MGM Resorts International

Investor Presentation First Quarter 2017 Earnings

April 27, 2017

Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding future results (including REVPAR and other guidance), the payment of any future cash dividends on the Company’s common stock, its ability to generate future cash flow growth and to execute on future development and other projects (including the opening of MGM COTAI), amounts the Company expects to spend capital expenditures and investments, and the Company’s ability to execute its strategic plans and improve its financial flexibility. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. Market and Industry Data This presentation also contains estimates and information concerning the Company’s industry and peers, including market position and fair share information, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC. Note Regarding Presentation of Non-GAAP Financial Measures This presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended, including Adjusted EBITDA, Adjusted Property EBITDA, and Same-store Adjusted Property EBITDA and Adjusted Property EBITDAR. Schedules that reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States are included in our earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com. In addition, the following presentation contains a range for projected Adjusted EBITDA margins for the 2017 fiscal year. The Company is unable to provide a quantitative reconciliation of projected Adjusted EBITDA (which it would use to calculate the margins) to net income (loss) because the Company cannot reliably forecast gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could significantly impact the Company’s future financial results. This presentation also contains projected Adjusted EBITDA as reported by securities analysts. The Company is unable to provide a quantitative reconciliation of the projected Adjusted EBITDA to net income (loss) because this information was generated by analysts and is not based on management models or internal financial information. The Company is providing this information solely to demonstrate what management of the Company believes to be a market anomaly and the Company is not claiming the calculated values would be realized in a sale of the assets or businesses reference, nor do the calculations reflect any impact of taxes, control premiums or other factors that could affect the net value realized by the Company in such a transaction. Rather, the Company is presenting its analysis of publicly available reports prepared by securities analysts (without endorsing nor adopting any of the views, analysis or analytical methodologies utilized by these analysts, which differ from the Company’s and which differences could be material) and stock trading prices for other publicly traded gaming companies that suggest that there is a significant difference of implied valuations between the Company’s domestic gaming business and its peer group. The Company’s actual results may differ materially from the projections reported by securities analysts.

ABOUT MGM RESORTS INTERNATIONAL

MARKET OUTLOOK

1Q 2017 FINANCIAL RESULTS

POSITIONED TO OUTPERFORM

CHANGING THE FABRIC OF OUR COMPANY

27 Resort destinations

470+ Food, beverage and

club experiences

330 + Retail experiences

3.9 million SF

convention space

18,000 + Conventions /

meetings per year

25+ Arena AND

entertainment venues

7,700+ Shows per year

MGM RESORTS, WHERE THE WORLD COMES TO PLAY

2.0+ million sf

casino space 28,000+ SLOT

MACHINES

1,800+ TABLE

GAMES

48,000+

Rooms & Suites

15 Brands

RESORT DESTINATIONS, AWARD WINNING BRANDS

Note: Third-party logos are trademarks of their respective owners 5

MGM RESORTS ORGANIZATIONAL STRUCTURE

MGM China Holdings Limited (56% ownership)

CityCenter Holdings

(50% ownership)

Other MGM Growth Properties (“MGP”)

(76% ownership) Owned Properties Bellagio, MGM Grand LV, Circus Circus LV, MGM National Harbor Development MGM Springfield (Opening Sept 2018)

Publicly Traded REIT1

Properties MGM MACAU Development MGM COTAI (Opening Late 2017)

Properties Aria Vdara Mandarin Oriental

Las Vegas Arena Company (42.5%) T-Mobile Arena

MGM Resorts International (NYSE: MGM)

1Q 2017 Diluted EPS: $0.36

Owned

Leased1 Properties Mandalay Bay, The Mirage, Luxor, Excalibur, New York-New York, Monte Carlo, The Park, MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata

Leased1 (“OpCo”)

Diaoyutai MGM Hospitality (49%) MGM Grand Sanya, Diaoyutai Hotel Hangzhou, Diaoyutai Hotel Chengdu, Bellagio Shanghai (Opening 2017)

Elgin Riverboat Resort (50%) Grand Victoria – Elgin, IL

(HKSE: 2282 HK) (NYSE: MGP)

1 MGM Growth Properties owns the properties leased by MGM Resorts International 6

MGM GROWTH PROPERTIES

• Created in April 2016 to maximize MGM Resorts’ real estate valuation

• Addressed MGM Resorts’ near-term debt maturities

• Reduced MGM Resorts net leverage by almost a turn2

• MGM Resorts has generated significant value as a result of its ownership interest in MGP

- MGP total shareholder return3 of 42% since IPO

1. Structure Today (76% ownership of OP)

MGM has 76% economic ownership of the OP (Operating Partnership)

MGP is 100% consolidated in MGM’s financial statements1

3. Long Term Strategy

• Maintain controlling ownership stake – Natural dilution as MGP grows via third

party transactions

• Unique vehicle for growth given lower cost of capital / superior balance sheet

• Structure allows for transactions that are accretive for both MGM Resorts and MGP (e.g. Borgata)

• Potential for accelerated return on investment with ROFO4 properties

– MGM National Harbor – MGM Springfield

• Receipt of dividends from economic ownership mitigates rental expense

1 As a result of our ownership of MGP’s Class B share 2 Refer to 1Q 2016 Earnings Presentation dated 5/5/16: Consolidated net leverage from 5.5x to 4.7x (Pro Forma 3/31/16) 3 Trailing stock performance as of 4/26/17 and includes dividends; Source: Bloomberg

4 Right of first offer

MGM Growth

Properties Operating

Partnership

MGM Resorts Rent

Dividends

2. Rationale

Public Shareholders

Dividends

7

MGM CHINA HOLDINGS

• Limited opportunity for new participants with just six concessionaires

• 50/50 venture with Ms. Pansy Ho was formed in 2004, positioning MGM Resorts to participate in what has become the world’s largest gaming market

• Opportunistically acquired 1% in 2011, allowing MGM Resorts to gain majority control

