MGM RESORTS INTERNATIONAL Third Quarter 2016 Earnings Presentation

MGM RESORTS INTERNATIONAL Third Quarter 2016 Earnings Presentation November 7, 2016

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), its ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan, its ability to drive future growth across all room segments, and the Company s ability to execute its strategic plan 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. Note Regarding Presentation of Non-GAAP Financial Measures The following presentation includes certain non-gaap financial measures as defined in Regulation G under the Securities Exchange Act of 1934, as amended. 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 on slide 38 and in our earnings releases that have been furnished with the SEC and are available on our website at www.mgmresorts.com.. 1

Key Third Quarter Highlights Diluted earnings per share was $0.93, including $0.60 related to a $430 million gain on Borgata acquisition and a $0.20 charge related to the NV Energy exit, compared to diluted earnings per share of $0.12 in the prior year quarter Net income attributable to MGM Resorts of $536 million Domestic resorts net revenues increased 16%, and increased 8% on a same-store basis 1 RevPAR 2 at the Company s Las Vegas Strip resorts increased 11% Domestic resorts Adjusted Property EBITDA increased 39%, and increased 31% on a same-store basis 1 Best domestic resorts net revenues, Adjusted Property EBITDA, and Adjusted Property EBITDA margins since 2007 1 Profit Growth Plan contributed ~$78 million 3 of year over year Adjusted EBITDA growth CityCenter Resort Operations Adjusted EBITDA increased 41% MGM China Adjusted EBITDA 4 increased 15% due to its focus on operating efficiency, quality customer service, and focus on the mass customer 1 Excludes contributions from Borgata which the Company began consolidating in August of 2016 and Circus Circus Reno, which the Company sold in 2015 2 RevPAR is hotel revenue per available room 3 Includes Adjusted EBITDA impact contributed by domestic resorts plus 50% of CityCenter 4 Before licensing fee 2

Quarter Items at a Glance Successful Execution of Key Strategic Initiatives Positions The Company for Growth Borgata acquisition: On August 1, 2016, MGM Resorts completed the previously announced acquisition of Boyd Gaming Corporation s interest in Borgata Hotel Casino and Spa ( Borgata ). In connection with the acquisition, the real estate assets associated with Borgata were sold to MGM Growth Properties LLC ( MGP ) Accretive transaction for both MGM & MGP pre-synergies and proves ability to transact at arm s length As a result of the transaction, MGM Resorts recorded a $430 million gain ($0.60 impact to diluted earnings per share) NV Energy exit: Domestic Resorts Operating Income included $139 million NV Energy exit expense 1 ($0.18 impact to diluted earnings per share) CityCenter s Operating Income included $26 million NV Energy exit expense 2 (MGM Resorts 50% share: $13 million, or $0.02 impact to diluted earnings per share) Provides complete energy independence and opportunity for more competitive pricing, which we expect will yield immediate cost savings MGM China additional stake: On September 1, 2016, MGM Resorts closed its acquisition of an additional 4.95% of the outstanding common shares of MGM China. As a result, MGM Resorts now owns 56% of MGM China's outstanding common shares The purchase represents a long-term strategic initiative whereby MGM reinforced its confidence in the Macau story Accessed the capital markets: On August 19, 2016, MGM Resorts issued $500 million of 4.625% senior notes due 2026, the lowest pricing of any long-term note offering in the history of our Company. Net proceeds from the offering, together with cash on hand, were used to redeem the $743 million 7.625% senior notes due 2017 On August 12, 2016, the MGP Operating Partnership issued $500 million of 4.50% senior unsecured notes due 2026. Net proceeds were used in part to refinance amounts drawn under the revolving credit facility related to the Borgata acquisition The MGP Operating Partnership also re-priced its term loan B facility at par. As a result, pricing was reduced to LIBOR plus 2.75% with a 75bps floor, which represents a 50bps reduction Announced December 8, 2016 grand opening of MGM National Harbor 1 Domestic Resorts: $139 million includes $68 million upfront impact fee + accrual of $71 million non-bypassable rate charges 2 CityCenter: $26 million includes $12 million million upfront impact fee + accrual of $14 million non-bypassable rate charges 3

