Core Insights - MGM Resorts reported $4.4 billion in revenue for Q2 2025, a year-over-year increase of 1.8% and a surprise of +2.42% over the Zacks Consensus Estimate of $4.3 billion [1] - The EPS for the same period was $0.79, down from $0.86 a year ago, with an EPS surprise of +36.21% compared to the consensus estimate of $0.58 [1] Financial Performance Metrics - MGM's shares returned +1.4% over the past month, while the Zacks S&P 500 composite increased by +3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3] Las Vegas Strip Resorts Performance - Table Games Drop: $1,554.00 vs. $1,506.00 estimated [4] - Slots Win: $549.00 vs. $539.99 estimated [4] - Slots Handle: $5,886.00 vs. $5,775.24 estimated [4] - Table Games Win: $355.00 vs. $401.08 estimated [4] - Revenues for Las Vegas Strip Resorts: $2.11 billion vs. $2.15 billion estimated, representing a -4.1% change year-over-year [4] Regional Operations and MGM China - Revenues for Regional Operations: $964.61 million vs. $940.66 million estimated, a +4% year-over-year change [4] - Revenues for MGM China: $1.11 billion vs. $1.03 billion estimated, a +24.6% year-over-year change [4] Digital and Other Operations - Revenues for MGM Digital: $163.86 million vs. $172.4 million estimated [4] - Revenues for Management and Other Operations: $51.61 million vs. $173.2 million estimated, a -70.8% year-over-year change [4] Adjusted Property EBITDA - Adjusted Property EBITDA for Las Vegas Strip Resorts: $710.5 million vs. $740.76 million estimated [4] - Adjusted Property EBITDA for Regional Operations: $308.66 million vs. $288.97 million estimated [4] - Adjusted Property EBITDA for MGM China: $301.34 million vs. $270.26 million estimated [4]

Core Insights - MGM China Holdings Limited reported a record high quarterly adjusted EBITDA and a market share increase to 16.6% [1][7]. Financial Performance - The Group's net revenue for the second quarter was HK$8.7 billion, up from HK$8.0 billion in the same period last year [7]. - Adjusted EBITDA for the quarter was HK$2.5 billion, compared to HK$2.4 billion in the previous year, with an adjusted EBITDA margin of 29.0% [7]. - On a quarter-on-quarter basis, net revenue increased by 8.4% and adjusted EBITDA rose by 6.1%, marking a historical high [7]. - Adjusted EBITDA has surpassed pre-COVID levels by 172% [7]. - Daily gross gaming revenue (GGR) grew by 12% year-on-year to MOP111.2 million, compared to MOP100.4 million in the first quarter [7]. Market Trends - Daily visitation in Macau reached 102,812, reflecting a year-on-year growth of 19% and recovering to 94% of the same period in 2019 [2]. - Headline daily GGR in Macau rose 8% year-on-year to MOP671.6 million per day, up from MOP640.6 million per day in the first quarter [2]. Property Developments - The construction of Alpha Villas at MGM MACAU was completed, with all 28 villas available as of July [3]. - MGM COTAI is converting rooms into approximately 60 new suites to enhance offerings [7]. Events and Initiatives - MGM China hosted a series of non-gaming events, including the MGM x RR1HK Culinary Masters Macau featuring Michelin star chefs [4]. - The company collaborated with the Macau Government for the MGM Artistic Swimming Elite Extravaganza & Macao Open Competition 2025 [5]. - The residency show "Macau 2049," created with filmmaker Zhang Yimou, celebrated its 100th show and received multiple awards [6]. Market Position - MGM COTAI's market share was approximately 10.5%, while MGM MACAU's market share was around 6.2% [7]. - Average occupancy for the period was 94.5% [7]. - The Group maintained a total liquidity of approximately HK$22.5 billion as of June 30, 2025 [7].

