EX-99.1

MGM Resorts International

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Revenues

Casino

2,574,945

2,210,746

9,450,887

8,785,649

Rooms

858,355

942,654

3,377,400

3,681,617

Food and beverage

749,016

751,868

3,045,965

3,078,731

Entertainment, retail and other

422,951

441,294

1,663,431

1,694,548

4,605,267

4,346,562

17,537,683

17,240,545

Expenses

Casino

1,440,163

1,259,135

5,340,097

4,958,020

Rooms

281,379

280,193

1,101,061

1,119,108

Food and beverage

570,952

560,000

2,262,434

2,253,031

Entertainment, retail and other

284,879

295,064

1,043,960

1,063,382

General and administrative

1,258,771

1,242,937

4,877,538

4,825,313

Corporate expense

165,248

141,410

556,952

520,197

Preopening and start-up expenses

121

5,503

1,086

7,972

Property transactions, net

8,668

22,192

126,036

81,316

Goodwill impairment

22,794

—

278,927

—

Depreciation and amortization

278,658

209,229

1,017,794

831,097

4,311,633

4,015,663

16,605,885

15,659,436

Income (loss) from unconsolidated affiliates

31,376

(39,334

)

69,982

(90,653

)

Operating income

325,010

291,565

1,001,780

1,490,456

Non-operating income (expense)

Interest expense, net of amounts capitalized

(103,902

)

(108,581

)

(419,042

)

(443,230

)

Non-operating items from unconsolidated affiliates

(1,014

)

(2,777

)

1,135

(734

)

Other, net

(120,268

)

25,477

(303,094

)

70,573

(225,184

)

(85,881

)

(721,001

)

(373,391

)

Income before income taxes

99,826

205,684

280,779

1,117,065

Benefit (provision) for income taxes

282,950

32,232

240,093

(52,457

)

Net income

382,776

237,916

520,872

1,064,608

Less: Net income attributable to noncontrolling interests

(89,164

)

(80,484

)

(315,010

)

(318,050

)

Net income attributable to MGM Resorts International

293,612

157,432

205,862

746,558

Earnings per share

Basic

1.12

0.52

0.77

2.42

Diluted

1.11

0.52

0.76

2.40

Weighted average common share outstanding

Basic

267,438

297,642

275,046

307,408

Diluted

269,098

299,447

277,275

310,232

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	December 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	2,062,994	$	2,415,532
Accounts receivable, net		1,122,940		1,071,412
Inventories		124,535		140,559
Income tax receivable		220,154		257,514
Prepaid expenses and other		486,419		478,582
Assets held for sale		315,382		—

Total current assets		4,332,424		4,363,599
Property and equipment, net		6,305,614		6,196,159
Investments in and advances to unconsolidated affiliates		536,066		380,626
Goodwill		4,901,960		5,145,004
Other intangible assets, net		1,356,676		1,715,381
Operating lease right-of-use assets, net		23,002,707		23,532,287
Deferred income taxes		89,792		39,591
Other long-term assets, net		848,547		858,980

	$	41,373,786	$	42,231,627

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts and construction payable	$	421,502	$	412,662
Accrued interest on long-term debt		71,845		69,916
Other accrued liabilities		2,993,179		2,869,105
Liabilities related to assets held for sale		25,581		—

Total current liabilities		3,512,107		3,351,683
Deferred income taxes		2,617,067		2,811,663
Long-term debt, net		6,230,141		6,362,098
Operating lease liabilities		24,962,742		25,076,139
Other long-term obligations		775,411		910,088

Total liabilities		38,097,468		38,511,671

Redeemable noncontrolling interests		21,777		34,805
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 258,323,143 and 294,374,189 shares		2,583		2,944
Capital in excess of par value		—		—
Retained earnings		2,106,836		3,081,753
Accumulated other comprehensive income (loss)		320,498		(61,216	)

Total MGM Resorts International stockholders’ equity		2,429,917		3,023,481
Noncontrolling interests		824,624		661,670

Total stockholders’ equity		3,254,541		3,685,151

	$	41,373,786	$	42,231,627

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Las Vegas Strip Resorts

2,166,054

2,223,409

8,441,503

8,816,113

Regional Operations

950,427

931,557

3,772,333

3,720,322

MGM China

1,236,450

1,018,720

4,461,743

4,022,384

MGM Digital

188,244

139,855

654,190

552,012

Management and other operations

64,092

33,021

207,914

129,714

4,605,267

4,346,562

17,537,683

17,240,545

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - SEGMENT ADJUSTED EBITDAR and CONSOLIDATED ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Las Vegas Strip Resorts

735,348

765,429

2,857,873

3,106,543

Regional Operations

280,008

281,091

1,163,227

1,143,556

MGM China

332,297

254,721

1,203,194

1,087,126

MGM Digital ⁽¹⁾

(6,968

)

(21,676

)

(90,307

)

(77,227

)

Unconsolidated affiliates - BetMGM and other ⁽²⁾

31,376

(39,334

)

69,982

(90,653

)

Management and other operations

(253

)

965

58,014

41,258

Stock compensation

(31,054

)

(28,471

)

(90,404

)

(80,157

)

Triple net lease rent expense

(564,856

)

(565,096

)

(2,258,405

)

(2,258,057

)

Corporate ⁽³⁾

(140,647

)

(119,140

)

(487,551

)

(461,548

)

Consolidated Adjusted EBITDA

635,251

528,489

2,425,623

2,410,841

Additional Information:

Non-cash rent ⁽⁴⁾

104,060

113,445

425,420

461,372

(1)	MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

(2)	Represents the Company’s share of operating income (loss) of unconsolidated affiliates.

(3)	Includes amounts related to MGM China of $29 million and $65 million for current quarter and current year, respectively, and of $9 million and $50 million for prior year quarter and prior year, respectively.

(4)	Represents the excess of expense over cash paid related to triple net operating and ground leases.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO CONSOLIDATED ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net income attributable to MGM Resorts International

293,612

157,432

205,862

746,558

Plus: Net income attributable to noncontrolling interests

89,164

80,484

315,010

318,050

Net income

382,776

237,916

520,872

1,064,608

Provision (benefit) for income taxes

(282,950

)

(32,232

)

(240,093

)

52,457

Income before income taxes

99,826

205,684

280,779

1,117,065

Non-operating (income) expense:

Interest expense, net of amounts capitalized

103,902

108,581

419,042

443,230

Other, net

121,282

(22,700

)

301,959

(69,839

)

225,184

85,881

721,001

373,391

Operating income

325,010

291,565

1,001,780

1,490,456

Preopening and start-up expenses

121

5,503

1,086

7,972

Property transactions, net

8,668

22,192

126,036

81,316

Goodwill impairment

22,794

—

278,927

—

Depreciation and amortization

278,658

209,229

1,017,794

831,097

Consolidated Adjusted EBITDA

635,251

528,489

2,425,623

2,410,841

Non-GAAP Financial Information

“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 (loss) 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.

“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 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 in the financial schedules in this release.