TABLE OF CONTENTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the
the
Securities ExchangeExch
ang
e Act of 1934 (Amendment No.)
Filed by the Registrant   
Filed by a Partyparty other than the Registrant   
Check the appropriate box:
 ☐
Preliminary Proxy Statement
 ☐
Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
Definitive Proxy Statement
 ☐
Definitive Additional Materials
 ☐
Soliciting Material under §240.14a-12Under Rule
240.14a-12
MGM Resorts International
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
No fee required.
Fee paid previously with preliminary materials.
Fee computed on table belowin exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and
0-11.
 
(1)
Title of each class of securities to which transaction applies:
(2)
Aggregate number of securities to which transaction applies:
(3)
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
(4)
Proposed maximum aggregate value of transaction:
(5)
Total fee paid:
 ☐
Fee paid previously with preliminary materials.
 ☐
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
(1)
Amount Previously Paid:
(2)
Form, Schedule or Registration Statement No.:
(3)
Filing Party:
(4)
Date Filed:


TABLE OF CONTENTS


LOGO


LETTER FROM OUR CEO AND PRESIDENT

Dear Fellow MGM Resorts International Stockholders:

Last

Your company enjoyed a remarkable year was the most difficult ever faced by our industry and company. The global pandemic ledin 2022, thanks to disruption and uncertainty at a scale that would have been unimaginable before 2020. Therecord-breaking annual Adjusted Property EBITDAR results in Las Vegas Strip went darkand our Regional markets, with a majority of our properties delivering individual record results.

Importantly, the year also showed the inherent benefits that the diversity of our portfolio brings, as the strength of our domestic results helped to offset headwinds in Macau. Now, as we enter 2023, we are encouraged by the preliminary results from Macau and are optimistic for MGM China to ramp up further and become a meaningful profit driver once again.

We are particularly excited by the positioning of our brand in Las Vegas as the city has transitioned into a leading global entertainment and sports destination. We benefit directly from our proximity to Allegiant Stadium, which brought in 1.5 million guests in 2022, as well as from T-Mobile Arena which is nestled in the epicenter of our resorts. Looking forward, Las Vegas’s first Formula 1 in the fall of 2023 and the 2024 Super Bowl further solidifies the strength of the city’s brand and the commutual relationship MGM Resorts shares with it.

Our outstanding employees continue to deliver a premier level of service to our guests driving loyalty and satisfaction. In fact, our customer satisfaction scores are at all-time highs for the first time in its history as properties throughout the United States closed for months in responseCompany. This is a testament to the COVID-19 pandemic. Macau experienced its lowest visitation in decades as a result of travel restrictionsrelentless focus that they bring to their role every day and quarantine measures. Like others, MGM Resorts International (“MGM Resorts”) facedI couldn’t be prouder.

We completed a number of painful but necessary decisions, including widespread furloughstransactions in 2022 that contributed to our goal of simplifying our corporate structure, enhancing and workforce reductions.

It wasdiversifying our product offerings, and strengthening our balance sheet.

In April, we completed our transaction with VICI to redeem the majority of our operating partnership units in MGP for $4.4 billion in cash. We also made strategic changes to our Las Vegas portfolio with the closing of the acquisition of the operations of The Cosmopolitan of Las Vegas in May and disposition of the operations of The Mirage in December. In the regions, we announced the disposition of Gold Strike Tunica which officially closed in February of 2023.

On the digital front, BetMGM finished 2022 with over $1.4 billion in revenue and maintained its No. 1 position in iGaming and leading position in sports betting and iGaming. Beyond North America, we took a yearstep towards our international digital expansion with the acquisition of innovation and change. When we re-opened our properties, operations were dramatically overhauled as we implemented comprehensive health and safety protocols including enhanced digital capabilities designed to safely welcome guests and employees back, while managing the business to minimize our cash outflows.

Through the crisis, we maintained and strengthened our liquidity position, which was already bolsteredLeoVegas out of Sweden in August. We are excited by the pre-pandemic real estate monetizationsstrength of Bellagiotheir management team, growth plan, and MGM Grand Las Vegasmobile based technology platform.

Finally, we returned capital to shareholders last year in the form of share repurchases. In 2022, we repurchased 76 million shares and salesince the beginning of Circus Circus in late 2019 and early 2020. We also took proactive steps2021 we have repurchased 119 million shares for $4.5 billion.

In 2022, we continued to further enhance our financial flexibility by accessing the debt capital markets and transacting with MGM Growth Properties to reduce our ownership stake for $1.4 billion of cash. At year end December 31, 2020, our consolidated liquidity position was $8.8 billion1, with $5.6 billion2 at the domestic operations level.

Despite the challenging year,advance our commitment to Environmental, Social and Governance (“ESG”) matters continued unabated. In early 2020, we concludedincreased transparency by releasing our first formal ESG materiality assessmentdisclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). These disclosures, in addition to our reporting aligned with SASB and leveraged key findingsGRI standards, help inform stakeholders about the potential risks we face related to refineclimate change. Our efforts to improve our disclosures were recognized by CDP (formerly the Carbon Disclosure Project) with “A” ratings in both its Climate Change and augmentWater Security surveys, a distinction MGM Resorts shares with only 56 other companies across the globe. In addition to enhancing our future state social impactreporting, we joined the Better Climate Challenge under the U.S. Department of Energy, and sustainability strategy. Our refreshed framework for 2021 – 2025 is described within these proxy materials.
In 2020, we sustainedreaffirmed our public commitment to be “Focused on What Matters”fight climate change with a target to reduce portfolio-wide Scope 1 & 2 GHG emissions by providing substantial, pandemic-related support and relief to local communities, which included donating large quantitiesat least 50% within 10 years. Finally, we are proud of food to alleviate food insecurity, significantly expanding the inclusion of MGM Resorts Foundation Employee Emergency Grant Fund providing financial assistancein the latest Bloomberg Gender-Equality index.

These results demonstrate our commitment to impacted employees and their families and deploying logistical support and personal protective equipment for state and local COVID-19 relief efforts.

