Our Vision For A Japan

Integrated Resort

Bill Hornbuckle
President
Mizuho Investment Conference
September 2014
1. Who is MGM?
2. What is an Integrated Resort (IR)?
3. What are the benefits an IR can
bring to Japan?
4. What is MGMs vision for a Japan
Integrated Resort (JR)
Fortune 500 company with iconic brands known
worldwide
18 destination resorts in 5 jurisdictions
worldwide
$10 billion in global revenue
62,000 employees worldwide
Diverse revenue mix across multiple business
lines
Growing presence in Macau the worlds
largest gaming market
Who is MGM?
Luxury Properties
MGM Grand Aria Bellagio The Mansion
Mandalay Bay MGM Macau The Mirage
Mass and Regional Properties
Monte Carlo
Excalibur Luxor NY - NY
MGM Detroit Beau Rivage Gold Strike Circus Circus
MGM Properties Snapshot
Resorts 18
Hotel Rooms 42,000
Total Area (Hectares, Las Vegas Strip) 300
Food & Beverage Outlets 350
Employees 62,000
MICE Space (m
2
) 300,000
Net Revenues
$6,314 $6,353
$6,493
$6,684
$1,535
$2,808
$3,317
$3,504
$7,849
$9,161
$9,810
$10,188
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2011 2012 2013 2Q 14 LTM
MGM Resorts International MGM China
(USD Millions)
EBITDA
$1,274 $1,289
$1,512
$1,601
$475
$679
$814
$880
$1,749
$1,968
$2,326
$2,481
$-
$500
$1,000
$1,500
$2,000
$2,500
2011 2012 2013 2Q 14 LTM
MGM Resorts International MGM China
(USD Millions)
Growing Presence In Macau
Growing Presence In Macau
Large-scale mixed-use destination resort
Spectacular entertainment and WOW attractions
Significant MICE component
Ability to attract the widest distribution of customers
and drive international tourism
Gaming space limited
Non-gaming activities account for 70% of revenues in
some markets
Dramatic architecture
Minimum 500 billion investment
Permanently employs approximately 10,000 people
What Is An Integrated Resort?
Entertainment
MICE
Food & Beverage
Hotel
Amenities & Attractions
CITYCENTER
A New Paradigm In Resort Design
Largest private investment in U.S. history
One of the largest private job creators
Largest privately funded ECO project in North America:
Received six LEED Gold Certifications from the U.S. Green
Building Council
Features the work of several great architects: KPF, Cesar
Pelli, Rafael Vinoly, Helmut Jahn, Daniel Libeskind

CITYCENTER
A New Paradigm In Resort Design

Hotel rooms 5,826 Condo units 901
Restaurants 33
Total Gross Floor
Area (m
2
)
1.8
million
Retail Outlets 58
Gaming Floor Area
(m
2
)
14,000
Conference
Space (m
2
)
30,000 Employees 10,000
CITYCENTER
A New Paradigm In Resort Design
BELLAGIO
A Resort Incorporating WOW Attractions
Increase inbound and domestic tourism
Deliver on key macro and micro government
policy objectives
Generate significant tax revenues
Develop strong regulatory oversight and
controls
What Are The Benefits IRs Can
Bring To Japan?
Las Vegas Strip Revenue Mix
Gaming
59%
Non-Gaming
41%
1979
Gaming
37%
Non-Gaming
63%
2013
Source: LVCVA
MGM Las Vegas Strip
Revenue Mix
Casino
31%
Hotel
27%
Food &
Beverage
22%
Entertainment
10%
Retail &
Other
10%
Non-Gaming 69%
Gaming 31%
2013
Increase Inbound Tourism
International
20%
Domestic
80%
Las Vegas Visitation Statistics, 2013
Source: LVCVA
20
25
30 5
10
0
10
20
30
40
50
2020 2025 2030
Estimated incremental international visitation growth (millions)
Japan international visitation goals (millions)
Increase Inbound Tourism
Export Japanese culture - Cool Japan
Infrastructure investment
Expand non-manufacturing sectors of the
economy
Spur development in areas surrounding the IR
Develop / enhanced MICE business
Attract world-class entertainers
Womenomics
Deliver On Key Macro And Micro
Government Policy Objectives
Incremental tax revenue from an IR can benefit
many areas including:
Regional economic revitalization
Infrastructure improvements
Public safety
Education
Problem gambling
Generate Significant Tax
Revenues
Establish regulatory framework that reflects
best practices
Ensure economic benefits generated are
directed in a purposeful and socially acceptable
manner
Include responsible gaming legislation based
on reliable scientific research
Develop Strong Regulatory Oversight
And Controls
Landmark destination attraction
Uniquely Japanese, not a copy of an IR from
Las Vegas or Singapore
Consortium of leading Japanese companies
Integrated with surrounding regions, tourist
attractions, businesses, and citizens
Focus on sustainability, ECO, setsuden
What Is MGMs Vision For A
Japan Integrated Resort?
MGM Osaka
MGM Osaka
MGM Osaka
Safe Harbor Provision
Cautionary Statement Concerning 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 Companys Public Filings With The
Securities And Exchange Commission. The Company Has Based Forward-looking
Statements On Managements Current Expectations And Assumptions And Not On Historical
Facts. Examples Of These Statements Include, But Are Not Limited To, Statements
Regarding Our Development Projects. 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 Companys 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.
Non-GAAP Financial Measures: The Financial Information Included In This Presentation
Includes Non-GAAP Financial Measures. The Companys Management Uses Non-GAAP
Financial Measures To Evaluate The Companys Performance And Provides Them To
Investors As A Supplement To The Companys Reported Results, As They Believe This
Information Provides Additional Insight Into The Companys Operating Performance By
Disregarding Certain Non-recurring Items. Reconciliations Can Be Found In The Financial
Schedules Accompanying The Companys Earnings Releases.