1. Structure Today (56% ownership)

MGM has 56% ownership of MGM China

Given majority ownership, MGM China is 100% consolidated in MGM’s financial statements

3. Long Term Strategy

• Opportunistically increase ownership in MGM China over time

• Acquired 5% in Sept 2016, increasing stake to 56%

– Price of MGM China at close of transaction was HK$11.98, which is well below recent closing price2 of $HK16.84

• Tripling our footprint3 upon opening MGM COTAI in late 2017

• MGM China to continue executing on: – Providing consistent, quality service – Gaining market share, primarily in the

mass segment, – Strategically investing for growth

• Prioritize maximizing cash flow, prudently managing the balance sheet, and returning capital to owners

Dividends

2. Rationale

MGM China

MGM Resorts

Ms. Pansy Ho1

Dividends

Dividends

Public Shareholders

1 Ms. Pansy Ho has a direct interest in approximately 10% interest in MGM China Holdings Limited and an indirect interest of approximately 12.5% as a result of her control of Grand Paradise Macau Limited 2 As of 4/24/17

3 Based on room count

8

CITYCENTER HOLDINGS

• Develop a world-class integrated resort for Las Vegas 67 acre master planned mixed-use project including

hotel, gaming, residential, retail, and entertainment

• 50/50 venture formed in 2007 to forge a strategic relationship with Infinity World Structure resulted in premium valuation and

accelerated return of capital to MGM Resorts, while mitigating remaining project risk

1. Structure Today (50% ownership)

MGM has 50% ownership of CityCenter

CityCenter is NOT consolidated in MGM’s financial statements

3. Long Term Strategy

• Continue to position CityCenter as a premier luxury destination

• Prudently manage the balance sheet and maximize value for owners $1.1 billion sale of Crystals in 2016 (~4%

cap rate) MGM Resorts dividends received to date:

$1.04 billion

MGM Resorts net investment: $1.2 billion

• Continue to explore ways to consolidate Aria and Vdara into MGM Resorts portfolio

• Partners continue to explore ways to maximize real estate value

2. Rationale

CityCenter

Dividends MGM Resorts

Infinity World Dividends

9

OUR FUNDAMENTAL BELIEFS

10

We develop and create

extraordinary experiences

We provide a consistent level of outstanding guest service

We build and sustain the

communities in which we work

and live

We are respectful,

inclusive and responsible in all

we do

DRIVING EXCEPTIONAL PERFORMANCE (2012-2016)

11

+6% CAGR Hotel RevPAR Growth2

+733 bps Adjusted Property EBITDA

Margin1

Source: Company filings; All figures are on an MGM Resorts consolidated basis except Hotel RevPAR 1 Excludes one-time gain at CityCenter of approximately $404 million 2 Las Vegas Strip resorts (Excludes CityCenter) 3 Pro forma for the annualization of Borgata and MGM National Harbor. Refer to slide 22 for calculation

MGM Resorts International remains focused on optimizing operations, maximizing free cash flow, enhancing the balance sheet, and investing in accretive capital opportunities to deliver strong, sustainable value to its shareholders.

4.3x3

Net Leverage

Strategic Opportunities: Creation of MGM Growth Properties,

Profit Growth Plan / Continuous Improvement culture, Maximizing capital returns at CityCenter,

Expansion of Mandalay Bay Convention Center, T-Mobile Arena, Park Theater, Park MGM

MGM National Harbor, MGM Springfield, MGM COTAI

+8% CAGR Adjusted Property EBITDA1

ABOUT MGM RESORTS INTERNATIONAL

MARKET OUTLOOK

1Q 2017 FINANCIAL RESULTS

POSITIONED TO OUTPERFORM

CHANGING THE FABRIC OF OUR COMPANY

• Diluted earnings per share was $0.36, which tripled the prior year quarter of $0.12

• Net income attributable to MGM Resorts of $207 million, compared to $67 million in the prior year quarter

• MGM Resorts paid a $63 million quarterly dividend of $0.11 per share

• Consolidated net revenue increased 23% year-over-year to $2.7 billion Domestic resorts net revenue increased 29% to $2.1 billion and increased 6% to $1.7 billion on a same-store basis

• RevPAR1 at the Company’s Las Vegas Strip resorts increased 8.6% to $161

• Consolidated Adjusted Property EBITDA increased 36% year-over-year to $841 million Domestic resorts Adjusted Property EBITDA increased 34% to $648 million, and increased 15% to $557 million on a

same-store basis2

• CityCenter resort operations Adjusted EBITDA increased 22% year-over-year to $112 million Aria reported record results with nearly $100 million of Adjusted EBITDA

• MGM China Adjusted EBITDA increased 25% year-over-year to $143 million as a result of strong mass table games performance and disciplined cost management

• 1 RevPAR is hotel revenue per available room 2 Same-store financial information included in this presentation is Adjusted Property EBITDA related to operating resorts which were consolidated by the Company for both the entire current and prior year periods presented

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

13

1 Excludes Borgata which was acquired on August 1, 2016 and MGM National Harbor which opened December 8, 2016

2 RevPAR is hotel revenue per available room 3 Regional includes MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata and MGM National Harbor 4 See Appendix slide 52

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

14

Domestic Resorts (YoY) Actual Same-store1

Adjusted Property EBITDA $ $648 million 34% $557 million 15% Adjusted Property EBITDA Margin 31% 110 bps 33% 257 bps

Las Vegas Strip (note: excludes CityCenter)

Adjusted Property EBITDA $ $477 million 17% Adjusted Property EBITDA Margin 33% 289 bps RevPAR2 $161 8.6%

Regional3

Actual Same-store1

Adjusted Property EBITDA $ $171 million 124% $80 million 5%

Adjusted Property EBITDA Margin 26% 183 bps 29% 79 bps

• Domestic resorts Net Revenue +29% to $2.1 billion, and +6% on a same-store basis