MGM Resorts colleagues around the world have worked incredibly hard through these trying times. I, along with the rest of the Board of Directors and senior management team, am eternally grateful for the resilience and commitment that our employees have shown. We not only endured unprecedented change, we have adapted to it. We have further refined our operating model to realize sustained efficiencies, so that when demand returns to pre-pandemic levels, we will emerge a stronger company.
At MGM Resorts,achieving our long-term vision at MGM Resorts, which is clear and differentiated. Our goal is simple: Toto be the world’s premier omni-channel gaming hospitality and entertainment company inthrough the world. We will achieve this vision byexecution of our five strategic priorities: investing in our people and planet; providing inspiring, multi-faceted entertainmentunique experiences for our guests by leveraging data-driven customer insights and digital capabilities; innovating our gaming product; delivering operational excellence at every levellevel; and allocating our capital responsibly to driveyield the highest return for stockholders.

We accomplished a great deal in 2022 and our stockholders.

We believeoutlook is positive. Our strategic actions, together with the strength of our industry’s largestdomestic properties, improving backdrop in Macau, and most exciting growth opportunitystory in digital, position us well for the U.S. today is the sports betting and iGaming market. BetMGM, our venture with Entain plc, has already established itself as a leader. BetMGM began 2020 in just three states and ended the year in 10, while driving market share gains throughout the year in both sports betting and iGaming. The momentum has continued into this year, as BetMGM expects to be operational in 20 states by year-end 2021. We believe the market potential is significant, and both partners remain committed to ensuring BetMGM’s continued success.
I look to the future with optimism as we continue to invest in the long-term positioning of MGM Resorts, and I thank you, our stockholders, for your continued support.
Regards,
future.

Sincerely,

Bill Hornbuckle

Chief Executive Officer and President


1
Comprised of cash and equivalents of $5.1 billion as of December 31, 2020 and $3.7 billion collectively available under MGM Resorts, MGM China, MGP’s revolving credit facilities.
2
Comprised of cash and equivalents of $4.1 billion as of December 31, 2020 and $1.5 billion available under MGM Resorts’ revolving credit facility.

TABLE OF CONTENTS

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

LOGO


VIRTUAL ANNUAL MEETING

This year’s Annual Meeting will be online and a completely virtual meeting of stockholders.held exclusively online. You may attend and vote during the Annual Meeting via live audio webcast on the Internet at www.virtualshareholdermeeting.com/MGM2021MGM2023. YouWhile you will not be able to attend the Annual Meeting in person. Thereperson, we ensure that stockholders will be no physical location for stockholdersafforded the same rights and opportunities to attend.

participate at the virtual meeting as they would at an in-person meeting.

As described in proxy materials for the Annual Meeting, you are entitled to virtually attend the Annual Meeting, vote and submit questions online by visiting www.virtualshareholdermeeting.com/MGM2021MGM2023. You may also submit questions in advance of the meeting until 11:8:59 p.m., Pacific Time on May 4, 20211, 2023 by going to www.proxyvote.com and logging in with your control number. We will endeavor to answer as many stockholder-submitted questions as time permits that comply with our Annual Meeting Rules of Conduct, which will be made available prior to the Annual Meeting rules of conduct.once stockholders are logged in. We reserve the right to exclude questions regarding topics that are not pertinent to meeting matters or Company business. If we receive substantially similar questions, we may group such questions together and provide a single response to avoid repetition. You will need your control number included on your Notice of Internet Availability of Proxy Materials or proxy card (if you receive a printed copy of the proxy materials) in order to be able to submit questions and vote during the Annual Meeting. We encourage you to access the Annual Meeting webcast prior to the start time. Online check-in will begin at 1:9:45 p.m.a.m., Pacific Time, and you should allow ample time for the check-in procedures.

We will have technicians ready to assist you with any technical difficulties you may have accessing the virtual meeting or submitting questions. If you encounter any difficulties accessing the virtual meeting during the check-in or meeting time, please call the technical support number that will be posted on the Annual Meeting log in page.

ANNUAL MEETING PROPOSALS

1 ELECTION
2 RATIFICATION
3 APPROVAL
4 APPROVAL AND ADOPTION
OTHER BUSINESS
1 ELECTION

2 RATIFICATION

3 APPROVAL

4 APPROVAL

OTHER BUSINESS

to elect a Board
of Directors

to ratify the selection of the independent registered public accounting firm for the year ending December 31, 2021

2023

to approve, on an advisory basis, the compensation of our named executive officers

to approve, and adopton an advisory basis, the amendment to our Charter authorizing a class of Preferred Stock

frequency with which the Company conducts advisory votes on executive compensation

to consider the transaction of any other business

as may properly come before the meeting or any adjournments or postponements thereof

PROXY VOTING

Stockholders of record at the close of business on March 12, 20219, 2023 are entitled to notice of, and to vote at, the Annual Meeting. A complete list of such stockholders will be available for examination by any stockholder during ordinary business hours at our executive offices, located at 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, for a period of 10 days prior to the date of the Annual Meeting. Stockholders are requested to join the Annual Meeting on time and, with respect to stockholders whose shares are held in “street name” by a broker, you may gain access to the meeting by following the instructions in the voting instruction card provided by your broker, bank or other nominee.

Your vote is important. Please be sure to vote your shares in favor of the Board of Directors’ recommendations in time for our May 5, 20212, 2023 meeting date.


Your attention is directed to the Proxy Statement accompanying this Notice for a more complete statement of the matters to be considered at the meeting.

Your Board of Directors unanimously recommends that you vote “FOR” each nominee for director listed in Proposal 1, and “FOR” Proposals 2 and 3, and for “ONE YEAR” with respect to Proposal 4.

Paul Salem

Chairman

Chair of the Board

March 26, 2021

23, 2023

PLEASE DATE, SIGN AND MAIL THE ENCLOSED PROXY CARD OR SUBMIT YOUR PROXY USING THE

INTERNET OR TELEPHONE. Use of the enclosed envelope requires no postage for mailing in the United States.



