MGM China net revenues increased 37% to $1.02B for the three months ended June 30, 2024 compared to $741M in the prior year quarter due primarily to the continued ramp up of operations after the COVID-19 related restrictions were removed in the first quarter of 2023 in Macau.

In July 2024, the Company contributed 22.2 billion yen (approximately $138 million) to Osaka IR KK. The Company has commitments to fund Osaka IR KK for its proportionate share of the unfinanced portion of Osaka IR KK's development project, which is approximately 306 billion yen (approximately $1.9 billion as of June 30, 2024).

We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence and pursuing a commercial gaming facility in New York, which may require cash commitments in the future.

In February 2024, the Company amended its senior secured credit facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. At June 30, 2024, no amounts were drawn.

In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024.

Our effective income tax rate was (4.3%) and 5.2% for the three and six months ended June 30, 2024, respectively, compared to 13.8% and 22.1% for the three and six months ended June 30, 2023, respectively. The effective rate for the three and six months ended June 30, 2024 was favorably impacted by an increase in Macau gaming profits which are exempt from complementary tax.

In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S. federal and state courts. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers' personal information.

Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations and financial results and impact our ability to satisfy our obligations.

Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments, including our rent payments, and to make planned expenditures.

Significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete.

The fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations could adversely affect our business.

The risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws.

Las Vegas Strip Resorts Adjusted Property EBITDAR margin was 35.5% for the three months ended June 30, 2024, compared to 36.2% in the prior year quarter due primarily to an increase in payroll related expenses and professional services, partially offset by the increase in ADR discussed above.

Regional Operations Adjusted Property EBITDAR margin was 31.1% for the three months ended June 30, 2024 compared to 31.7% in the prior year quarter due primarily to an increase in payroll related expenses.

The fact that we are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth, service our indebtedness and limit our ability to react to competitive and economic changes.

Capital expenditures at our Las Vegas Strip Resorts, Regional Operations, and corporate and other entities of $370 million primarily related to information technology and room remodels.

We continue to explore potential development or investment opportunities, such as expanding our global online gaming presence and pursuing a commercial gaming facility in New York, which may require cash commitments in the future.

Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the potential opportunity for gaming expansion in Dubai, and investments we make in online sports betting and iGaming, the expansion of LeoVegas and the MGM digital brand

During the three months ended June 30, 2024, the Company repurchased approximately 10 million shares of its common stock for an aggregate amount of $413 million.

We have planned capital expenditures expected over the remainder of 2024 of approximately $475 million to $525 million domestically, which is inclusive of the capital expenditures required under the triple-net lease agreements, each of which requires us to spend a specified percentage of net revenues at the respective domestic properties

Additionally, we have cash commitments to fund Osaka IR KK relating to the development of an integrated resort in Osaka, Japan for our proportionate share of the unfinanced portion of Osaka IR KK's development project. We currently expect our share to be 306 billion yen (approximately $1.9 billion as of June 30, 2024)

Reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts.

We may not achieve our social impact and sustainability related goals or that our social impact and sustainability initiatives may not result in their intended or anticipated benefits.

Our ability to achieve our public social impact and sustainability goals

Extreme weather conditions or climate change may cause property damage or interrupt business

Water scarcity could negatively impact our operations

The fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations could adversely affect our business.