This management’s discussion and analysis of financial condition and results of operations contain forward-looking statements that involve risks and uncertainties. Please see “Cautionary Statement Concerning Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions that may cause our actual results to differ materially from those discussed in the forward-looking statements. This discussion should be read in conjunction with our historical financial statements and related notes thereto and the other disclosures contained elsewhere in this Quarterly Report on Form 10-Q, the audited consolidated financial statements and notes for the fiscal year ended December 31, 2025, which were included in our Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 11, 2026. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods. MGM Resorts International together with its subsidiaries may be referred to as “we,” “us” or “our.” Updates to Strategic Business Developments In April 2026, we completed the sale of the operations of MGM Northfield Park for cash consideration of $546 million, subject to certain purchase price adjustments. 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. Key Performance Indicators Key performance indicators related to gaming and hotel revenue are: •Gaming revenue indicators: table games drop, which is the total amount of cash and net markers issued and deposited into the drop box, and slot handle, which is the gross amount wagered in slot machines, (volume indicators); “win” or “hold” percentage, which is not fully controllable by us. “Win” or “hold” percentages represent the net amount of gaming wins and losses in relation to table games drop or slot handle; and •Hotel revenue indicators (for Las Vegas Strip Resorts) – hotel occupancy (a volume indicator); average daily rate (“ADR,” a price indicator); and revenue per available room (“RevPAR,” a summary measure of hotel results, combining ADR and occupancy rate). Our calculation of ADR, which is the average price of occupied rooms per day, includes the impact of complimentary rooms. Complimentary room rates are determined based on standalone selling price. Because the mix of rooms provided on a complimentary basis, particularly to casino customers, includes a disproportionate suite component, the composite ADR including complimentary rooms is slightly higher than the ADR for cash rooms, reflecting the higher retail value of suites. Results of Operations Summary Operating Results The following table summarizes our consolidated operating results: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) 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 Revenue for the three months ended June 30, 2026 increased 1% compared to the prior year quarter due primarily to revenue from Las Vegas Strip Resorts increasing 3% and MGM Digital increasing 20%, partially offset by revenue from Regional Operations decreasing 4% and MGM China decreasing 1%, each as compared to the prior year quarter. 20 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. Revenue for the six months ended June 30, 2026 increased 3% compared to the prior year period due primarily to revenue from MGM Digital increasing 30%, MGM China increasing 4%, and Las Vegas Strip Resorts increasing 1%, partially offset by revenue from Regional Operations decreasing 1%, each as compared to the prior year period. Operating income increased 2% for the six months ended June 30, 2026 compared to the prior year period due primarily to a $272 million gain in “Property transactions, net” for the current year period, of which $255 million related to the gain on sale of the operations of MGM Northfield Park, and the increase in revenue, discussed above, partially offset by a goodwill impairment charge of $111 million, as well as due to the receipt of $56 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the prior year period compared to $8 million in the current year period. Revenue by Segment The following table presents segment revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Las Vegas Strip Resorts 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 2,170,045 2,114,692 4,350,475 4,290,812 Regional Operations 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 59,109 113,523 111,747 924,098 964,612 1,842,008 1,865,031 MGM China 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 1,100,881 1,110,093 2,222,916 2,137,565 MGM Digital 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 $ 4,450,993 $ 4,404,870 $ 8,905,711 $ 8,681,952 21 Las Vegas Strip Resorts Las Vegas Strip Resorts revenues increased 3% or $55 million for the three months ended June 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 revenue due to lower ADR as well as a decrease in entertainment revenue from our venues. The following table shows key gaming statistics for our Las Vegas Strip Resorts: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Dollars in millions) 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 Slot win % 9.6 % 9.3 % 9.5 % 9.5 % The following table shows key hotel statistics for our Las Vegas Strip Resorts: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Occupancy 93 % 93 % 93 % 94 % Average daily rate (ADR) $ 242 $ 252 $ 249 $ 254 Revenue per available room (RevPAR) $ 224 $ 235 $ 231 $ 239 Regional Operations Regional Operations revenues decreased 4% or $41 million for the three months ended June 