TABLE OF CONTENTS

TABLE OF CONTENTS
20212023 ANNUAL MEETING OF STOCKHOLDERS

Your Vote is Important

How to Vote - Stockholder of Record

Voting Rights and Outstanding Shares

Quorum and Votes Required

3

How to Revoke or Change Your Vote

How the Votes Will be Counted and Who Will Certify the Results

Costs of and Participants in Solicitation

3

Copies of Proxy Materials

Delivery to a Single Household to Reduce Duplicate Mailings

Stockholder Outreach

4
CORPORATE GOVERNANCE

Corporate Governance Practices at a Glance

Corporate Governance Guidelines

Code of Conduct

6

Director Independence

Director Stock Ownership Guidelines

Proxy Access

7

Human Capital and Compensation Committee Interlocks and Insider Participation

Director Selection Process

Board Leadership Structure

Director Emeritus Designation

Director Continuing Education

13

Risk Management

13

Board Diversity

14

14

Delinquent Section 16(a)16(A) Reports

15

Risk Oversight

15

Cybersecurity Risk Management and Oversight

15

Social Impact and Environmental Sustainability

16
DIRECTOR COMPENSATION22

20202022 Director Compensation

22

Independent Director Compensation Structure

23

Non-ManagementIndependent Director Use of Company Facilities

23
24

Security Ownership in our Subsidiaries

25
TRANSACTIONS WITH RELATED PERSONS26
PROPOSALS REQUIRING YOUR VOTE27

Proposal No. 1 Election of Directors

27

Proposal No. 2 Ratification of Selection of Independent Registered Public Accounting Firm

39

Audit and Non-Audit Fees

39

Pre-Approval Policies and Procedures

39

Audit Committee Report

40

TABLE OF CONTENTS

Proposal No. 3 Advisory Vote to Approve Executive Compensation

41

Proposal No. 4 Approval and AdoptionAdvisory Vote on the Frequency of The Amendment to Our CharterAdvisory Vote on Executive Compensation

42
EXECUTIVE COMPENSATION43

43

Executive Summary

43

Compensation Practices at Aa Glance

46

Executive Compensation Process

46

Objectives of Our Compensation Program

49

Elements of Compensation

49

Other Compensation Matters

58
60

Summary Compensation Table

60

Grants of Plan-Based Awards

61

Outstanding Equity Awards at Fiscal Year-End

62

Option/SAR Exercises and Stock Vested

63

Nonqualified Deferred Compensation

64

Estimated Benefits uponUpon Termination

64

Employment Agreements

65
CEO PAY RATIO DISCLOSURE69
PAY VERSUS PERFORMANCE70
NOTICE CONCERNING STOCKHOLDER PROPOSALS AND NOMINATIONS74

TABLE OF CONTENTS


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this Proxy Statement that are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of the safe harbor under the Private Securities Litigation Reform Act of 1995 and other related laws thatlaws. Such statements involve risks and/or uncertainties, including risks and/or uncertaintiesas described in the Company’s public filings with the U.S. Securities and Exchange Commission.Commission (the “SEC”). MGM Resorts International (the “Company”) has based these 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 its ability to execute on its strategic plan, return value to stockholders and achieve its ESGenvironmental, social and governance (“ESG”) or corporate social responsibility (“CSR”) 2025 goals and execute on its long-term strategies.goals. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the continued impact of the COVID-19 pandemic on the Company’s business, effects of economic conditions and market conditions, including elevated levels of inflation, 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, risks relating to cybersecurity and additional risks and uncertainties described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on 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.

Historical, current, and forward-looking environmental and social-related statements may be based on standards for measuring progress that are still developing, and internal controls and processes that continue to evolve. Forward-looking and other statements in this document may also address our corporate responsibility and sustainability progress, plans, and goals, and the inclusion of such statements is not an indication that these contents are necessarily material for the purposes of complying with or reporting pursuant to the U.S. federal securities laws and regulations, even if we use the word “material” or “materiality” in this document.



TABLE OF CONTENTS2023 Annual Meeting of Stockholders

2021

2023 ANNUAL MEETING OF STOCKHOLDERS

The form of proxy accompanying this Proxy Statement and the persons named therein as proxies have been approved by, and this solicitation is made on behalf of, the Board of Directors of MGM Resorts International (the “Board”) in connection with the Annual Meeting of Stockholders of MGM Resorts International (the “Annual Meeting”) to be held at the following date, time and place, and at any postponements or adjournments thereof:

May 5, 2021

2:2, 2023

10:00 p.m.a.m. Pacific Time

Via live audio webcast

on the Internet at

www.virtualshareholdermeeting.com/MGM2021

MGM2023

MGM Resorts International, together with its subsidiaries, is referred to herein as the “Company,” “we” or “us,” unless the context indicates otherwise. Matters to be considered and acted upon at the Annual Meeting are set forth in the Notice of Annual Meeting accompanying this Proxy Statement and are more fully described herein. On or about March 26, 2021,23, 2023, we will mail and/or make available this Proxy Statement and the enclosed proxy to each stockholder entitled to vote at the Annual Meeting. Stockholders are requestedThe Annual Meeting will begin promptly at 10:00 a.m. Pacific Time. We encourage you to joinaccess the Annual Meeting on time, as thereprior to the start time. Online access will be no admittance once the Annual Meeting has begun.available beginning at 9:45 a.m. Pacific Time. Our Annual Report to Stockholders for the year ended December 31, 20202022 accompanies this Proxy Statement.

This year’s Annual Meeting will be online and a completely virtual meeting of stockholders.held exclusively online. You may attend, vote and submit questions during the Annual Meeting via live audio webcast on the Internet at www.virtualshareholdermeeting.com/MGM2021MGM2023. You may also submit questions in advance of the meeting until 11:8:59 p.m., Pacific Time, on May 4, 20211, 2023 by going to www.proxyvote.com and logging in with your control number. You will not be able to attend the Annual Meeting in person. Thereperson as there will be no physical location for stockholders to attend.meeting location. We expect that in future years we will continue to host a virtual meeting only, which we believe is consistent with our cost reduction efforts to further position your companyCompany for future growth. Furthermore, we believe a virtual meeting will enable increased stockholder attendance and participation since stockholders can participate from any location around the world. Finally, a virtual meeting is consistent with our goal to be an environmental leader and our core belief that a greener business is a better business.

