Deutsche Bank 2011 Leveraged Finance Conference Sarah Rogers - Investor Relations

Deutsche Bank 2011 Leveraged Finance Conference Sarah Rogers - Investor Relations

Las Vegas Indicators Improving (YTD through August 2011) Visitation +5% Average Daily Auto Traffic Flat McCarran Airport Passengers +4% Strip Gaming Revenues +5% Citywide Hotel Occupancy +4% Citywide ADR +10%

Room Inventory Has Peaked 160,000 80,000 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011E 2013E Source: LVCVA

Visitation Approaching Prior Peak (millions) 40 VISITOR VOLUME ESTIMATED VISITOR VOLUME 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E Source: LVCVA

What s Driving Future Visitation Historical Visitation Has Grown At A 4% CAGR Since 1973 Las Vegas - #1 Trade Show Destination In North America Host Twice The Number Of Shows Of Any Other Destination McCarran Terminal 3 - Summer 2012 Will Increase Capacity To 53 Million Passengers Legislation Introduced To Ease Visa Application

WHAT WE ARE SEEING Pace, Bookings & Call Volumes Remain Strong Convention Mix Improving Year Over Year Consumer Spend Improving Particularly Around Events Casino Volumes Remain Strong Event Calendar Stronger REVPAR In 3Q11 Estimated To Be Up Approximately 10%

FUTURE GROWTH OPPORTUNITIES M Life Launch Continued Property Enhancements Bellagio MGM Grand Slots Significant Operating Leverage MGM Hospitality MGM China Holdings

M life Launched In Las Vegas New Players Club Launched Fall 2010 In Regions & 1Q/11 In Las Vegas Over 60M In Database, 29M Players Club Customers Transparent, Accessible, Aspirational ESS Partnership - First Step Into Database Analytics Early Signs Of Success: Over 1.5M Enrollments To Date Increased Re-Engaged Customers Active Players And Trips Up At Regional Properties

SIGNIFICANT OPERATING LEVERAGE MGM Resorts - 12M Annual Room Nights Using 90% Occupancy 1% In Occupancy = Approx. $40M EBITDA $1 Incremental Rate Increase = Approx. $10M EBITDA $5 Increase In RevPOR = $40M EBITDA

EXPERIENTIAL HOSPITALITY ------ PRESTIGE ------ ENERGY ------ ELEVATION

MGM HOSPITALITY Current Development Pipeline Announced Agreements Agreements in Process Beijing Tianjin Marrakech Cairo Sharm El Sheikh Doha Dubai New Delhi Jaipur Chengdu Mumbai Sanya Management Agreements 11 Letters of Intent 6 Hotels 17 Hotel & Resorts Rooms 6,478

MGM GRAND - SANYA Beijing Tianjin Marrakech Cairo Sharm El Sheikh Doha New Delhi Jaipur Abu Dhabi Dubai Mumbai 671 Keys 9 F&B Outlets 850,000 Sq. Ft. GFA 36,000 Sq. Ft. Meeting Space 25,000 Sq. Ft. Spa Sanya Chengdu Sanya

MGM GRAND - SANYA

DIAOYUTAI ART HOTEL - BEIJING

MGM CHINA Listed On June 3, 2011 Priced At The Top Of The Range At HK$15.34 Total Equity Value In Excess Of USD$7.5B MGM Now 51% Majority Owner Macau Results Fully Consolidated Recorded Significant Q2 Gain On Transaction Future Developments

MGM MACAU

MGM MACAU (AS OF 6/30/11) Casino 427 Tables 1,142 Slots Hotel 587 Rooms Six Senses Spa Retail Food & Beverage 10 Restaurant & Bar Operations Convention 1600 Square Meters Of Meeting Spaces

NET REVENUE $ in US millions $700,000 $525,000 $350,000 $175,000 $0 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2

PROPERTY EBITDA $200,000 $ in US millions $150,000 $100,000 $50,000 $0 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2

PROFITABILITY DRIVING GROWTH Significant Turn-Around From The 2008 Financial Crisis To 2010 Strong Balance Sheet & Capital Position Following Refinancing Completed HK$7.9B Financing In July 2010 Well Positioned To Capture Future Growth Opportunities

POISED FOR FUTURE GROWTH MGM Macau Continued Growth In The VIP Segment Main Floor Growth Other Development Opportunities Utilization Of Existing Space Level 33 Conversion To Junket Sky Casino - Open April 2011 Duplex Villa 8 Conversion To Junket Sky Casino - Open September 2011 VIP Spa Conversion To Inhouse VIP Room - November 2011 Main Floor Platinum Room - Open September 2011 Level 2-7,000 Sq. Meters Of Undeveloped Space - 2012 Cotai Site Other

COTAI EXPANSION 1 Venetian 2 Four Seasons 3 Sands China s Parcel 3 (Proposed) 4 City Of Dreams 5 Sands China s Parcel 5 6 Sands China s Parcel 6 7 Parcel 7 8 Parcel 8 9 Parcel 9 10 Parcel 10 11 Macao Studio City (Proposed) 12 Galaxy Macau 13 Altira Macau 14 MGM China Holdings(Proposed)

MGM CHINA HIGHLIGHTS Combined Strengths Of Complementary Shareholder Expertise & Strong Management Team World-Class Gaming Property In Macau Ability To Leverage & Adapt The Internationally Recognized MGM Brand Strong Multi Segment Revenue Focus Enhanced Profitability & Capital Strength Driving Future Growth

MGM RESORTS INVESTMENT HIGHLIGHTS Significantly Improved Liquidity Profile Strong Portfolio Of Assets With Growing Presence In Macau High Degree Of Operating Leverage - Ability to Generate Strong Free Cash Flow Cut $700M In Cost Structure Well Positioned To Grow Margins As Revenues Improve Minimum Forward Capital Requirements Proven Track Record As The Premier Gaming Operator

SAFE HARBOR PROVISION Statements within this presentation which are not historical facts are forward-looking statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risk and/or uncertainties, including but not limited to financial projections, state and federal regulations, construction activities and other risk described in the company s public filings with the Securities Exchange Commission.