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% or $23 million for the six months ended June 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. The following table shows key gaming statistics for our Regional Operations: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Dollars in millions) 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 Slot win % 10.0 % 10.1 % 10.0 % 10.0 % 22 MGM China MGM China revenues decreased 1% or $9 million for the three months ended June 30, 2026 compared to the prior year quarter due primarily to a $21 million decrease in casino revenue primarily due to a decline in table games volume, partially offset by the increase in main floor table games win percentage. MGM China revenues increased 4% or $85 million for the six months ended June 30, 2026 compared to the prior year period due primarily to a $60 million increase in casino revenue driven primarily by main floor table games win percentage. The following table shows key gaming statistics for MGM China: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Dollars in millions) Main floor table games drop $ 3,815 $ 4,085 $ 7,789 $ 7,712 Main floor table games win $ 1,038 $ 1,021 $ 2,115 $ 1,934 Main floor table games win % 27.2 % 25.0 % 27.2 % 25.1 % MGM Digital MGM Digital’s revenue increased 20% or $32 million for the three months ended June 30, 2026 compared to the prior year quarter and increased 30% or $87 million for the six months ended June 30, 2026 compared to the prior year period due primarily to growth within the digital business to consumer offerings. Corporate and other Corporate and other revenue includes other corporate operations and management services. Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA The following table presents Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA. Segment Adjusted EBITDAR is our reportable segment GAAP measure, which we utilize as the primary profit measure for our reportable segments. See Note 11 to the accompanying consolidated financial statements and “Reportable Segment GAAP measure” below for additional information. Consolidated Adjusted EBITDA is a non-GAAP measure, discussed within “Non-GAAP measures” below. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Las Vegas Strip Resorts $ 735,118 $ 710,496 $ 1,484,325 $ 1,521,656 Regional Operations 280,216 308,656 539,653 587,698 MGM China 256,709 301,342 530,183 586,907 MGM Digital (30,884) (25,698) (56,486) (60,091) Corporate and other(1) (630,772) (647,282) (1,307,124) (1,351,602) Consolidated Adjusted EBITDA $ 610,387 $ 647,514 $ 1,190,551 $ 1,284,568 (1) Includes triple net lease rent expense of $552 million and $564 million for the three months ended June 30, 2026 and 2025, respectively, and $1.1 billion for each of the six months ended June 30, 2026 and 2025. Las Vegas Strip Resorts Las Vegas Strip Resorts Segment Adjusted EBITDAR increased 3% for the three months ended June 30, 2026 compared to the prior year quarter. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 33.9% for the three months ended June 30, 2026, compared to 33.6% in the prior year quarter due primarily to the increase in casino revenue. 23 Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 2% for the six months ended June 30, 2026 compared to the prior year period. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin was 34.1% for the six months ended June 30, 2026, compared to 35.5% in the prior year period due primarily to the receipt of $6 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the current year period as compared to $42 million in the prior year period and an increase in self insurance expense of $40 million due to an increase in reserves, partially offset by the increase in revenues, discussed above. Regional Operations Regional Operations Segment Adjusted EBITDAR decreased 9% for the three months ended June 30, 2026, compared to the prior year quarter. Regional Operations Segment Adjusted EBITDAR margin was 30.3% for the three months ended June 30, 2026, compared to 32.0% in the prior year quarter due primarily to the disposition of MGM Northfield Park. Regional Operations Segment Adjusted EBITDAR decreased 8% for the six months ended June 30, 2026, compared to the prior year period. Regional Operations Segment Adjusted EBITDAR margin was 29.3% for the six months ended June 30, 2026, compared to 31.5% in the prior year period due primarily to the disposition of MGM Northfield Park, the receipt of $2 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue in the current year period as compared to $14 million in the prior year period, and an increase in self insurance expense of $11 million due to an increase in reserves. MGM China MGM China Segment Adjusted EBITDAR decreased 15% for the three months ended June 30, 2026, compared to the prior year quarter. MGM China Segment Adjusted EBITDAR margin was 23.3% for the three months ended June 30, 2026, compared to 27.1% in the prior year quarter due primarily to the increase in the intercompany branding license fee expense of $21 million primarily as a result of a new intercompany long term branding agreement, an increase in payroll related expenses, and the decrease in casino revenue, as discussed above. MGM China Segment Adjusted EBITDAR decreased 10% for the six months ended June 30, 2026, compared to the prior year period. MGM China Segment Adjusted EBITDAR margin was 23.9% for the six