• Las Vegas Strip table games hold of 25.2%, modestly above normalized range4

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

• Net revenue increased 8% year-over-year • Aria and Vdara’s RevPAR increased 9.1% and 7.6%, respectively

• Key Balance Sheet Items (as of 3/31/17)1

• Cash & Cash Equivalents: approximately $312 million • Total Debt: $1.2 billion

• On April 18, 2017, CityCenter completed a $1.725 billion refinancing of its senior credit facilities2

• Dividends distributed in April 2017 of $600 million, of which MGM Resorts received $300 million

• Leverage3: ~3.3x (as of 3/31/2017) • ~4.3x proforma for the new senior credit facilities2

CityCenter Resort Operations (YoY) 50% owned by MGM Resorts

Adjusted EBITDA $ $112 million 22% Adjusted EBITDA Margin 35% 397bps

1 Pro forma for senior credit facilities refinancing, Total Debt is $1.6 billion; Excess cash was used to pay $600 million dividend 2 Includes an upsized $1.6 billion term loan and upsized $125 million revolving credit facility 3 Leverage ratio is calculated as Total Long-Term Debt over LTM Adjusted EBITDA from Resort Operations 15

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

16

• Net revenue +7% year-over-year

• Adjusted EBITDA margin improved 413 basis points year-over-year to 28% as a result of strong mass table games performance and disciplined cost management

• Third consecutive quarter of Adjusted EBITDA margins in-line or exceeding 28%

• Over 80% of Adjusted EBITDA from mass segment

• Key Balance Sheet Items (as of 3/31/17) • Cash & Cash Equivalents: approximately $465 million • Total Debt: $2.0 billion

MGM China (YoY) 56% owned by MGM Resorts

Adjusted EBITDA $ $143 million 25% Adjusted EBITDA Margin 28% 413bps

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS

17

• Net Income of $47 million

• General and administrative expenses of $2.7 million

• Key Balance Sheet Items (as of 3/31/2017) • Cash & Cash Equivalents: $368 million • Total Debt: $3.7 billion

Subsequent to the Quarter

• Improved term loan B pricing2 to LIBOR + 225 bps, a 25 bps decrease from previous levels, resulting in annual interest savings of $4.6 million

• First base rent escalator under the Master Lease of 2% went into effect on April 1, 2017, resulting in almost $12 million of additional rent to a new total annual rent amount of $662 million for the second lease year

MGM Growth Properties 76% owned by MGM Resorts

$ in millions Per Diluted Share1

Rental Revenue $163 -- Funds From Operations $115 $0.47 Adjusted Fund From Operations $119 $0.49 Adjusted EBITDA $160 --

1 Diluted share amounts are per MGM Growth Properties’ Operating Partnership units

2 Expected closing date for the repricing transaction on May 1, 2017

ITEMS AFFECTING FIRST QUARTER 2017

18

• Las Vegas Strip table games hold: 1Q 2017 table games hold of 25.2% was higher than the normal range1

as well as higher than 1Q 2016

• 4.0-5.0pt positive impact to 1Q 2017 RevPAR growth: Easter holiday shift from 1Q to 2Q in 2017 Rotation of CONEXPO-CON/AGG in to Las Vegas

• Full quarter of operations at MGM National Harbor and Borgata

• 1Q 2017 operations included one less day compared to 1Q 2016 due to Leap Year

1 Refer to Appendix slide 52

SECOND QUARTER 2017 AT A GLANCE

19

• Las Vegas Strip resorts:

RevPAR growth of 1.5% to 2.5% Includes 1.0-1.5pt negative impact from Easter calendar shift

Net revenues and Adjusted Property EBITDA margin essentially flat compared to 2Q 2016 2Q 2016 benefited from a higher table games hold than the normal range1 2Q 2016 benefited ~$5 million due to strong collections in the prior year On a comparable basis, both net revenues and Adjusted Property EBITDA margin would be up when

adjusting for these two factors

• Property Specific: Borgata: M life transition to result in $3-$5 million negative impact to Adjusted Property EBITDA

MGM Grand: Ticket-In-Ticket-Out (“TITO”) contract expires in April (~$2 million / quarter negative impact to net revenues and Adjusted Property EBITDA)

• Other corporate items: Corporate expense (ex stock compensation): ~$70-$75 million

Pre-opening expense: ~$20-$30 million, including ~$15 million at MGM COTAI

Net interest expense2: ~$170-$175 million

1 Refer to Appendix slide 52 2 Net of capitalized interest

• Our 2017 targets at our Las Vegas Strip resorts remain unchanged:

Net revenue: Low to mid single digit growth

RevPAR growth: Approximately 4% to 5% (growth in every quarter)

Adjusted Property EBITDA margin: 50-100 basis point improvement

• Other corporate items:

Corporate expense (ex stock compensation): $280-$290 million

Pre-opening expense: $180-$190 million, including ~$140-$150 million at MGM COTAI

Net interest expense1: $700-$710 million

FULL YEAR 2017 AT A GLANCE

20 1 Net of capitalized interest

FULL YEAR 2017 CAPITAL EXPENDITURES

21

• Domestic Operations: ~$540 million

Includes Monte Carlo rebrand and general maintenance and growth

• U.S. Development Projects: $458 million

MGM National Harbor: $185 million (including 1Q 2017 spend of $86 million)

MGM Springfield: $273 million (including 1Q 2017 spend of $39 million)

• MGM China: $1.3 billion

MGM COTAI: $1.2 billion (including 1Q 2017 spend of $233 million)

MGM MACAU: $67 million (including 1Q 2017 spend of $7 million)

1 Excludes capitalized interest, pre-opening expense and land related fees

1 3/31/17 Actual includes $465 million and $368 million at MGM China and MGM Growth Properties, respectively 2 Borgata annualization based on LTM March 31, 2017 actuals less $140.2M of Borgata Adjusted Property EBITDA reported as of LTM March 31, 2017. National Harbor annualization based on the property opening on December 8, 2016 less $41.7M of National Harbor Adjusted Property EBITDA reported as of LTM March 31, 2017 3 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter and Grand Victoria 4 LTM 3/31/2017 Actual includes $2.0 billion, $3.7 billion, and $450 million at MGM China, MGM Growth Properties, and MGM National Harbor, respectively