Core Viewpoint - MGM Resorts reported quarterly earnings of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, but down from $0.86 per share a year ago, indicating an earnings surprise of +36.21% [1] - The company generated revenues of $4.4 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.42% and showing a slight increase from $4.33 billion year-over-year [2] Financial Performance - Over the last four quarters, MGM has surpassed consensus EPS estimates three times and topped revenue estimates three times as well [2] - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $4.17 billion, and for the current fiscal year, it is $2.15 on revenues of $17.09 billion [7] Market Position - MGM shares have increased by about 8% since the beginning of the year, which is slightly below the S&P 500's gain of 8.3% [3] - The Zacks Industry Rank indicates that the Gaming industry is currently in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] Future Outlook - The sustainability of MGM's stock price movement will largely depend on management's commentary during the earnings call and the revisions of earnings estimates in the near future [3][4] - The estimate revisions trend for MGM was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Data and Key Metrics Changes - The company reported record highest ever consolidated net revenue results in the second quarter of 2025, driven by a diverse portfolio and global presence [6][7][17] - BetMGM North America raised full year 2025 guidance for the second time, implying an EBITDA turnaround of nearly $400 million compared to last year [8][19] - Adjusted EBITDAR in Las Vegas declined by $72 million, primarily due to the MGM Grand's room remodel and midweek performance issues [21][22] Business Line Data and Key Metrics Changes - BetMGM North America saw a 36% increase in revenue from operations, with iGaming growing 29% and sports betting top line growing 56% [18][19] - MGM Digital, excluding BetMGM North America, grew its top line by 14%, with expectations of over $150 million in EBITDA enhancements in 2025 [24][25] - MGM China achieved record adjusted EBITDAR and market share of 16.6%, with a focus on premium mass players [11][12][23] Market Data and Key Metrics Changes - Las Vegas experienced record table games and slot volumes, but the adjusted EBITDAR decline was isolated to specific properties [9][20] - MGM China reported a 3% increase in adjusted EBITDAR, with strong performance across all business segments [23] - Regional properties achieved record high net revenues, demonstrating stability during volatile times [12] Company Strategy and Development Direction - The company aims to be the world's premier gaming entertainment company, leveraging its unmatched portfolio diversity to drive growth [6][7][27] - MGM is focused on capitalizing on significant near-term catalysts in BetMGM and Las Vegas, as well as mid to long-term catalysts in MGM Digital and development projects [7][8][14] - The company is positioned to benefit from major events in Las Vegas, including the new MLB stadium and ongoing renovations at the Las Vegas Convention Center [9][10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about restoring growth in Las Vegas during the fourth quarter, supported by positive bookings and convention activity [22][50] - The company remains confident in its ability to attract premium customers despite challenges in the value-oriented segment [91][92] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities in international markets [17][29] Other Important Information - The company repurchased 8 million shares for $217 million, with board approval for an additional $2 billion in share repurchases [25][26] - MGM's exclusive relationship with Marriott is driving higher quality customer bookings, with a significant increase in room nights booked [10][44] - The company is actively working on legislative issues related to tax impacts on the gaming community [65][66] Q&A Session Summary Question: Impact of MGM Grand disruption - The estimated impact remains at $65 million, with about $40 million experienced in the first six months [34] Question: Pricing and value concerns in Vegas - Luxury products are performing well, with ADR up 4%, while value-oriented properties are facing challenges [36][37] Question: Digital business cross benefits - Significant growth in Nevada monthly actives and strong player engagement are noted, with a focus on omnichannel advantages [41] Question: Update on Bonvoy arrangement - The partnership is on track, with over 900,000 room nights expected this year and positive customer spending trends [43] Question: Visitation decline on the Strip - International visitation has been an issue, but premium customer attraction remains strong [90][91] Question: Dividend policy at MGM China - A new dividend policy of 50% of distributable net income has been approved, providing substantial cash flow for MGM Resorts [60][61] Question: Buyback strategy amidst growth pipeline - The company is cautious with share repurchases due to its development pipeline but remains within leverage targets [70][71]

Financial Data and Key Metrics Changes - The company reported record highest ever consolidated net revenue results in Q2 2025, driven by a diverse portfolio and global presence [6][18] - BetMGM North America raised full year 2025 guidance for the second time, implying an EBITDA turnaround of nearly $400 million compared to last year [7][20] - Adjusted EBITDAR decline in Las Vegas was primarily due to the MGM Grand, which accounted for over 80% of the decline, with a total impact of $60 million [10][22] Business Line Data and Key Metrics Changes - BetMGM North America saw revenue from operations up 36% in Q2, with EBITDA of $86 million and iGaming growing 29% [19] - Las Vegas resorts reported record table games and slot volumes, with adjusted EBITDAR decline isolated to specific properties [9][21] - MGM Digital grew its top line by 14%, with expectations of over $150 million in EBITDA enhancements in 2025 [25] Market Data and Key Metrics Changes - MGM China achieved record adjusted EBITDAR and market share of 16.6%, with share increasing every month of the quarter [13] - Regional properties reported record high net revenues and strong performance across gaming, hotel, and food and beverage segments [14] - The Las Vegas Convention Center is undergoing a $1.6 billion renovation, expected to enhance convention attendance [11] Company Strategy and Development Direction - The company aims to be the world's premier gaming entertainment company, leveraging its unmatched portfolio diversity to drive growth [6][28] - MGM is positioned to capitalize on significant near-term catalysts in BetMGM and Las Vegas, as well as mid to long-term catalysts in digital and development projects [7][18] - The company is focused on premium and luxury offerings, particularly in Macau and Las Vegas, to capture market share [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about restoring growth in Las Vegas during Q4 2025, supported by positive bookings and upcoming events [22][32] - The company remains confident in its ability to attract premium customers despite challenges in the value-oriented segment [92] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities in various markets [18][72] Other Important Information - The company repurchased 8 million shares for $217 million in April, with board approval for an additional $2 billion in share repurchases [26] - MGM's exclusive relationship with Marriott is driving performance, with a significant increase in room nights booked [12][45] - The company is actively pursuing development projects in Japan and New York, with expectations of substantial revenue generation [17][18] Q&A Session Summary Question: Impact of MGM Grand disruption - The estimated impact remains at $65 million, with about $40 million experienced in the first half of the year [35][36] Question: Pricing and value concerns in Vegas - Luxury products have seen an increase in average daily rate (ADR), while value-oriented properties are facing challenges [38][39] Question: Digital business cross-benefits - There has been a 30% growth in Nevada monthly actives, showcasing the effectiveness of the omnichannel strategy [41][43] Question: Update on MGM China dividend policy - The board approved a dividend policy of 50% of distributable net income, providing substantial cash flow for the company [61][62] Question: Share buyback strategy - The company is cautious about share repurchases due to its development pipeline but remains within leverage targets [72][73] Question: Visitation decline in Las Vegas - International visitation has been an issue, but the company is confident in attracting premium customers [90][91]

