427 62,391

Marketing costs 84,457 67,002 163,687 124,795

Gaming taxes 56,675 39,564 102,307 70,189

Segment Adjusted EBITDAR 263,978 283,990 794,161 870,897

Revenue 183,666 174,027 562,715 465,946

Payroll related expense 29,940 34,803 94,367 97,194

Marketing costs 54,967 67,838 218,654 192,633

Gaming taxes 53,944 42,730 156,251 112,919

1 unchanged paragraph

Segment Adjusted EBITDAR ( 30,884 ) ( 25,698 ) ( 56,486 ) ( 60,091 )

Total Segment Adjusted EBITDAR 1,241,159 1,294,796 2,497,675 2,636,170

Corporate and other, net ( 104,422 ) ( 108,726 ) ( 226,173 ) ( 235,675 )

Preopening and start-up expenses ( 112 ) ( 849 ) ( 1,089 ) ( 934 )

Property transactions, net 286,695 ( 125 ) 272,475 ( 15,593 )

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and 44 more changes in the filing

MD&A 193 changes

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In April 2026, we completed the sale of the operations of MGM Northfield Park for cash consideration of $546 million, subject to certain 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.

In March 2026, we entered into an agreement to sell the operations of MGM Springfield to private equity funds managed by Clairvest Group Inc. for $443 million, subject to certain purchase price adjustments. The agreement provides for several termination rights if certain events do not occur, or do not occur within a specified period of time, as well as various other regulatory, governmental, and third party consents, agreements, and approvals, among other conditions, many of which are outside of our control.

In September 2026, MGM Digital ceased operations in Brazil pending resolution to a government order temporarily banning fixed-odds betting and online casino games.

7 unchanged paragraphs

June 30, Six Months Ended

Revenue $ 4,450,993 $ 4,404,870 $ 8,905,711 $ 8,681,952

Operating income 503,636 404,565 804,878 789,622

Net income 322,789 118,094 497,581 344,825

Net income attributable to MGM Resorts International 292,433 48,951 417,569 197,505

Operating income increased 24% for the three months ended June 30, 2026 compared to the prior year quarter due primarily to a $287 million gain in Property transactions, net for the current quarter, of which $255 million related to the gain on sale of the operations of MGM Northfield Park, partially offset by a goodwill impairment charge of $111 million.

September 30, Nine Months Ended

Revenue $ 4,211,891 $ 4,250,464 $ 13,117,602 $ 12,932,416

Operating income (loss) 118,684 (112,852) 923,562 676,770

Net income (loss) 39,207 (206,729) 536,788 138,096

Net income (loss) attributable to MGM Resorts International (17,108) (285,255) 400,461 (87,750)

Revenue for the three months ended June September 30, 2026 increased decreased 1% compared to the prior year quarter due primarily to revenue from Regional Operations decreasing 8% and Las Vegas Strip Resorts increasing 3% and MGM Digital increasing 20%, decreasing 2%, partially offset by revenue from Regional Operations decreasing 4% and MGM China decreasing 1%, increasing 5% and MGM Digital increasing 6%, each as compared to the prior year quarter.

Operating income was $119 million for the three months ended September 30, 2026 compared to a loss of $113 million the prior year quarter due primarily to $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 quarter.

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

Operating income increased 2% 36% for the six nine months ended June September 30, 2026 compared to the prior year period. The increase was due primarily to a $272 million gain of $265 million in Property transactions, net for the current year period, of which $255 $253 million related to the gain on sale of the operations of MGM Northfield Park, and the $185 million increase in revenue, discussed above, 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 as well as due to in the current year period, the receipt of $56 $87 million of business interruption insurance proceeds in the prior year period related to the September 2023 cybersecurity issue, in the prior year period compared to $8 and an increase of $83 million in the current year period. depreciation and amortization due to recently completed projects.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Casino $ 535,524 $ 456,581 $ 1,048,669 $ 994,840

Rooms 716,936 734,850 1,468,420 1,484,899

Food and beverage 602,755 584,948 1,209,342 1,170,987

Entertainment, retail and other 314,830 338,313 624,044 640,086

Casino 668,392 710,115 1,352,882 1,382,090

Rooms 83,478 79,813 152,070 146,538

Food and beverage 113,369 115,575 223,533 224,656

Casino $ 488,187 $ 450,273 $ 1,536,856 $ 1,445,113

Rooms 621,578 660,488 2,089,998 2,145,387

Food and beverage 538,257 547,298 1,747,599 1,718,285

Entertainment, retail and other 306,318 326,578 930,362 966,664

Casino 626,313 695,938 1,979,195 2,078,028

Rooms 90,358 87,162 242,428 233,700

Food and beverage 112,331 118,206 335,864 342,862

1 unchanged paragraph

Casino 956,308 977,397 1,932,822 1,873,249

Rooms 48,730 45,738 96,508 92,372

Food and beverage 86,207 77,656 174,296 152,709

Entertainment, retail and other 9,636 9,302 19,290 19,235

Casino 196,308 163,861 379,049 291,919

Reportable segment revenue 4,391,332 4,353,258 8,794,448 8,585,327

Corporate and other 59,661 51,612 111,263 96,625

Casino 981,403 947,483 2,914,225 2,820,732

Rooms 51,062 47,586 147,570 139,958

Food and beverage 90,889 83,092 265,185 235,801

Entertainment, retail and other 14,813 9,567 34,103 28,802

Casino 183,666 174,027 562,715 465,946

Reportable segment revenue 4,159,377 4,203,267 12,953,825 12,788,594

Corporate and other 52,514 47,197 163,777 143,822

1 unchanged paragraph

Las Vegas Strip Resorts revenues increased 3% decreased 2% or $55 $30 million for the three months ended June September 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 room revenue due to lower ADR as well as a decrease in entertainment revenue from our venues, partially offset by an increase in casino revenue, which benefited from a higher table games win percentage.