YOUR VOTE IS IMPORTANT

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be Held on May 5, 2021. 2, 2023. The Proxy Statement, Proxy Card and Annual Report are available for review online at www.proxyvote.com.

HOW TO VOTE - STOCKHOLDER OF RECORD


LOGO

VOTING RIGHTS AND OUTSTANDING SHARES

Only record holders of our Common Stock, $0.01 par value per share (“Common Stock”), as of March 12, 20219, 2023 will be entitled to vote at the Annual Meeting. Our authorized capital stock currently consists of 1,000,000,000 shares of Common Stock. At the close of business on March 12, 2021,9, 2023, there were 495,004,321372,891,936 shares of Common Stock outstanding and entitled to vote. Each stockholder of record is entitled to one vote for each share held on that date on all matters that may properly come before the Annual Meeting.

MGM Resorts International    2023 Proxy Statement

1


2023 Annual Meeting of Stockholders

You may vote by attending the Annual Meeting virtually, by completing and returning a proxy by mail or by using the internet or telephone. For stockholders who have requested paper copies of our proxy materials, you may submit your proxy by mail by marking your vote on the enclosed proxy card (the “Proxy Card”), then

1

TABLE OF CONTENTS

following the mailing instructions on the Proxy Card. To submit your proxy using the internet or by telephone, see the instructions on the Proxy Card and have the Notice of Internet Availability or Proxy Card available when you access the internet website or place your telephone call. You may vote by internet or telephone until 8:59 p.m., Pacific Time, on May 4, 2021.
1, 2023.

If you are a stockholder of record and wish to virtually attend the Annual Meeting and vote online by visiting www.virtualshareholdermeeting.com/MGM2021MGM2023, you may do so. You will need your control number included on your Notice of Internet Availability of Proxy Materials or proxy card (if you receive a printed copy of the proxy materials) in order to be able to vote during the Annual Meeting. If you vote by proxy prior to the Annual Meeting and also virtually attend the annual meeting, there is no need to vote again at the annual meeting unless you wish to change your vote. If you are the beneficial owner of Common Stock held in “street name” by a broker and wish to virtually attend the Annual Meeting and vote online at the Annual Meeting, you must obtain a proxy“legal proxy” from the bank, brokerage or other institution holding your Common Stock and bring such proxy withgiving you the right to hand in withvote your ballot.

shares.

All shares of Common Stock represented by properly submitted proxies will be voted at the Annual Meeting in accordance with the directions on the proxies, unless such proxies have previously been revoked. If you are a stockholder of record and submit a Proxy Card with no voting direction indicated, the shares will be voted as the Board recommends, which is as follows:

PROPOSAL ROADMAP
PAGE
RECOMMENDATION
PROPOSAL ROADMAP
PAGERECOMMENDATION

Proposal No. 1: Election of Directors

FOR the election of each of the nominees to the Board listed in this Proxy Statement and on the Proxy Card

27
26

Proposal No. 2: Ratification of Selection of Independent Registered Public Accounting Firm

FOR the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm

39
40

Proposal No. 3: Advisory Vote to Approve Executive Compensation

FOR the approval, on an advisory basis, of the compensation of our named executive officers

41
42

Proposal No. 4: Approval and AdoptionAdvisory Vote on the Frequency of Holding the AmendmentAdvisory Vote to our Charter

FORApprove Executive Compensation

For holding the adoption of the Amendmentadvisory vote to our Charter authorizing a class of Preferred Stock

approve executive compensation every ONE YEAR

42
43
For “ONE YEAR”

By returning a signed Proxy Card by mail or by duly submitting a proxy by internet or telephone, you will confer discretionary authority on the named proxies to vote on any other business that properly comes before the meeting or any adjournment or postponement thereof for which discretionary authority is permitted. The persons named on the Proxy Card as proxies or their substitutes will vote or act in their discretion with respect to such other matters. Any such matters shall be determined by a majority vote of the stockholders present virtuallyvotes cast on the matter.

QUORUM AND VOTES REQUIRED

The presence, in person (including virtually) or represented by proxy.

QUORUM AND VOTES REQUIRED
The presence, virtually or by proxy, of the holdersany number of stockholders together holding at least a majority of the total number of issued and outstanding shares of Common Stock is necessary to constitute a quorum at the meeting. Abstentions and broker non-votes are counted as present for the purpose of determining the presence or absence of a quorum for the transaction of business.

If you are the beneficial owner of shares held in “street name” by a broker, your broker, as the record holder of the shares, must vote those shares in accordance with your instructions. In accordance with the rules of the New York Stock Exchange (the “NYSE”), certain matters submitted to a vote of stockholders are considered by the NYSE to be “routine” items upon which brokerage firms may vote in their discretion on behalf of their customers if such customers have not furnished voting instructions within a specified period prior to the meeting. The ratification of the selection of the independent registered public accounting firm as our

2

TABLE OF CONTENTS

independent auditor for 20212023 is considered the onlya routine matter for which brokerage firms may vote shares for which they have not received instructions. The remaining matters to be voted on are considered to be “non-routine,“non-routine, and brokerage firms that have not received instructions from their customers do not have discretion to vote on these matters.

2    

    MGM Resorts International    2023 Proxy Statement


2023 Annual Meeting of Stockholders

The below table summarizes the voting requirements to elect directors and to approve each of the proposals in this Proxy Statement:

PROPOSAL
VOTE REQUIRED
BROKER DISCRETIONARY VOTING ALLOWED
1.
PROPOSAL
VOTE REQUIRED
BROKER
DISCRETIONARY
VOTING ALLOWED

1. Election of directors

Majority of votes cast
No

2.