CAPITAL STRUCTURE ENHANCEMENT

22

CONSOLIDATED NET LEVERAGE

Consolidated Net Leverage Ratio ($ in millions)

Actual 3/31/2017

Annualization Adjustment

Pro Forma3/31/2017

Total Cash1 $1,395 $-- $1,395

LTM Adjusted EBITDA related to:Domestic Resorts $2,226 $187 2 $2,413Management and other operations 20 -- 20MGM China 550 -- 550Corporate expense (excluding stock-based compensation) (283) -- (283)

$2,512 $187 $2,699Dividends and distributions received by MGM Resorts3 58 -- 58

$2,570 $187 $2,757

Total Principal Amount of Debt related to:MGM Resorts Consolidated4 $13,247 $-- $13,247

$13,247 $-- $13,247

Net Leverage Ratio 4.6x 4.3x

MGM Resorts continues to strengthen the balance sheet while positioning the company for growth

12.3x 11.8x

9.9x

8.1x 7.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

LVS WYNN RRR BYD MGM

IMPLIED U.S. TRADING MULTIPLES

In millions except share price and multiple

Note: These calculations are presented solely to demonstrate what management of the Company believes to be a market anomaly and the Company is not claiming the calculated values would be realized in a sale of the assets or businesses reference, nor do the calculations reflect any impact of taxes, control premiums or other factors that could affect the net value realized by the Company in such a transaction. Rather, the Company is presenting its analysis of publicly available reports prepared by securities analysts (without endorsing nor adopting any of the views, analysis or analytical methodologies utilized by these analysts, which differ from the Company’s and which differences could be material) and stock trading prices for other publicly traded gaming companies that suggest that there is a significant difference of implied valuations between the Company’s domestic gaming business and its peer group.

ENTERPRISE VALUE / 2018E ADJUSTED PROPERTY EBITDA

23

1

4 1,2 4

MGM Implied US Valuation

MGM Resorts Market Value of Equity 16,652$

Less: MGM ChinaShare Price HKD as of 4/24/2017 $16.84HKD / USD exchange rate 7.75 Shares 3,800 Market Value of Equity 55.95% 4,620

Less: MGPMGP Share Price as of 4/24/2017 $28.13Shares 243 Market Value of Equity 76.30% 5,213

Implied US Market Value of Equity 6,819$ Plus: US Domestic Net Debt 6,695 Implied US Enterprise Value 13,513$

Implied US EV / EBITDA Multiple 7.4x

2

1

3

1 Based on 2018E Consensus Metrix estimates with MGM’s market value of equity as of 4/24/17 adjusted for the market values of equity for MGM China and MGM Growth Properties as of 4/24/17. 2 MGM Net Debt is calculated using domestic resorts (including MGM National Harbor and excluding MGP) total debt less domestic cash and cash equivalents plus 50% of CityCenter’s total debt less cash and cash equivalents 3 EBITDA derived from implied multiple corresponds with Adjusted EBITDA related to MGM Resorts domestic and corporate operations excluding MGM China and less annual rent payments to MGM Growth properties operating partnership. 4 Based on average 2018E Wall Street Analyst estimates with Wynn and LVS market value of equity adjusted for the market value of equity for Wynn Macau and Sands China as of 4/24/17.

DOMESTIC FINANCIAL INFORMATION

1 Refer to Appendix slide 63 2 MGM Resorts Owned refers to properties owned by MGM Resorts and not leased from a subsidiary of MGP pursuant to the Master Lease 3 MGP Growth Properties Owned refers to properties owned by a subsidiary of MGP and leased to MGM pursuant to the Master Lease 4 Consolidated domestic corporate expense excluding stock based compensation, less MGM Growth Properties G&A expense 5 Excludes interest related to MGP Operating Partnership indebtedness and excludes capitalized interest 6 U.S. domestic capital expenditures including Park MGM Las Vegas. Excludes project costs associated with development activities, including MGM National Harbor and MGM Springfield

Domestic Resorts Adjusted Property EBITDA1

1Q 2017 ($ in millions)

Domestic Dividends Received and Other

24

MGM Resorts owned2:Las Vegas $219MGM National Harbor $32

MGM Growth Properties owned3:Las Vegas $258U.S. Regionals $139

__________Total $648

Other Domestic and Corporate

Dividends Received by MGM Resorts, from:CityCenter $0MGM China $0Grand Victoria $4MGP Operating Partnership $72

Other:Domestic Capital Expenditures Ex. Development6 ($79)Domestic Cash Paid for Taxes ($3)

Management & Other Adjusted EBITDA $11Rent Payments to MGP Operating Partnership ($163)Corporate Expense4 ($62)Domestic Interest Expense, net5 ($129)

DOMESTIC CAPITAL ALLOCATION

Domestic Development Projects1 Return of Capital to MGM Shareholders

25

1Q 2017 – U.S. Domestic

• MGM National Harbor: $86 million

• MGM Springfield: $39 million

• Quarterly dividend to MGM Resorts shareholders: $63 million (or $0.11/ share)

1 Excludes capitalized interest and land related costs, includes pre-opening

ABOUT MGM RESORTS INTERNATIONAL

MARKET OUTLOOK

1Q 2017 FINANCIAL RESULTS

POSITIONED TO OUTPERFORM

CHANGING THE FABRIC OF OUR COMPANY

LAS VEGAS MARKET SUMMARY

• Growth in visitation aided by continued diversification that defines Las Vegas as a leading entertainment destination

• Visitor trends aligned with continued market diversification

• With limited supply growth expected in the near-term, Las Vegas is positioned to continue to regain its RevPAR premium to U.S. lodging