months ended June 30, 2026, compared to 27.5% in the prior year period due primarily to the increase in the intercompany branding license fee expense of $44 million primarily as a result of a new intercompany long term branding agreement and an increase in payroll related expenses, partially offset by the increase in casino revenue, as discussed above. MGM Digital MGM Digital Segment Adjusted EBITDAR loss was $31 million for the three months ended June 30, 2026 compared to a loss of $26 million in the prior year quarter. The change was due primarily to an increase in marketing expenses and gaming taxes, partially offset by an increase in revenue, as discussed above. MGM Digital Segment Adjusted EBITDAR loss was $56 million for the six months ended June 30, 2026 compared to a loss of $60 million in the prior year period. The change was due primarily to an increase in revenue, as discussed above partially offset by an increase in marketing expenses and gaming taxes. Supplemental Information - Same-store Results of Operations The following table presents the financial results of Regional Operations on a same-store basis for the three and six months ended June 30, 2026 and 2025. Same-Store Segment Adjusted EBITDAR is a non-GAAP measure, discussed within “Non-GAAP measures” below. 24 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Regional Operations revenue $ 924,098 $ 964,612 $ 1,842,008 $ 1,865,031 Dispositions (1) (20,518) (85,464) (104,468) (164,005) Regional Operations same-store revenue $ 903,580 $ 879,148 $ 1,737,540 $ 1,701,026 Regional Operations Segment Adjusted EBITDAR $ 280,216 $ 308,656 $ 539,653 $ 587,698 Dispositions (1) (9,441) (37,909) (44,464) (71,166) Regional Operations Same-Store Segment Adjusted EBITDAR $ 270,775 $ 270,747 $ 495,189 $ 516,532 (1)Reflects the revenue and Segment Adjusted EBITDAR of MGM Northfield Park, as applicable, for the period prior to its disposition. Income from Unconsolidated Affiliates The following table summarizes information related to our share of operating income from unconsolidated affiliates: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) BetMGM North America Venture $ 23,097 $ 21,770 $ 30,457 $ 6,569 Other 2,741 4,090 5,407 6,395 $ 25,838 $ 25,860 $ 35,864 $ 12,964 Non-operating Results Interest expense Gross interest expense was $102 million and $106 million for the three months ended June 30, 2026 and 2025, respectively, and was $203 million and $214 million for the six months ended June 30, 2026 and 2025, respectively. See Note 5 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt. Other, net Other, net was income of $9 million and expense of $161 million for the three months ended June 30, 2026 and 2025, respectively. Other income, net for the three months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $30 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net loss related to derivatives of $27 million. Other expense, net for the three months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $208 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $34 million. Other, net was income of $14 million and expense of $172 million for the six months ended June 30, 2026 and 2025, respectively. Other income, net for the six months ended June 30, 2026 was primarily comprised of a foreign currency transaction gain of $55 million primarily related to USD denominated debt held by a foreign subsidiary and interest and dividend income of $25 million, partially offset by a net loss related to derivatives of $46 million and a net loss related to debt and equity investments of $20 million. Other expense, net for the six months ended June 30, 2025 was primarily comprised of a foreign currency transaction loss of $308 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $75 million, a gain related to debt and equity investments of $38 million, and interest and dividend income of $25 million. 25 Income taxes Our effective income tax rate was 21.9% and 19.2% for the three and six months ended June 30, 2026, respectively, compared to 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively. The effective tax rate for each of the periods was favorably impacted primarily by the mix of U.S. and foreign income, including Macau gaming profits which are exempt from complementary tax. In the current year periods, this benefit was partially offset by the non-tax deductible goodwill impairment. Reportable Segment GAAP measure “Segment Adjusted EBITDAR” is our reportable segment GAAP measure, which we utilize as the primary profit measure for our 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 from unconsolidated affiliates, goodwill impairment, 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. “Segment Adjusted EBITDAR margin” is Segment Adjusted EBITDAR divided by related segment revenue. Non-GAAP measures “Same-Store Segment Adjusted EBITDAR” is Segment Adjusted EBITDAR further adjusted to exclude the Segment Adjusted EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Regional Operations, we have excluded the Segment Adjusted EBITDAR of MGM Northfield Park for the periods prior to its disposition on April 21, 2026, as applicable. Same-Store Segment Adjusted EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of our operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Segment Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to our reportable segment GAAP measure or net income, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Segment Adjusted EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. A reconciliation of our reportable segment Segment Adjusted EBITDAR GAAP measure to Same-Store Segment Adjusted EBITDAR is included herein. “Consolidated Adjusted EBITDA” is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and goodwill impairment. Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies. We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. However, Consolidated Adjusted EBITDA has limitations as an analytical tool, and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles. For example, we have significant uses of cash flows, including capital expenditures, interest 26 payments, income taxes, and debt principal repayments, which are not reflected in Consolidated Adjusted EBITDA. Accordingly, while we believe that Consolidated Adjusted EBITDA is a relevant measure of performance, Consolidated Adjusted EBITDA should not be construed as an alternative to or substitute for operating income or net income as an indicator of our performance, or as an alternative to or substitute for cash flows from operating activities as a measure of liquidity. In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material. A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included herein. The following table presents a reconciliation of net income attributable to MGM Resorts International to Consolidated Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Net income attributable to MGM Resorts International $ 292,433 $ 48,951 $ 417,569 $ 197,505 Plus: Net income attributable to noncontrolling interests 30,356 69,143 80,012 147,320 Net income 322,789 118,094 497,581 344,825 Provision for income taxes 90,731 15,662 118,188 55,715 Income before income taxes 413,520 133,756 615,769 400,540 Non-operating (income) expense: Interest expense, net of amounts capitalized 102,129 105,584 202,818 212,853 Non-operating items from unconsolidated affiliates (2,525) 4,055 (18) 3,793 Other, net (9,488) 161,170 (13,691) 172,436 90,116 270,809 189,109 389,082 Operating income 503,636 404,565 804,878 789,622 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 Consolidated Adjusted EBITDA $ 610,387 $ 647,514 $ 1,190,551 $ 1,284,568 Guarantor Financial Information As of June 30, 2026, all of our registered principal debt arrangements are guaranteed by each of our wholly owned material domestic subsidiaries that guarantee our senior credit facilities. Our registered principal debt arrangements are not guaranteed by MGM Grand Detroit, LLC, MGM National Harbor, LLC, Blue Tarp reDevelopment, LLC (d/b/a MGM Springfield), MGM Sports & Interactive Gaming, LLC (the entity that holds our 50% interest in BetMGM North America Venture), MGM CEE Holdco, LLC (the entity that holds our consolidated digital gaming subsidiaries, including LeoVegas), and each of their respective subsidiaries. Our foreign subsidiaries, including MGM China and its subsidiaries, are also not guarantors of our registered principal debt arrangements. In the event that any subsidiary is no longer a guarantor of our senior credit facilities or any of our future capital markets indebtedness, that subsidiary will be released and relieved of its obligations to guarantee our existing registered principal debt arrangements. The indentures governing the registered principal debt arrangements further provide that in the event of a sale of all or substantially all of the assets of, or capital stock in a subsidiary guarantor then such subsidiary guarantor will be released and relieved of any obligations under its subsidiary guarantee. The guarantees provided by the subsidiary guarantors rank senior in right of payment to any future subordinated debt of ours or such subsidiary guarantors, junior to any secured indebtedness to the extent of the value of the assets securing such debt and effectively subordinated to any indebtedness and other obligations of our subsidiaries that do not guarantee the senior notes. In addition, the obligations of each subsidiary guarantor under its guarantee are limited so as not to constitute a fraudulent conveyance under applicable law, which may eliminate the subsidiary guarantor’s obligations or reduce such obligations to an amount that effectively makes the subsidiary guarantee lack value. 27 The summarized financial information of us and our guarantor subsidiaries, on a combined basis, is presented below. June 30, 2026 December 31, 2025 Balance Sheet (In thousands) Current assets $ 3,192,645 $ 3,086,445 Intercompany debt due from non-guarantor subsidiaries 3,102,098 3,000,104 Other long-term assets 26,279,503 27,668,633 Other current liabilities 2,061,267 2,201,703 Intercompany debt due to non-guarantor subsidiaries 2,198,733 2,198,874 Other long-term liabilities 27,427,462 28,641,498 Six Months Ended June 30, 2026 Income Statement (In thousands) Revenue $ 5,430,194 Operating income 665,106 Intercompany interest income 146,101 Intercompany interest expense (121,606) Income before income taxes 515,416 Net income 389,408 Net income attributable to MGM Resorts International 364,913 Liquidity and Capital Resources Cash Flows Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and income tax payments or refunds. Cash provided by operating activities was $1.1 billion in the six months ended June 30, 2026 compared to $1.2 billion in