Ratification of Deloitte & Touche LLP
selection of independent registered public accounting firm

Majority of shares represented at meeting virtually or by proxy and entitled to vote
Yes
3.
Approval of executive compensation on an advisory basis
Majority of shares represented at meeting virtually or by proxy and entitled to vote
No
4.
Approval and adoption of the Amendment to our Charter
Majority of votes entitledcast
Yes

3. Advisory vote to beapprove executive compensation

Majority of votes cast at meeting virtually or by proxyNo

4. Advisory vote on the frequency of holding the advisory vote to approve executive compensation

Majority of votes castNo

Each director shall be elected by a majority of votes cast to hold office until the next annual meeting, unless the election is contested, in which case, directors shall be elected by a plurality of votes properly cast. Any current director who does not receive a majority of the votes cast in an uncontested election is subject to the Board’s policy regarding resignations, which is set forth in our Corporate Governance Guidelines (as described below). An election shall be contested if, as determined by the Board, the number of nominees exceeds the number of directors to be elected. A majority of votes cast means that the number of votes properly cast “for” a director nominee exceeds the number of votes properly cast “against” such director nominee. Abstentions do not countNeither a vote to “ABSTAIN” nor a broker non-vote, although counted for purposes of determining a quorum, counts as votesa vote cast or as a vote “against” and therefore will have no effect with respect to the election of directors. Any current director who does not meet this standard is subject to the Board’s policy regarding resignations by directors who do not receive a majority of votes cast, which is set forth in our Corporate Governance Guidelines (as defined below).

With respect to Proposals 2, 3 and 4, a properly executed proxy marked “ABSTAIN,” although counted for purposes of determining whether there is a quorum, will not be voted “for” or “against”, and, accordingly, an abstention will have the sameno effect as a vote cast against eachon any of these proposals. Broker non-votesProposal 2 is considered a “routine” matter, for which brokers, banks and other nominees may vote shares for which they have not received instructions. Proposals 1, 3 and 4 are considered “non-routine” matters, for which brokerage firms that have not counted as votes castreceived instructions from their customers do not have discretion to vote on these matters. There will not be any broker non-votes on Proposal 2 and broker non-voteswill therefore have no effect on the outcome of the vote on a proposal.

Proposals 1, 3 and 4.

ADJOURNMENT

In accordance with the Company’s Amended and Restated Bylaws, the ChairmanChair of the Annual Meeting (or his designee) has the right and authority to convene and (for any or no reason) to recess and/or adjourn the Annual Meeting. For more detail regarding adjournment procedures and the conduct of the Company’s stockholder meetings generally, please see the Company’s Amended and Restated Bylaws.

HOW TO REVOKE OR CHANGE YOUR VOTE

Any proxy may be changed or revoked at any time prior to the Annual Meeting by submitting a new proxy with a later date, by a later telephone or internet vote (subject to the telephone or internet voting deadline), by voting virtually at the Annual Meeting or by submitting a revocation in writing. Written revocations must be directed to: Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109; and they must be received by the Corporate Secretary no later than 5:00 p.m., Pacific Time, on May 4, 2021.

1, 2023.

HOW THE VOTES WILL BE COUNTED AND WHO WILL CERTIFY THE RESULTS

A representative of Broadridge Financial Solutions, Inc. (“Broadridge”) will act as the independent Inspectorinspector of Electionselections to count the votes, determine whether a quorum is present, evaluate the validity of proxies and ballots, and certify the results. The final voting results will be reported by us on a Current Report on Form 8-K to be filed with the SEC within four business days following the Annual Meeting.

3

TABLE OF CONTENTS

COSTS OF AND PARTICIPANTS IN SOLICITATION

Your proxy is being solicited by the Board on behalf of the Company and, as such, we will pay the costs of soliciting proxies. Proxies may be solicited on behalf of the Company by our directors, officers, employees or agents in person or by

MGM Resorts International    2023 Proxy Statement

3


2023 Annual Meeting of Stockholders

mail, internet (including by email, the use of our investor relations website and other online channels of communication), telephone, facsimile, town hall meetings, personal interviews, press releases, press interviews, advertisements and investor presentations. We will also reimburse brokerage firms and other custodians, nominees and fiduciaries, upon request, for their reasonable expenses incurred in sending proxies and proxy materials to beneficial owners of our Common Stock. We have not retained an outside proxy solicitation firm to assist us with the solicitation of proxies.

COPIES OF PROXY MATERIALS

As permitted by the Securities and Exchange Commission (the “SEC”),SEC, we are furnishing to stockholders our Notice of Annual Meeting, Proxy Statement, Proxy Card and Annual Report primarily over the internet. On or about March 26, 2021,23, 2023, we will mail to each of our stockholders (other than those who previously requested electronic or paper delivery) a Notice of Internet Availability of Proxy Materials containing instructions on how to access and review the proxy materials via the Internet,internet, and how to access the Proxy Card to vote on the internet or by telephone. The Notice of Internet Availability of Proxy Materials also contains instructions on how to receive, free of charge, paper copies of the proxy materials. If you received the notice, then you will not receive a paper copy of the proxy materials unless you request one.

Stockholders of Record.  If your shares are registered in your own name, you may request paper copies of the proxy materials by following the instructions contained in the notice. Stockholders who have already made a permanent election to receive paper copies of the proxy materials will receive a full set of the proxy documents in the mail.

Beneficial Stockholders.  If your shares are not registered in your name, you should receive written instructions on how to request paper copies of the proxy materials from your bank or broker. We recommend that you contact your bank or broker if you do not receive these instructions. As the beneficial owner, you have the right to direct your bank, broker or other holder of record how to vote your shares by usingin accordance with the voting instructions you received.

DELIVERY TO A SINGLE HOUSEHOLD TO REDUCE DUPLICATE MAILINGS

Many stockholders hold shares of Common Stock in multiple accounts, which may result in duplicate mailings of the Notice of Internet Availability (or proxy materials) to stockholders who share the same address. Stockholders can avoid receiving duplicate mailings and save us the cost of producing and mailing duplicate documents as follows:

Stockholders of Record.  If your shares are registered in your own name and you are interested in consenting to the delivery of a single Notice of Internet Availability (or copy of proxy materials other than proxy cards), go directly to the website at www.proxyvote.com and follow the instructions therein.

Beneficial Stockholders.  If your shares are not registered in your own name, your broker, bank, trust or other nominee that holds your shares may have asked you to consent to the delivery of a single Notice of Internet

Availability (or copy of proxy materials other than proxy cards) if there are other stockholders who share an address with you. If you currently receive more than one copy of proxy materials at your household and would like to receive only one copy in the future, you should contact your nominee.