• Taking advantage of diverse meeting and convention space platform and unique entertainment offerings

27

Las Vegas is positioned to outperform

LAS VEGAS VISITATION AHEAD OF PEAK LEVELS

• 2016 visitation is 10% ahead of 2007’s peak • Las Vegas visitation trends continue to improve

Strong convention attendance

Increased airline seat capacity

Increased market attractiveness given recent citywide investments including T-Mobile Arena and future NHL and NFL teams

28 Source: LVCVA

39,197

36,351

42,936

32,000

34,000

36,000

38,000

40,000

42,000

44,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Las Vegas Visitation ('000)

• The Las Vegas market continues to diversify its offerings, solidifying its position as a major U.S. entertainment destination

• MGM Resorts’ leads this diversification, as a leading destination for world-class hotels, casinos, state-of the art meeting and conference space, incredible live and theatrical experiences and an inspiring array of restaurant and retail offerings

LAS VEGAS CONTINUES TO REDEFINE THE GUEST EXPERIENCE

29 Source: Nevada Gaming Abstract

Las Vegas Market – Total Revenue Mix

Other 14%

Other 15%

F&B 17%

F&B 23%

Hotel 23%

Hotel 28%

Gaming 46%

Gaming 34%

2000 2016

LAS VEGAS VISITOR TRENDS

30 Source: 2016 Las Vegas Visitor Profile Study - LVCVA

• Increase in first-time visitors

• Average age trends younger with an increase in Millennials

• Spend shifts towards Entertainment

• Proportion of visitors who gamble are on a slight downward trajectory; however, average gaming spend per trip has increased by a CAGR of 6.3% since 2012

(% of total) (% of total)

OPPORTUNITY FOR GROWTH WHEN ADJUSTED FOR ROOM SUPPLY

31 Source: Las Vegas data LVCVA; Future supply assumes Resort World and Alon do not open by 2019

Assuming 1.5%-2.0% annual growth in visitation, Las Vegas is expected to get back to 2007 levels this year

1.26 1.24 1.24 1.37 1.50 1.46 1.41 1.39 1.39 1.34 1.29 1.28 1.24 1.21 1.19

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E

At ~1.5-2.0% annual visitor

growth estimate

Las Vegas Year-End Inventory Per Average Daily Visitor

LAS VEGAS CONTINUES TO REGAIN REVPAR SHARE

32

Indexed supply growth

Las Vegas is well positioned to continue this trend of outperformance

• Over the next several years, Las Vegas is expected to have limited room supply while U.S. lodging supply is expected to continue to grow

• The group segment continues to show positive trends. Given the majority of lodging supply has and will continue to be in the select service segment, Las Vegas is well positioned to take advantage of this group trend by leveraging it’s diverse meeting space platform

• Las Vegas has limited exposure to softening business transient demand

Potential RevPAR headwinds

• Further strengthening of the U.S. dollar

• Geopolitical uncertainty resulting in international travel restrictions

Since the peak of 2007, Las Vegas has regained almost 60% of its lost RevPAR premium to U.S. lodging

Source: U.S. data Smith Travel Research; Las Vegas data LVCVA

$54

$20

$31

$0

$30

$60

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F

LV RevPAR Premium Las Vegas Supply U.S. Supply

LAS VEGAS’ CONVENTION SEGMENT CONTINUES TO GROW

33 Source: Las Vegas Attendees - LVCVA , U.S. group room nights - Smith Travel Research, MGM - Domestic Las Vegas Strip Properties (excluding Aria)

• MGM Resorts outperforms with the implementation of several key initiatives that have successfully shifted group mix Optimization of group placement across a portfolio-wide platform Global Sales Team to leverage key accounts on an enterprise-wide basis Citywide group sales department – one-stop shop for all MGM properties

60

70

80

90

100

110

120

130

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

MGM Las Vegas Group Room Nights Las Vegas Convention Attendees U.S. Group Room Nights

MGM 18%ahead of 2007

LV 2% ahead of 2007

MGM Implements new group sales strategy

U.S. 4% ahead of 2007

U.S. REGIONAL MARKET SUMMARY

Atlantic City, NJ • 2016 GGR: $2.4 bn • Borgata is #1 in market

• After years of GGR declines and closures of 5 of 12 resorts due to regional increased competition, Atlantic City has stabilized.

• Borgata has gained significant market share growth since 2004 from 13% to ~30%1 today.

• Potential risk: Additional competition; Taj Mahal reopens as Hard Rock in 2018.

34 Sources: Dept of Gaming Enforcement of New Jersey, Michigan Gaming Control Board, Maryland Lottery and Gaming Control Commission, Mississippi Gaming Commission 1 Based on gross gaming revenue as of the twelve months ended December 31, 2016 2 Beau Rivage market includes 11 casinos in Biloxi, Gulfport and Bay Saint Louis; Gold Strike market includes 19 casinos in Tunica, Lula, Vicksburg, Natchez and Greenville

Detroit, MI • 2016 GGR: $1.4 bn • MGM Detroit is #1 in

market

• Local economy continues its recovery from the Great Recession with moderate growth projected in 2017-2019.

• MGM Detroit continues to maintain its leadership position as one of the premier regional resorts with market share1 of 43%.

• Potential risk: Offsite tribal gaming expansion

Mississippi (Biloxi, Tunica) • 2016 GGR:$2.1 bn • Beau Rivage is #1 in

market

• A mature market that is challenged by increased supply and disproportionately impacted by the downturn in the energy sector.

• Even with increased competition, the Beau Rivage and Gold Strike Tunica continue to grow or maintain their market share1,2 of 25% and 16%, respectively.

Maryland/ WV/ Metro DC area • 2016 GGR: $1.6 bn • MGM National Harbor

is #1 in market

• The opening of MGM National Harbor has driven significant demand to the market and has helped position it as one of the top regional markets in the country.