the prior year period. The decrease from the prior year period was due primarily to a decrease in Segment Adjusted EBITDAR at our Las Vegas Strip Resorts, Regional Operations, and MGM China discussed within the Results of Operations section above, and changes in net working capital, partially offset by the change in cash paid (refunded) for income taxes. Investing activities. Our investing cash flows can fluctuate significantly from year to year depending on our decisions with respect to strategic capital investments, business acquisitions or dispositions, and the timing of maintenance capital expenditures to maintain the quality of our properties. Capital expenditures related to regular investments in our existing properties can also vary depending on timing of larger remodel projects related to our public spaces and hotel rooms. Cash used in investing activities was $109 million in the six months ended June 30, 2026 compared to cash used in investing activities of $605 million in the prior year period. In the six months ended June 30, 2026, we made payments of $396 million in capital expenditures, as further discussed below, contributed $138 million to unconsolidated affiliates, and we received $507 million in net cash proceeds related to the sale of the operations of MGM Northfield Park. In comparison, in the prior year period we made payments of $496 million in capital expenditures, as further discussed below, and contributed $85 million to unconsolidated affiliates. Capital Expenditures We made capital expenditures of $396 million in the six months ended June 30, 2026, of which $77 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment. Capital expenditures primarily related to room remodels and information technology. 28 We made capital expenditures of $496 million in the six months ended June 30, 2025, of which $111 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to room remodels, casino floor remodels and equipment, and information technology. Financing activities. Cash used in financing activities was $551 million in the six months ended June 30, 2026 compared to cash used in financing activities of $1.1 billion in the prior year period. In the six months ended June 30, 2026, we had net repayments of debt of $141 million, as further discussed below, paid $262 million for repurchases of our common stock, and distributed $83 million to noncontrolling interest owners. In comparison, in the prior year period, we had net repayments of debt of $161 million, as further discussed below, paid $717 million for repurchases of our common stock, and distributed $80 million to noncontrolling interest owners. Borrowings and Repayments of Long-term Debt During the six months ended June 30, 2026, we had net repayments of debt of $141 million, which primarily consisted of: •net repayments of $141 million on MGM China’s revolving credit facility, •the repayment of MGM China’s $750 million of aggregate principal amount 5.875% notes due 2026 upon maturity with borrowings under the MGM China revolving credit facility, and •the issuance of MGM China’s $750 million of aggregate principal amount 6.25% notes due 2033 of which the proceeds were used to repay a portion of amounts outstanding under the MGM China revolving credit facility and general corporate purposes. During the six months ended June 30, 2025, we had net repayments of debt of $161 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025 at maturity, partially offset by net borrowings of $339 million on MGM China’s revolving credit facility, which were used to fund the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025. Share Repurchases and Distributions to Noncontrolling Interest Owners During the six months ended June 30, 2026, we paid $262 million relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 10 for further information on the stock repurchases. The remaining availability under the April 2025 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2026. During the six months ended June 30, 2025, we paid $717 million relating to repurchases of our common stock pursuant to our stock repurchase plans. In May 2026, upon shareholder approval, MGM China declared the final dividend for 2025 of $171 million, which was paid in June 2026, of which we received approximately $96 million and noncontrolling interests received approximately $75 million. In May 2025, upon shareholder approval, MGM China declared the final dividend for 2024 of $122 million, which was paid in June 2025, of which we received approximately $68 million and noncontrolling interests received approximately $54 million. Other Factors Affecting Liquidity and Anticipated Uses of Cash We require a certain amount of cash on hand to operate our businesses. In addition to required cash on hand for operations, we utilize corporate cash management procedures to minimize the amount of cash held on hand or in banks. Funds are swept from the accounts at most of our domestic properties daily into central bank accounts, and excess funds are invested overnight or are used to repay amounts drawn under our revolving credit facilities. In addition, from time to time we may use excess funds to repurchase our outstanding debt and equity securities subject to limitations in our revolving credit facility and Delaware law, as applicable. We have significant outstanding debt, interest payments, rent payments, and contractual obligations in addition to planned capital expenditures and commitments. As of June 30, 2026, we had cash and cash equivalents of $2.5 billion, of which MGM China held $514 million, and we had $6.1 billion in principal amount of indebtedness, including $2.3 billion related to MGM China. No amounts were drawn on our revolving credit facility and, as of June 30, 2026, there was $344 million outstanding under MGM China’s revolving credit facility. 