Right to Request Separate Copies.  If you consent to the delivery of a single Notice of Internet Availability (or copy of proxy materials)materials other than proxy cards) but later decide that you would prefer to receive a separate Notice of Internet Availability (or copy of proxy materials) for each account at your address, then please notify us at the following address: Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Stockholder Communications, or your nominee, as applicable, and we or your nominee will promptly deliver such additional proxy materials. If you wish to receive a separate copy of the proxy materials for each account at your address in the future, you may contact Broadridge by calling toll-free 1-866-540-7095 or by writing to Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood NY, 11717.

4

TABLE OF CONTENTS

STOCKHOLDER OUTREACH

We understand the importance of assessing our corporate governance and executive compensation practices regularly. Fiscal 20202022 marked another year that members of senior management, together with the Chair of the Nominating and Corporate Governance Committee, who also serves as a member of the Human Capital and Compensation Committee, engaged in stockholder outreach activities, with a particular focus on gaining feedback related to governance topics, including executive compensation. During 2020, managementFollowing the annual meeting in 2022, the Nominating and Corporate Governance Committee Chair, together with certain members of our Board of Directors engagedmanagement, met with investors collectively representing 52.7%5 of our common shares outstanding on executive compensation and corporate governance matters, including as partinstitutional stockholders, which collectively totaled approximately 11% of our stockholder outreach process following the say on pay vote. Specifically, management and members of our Board of Directors reached outbase, to three of our major stockholders (representing 17% of our common shares outstanding) inviting them to engage in discussions regarding the CEO transition and the related Transition Agreement. During the second half of 2020, and in response to the say on pay vote, management together with a member of the Compensation Committee, met with eight of our investors and one third party stewardship provider, who in total represented approximately 29% of our common shares outstanding (as of December 31, 2020). These discussions touched ondiscuss a wide range of topics, including executive compensation and corporate governance practices, environmentalpractices. As part of these discussions, we addressed concerns related to

4    

    MGM Resorts International    2023 Proxy Statement


2023 Annual Meeting of Stockholders

Mr. Levin’s service on multiple boards while serving as a CEO of a public company, by explaining that such service is integral to Mr. Levin’s duties as CEO and social issues,detailing the value Mr. Levin brought to the Board in light of his significant expertise in mergers and acquisitions activity, business development and deep knowledge of the ongoing response to, and impact of, COVID-19.digital space. In addition to meeting with the stockholders described in the precedingabove, two sentences, three of our largest stockholders, holding together approximately 21%19% of our shares as of December 31, 2020,March 9, 2023, are represented on the Board of Directors and in this capacity are fully informed of, and have the opportunity to engage in, discussions regarding corporate governance matters, including executive compensation.


In addition, following our last annual meeting, our Chief People, Inclusion & Sustainability Officer and members of her team engaged with investors to review areas related to human capital; diversity, equity and inclusion; environmental sustainability and broader environmental, social and governance (“ESG”) areas.

LOGO

MGM Resorts International    2023 Proxy Statement

5


5

TABLE OF CONTENTSCorporate Governance

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE PRACTICES AT A GLANCE

Robust Director Nominee Selection Process
Realignment of Board CommitteesPeriodic Committee Refreshment and Committee Chair Assignments in 2016
Succession
Significant Board Engagement on Long-Term Growth Through Strategy and Capital Deployment
Strong and Effective Board Oversight of Risks, Financial Reporting, Compliance Programs and Compensation Practices
Annual Election of Directors with Majority Voting Standard
Award-Winning Commitment to Human Capital, Diversity & Inclusion, Philanthropy & Community Engagement and Environmental Sustainability
Annual Board and Committee Self-Evaluations
Anti-Hedging, Anti-Pledging and Clawback Policies
Board Orientation and Continuing Education Program
Executive and Director Stock Ownership Guidelines
Codes of Conduct for Directors and Employees
Adopted a Proxy Access Right
Separate ChairmanChair and Chief Executive Officer Roles
Annual “Say on Pay” Advisory Vote
Stockholder Ability to act by Written Consent

CORPORATE GOVERNANCE GUIDELINES

The Board has adopted corporate governance guidelines (the “CorporateCorporate Governance Guidelines”)Guidelines setting forth the general principles governing the conduct of our business and the role, functions, duties and responsibilities of the Board, including, but not limited to, such matters as (i) Board composition and membership criteria, (ii) compensation, (iii) director orientation and continuing education, (iv) Board committees, (v) Board leadership, (vi) director access to officers, employees and independent advisors, (vii) management succession, (viii) annual performance evaluations of the Board and its committees and (ix) conflicts of interest and recusal. We believe that these guidelines are in compliance with the applicable listing standards adopted by the NYSE. The Corporate Governance Guidelines are posted and maintained on our website at mgmresorts.investorroom.com/corporate-governance investors.mgmresorts.com/investors/governance/governance-documents under the caption “Corporate Governance Guidelines.”

Our Corporate Governance Guidelines limit the number of total public company boards (including the Company) on which Directors may serve on to three when the Directors are engaged full-time as executives in another business.business unless the Board determines that simultaneous service on more than three such Boards by a full-time executive would not impair the ability of the Director to effectively serve on the Company’s Board.

Mr. Diller serves as Chairman and Senior Executive of IAC, Inc. (“IAC”) which owned an approximate 17% stake in the Company as of March 9, 2023. In addition, he serves as Chairman and Senior Executive of a company that was spun off from IAC and on one other company Board. The Board determined to make an exception in connection with the appointment of Mr. Diller and Mr. Levin in light of their extensive leadership experience and knowledge of the digital space. Each of Mr. Diller and Mr. Levin serve as full-time executives in another business and serve on four public company boards (including the Company). The Board determinedbelieves that Mr. Diller and Mr. Levin will have theDiller’s service on these additional public boards does not impair his ability to effectively serve on the Board.