• Potential risk: Highly competitive market that continues to evolve

Geographic diversification through market leading premium properties in stable markets

MGM NATIONAL HARBOR

• MGM is outperforming its peers1

MGM National Harbor’s average market share is ~30% vs fair share2 of ~23%

Property achieved highest table games revenues on record in 1Q 2017 for Maryland

• Property is averaging over 22,000 daily visitors

• M life Rewards loyalty program seeing strong demand Over 240,000 M life signups at MGM National

Harbor to date3 (8,000-10,000 signups a week)

35

Sources: Maryland Gaming Commission and West Virginia Lottery reports

1 D.C. Metro peer/ competitive set including MGM National Harbor, Maryland Live, Horseshoe Baltimore, Hollywood Perryville, Ocean Downs, Rocky Gap and Hollywood Charles Town 2 Fair share is based on total table game and slot units for the D.C Metro peer/competitive set 3 As of April 2017

First full quarter of operations proves MGM National Harbor is the market1 leader

MACAU MARKET SUMMARY

• Macau remains the world’s largest gaming market at US$28 billion1

Gross gaming revenue in 1Q 2017 grew 13% year-over-year Visitation in 1Q 2017 grew 6% year-over-year Focus on diversification and innovation to drive mass growth

• MGM China continues to be a premium operator in Macau Strong customer retention despite new capacity in Cotai Solid and efficient execution Tripling our footprint2 with the opening of MGM COTAI in late 2017

36 Source: DICJ 1 Based on gross gaming revenue as of the twelve months ended December 31, 2016 2 Based on room count

ABOUT MGM RESORTS INTERNATIONAL

MARKET OUTLOOK

1Q 2017 FINANCIAL RESULTS

POSITIONED TO OUTPERFORM

CHANGING THE FABRIC OF OUR COMPANY

CHANGING THE FABRIC OF OUR COMPANY

• Centers of Excellence Centralization of several core functions to drive efficiency, consistency

and sustainability

Permanent change that optimizes MGM Resorts’ operating model, revenues, cash flow, guest and employee experience

• Diversification of workforce expertise Expertise transcends gaming

Attracting world-class talent in leadership roles from numerous industries that are leading the company’s transformation

• Aligning our guest service culture Consistent, exceptional guest experience across our portfolio of

integrated resorts

A couple examples of our new centralized areas are outlined in the following slides 38

MGM Resorts has permanently changed the way we do business by incorporating a disciplined approach that leverages our size and scale and expertise across its various entertainment offerings

FROM TO

ENTERPRISE ANALYTICS CENTER OF EXCELLENCE

39

Ensures a data-driven mindset and strategy Applying the art and science of analytics to

optimize portfolio performance, guest experience and loyalty

Keen focus on innovation and sustainability Business Intelligence and Data Governance to

drive consistency and leverage data assets and technology solutions

Siloed property resources with primarily Las Vegas-centric experience focused on basic reports. Inconsistent

approaches & tools

Focus on historical performance

Individualized, varied approaches to underwriting capital investment projects

Fragmented Marketing approaches across divisions and properties

Focused on driving incremental change based on historical knowledge and experience

Top talent from diverse industries and markets with expertise across the lifecycle of analytics. Consistent

utilization of MGM’s data assets to drive insights & value.

Focus on proactive identification of opportunities and continual optimization through financial, operational and

advanced / predicative analytics

Team of real estate valuation professionals applying consistent, disciplined underwriting methodologies

A holistic approach to the customer journey. Utilizing big data analytics and machine learning to optimize digital, direct and casino marketing strategies and initiatives

Focus on innovative solutions and transformative change based on data-driven analytics to ensure continual

operational and real estate outperformance

FROM TO

PROJECT MANAGEMENT OFFICE

40

Lack of a consistent approach to project evaluation, planning and execution

Siloed teams and functions focusing on individual goals and metrics, lack of focus on enterprise-wide opportunities

No Change Management function to ensure long-term successful / sustainable outcomes

Opportunities identified at the top and pushed down

Lack of holistic approach to new asset integration, resulting in lost opportunities in efficiency and sharing of

best practices

Dedicated centralized team using consistent processes from the assessment to execution phase

Centralized team driving shared enterprise goals. Cross functional property and corporate project teams

working together towards a shared vision / goal.

Dedicated centralized Change Management team with formalized process throughout the project lifecycle

Corporate and property partnerships, including front-line employee involvement in identification of opportunities

Centralized integration process and resource support to drive alignment, communication and agility

Centralized team focused on successful project implementation

Focus on change management to ensure sustainability

Work with cross-functional teams and stakeholders to drive enterprise-wide initiatives, ensuring consistent approaches and implementation plans

S

Smile and Greet

H

Hear their Story

O

Own the Experience

W

Wow! the Guest

A unified approach to creating a guest service culture that ensures consistent, exceptional guest experiences throughout MGM Resorts International

Focused on creating “defining moments” for our guests

Rollout will be completed the second half of 2017

41

ONE COMPANY, ONE CULTURE

GUEST SERVICE CULTURE

ABOUT MGM RESORTS INTERNATIONAL

MARKET OUTLOOK

1Q 2017 FINANCIAL RESULTS

POSITIONED TO OUTPERFORM

CHANGING THE FABRIC OF OUR COMPANY

43

• Disciplined Capital Reinvestment Aligned with evolving guest preferences

• Strategic Expansion Regional and international expansion; building brand

awareness and providing for cross-marketing opportunities Strategic partnerships leveraging other brands Growing MGM Resorts’ data assets to drive insights,

performance and our customer database

• Achievement of Financial Goals

• Successful Track Record of Return on Invested Capital

• Enhancing Balance Sheet and Financial Flexibility

LEVERAGING MGM RESORTS’ STRENGTHS

44

EVOLVING GUEST EXPERIENCES

Day Club Bungalows F&B Reconcepting

Convention Center Expansion Room & Suite Remodel

Casino Reinvestment

Entertainment Venues

45

Geographic Expansion

MGM National Harbor

MGM Springfield

Brand & Product Expansion

MGM COTAI

Partner Expansion

Park MGM / Nomad Porto Island, Dubai

T-Mobile Arena & UFC

EXPANDING OUR BRANDS

AWARD-WINNING M LIFE REWARDS PROGRAM

• Best Loyalty Program Global Gaming Awards over 3 consecutive years

• 4 Freddie Awards for the last 2 years

• Regional expansion will drive membership growth over the next several years Over 240,000 M life signups at MGM