3Q 2016 Financial Highlights Domestic Resorts Domestic Resorts 1 (YoY) Actual Same Store 2 Adjusted Property EBITDA $ $570 million 39% $534 million 31% Adjusted Property EBITDA Margin 30% 489 bps 31% 527 bps Las Vegas Strip 3 (note: excludes CityCenter) Adjusted Property EBITDA $ $452 million 34% Adjusted Property EBITDA Margin 31% 586 bps RevPAR 4 $149 11% Regional 5 Actual Same Store 2 Adjusted Property EBITDA $ $118 million 6 64% $82 million 14% Adjusted Property EBITDA Margin 27% 6 148 bps 29% 228 bps Domestic Net Revenue +16% to $1.9 billion, and +8% on a same-store basis 2 Continued strong growth in Domestic Resorts Adjusted Property EBITDA and Adjusted Property EBITDA margin 1 Domestic Resorts Operating Income of $301 million increased 4% year-over-year, and decreased 3% on a same-store basis due to the $139 million NV Energy exit expense 2 Excludes Borgata which was acquired on August 1, 2016 and Circus Circus Reno which was sold in 2015 3 Las Vegas Strip (excluding CityCenter) Operating Income of $211 million decreased 9% year-over-year due to the $139 million NV Energy exit expense 4 RevPAR is hotel revenue per available room 5 Regional Operating Income of $90 million increased 52% year-over-year, and 19% on a same-store basis 6 Adjusted Property EBITDA for Borgata includes an $8 million real estate transfer tax related to the sale to MGP 4

3Q 2016 Adjusted Property EBITDA Growth Drivers ($ in millions) $600 Domestic Resorts $570 $550 $73 $500 $23 $450 $31 $400 $411 $33 +23% $350 Q3-15 Borgata and other Hold impact Normal growth PGP Q3-16 same-store adjustments 1 2 Growth % 8% 7% 5% 18% 39% Our Profit Growth Plan continues to drive our Domestic Adjusted Property EBITDA, on top of healthy normal growth 1 Adjusted for $3 million of other resort operations related to Circus Circus Reno which was sold in 2015 2 Excludes our 50% share of CityCenter ($5 million) 5

3Q 2016 Financial Highlights CityCenter Resort Operations Net Revenue +11% Aria and Vdara s RevPAR increased 7% and 15%, respectively Leverage 2 of ~3.5x One-time items: CityCenter Resort Operations 1 (YoY) 50% owned by MGM Resorts Adjusted EBITDA $ $93 million 41% Adjusted EBITDA Margin 30% 627bps The CityCenter campus incurred $26 million of expenses associated with the Company s strategic decision to exit the fully bundled sales system of NV Energy Dividends received to date: $740 million 3 Aria is consistently one of the top 3 performing resorts within the MGM Resorts portfolio 4 1 Excludes The Shops at Crystals. CityCenter Resort Operations reported Operating Income of $8 million, which included $26 million of NV Energy exit expenses 2 Leverage ratio is calculated as Total Long-Term Debt of $1.2 billion over Adjusted EBITDA from Resort Operations 3 Represents MGM Resorts 50% share 4 Based on Adjusted EBITDA 6

Profit Growth Plan MGM s Profit Growth Plan was created to challenge, reinvigorate and empower our Company to take a smarter, more innovative approach to the way we operate our business... with the ultimate goal of creating an embedded culture of operational excellence and continuous improvement Key Objectives Realize $400 million of incremental Adjusted EBITDA 1 by 2017 Domestic Adjusted Property EBITDA margins to exceed 30% Path to Achieving We ve identified roughly 500 ideas to implement across all segments of the business, including gaming, hotel, entertainment and F&B One-third from revenue generating ideas; Two-thirds from cost savings Fully implement identified initiatives by yearend 2016 1 Domestic Resorts plus 50% of CityCenter 7

Profit Growth Plan: $400 million target We are tracking ahead of plan Adjusted EBITDA impact Improvement over 2014 baseline Domestic Resorts + 50% of CityCenter $114 million 2017 impact goal: $400 million MGM Resorts Launches Profit Growth Plan $36 million $40 million $78 million $81 million $78 million $36 million from Q3-15 Exceed 30% Adjusted Property EBITDA margins Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 8