6

Company’s Board, as evidenced by the active role he has taken in connection with his Board service, including attending 100% of Board meetings in 2022 and all but one meeting of the Finance Committee. Mr. Diller also actively meets with members of senior management to discuss the Company’s strategic plan and offers valuable leadership experience, significant experience in the entertainment industry and deep knowledge of the digital space. Mr. Diller also represents the interest of the Company’s largest stockholder and the Board believes it is important to be engaged with, and understand the views of, its stockholders in informing its strategic decisions.

TABLE OF CONTENTS

CODE OF CONDUCT

The Board has adopted a Code of Business Conduct and Ethics and Conflict of Interest Policy (the “Code of Conduct”) that applies to all of our directors, officers, and employees, including our chief executive officer, chief financial officer and chief accounting officer. The Code of Conduct also applies to all applicable contractors and other agents performing services for or conducting work on our behalf. The Code of Conduct establishes policies and procedures that the Board believes promote the highest standards of integrity, compliance with the law and personal accountability. The Code of Conduct is posted on our website at mgmresorts.investorroom.com/corporate-governance investors.mgmresorts.com/investors/governance/governance-documents under the caption “Code of Business

6    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

Conduct and Ethics and Conflict of Interest Policy.” AWe intend to provide a summary of any material amendments and waivers to the Code of Conduct if any, is also postedrequired to be disclosed under SEC rules at the same website location under the general heading “Governance Documents.” The Code of Conduct is made available to all of our employees in various formats. It is specifically provided to new directors, officers and key employees and is covered annually with all of our directors, officers and key employees, each of whom is required to acknowledge his or her understanding of the Code of Conduct and agree to adhere to the principles contained therein. Additionally, we will provide a copy of the Code of Conduct, free of charge, to any stockholder who requests it in writing to: Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Stockholder Communications.

DIRECTOR INDEPENDENCE

For a director to be considered independent, the Board must determine that the director does not have any direct or indirect material relationships with the Company. The Board has established guidelines to assist in determining director independence, which meet and, in some respects, exceed the independence requirements established by the NYSE’s listing standards. Using these guidelines, which are set forth in Section II of our Corporate Governance Guidelines, and considering information provided by each director and all facts and circumstances the Board deemed relevant, the Board has determined that Mr. Diller, Ms. Herman, Mr. Hernandez, Ms. Jammet, Mr. Kilroy, Mr. Levin, Ms. McKinney-James, Mr. Meister, Mr. Salem, Mr. Spierkel, Ms. Swartz, Mr. Taylor, and Mr. Taylor,Winston who constitute greater than a majority of the Board, are independent under the rules of the NYSE. In consultation with outside counsel, the Board considered Mr. Diller’s position with Expedia Group, Inc. (“Expedia”) in connection with its determination that Mr. Diller was independent under the rules of the NYSE.

All members of the Audit Committee, Human Capital and Compensation Committee and Nominating/Corporate Governance Committee must be independent directors, as defined in the Corporate Governance Guidelines. For the purposes of determining whether a director who is a member of the Audit Committee is independent, the Board applies additional independence standards, including those of the SEC set forth in Rule 10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the corporate governance rules of the NYSE applicable to audit committee composition. The Board also applies additional independence standards as set forth in the corporate governance rules of the NYSE for the purposes of determining if a director who is a member of the Human Capital and Compensation Committee is independent. The Board has determined that all members of the Audit Committee, Human Capital and Compensation Committee and Nominating/Corporate Governance Committee are independent and satisfy the relevant Company, NYSE and SEC additional requirements for the members of such committees.

DIRECTOR STOCK OWNERSHIP GUIDELINES

We recognize the importance of aligning our Board’s interests with those of our stockholders. As a result, the Board has establishedmaintains stock ownership guidelines for all of our directors that receive compensation from the Company. Under these guidelines, each director wasis expected to accumulate, by December 31, 2017 (or, if later, by December 31 of the fifth year following the year he or she becomes a director),director, Company stock having a fair market value equal to five times such director’s annual base cash retainer from time to time. For purposes of these guidelines, shares held in trust or retirement accounts and restricted stock units (“RSUs”) count toward the ownership guidelines. Each director is expected to retain 50% of the net after-tax shares received upon vesting and exercise of equity incentive awards granted after April 2012 until the guidelines are satisfied. In 2012, we adopted a deferred compensation plan for non-employee directors pursuant to which directors may elect to accumulate RSUs earned as equity compensation on a tax-deferred basis, in which case the pre-tax number of shares count toward the ownership guidelines. As of December 31, 2020,2022, all directors

7

TABLE OF CONTENTS

serving as of such date were in compliance with these guidelines or on track to comply with these guidelines within the specified time period. The Board also adoptedmaintains stock ownership guidelines for executive officers, which are described in “Compensation Discussion and Analysis—Executive Summary.”

PROXY ACCESS

In keeping with our high governance standards, in January 2016, we amended our

Our Amended and Restated Bylaws to implementinclude “proxy access,” a means for the Company’s stockholders to include stockholder-nominated director candidates in the Company’s proxy materials for annual meetings of stockholders. Proxy access was first made available to stockholders for the Company’s 2016 annual meeting of stockholders. A stockholder, or a group of not more than 20 stockholders (collectively, an “eligible stockholder”), meeting specified eligibility requirements, is generally permitted to include up to two director nominees or, if greater than two, 20% of the number of directors in office as of the last day a notice for nomination may be timely received in the Company’s proxy materials for annual meetings of its stockholders. In order to be eligible to use the proxy access process, an eligible stockholder must, among other requirements, have owned 3% or more of the Company’s outstanding Common Stock continuously for at least three years. Additionally, stockholder nominees must be independent and meet specified criteria and stockholderscriteria. Stockholders will not be entitled to utilize the proxy access process for an annual meeting of stockholders if the Company receives notice through

MGM Resorts International    2023 Proxy Statement

7


Corporate Governance

its advance notice bylaw provision that a stockholder intends to nominate a director at such meeting. Use of the proxy access process to submit stockholder nominees is subject to additional eligibility, procedural and disclosure requirements set forth in Section 12 of the Amended and Restated Bylaws.