National Harbor to date1 (8,000-10,000 signups a week)

M life program launches at Borgata in Summer 2017

• M life Rewards MasterCard launched summer 2016

46 1 As of April 2017 2 Includes CityCenter

2

AWARD-WINNING M LIFE REWARDS PROGRAM

• Our increased effectiveness at driving regional play to our Las Vegas properties bodes well for MGM Resorts continued regional expansion.

• Our diverse offerings are driving significant growth in non-gaming spend per active member for M life’s Rewards elite membership tiers.

47

ACHIEVEMENT OF FINANCIAL GOALS

48

• MGM Resorts’ operational and cultural evolution has transformed how we do business.

Our keen focus on productivity improvements, optimization of operating expenses and revenue generation has driven an exceptional 10.5% Adjusted Property EBITDA CAGR and 685 basis points in Adjusted Property EBITDA margin.

$1,324M $1,439M $1,519M$1,687M

$1,972M

23%

24% 24%

26%

30%

2012 2013 2014 2015 2016

EBITDA EBITDA Margin

Source: MGM Resorts same-store domestic resorts

• These outstanding results were achieved by MGM’s new collaborative approach of leveraging the expertise of its new centralized teams with the experience of property operators.

SUCCESSFUL TRACK RECORD OF RETURN ON INVESTED CAPITAL

49

• CityCenter MGM invested ~$2.2bn in CityCenter $1.1bn monetization of Crystals at extremely attractive cap rate (~4%)

− Provided opportunity to repay $260mm in debt & reduced leverage to < 4x MGM’s dividends to date: $1.04bn

Resulting in MGM’s Net investment in CityCenter of ~$1.2bn 50% of CityCenter resort operations LTM Adjusted EBITDA of $187mm

• MGM China MGM initial investment in MGM China was $341mm MGM acquired ~5% for approximately $274mm1 Distributions and dividends to date of $1.4bn MGM’s current ownership of 56% equals $4.6bn2 of value

• Borgata Acquisition Acquired at a 8.5x trailing multiple Accretive transaction to both MGM and MGP Since acquisition, continued improved operating performance

• T-Mobile Arena MGM invested ~$73mm and owns 42.5% of the $375mm venue

Top 3 grossing arena in its category in 2016 (only 9 months of operations) Benefits nearby MGM properties and several ancillary revenue streams

1 Total consideration includes 7,060,492 shares of MGM Resorts common stock and cash consideration of $100 million; Excludes deferred cash payment of $50 million . 2 Assumes HKD / USD exchange rate of 7.75 based on closing price of HK$16.84 on 4/24/17

• Pro forma consolidated net leverage of 4.3x1

Down over 2 turns since 2011

• Growing our free cash flow

• Prudent return of capital to shareholders Initiated quarterly dividend policy

• Path to Investment Grade In 2016, MGM Resorts achieved upgrades from rating

agencies Goal of net leverage of 3 to 4 times by year end 2018

1 Pro forma for the annualization of Borgata and MGM National Harbor; Refer to slide 22 for calculation

STRONG FINANCIAL POSITION

50

APPENDIX • Las Vegas Strip – Normalized Hold Impact • Adjusted Property EBITDAR • Capital Initiative Projects • Historical Earnings Call-outs • Supplemental Data

($ in millions) 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017

Table Games Hold - Actual 23.7% 25.6% 25.0% 23.5% 25.2%

Normalized Table Games Hold 23.0% 23.0% 23.0% 23.0% 23.0%

Actual:

Net Revenues $1,348 $1,413 $1,465 $1,322 $1,436

Adjusted Property EBITDA $409 $431 $452 $365 $477

Hold Impact to:

Net Revenues ($6) ($20) ($15) ($4) ($18)

Adjusted Property EBITDA ($5) ($17) ($13) ($3) ($16)

LAS VEGAS STRIP – NORMALIZED HOLD IMPACT

52 1 Hold impact represents the estimated impact of the difference in actual table games hold percentage to the mid-point of our normal range of 21% – 25% for Las Vegas resorts. This calculation includes an estimate of discounts, taxes, bad debt and other expenses.

1

For illustrative purposes, we calculated our Las Vegas Strip table games hold impact to a hold percentage of 23%, the mid-point of our normal range of 21%-25%

ADJUSTED PROPERTY EBITDAR

53

Beau Rivage Borgata National HarborNet Revenue 89,177$ 201,081$ 173,159$

Adjusted Property EBITDA 20,487 58,923 32,140 Rent expense 382 1,368 3,905

Adjusted Property EBITDAR 20,869 60,291 36,045

Adjusted Property EBITDA margin 23.0% 29.3% 18.6%Adjusted Property EBITDAR margin 23.4% 30.0% 20.8%

Three Months EndedMarch 31, 2017

(In thousands)(Unaudited)

1 Adjusted Property EBITDAR is defined as Adjusted Property EBITDA plus rent related to land leases with third parties. Rent does not include rent payments to a subsidiary of MGM Growth Properties Operating Partnership under the master lease which is not included in Adjusted Property EBITDA for MGM’s operating segments and is eliminated in consolidation.