3Q 2016 Financial Highlights MGM China MGM China 1 (YoY) 56% owned by MGM Resorts Adjusted EBITDA 2 $ $159 million 15% Adjusted EBITDA 2 Margin 32% 575 bps Net revenue declined 6% year-over-year and sequentially improved quarterover-quarter by 11% Adjusted EBITDA 2 improved quarter-over-quarter by 25% Adjusted EBITDA 2 margin improved both year-over-year and quarter-overquarter by 575 bps and 361 bps, respectively ~80% profitability from mass segment Macau 3Q 2016 Market Trends: Visitation +11% QoQ 3 Total GGR +7% QoQ 4 VIP Table Games GGR +5% QoQ 5 Mass Table Games GGR +8% QoQ 5 1 MGM China Operating Income of $84 million increased 34% year-over-year 2 Before licensing fee 3 Macau Statistics & Census Service 4 Macau Gaming Inspection & Coordination Bureau 5 Wall Street estimates 9

Acquisition of 4.95% Stake in MGM China On September 1, 2016, MGM Resorts closed its acquisition of an additional 4.95% of the outstanding common shares of MGM China Acquisition price was below the IPO price and current trading levels As a result, MGM Resorts now owns approximately 56% of MGM China's outstanding common shares This transaction: Increases MGM Resorts exposure to what continues to be the largest gaming market in the world Represents a long-term strategic action whereby MGM Resorts reinforced its belief in the future success of Macau Was structured in a financially prudent manner which resulted in minimal impact to MGM Resorts leverage profile MGM Resorts continues to execute on its strategic plan with long-term value accretion in mind 10

Macau Market: Still #1 In The World Gross Gaming Revenue (In USD billions) $38.1 $45.2 $44.0 $28.9 $21.2 $21.5 $21.7 1.9 2.2 2.5 3.1 2.9 2.6 4.1 3.8 4.2 5.9 6.1 6.0 4.7 6.2 6.5 6.4 6.3 2012 2013 2014 2015 Macau Las Vegas Strip Singapore Australia Atlantic City Philippines $20.1 2.9 2.4 3.8 Source: LVCVA, DICJ Macau and Wall Street Analyst Research Notes: (1) Atlantic City excludes internet gaming (2) Philippines data includes all land-based casino (3) Australia data includes listed integrated resorts only 11

3Q 2016 Financial Highlights MGM Growth Properties MGM Growth Properties (76% owned by MGM Resorts) ($ in millions) 3Q 2016 IPO Date to September 30, 2016 Rental Revenue $155 $256 Funds From Operations $98 $166 Adjusted Funds From Operations $111 $180 Adjusted EBITDA $151 $248 On September 15, 2016, MGP s Board of Directors declared a quarterly dividend of $0.3875 per Class A common share ($1.55 on an annualized basis) totaling $22 million, which was paid on October 14, 2016. Concurrently paid $72 million distribution to MGM Resorts Increased by $0.12 per share on an annualized basis On August 1, 2016, MGP completed the acquisition of the real estate assets of the Borgata 12

Capital Structure Enhancement: Consolidated Net Leverage PF Net Leverage at < 5x Despite CIP Balance of ~$4 billion Actual 9/30/2016 Borgata Annualization Adjustment Pro Forma 9/30/2016 Total Cash 1 $1,446 $-- $1,446 LTM Adjusted EBITDA related to: Domestic Resorts $2,001 $186 2 $2,187 Management and other operations 17 -- 17 MGM China 514 -- 514 Corporate expense (excluding stock-based compensation) (305) -- (305) $2,228 $186 $2,414 Dividends and distributions received by MGM Resorts 3 60 -- 60 Total Principal Amount of Debt related to: $2,288 $186 $2,474 MGM Resorts Consolidated 4 $12,951 $-- $12,951 $12,951 $-- $12,951 Net Leverage Ratio 5.0x 4.7x 1 9/30/16 Actual includes $430 million and $340 million at MGM China and MGM Grow th Properties, respectively 2 Based on 9/30/16 LTM actuals less $36M of Borgata Adjusted Property EBITDA reported in the quarter ended September 30, 2016. 3 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter and Grand Victoria. 4 9/30/16 Actual includes $1.8 billion, $3.7 billion, and $425 million at MGM China, MGM Grow th Properties Operating Partnership, and MGM National Harbor, respectively Note: Debt amount is net of Premiums, discounts, and unamortized debt issuance costs 13

