BETMGM FY 2025 BUSINESS UPDATE

Successful strategic execution delivered stronger than expected 2025 performance and EBITDA inflection

JERSEY CITY, N.J., Feb. 4, 2026 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on its Fiscal Year 2025 ("FY 2025") performance.

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:

"2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. Q4 2025 saw record performances, completing a year where both iGaming and Online Sports achieved step change results, reflecting robust engagement, improved player economics, sharper player management, and continued platform and product enhancements. BetMGM's meaningfully improved profitability and material EBITDA generation now sees us returning cash to our parent companies and marks a clear inflection in our growth trajectory. Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth. As the industry continues to evolve, we will continue to focus on winning the BetMGM way."

FY 2025 Key Financial Highlights

FY 2025 BetMGM Financial Summary 1,2,3

$ millions, unless otherwise noted

YoY

Change

YoY

Change

YoY

Change

2025

2024

2025

2024

2025

2024

Net Revenue

iGaming

$1,827

$1,479

+24 %

$481

$408

+18 %

$936

$784

+19 %

Online Sports

$903

$554

+63 %

$279

$144

+93 %

$481

$292

+65 %

Handle 4

$15,180

$13,075

+16 %

$4,506

$4,361

+3 %

$7,666

$7,161

+7 %

GGR Hold %

9.5 %

8.6 %

+90bps

10.2 %

7.4 %

+280bps

10.1 %

8.3 %

+180bps

NGR Hold %

5.9 %

4.2 %

+170bps

6.2 %

3.3 %

+290bps

6.3 %

4.1 %

+220bps

Retail / Other

$66

$70

(5 %)

$20

+161 %

$30

$27

+10 %

Total Net Revenue

$2,796

$2,102

+33 %

$780

$560

+39 %

$1,447

$1,104

+31 %

Contribution

$607

$118

+$489

$167

($29)

+$196

$300

$52

+$248

Net Income

$175

($291)

+$465

$60

($124)

+$183

$86

($149)

+$236

EBITDA

$220

($244)

+$464

$71

($106)

+$176

$112

($122)

+$234

Capital Expenditures

$46

$24

+$22

$17

$10

+$7

$20

$11

+$9

Cash Distributions

$270

+$270

$270

+$270

$270

+$270

Average Monthly Actives (thousands) 5

979

946

+4 %

1,048

1,078

(3 %)

975

966

+1 %

2025 Financial Highlights 1

Operational Highlights

Cash to Parents

Outlook

FY 2025 Results Webcast and Q&A

Contacts:

MGM Resorts International

Investment Community

Sarah Rogers – Senior Vice President, Corporate Finance [email protected]

Howard Wang – Vice President, Investor Relations hwang@mgmresorts.com

News Media

Brian Ahern – Executive Director, Communications [email protected]

Entain plc

Investor Relations [email protected]

Media [email protected]

BetMGM

Nitish Basandra – Director, Corporate Development & IR [email protected]

Jennifer Arapoff – Director, Public Relations [email protected]

Notes:

1: Net Revenue, Contribution, EBITDA, and Adjusted EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. EBITDA reflects the impact of employee long-term incentive compensation programs. Refer to "Non-GAAP Financial Information" section below for additional detail.

2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.

3: Totals may not sum due to rounding.

4: Handle reflects the total Online Sports handle (cash + bonus bets) taken in the period.

5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.

6: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 25 markets.

7: Gross Gaming Revenue (GGR) market share consists of last three months ending December, November, or October 2025 as latest reported for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending December 2025 for U.S. iGaming markets where BetMGM was active, and last three months ending December 2025 for the Ontario market. Internal estimates used where operator-specific results are unavailable.

8: Active Player Days are equal to the sum of the total player days over the period divided by the sum of total monthly actives over the same period.

9: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.

10: Includes both Online Sports and Retail handle for Nevada.

11: Represents the increase in Nevada digital First-Time Depositors that have gone on to be active in another BetMGM state after visiting Nevada following the launch of Single Account Single Wallet in August 2024.

12: Parent Fees is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of MGM and Entain. Parent Fees are governed by agreements entered into at the time of formation of the venture, and became effective upon BetMGM achieving long-term profitability. Reference to parents throughout includes our MGM and Entain parent entities and their MGM and Entain affiliates.

13: Minimum unrestricted cash balance of $100 - 125 million may be adjusted as the business continues to scale and drives increased working capital needs.

Supplementary financial disclosures

BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected distributions to Entain and MGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM 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 BetMGM 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 Information

In this press release we provide certain financial measures, including Net Revenue, Contribution, EBITDA, and Adjusted EBITDA, from operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization and Adjusted EBITDA is further adjusted to add back the Parent Fees. We define Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend.

About BetMGM

BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc. com

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28

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,

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

SOURCE MGM Resorts International