Financial Performance - MGM Resorts achieved record consolidated net revenues in Q2 2025[14] - Net income attributable to MGM Resorts was $49 million in 2Q 2025[16] - BetMGM's Q2 2025 net revenue from operations increased by 36% year-over-year to $692 million[37] - BetMGM's EBITDA increased by $78 million year-over-year to $86 million in Q2 2025[37] Segment Performance - Las Vegas Strip Resorts reported net revenues of $1.11 billion in 2Q 2025, a 9% increase compared to 2Q 2024[29] - Regional Operations reported net revenues of $965 million in 2Q 2025, a 4% increase compared to 2Q 2024[31] - MGM China achieved record Segment Adjusted EBITDAR[20] - MGM Digital reported net revenues of $164 million in 2Q 2025, a 14% increase compared to 2Q 2024[33] Future Development & Market Expansion - BetMGM's full-year 2025 outlook increased to at least $2.7 billion in net revenue from operations and at least $150 million in EBITDA[40] - MGM Digital is targeting a 10%+ market share in Brazil[43] - MGM Resorts expects approximately $750 - $800 million in domestic capital expenditures in 2025[60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-10362 MGM Resorts International (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Group 1 - The core viewpoint of the article highlights that MGM Resorts International reported a second-quarter net revenue of $4.4 billion, exceeding the forecast of $4.32 billion [1] - The adjusted earnings per share for the second quarter were $0.79, surpassing the expected $0.55 [1]

Consolidated Results Las Vegas Strip Resorts Page 1 of 9 • Record highest ever consolidated net revenues with record 2Q25 Regional Operations net revenues • MGM China achieved all-time record Segment Adjusted EBITDAR and market share of 16.6% • BetMGM venture reported strong revenue and EBITDA growth in 2Q25, upgrading its guidance for FY 2025 • Repurchased 8 million shares in 2Q25, reducing shares outstanding by 45% since the beginning of 2021 Exhibit 99.1 MGM RESORTS INTERNATIONAL REPORTS RECORD SECOND QU ...

Core Insights - MGM Resorts International reported solid growth in Q2 2025, driven by strong performance in its BetMGM venture and record results from Regional Operations and MGM China [2][5][6] - The company anticipates continued growth, particularly in Las Vegas, supported by significant capital investments and strong convention bookings [2][5] - MGM Resorts is on track to implement over $150 million in EBITDA enhancements within the year and has repurchased 8 million shares for $217 million [2][5][6] Financial Performance - Consolidated net revenues reached $4.4 billion, a 2% increase year-over-year, primarily due to growth in MGM China and Regional Operations [6][33] - Net income attributable to MGM Resorts was $49 million, down from $187 million in the prior year, largely due to a foreign currency transaction loss of $208 million [6][30] - Adjusted EBITDA for the quarter was $648 million, compared to $635 million in the prior year [6][34] Segment Performance - Las Vegas Strip Resorts reported net revenues of $2.1 billion, a 4% decrease from the prior year, impacted by room remodels and a decline in table games hold [6][33] - Regional Operations achieved net revenues of $965 million, a 4% increase year-over-year, driven by higher casino revenue [6][13] - MGM China reported net revenues of $1.1 billion, a 10% increase, with a market share of 16.6% and record Segment Adjusted EBITDAR [6][14] Share Repurchase and Capital Management - The company repurchased approximately 8 million shares, reducing shares outstanding by 45% since the beginning of 2021, with $2.1 billion remaining in the authorized share repurchase program [2][16] - MGM Resorts continues to see significant value in its stock at current prices [2][16] Future Outlook - The company aims for BetMGM to achieve $500 million in EBITDA and expects its MGM Digital segment to become profitable in the coming years [2][5] - The outlook for Las Vegas remains positive, with anticipated benefits from capital investments and strong convention bookings in Q4 2025 and full year 2026 [2][5]