3Q 2016 Capital Expenditures Domestic Operations: $85 million Includes Park theater, Excalibur garage and general maintenance and growth U.S. Development Projects: $248 million MGM National Harbor: $213 million MGM Springfield: $35 million MGM China: $252 million MGM Cotai: $240 million MGM Macau: $12 million Excludes capitalized interest, pre-opening expense and development fees 14

Fourth Quarter At A Glance 4Q 2016 Corporate expense (excluding stock comp): $65-70 million, including ~$2 million related to Profit Growth Plan Preopening expense: ~$75 million, including ~$45 million at MGM National Harbor Recall: First full quarter of consolidating Borgata MGM China ownership: 56% MGM Growth Properties ownership: 76% Opening MGM National Harbor on December 8 th 15

We Remain Focused on Delivering on our Strategic Goals Industry leader in innovation and operational excellence, with a strong commitment to corporate & social responsibility Strong and collaborative corporate culture of continuous improvement led by a highly motivated management team Majority economic ownership in MGM Growth Properties, a premier triple net lease REIT that is positioned to grow internally and through acquisitions Focused on free cash flow generation and continued balance sheet improvement with the near term goal of becoming an investment grade company Targeted, accretive growth opportunities Continue to invest in existing properties Disciplined approach to new market opportunities in the U.S. and internationally 16

APPENDIX MGM Resorts Capital Initiative Projects Las Vegas Market Position Supplemental Data 17

Development MGM National Harbor Rendering Opening December 8, 2016 18

Development MGM National Harbor Construction as of October 2016 19

Development MGM National Harbor Construction as of October 2016 20

Development The Park Theater Rendering Opening December 17, 2016 21

Development The Park Theater Construction as of October 2016 (Las Vegas Strip View) 22

Development The Park Theater Construction as of October 2016 (The Park View) 23

Development MGM Cotai Rendering Expected To Open 2Q 2017 24

Development MGM Cotai Construction as of October 2016 25

Development MGM Cotai Construction as of October 2016 26

Development MGM Springfield Rendering Expected To Open Late 2018 27

Development MGM Springfield Construction as of October 2016 (Panoramic View) 28

APPENDIX MGM Resorts Capital Initiative Projects Las Vegas Market Position Supplemental Data 29

Las Vegas Positioned To Outperform In The Next Several Years As The Leading Entertainment And Hospitality Company In Las Vegas, MGM Resorts Is The Primary Contributor And Beneficiary Strong visitation trends Limited supply growth expected in the near-term Expansion of meetings and convention business Continued diversification defining Las Vegas as a leading U.S. entertainment destination which drives incremental domestic and international demand Las Vegas is positioned to continue to regain RevPAR share 30

Las Vegas Visitation Ahead of Peak Levels 2007 to 2015 Year-to-date September Las Vegas Visitation ('000) Las Vegas Visitation is 8% ahead of 2007's peak 39,197 36,351 42,312 21,400 21,300 21,200 21,100 21,000 20,900 2007 2008 2009 2010 2011 2012 2013 2014 2015 20,800 Sep-15 YTD Sep-16 YTD Las Vegas visitation trends continue to improve 2015 is significantly ahead of 2007 s peak This positive trend continues into 2016 Source: LVCVA 31

With Limited Room Supply Growth Over Next Several Years Las Vegas vs. U.S. Room Supply (Indexed) 125 120 Las Vegas Supply U.S. Supply 115 110 105 100 2007-2015 CAGR Las Vegas 1.5% U.S 1.3% 2015-2018F CAGR Las Vegas 0.4% U.S 2.2% 95 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F Over the next several years Las Vegas is expected to have limited room supply growth while U.S. lodging supply is expected to continue to expand This will be an additional contributing factor that will allow Las Vegas to grow its RevPAR share premium to the U.S. over the next several years Source: U.S. historical data Smith Travel Research, U.S. Forecast PKF; Las Vegas data LVCVA (Resort World 50% 2018 based on current probability of completion) 32

Opportunity For Growth When Adjusted For Room Supply Las Vegas Year-End Inventory Per Average Daily Visitor At only 2.0% annual vistor growth estimate 1.26 1.24 1.24 1.37 1.50 1.46 1.41 1.39 1.39 1.34 1.29 1.26 1.24 1.23 1.23 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E Even with a conservative estimate of only 2.0% annual growth in visitation, Las Vegas is expected to get back to 2007 levels in 2017 Source: Las Vegas data LVCVA; Future supply assumes Resort World and Alon estimated to open in 2018 and 2019 33