1

MGM COTAI

54

Opening Date: • Late 2017

Total Project Cost1: • $3.3 billion

Project Spend1 in 1Q 2017: • $233 million

Project Spend1 to Date: • $2.2 billion

1 Excludes capitalized interest and land related costs, includes pre-opening

MGM COTAI

55

Construction as of April 2017

MGM COTAI

56

Construction as of April 2017

MGM COTAI

57

Construction as of April 2017

MGM SPRINGFIELD

58

Opening Date: • September 2018

Total Project Cost1: • $865 million

Project Spend1 in 1Q 2017: • $39 million

Project Spend1 to Date: • $300 million

1 Excludes capitalized interest and land related costs, includes pre-opening

MGM SPRINGFIELD

59

Construction as of April 2017

MGM SPRINGFIELD

60

Construction as of April 2017

HISTORICAL EARNINGS CALL-OUTS: 2016 • Las Vegas Strip RevPAR guidance of 6%, achieved 8% • Domestic Adjusted Property EBITDA increased $95 million year-over-year or 24% year-over-year

• Includes hold impact of $20 million or 5%, Profit Growth Plan of $54 million or 14%, and normal growth of $21 million or 5% 1Q

2Q

• Las Vegas Strip RevPAR guidance of 5%, reported 3% • Variance to guidance attributable to one-time events including Mayweather/ Pacquiao fight and Rock-N-Rio music festival

Excluding one-time events, RevPAR would have be up 6% year-over-year • Domestic Adjusted Property EBITDA increased $57 million year-over-year or 12% year-over-year

• Includes hold impact of $24 million or 5%, Profit Growth Plan of $64 million or 14%, and normal growth of -$31 million or -7% • Excluding one-time events, normal growth would have been up $14-to-$19 million or 3% to 4%

• Las Vegas Strip RevPAR guidance of 7%, achieved 11% • Variance to guidance attributable to stronger convention business than expected and leisure business driven by entertainment

events at T-Mobile Arena • Domestic Adjusted Property EBITDA increased $159 million year-over-year or 39% year-over-year

• Includes hold impact of $31 million or 7%, Profit Growth Plan of $73 million or 18%, normal growth of $23 million or 5%, and same-store adjustments of $33 million or 8%

3Q

z 4Q

• Las Vegas Strip RevPAR guidance of 3%, achieved 3% • Domestic Adjusted Property EBITDA increased $62 million year-over-year or 14% year-over-year

• Includes hold impact of $24 million or 6%, Profit Growth Plan of $30 million or 7%, normal growth of -$48 million or -11%, and same-store adjustments of $56 million or 13%

• Negative impact of ~$30 million attributable to one-time items including calendar shifts, unfavorable hold at Las Vegas Race and Sportsbook and investments in the business including entertainment and G&A related to media and advertising spend

61

HISTORICAL EARNINGS CALL-OUTS: 2015

• Las Vegas Strip RevPAR guidance of “at least 5%”, achieved 6% • Variance to guidance attributable to one-time events including Mayweather/ Pacquiao fight and Rock-N-Rio music

festival which accounts for 0.5% to 1.0% of RevPAR growth 2Q

3Q

• Las Vegas Strip RevPAR guidance of 2% to 3%, reported 1% • Variance to guidance attributable to tough year-over-year comparison due to CONEXPO-CON/AGG convention rotating

out of the city. Excluding CONEXPO-CON/AGG, RevPAR would have been up 6% year-over-year 1Q

4Q

• Las Vegas Strip RevPAR guidance of 6%, achieved 8% • Variance to guidance attributable to strong growth at non-luxury properties of 14% year-over-year with luxury

growth of 6% year-over-year

• Las Vegas Strip RevPAR guidance of “at least 8%”, achieved 12% • Variance to guidance attributable to strong growth at non-luxury properties of 18% year-over-year with luxury

growth of 9% year-over-year • Unfavorable table game hold of $20 million impacting Las Vegas Strip Adjusted Property EBITDA

• Approximately $14 million of Adjusted Property EBITDA impact at The Mirage

62

(1) The last twelve months financial data for the period ending March 31, 2017 has been calculated by subtracting the data for the three months ended March 31, 2016 from the data for the year ended December 31, 2016 and adding the data for the three months ended March 31, 2017. (2) Represents Adjusted EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through March 31, 2017 (3) Represents Adjusted EBITDA of National Harbor for the period from December 8, 2016 (Opening Day) through March 31, 2017 (4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.

SUPPLEMENTAL DATA: NON-GAAP FINANCIAL MEASURES

Twelve Months Twelve MonthsEnded Ended (1)

December 31, March 31,2016 2017

Bellagio $ 129,107 $ 116,651 $ 479,259 $ 491,715 MGM Grand Las Vegas 73,650 80,894 330,681 323,437 Mandalay Bay 78,117 58,122 235,609 255,604 The Mirage 62,095 38,330 139,427 163,192 Luxor 32,804 25,391 108,192 115,605 New York-New York 33,912 30,903 121,729 124,738 Excalibur 28,798 23,877 101,525 106,446 Monte Carlo 22,454 21,300 78,862 80,016 Circus Circus Las Vegas 15,958 13,293 61,989 64,654 MGM Grand Detroit 44,604 40,042 171,414 175,976 Beau Rivage 20,487 22,799 93,762 91,450 Gold Strike Tunica 14,726 13,329 49,690 51,087 Borgata (2) 58,923 - 81,281 140,204 National Harbor (3) 32,140 - 9,596 41,736 Domestic resorts 647,775 484,931 2,063,016 2,225,860 MGM China 142,982 114,123 520,736 549,595 Unconsolidated resorts (4) 39,703 14,702 527,616 552,617 Management and other operations 10,916 4,115 13,000 19,801

841,376 617,871 3,124,368 3,347,873

Corporate (64,301) (65,118) (283,727) (282,910) Stock compensation (13,363) (9,869) (44,957) (48,451)

$ 763,712 $ 542,884 $ 2,795,684 $ 3,016,512

March 31, March 31,2017 2016

MGM RESORTS INTERNATIONAL AND SUBSIDIARIESSUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA

(In thousands)(Unaudited)

Three Months Ended

63