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.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

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Table games drop $ 1,523 $ 1,554 $ 2,983 $ 3,065

Table games win $ 451 $ 355 $ 850 $ 759

Table games win % 29.6 % 22.9 % 28.5 % 24.8 %

Slot handle $ 5,915 $ 5,886 $ 11,607 $ 11,568

Slot win $ 566 $ 549 $ 1,105 $ 1,094

Table games drop $ 1,435 $ 1,363 $ 4,418 $ 4,429

Table games win $ 363 $ 309 $ 1,213 $ 1,068

Table games win % 25.3 % 22.6 % 27.5 % 24.1 %

Slot handle $ 6,200 $ 6,155 $ 17,806 $ 17,723

Slot win $ 582 $ 570 $ 1,687 $ 1,663

Slot win % 9.6 9.4 % 9.3 % 9.5 % 9.5 9.4 %

1 unchanged paragraph

June 30, Six Months Ended

Average daily rate (ADR) $ 242 $ 252 $ 249 $ 254

September 30, Nine Months Ended

Average daily rate (ADR) $ 218 $ 236 $ 239 $ 248

1 unchanged paragraph

Regional Operations revenues decreased 4% 8% or $41 $74 million for the three months ended June September 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.

Regional Operations revenues decreased 1% 3% or $23 $97 million for the six nine months ended June 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.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Table games drop $ 1,020 $ 985 $ 2,025 $ 1,932

Table games win $ 222 $ 213 $ 427 $ 409

Table games win % 21.8 % 21.6 % 21.1 % 21.1 %

Slot handle $ 6,353 $ 6,868 $ 12,973 $ 13,435

Slot win $ 634 $ 694 $ 1,302 $ 1,343

Table games drop $ 1,050 $ 1,061 $ 3,075 $ 2,993

Table games win $ 200 $ 205 $ 627 $ 614

Table games win % 19.1 % 19.4 % 20.4 % 20.5 %

Slot handle $ 6,309 $ 6,969 $ 19,281 $ 20,405

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and 113 more changes in the filing

Controls and procedures 2 changes

1 unchanged paragraph

Our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ( the Exchange Act )) were effective as of June September 30, 2026 to provide reasonable assurance that information required to be disclosed in the Company s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and regulations and to provide that such information is accumulated and communicated to management to allow timely decisions regarding required disclosures. This conclusion is based on an evaluation as required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act conducted under the supervision and participation of the principal executive officer and principal financial officer along with company management.

1 unchanged paragraph

During the quarter ended June September 30, 2026, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 9 changes

The following table provides information about share repurchases of our common stock during the quarter ended June 30, 2026:

Total Number of Shares Purchased Average Price Paid per Share (1)

Part of a Publicly Announced Program Dollar Value of Shares that May Yet be Purchased Under the Program (1)

Period (In thousands)

April 1, 2026 April 30, 2026 $ $ 1,522,481

May 1, 2026 May 31, 2026 4,300,599 $ 37.64 4,300,599 $ 1,360,599

June 1, 2026 June 30, 2026 $ $ 1,360,599

(1) The Average Price Paid per Share figures presented above are calculated on an execution date (trade date) basis and exclude commissions and excise taxes. Figures presented under Dollar Value of Shares that May Yet be Purchased Under the Program indicate the total amount of authorized capacity remaining in accordance with the terms of the applicable publicly announced share repurchase plan, which excludes the cost of commissions and excise taxes.

In April 2025, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan. Under the stock repurchase plan, we 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 purchased when we 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. All shares repurchased during the quarter ended June 30, 2026 were purchased pursuant to our publicly announced stock repurchase plan and have been retired.

Other information 1 change

During the three months ended June September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K). of the Securities Act of 1933, as amended (the Securities Act )).

Exhibits 8 changes

4.1 Indenture governing the 6.25% senior notes due 2033, dated as of May 13, 2026, between MGM China Holdings Limited and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference to Exhibit 4.1 of the Comp any s Current Report on Form 8- K filed on May 14, 2026).

10.1 Third Amendment to Amended and Restated Master Lease, dated as of April 21, 2026, by and between MGP Lessor, LLC and MGM Lessee, LLC.

10.2 Amendment to Shareholders Agreement, dated April 20 , 202 6 , by and between ORIX Corporation and MGM Resorts Japan, LLC.

10.3 Voting Agreement, dated April 3, 2026, by and among the Company, IAC Inc. and Barry Diller (incorporated by reference to Exhibit 10.1 of the Company s Current Report on Form 8-K filed on April 7, 2026).

11 unchanged paragraphs

104 The cover page from this Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026, has been formatted in Inline XBRL.

In accordance with Rule 402 of Regulation S-T, the XBRL information included in Exhibit 101 and Exhibit 104 to this Form 10-Q shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act ), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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Date: July 29, October 28, 2026 By: /s/ WILLIAM J. HORNBUCKLE

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Date: July 29, October 28, 2026 /s/ JONATHAN S. HALKYARD

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