29 Our expected cash interest payments over the next twelve months, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of June 30, 2026, are approximately $190 million to $210 million, excluding MGM China, and approximately $345 million to $365 million on a consolidated basis, which includes MGM China. We are also required, as of June 30, 2026, to make annual contractual cash rent payments of $1.8 billion to our landlords over the next twelve months under triple net lease agreements, which triple net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance (with each lease obligating us to spend a specified percentage of revenue at the properties on capital expenditures), in addition to the annual cash rent. We have planned capital expenditures expected over the remainder of 2026 of approximately $575 million to $675 million on a consolidated basis, of which $75 million to $125 million relates to MGM China and is inclusive of the estimated amount of the gaming concession investment that relates to capital projects. We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence, which may require cash commitments in the future. Additionally, we have cash commitments to fund MGM Osaka relating to the development of an integrated resort in Osaka, Japan of JPY428 billion, which represents our expected approximate 43.5% equity share (our ownership percentage is expected to fluctuate over the equity funding period, with us holding an expected approximate 43.5% ownership interest upon completion of such fundings). We expect to fund the estimated remaining amount of approximately JPY335.9 billion (approximately $2.1 billion as of June 30, 2026) on a quarterly basis through 2028, of which a portion we expect to fund with the proceeds from the senior secured yen credit facility. In July 2026, we funded JPY2.9 billion (approximately $18 million) of the committed amount. Project costs may increase due primarily to inflation, which increases may be offset by cost mitigation efforts and funded by additional financing. Refer to Note 8 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees. Critical Accounting Policies and Estimates A complete discussion of our critical accounting policies and estimates is included in our Form 10-K for the fiscal year ended December 31, 2025. There have been no significant changes in our critical accounting policies and estimates since year end. Market Risk There have been no material changes in our market risk from the quantitative and qualitative disclosures about market risk included in our Form 10-K for the fiscal year ended December 31, 2025, other than those below. Interest rate risk. We are subject to interest rate risk associated with our variable rate long-term debt. We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed rate borrowings and short-term borrowings under our bank credit facilities. A change in interest rates generally does not have an impact upon our future earnings and cash flow for fixed-rate debt instruments. As fixed-rate debt matures, however, and if additional debt is acquired to fund the debt repayment, future earnings and cash flow may be affected by changes in interest rates. This effect would be realized in the periods subsequent to the periods when the debt matures. As of June 30, 2026, variable rate borrowings represented approximately 11% of our total borrowings. The following table provides additional information about our gross long-term debt subject to changes in interest rates: Debt maturing in Fair Value June 30, 2026 2026 2027 2028 2029 2030 Thereafter Total (In millions except interest rates) Fixed-rate $ 400 $ 1,425 $ 750 $ 850 $ — $ 2,001 $ 5,426 $ 5,421 Average interest rate 4.6 % 5.1 % 4.8 % 6.1 % N/A 6.6 % 5.7 % Variable rate $ — $ — $ — $ — $ 677 $ — $ 677 $ 677 Average interest rate N/A N/A N/A N/A 4.0 % N/A 4.0 % 30 Cautionary Statement Concerning Forward-Looking Statements This Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, expectations regarding the potential opportunity for gaming expansion in Dubai, investments we make in online sports betting and iGaming, and the expansion of LeoVegas and the MGM digital brand; positioning BetMGM North America Venture as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China and BetMGM North America Venture; amounts projected to be realized as deferred tax assets; expected tax refunds; the timing and outcome of investigations by state regulators related to the September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident and the nature and scope of any regulatory proceedings that may be brought against us. The foregoing is not a complete list of all forward-looking statements we make. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market, and regulatory conditions and the following: •our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options and financial results and impact our ability to satisfy our obligations; •current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments, or make planned expenditures; •the agreements governing our senior credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity; •the fact that we are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth initiatives, service our indebtedness and limit our ability to react to competitive and economic changes; •risks relating to our consideration of any acquisition proposal from People Incorporated and any actions taken by us in respect of any such proposal, including with respect to the negotiation and entry (or failure to enter) into an agreement involving the acquisition of our equity interests or our business and our ability to consummate such a transaction on any timeline or at all; •significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete; •the impact on our business of economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside; •the fact that we suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all; •all of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations; 31 •financial, operational, regulatory or other potential challenges that may arise with respect to landlords under our master leases may adversely impair our operations; •the concentration of a significant number of our major gaming resorts on the Las Vegas Strip; •the fact that we extend credit to a large portion of our customers and we may not be able to collect such gaming receivables; •the occurrence of impairments to goodwill, indefinite-lived intangible assets or long-lived assets which could negatively affect future profits; •the susceptibility of leisure and business travel, especially travel by air, to global geopolitical events, such as terrorist attacks, other acts of violence or acts of war or hostility or outbreaks of infectious diseases; •the fact that co-investing in properties or businesses, including our investments in BetMGM North America Venture and MGM Osaka, decreases our ability to manage risk; •the fact that future construction, development, or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs, and our ability to complete the projects; •the fact that our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future; •the fact that a failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business; •the fact that a significant portion of our labor force is covered by collective bargaining agreements; •the sensitivity of our business to energy prices and a rise in energy prices could harm our operating results; •the failure of future efforts to expand through investments in other businesses and properties or through alliances or acquisitions, or to divest some of our properties and other assets; •the fact that our operational efforts to expand our digital business in new geographic markets may not be successful; •the failure to maintain the integrity of our information and other systems or customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data; •reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts; •extreme weather conditions or climate change may cause property damage or interrupt business; •water scarcity could negatively impact our operations; •the fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect our business; •the risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws; •increases in taxes and fees, including gaming taxes, in the jurisdictions in which we operate; •our ability to recognize our foreign tax credit deferred tax asset and the variability of the valuation allowance we may apply against such deferred tax asset; •changes to fiscal and tax policies; •risks related to pending claims that have been, or future claims that may be brought against us; 32 •disruptions in the availability of our information and other systems (including our website and digital platform) or those of third parties on which we rely, through cyber-attacks or otherwise, which could adversely impact our ability to service our customers and affect our sales and the results of operations; •impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the September 2023 cybersecurity issue, the availability of cybersecurity insurance proceeds in connection with a cybersecurity incident, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems; •restrictions on our ability to have any interest or involvement in gaming businesses in mainland China, Macau, Hong Kong and Taiwan, other than through MGM China; •the ability of the Macau government to (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise, or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry; and •the potential for conflicts of interest to arise because certain of our directors and officers are also directors of MGM China. Any forward-looking statement made by us in this Form 10-Q speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. If we update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. You should also be aware that while we from time to time communicate with securities analysts, we do not disclose to them any material non-public information, internal forecasts or other confidential business information. Therefore, you should not assume that we agree with any statement or report issued by any analyst, irrespective of the content of the statement or report. To the extent that reports issued by securities analysts contain projections, forecasts or opinions, those reports are not our responsibility and are not endorsed by us.