Large Scale Meetings and Conventions: MGM Resorts Outperforms In An Improving Market 120 110 100 MGM 12% ahead of 2007 U.S. 3% ahead of 2007 Las Vegas vs. U.S. (Indexed) Las Vegas (5)% behind 2007 90 80 70 60 MGM Implements new group sales strategy 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MGM Las Vegas Group Room Nights Las Vegas Convention Attendees U.S. Group Room Nights MGM Resorts outperforms after the implementation of several key initiatives that successfully shifted group mix to over 18% in 2015, an all time record high. o Optimization of group placement across a portfolio-wide meeting space platform o Global Sales Team to better leverage key accounts on an enterprise-wide basis o Citywide group sales department one-stop shop for all MGM properties Source: Las Vegas Attendees - LVCVA, U.S. group room nights - Smith Travel Research, Luxury & Upper Upscale Hotels, MGM - Domestic Las Vegas Strip Properties (excluding Aria) 34

Meeting Space Across The U.S. Continues to Decline Compared to those built in 2000-2009, hotels in the last two years have 24% less meeting space per room. 23.4 U.S. Industry Meeting Space by Year Built Meeting Space / Room (sq. ft.) 19.8 17.8 Source: STR, inc. 2000-2009 2010-2013 2014-2015 35

Las Vegas Positioned To Continue Regaining RevPAR Share $140 $120 2007 Las Vegas premium $54 2015 Las Vegas premium $27 $100 $80 $60 $40 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total U.S. RevPAR Las Vegas RevPAR Las Vegas had a $54 RevPAR premium to the broader U.S., which shrank to $20 in 2009 Since then, Las Vegas has gained back a portion of its share and it is well positioned to continue on this path of outperformance Compared to prior peak RevPAR 1 : U.S. Lodging is 23% above Las Vegas is 7% below MGM Resorts Las Vegas Strip 2 RevPAR is 5% below Source: U.S. data Smith Travel Research, Las Vegas data LVCVA 1 LTM 9/30/16 vs 2007 levels 2 Excludes CityCenter 36

APPENDIX MGM Resorts Capital Initiative Projects Las Vegas Market Position Supplemental Data 37

Supplemental Data: Non-GAAP Financial Measures MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Twelve Months Nine Months Ended Ended Ended (1) September 30, September 30, December 31, September 30, 2016 2015 2015 2016 Bellagio $ 360,979 $ 288,797 $ 395,385 $ 467,567 MGM Grand Las Vegas 261,143 200,038 280,266 341,371 Mandalay Bay 200,621 164,745 203,474 239,350 The Mirage 112,244 95,801 112,475 128,918 Luxor 81,130 62,322 87,169 105,977 New York-New York 91,655 77,040 106,457 121,072 Excalibur 75,907 59,598 82,247 98,556 Monte Carlo 61,884 63,738 85,962 84,108 Circus Circus Las Vegas 46,235 31,568 43,245 57,912 MGM Grand Detroit 127,856 109,723 154,979 173,112 Beau Rivage 76,127 66,784 88,843 98,186 Gold Strike Tunica 38,312 34,144 46,023 50,191 Borgata (2) 36,099 - - 36,099 Other resort operations (3) - 4,933 3,441 (1,492) Domestic resorts 1,570,192 1,259,231 1,689,966 2,000,927 MGM China 383,187 408,898 539,881 514,170 Unconsolidated resorts (4) 495,588 217,631 257,883 535,840 Management and other operations 9,788 29,803 37,419 17,404 2,458,755 1,915,563 2,525,149 3,068,341 Corporate (220,366) (169,627) (254,104) (304,843) Stock compensation (31,432) (22,280) (32,125) (41,277) $ 2,206,957 $ 1,723,656 $ 2,238,920 $ 2,722,221 (1) The last twelve months financial data for the period ending September 30, 2016 has been calculated by subtracting the data for the nine months ended September 30, 2015 from the data for the year ended December 31, 2015 and adding the data for the nine months ended September 30, 2016. (2) Represents Adjusted Property EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through September 30, (3) Sold in 2015 (4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 38