DIRECTOR RETIREMENT AGE
In June 2016, we amended our Corporate Governance Guidelines to provide a retirement age for non-employee directors. As of June 2, 2016, non-employee directors will not be nominated for election to the Board at any annual meeting of stockholders following their 74th birthday, unless the Board approves an exception on a case-by-case basis. In connection with Mr. Diller’s appointment to the Board, the Board determined to make an exception in light of Mr. Diller’s extensive leadership experience and knowledge of the digital space.

INFORMATION REGARDING THE BOARD AND BOARD COMMITTEES

As of December 31, 2020,2022, the Board consisted of 14eleven directors. In 2020,2022, the Board met 22six times and had fourfive Committees: the Audit Committee, the Human Capital and Compensation Committee, the Nominating/Corporate Governance Committee, and the Corporate Social Responsibility and Sustainability Committee, and the Finance Committee. Directors are expected to attend each annual meeting of stockholders, either virtually or telephonically. All members ofOn March 1, 2023, the Board attended last year’s annual meeting.

increased its size to twelve directors and appointed Ben Winston to serve on the Board.

Each director other than Mr. Kilroy attended at least 75% of the total of all meetings of the Board and all committees on which the director served. Mr. Kilroy attended 74% of the total of all meetings of the Board of Directors and the committees on which he served. In light of the extraordinary environment in 2020 driven by the COVID-19 pandemic’s impact on the Company’s operations, including the temporary closure of all of the Company’s properties, as well as the significant senior leadership changes, a number of special meetings were held, sometimes on short notice, including one meeting which was held with less than 48 hours’ notice. If not for the meeting Mr. Kilroy was unableare expected to attend due to having less than 48 hours’ notice, he would haveeach annual meeting of stockholders, either virtually or telephonically. All directors attended 77% of meetings.

8

last year’s virtual annual meeting.

TABLE OF CONTENTS

The table below provides membership as of December 31, 20202022 and meeting information for the Board Committees.


Committees in 2022.

      

 

    COMMITTEE

    MEMBERSHIP

 AUDIT 

HUMAN CAPITAL

&

COMPENSATION

 

NOMINATING/

CORPORATE
GOVERNANCE

 

CORPORATE
SOCIAL
RESPONSIBILITY

&

SUSTAINABILITY

 FINANCE
      

PAUL SALEM «     

 l       l
      

MARY CHRIS JAMMET     

 l l   l  
      
BARRY DILLER              l
      

ALEXIS M. HERMAN     

   l l l  
      

WILLIAM J.      HORNBUCKLE     

          
      

JOEY LEVIN     

         l
      

ROSE MCKINNEY-     

JAMES     

   l   l  
      

KEITH A. MEISTER     

 l       l
      

GREGORY SPIERKEL     

 l   l    
      

JAN SWARTZ     

     l   l
      

DANIEL J. TAYLOR     

   l l    
      

Total Number of     

Meetings in 2022     

 9 10 4 4 7
 

🌑 Committee Chair                    🌑 Committee Member                « Chairman of the Board of Directors

(1)
Mr. Salem was a member of the Corporate Social Responsibility Committee until May 7, 2020.
8    

    MGM Resorts International    2023 Proxy Statement


9

TABLE OF CONTENTSCorporate Governance

Below is a summary of the composition and responsibilities of our Audit, Human Capital and Compensation, Nominating/Corporate Governance, and Corporate Social Responsibility and Sustainability and Finance Committees, each of which has a written charter available on our website atmgmresorts.investorroom.com/corporate-governance investors.mgmresorts.com/investors/governance/governance-documents under the captions “Audit Committee Charter,” “Compensation“Human Capital and Compensation Committee Charter,” “Nominating/Corporate Governance Committee Charter,” and “Corporate Social Responsibility and Sustainability Committee Charter,” and “Finance Committee Charter.” In addition to the committee membership and responsibilities outlined below, a member of the Board is also designated to serve as liaison to our Compliance Committee.1

AUDIT COMMITTEE


MEMBERS:


Gregory M. Spierkel, Chair


Roland Hernandez

Mary Chris Jammet


Keith A. Meister

Paul Salem


INDEPENDENT: All


FINANCIAL EXPERTS: All


NYSE/SEC QUALIFIED: All

•  Provides independent, objective oversight of our financial reporting system

•  Reviews the adequacy of our internal controls and financial reporting process and the reliability of our financial statements

•  Reviews the independence and performance of our internal auditors and independent registered public accounting firm

•  Reviews our compliance with legal and regulatory requirements

•  Approves the report that is required to be included in this Proxy Statement

•  Appoints the independent registered public accounting firm; reviews with such firm the plan, scope and results of the audit, and the fees for the services performed; and periodically reviews such firm’s performance and independence from management

•  Meets regularly with our management, independent registered public accounting firm, internal auditors, and the Compliance Committee, and reports its findings to the Board

•  Establishes and oversees procedures for the Company’s plans to mitigate cybersecurity risks and respond to data breaches

HUMAN CAPITAL AND COMPENSATION COMMITTEE


MEMBERS:


Roland Hernandez,

Alexis M. Herman, Chair


Mary Chris Jammet


Rose McKinney-James


Jan G. Swartz

Daniel J. Taylor


INDEPENDENT: All

•  Ensures that the compensation program for our executives is effective in attracting and retaining key officers

• Ensures that the compensation program for our executives and links compensation to performance and our overall business strategy

•  Ensures thatOversees the compensation program for our executives is administered in a fairCompany’s policies and equitable fashion that is aligned with stockholders’ interests

strategies relating to talent management, leadership development, employee engagement and corporate culture, including diversity, equity and inclusion

•  Establishes, implements, and reviews the compensation of our executive officers, determines the performance criteria and bonuses to be granted under the annual performance-based incentive plans and administers and approves the grants of share-based awards under our Amended and Restated 2005 Omnibus Incentive Plan

amendments to the clawback policy

•  AuthorityReviews succession planning process for key management positions and oversight extendscritical roles (other than the CEO), including the professional development of high potential employees, to total compensation, including base salaries, bonuses, share-based awards, and other formsensure that plans are in place for orderly succession of compensation

the executive management team

•  Approves the annual Human Capital and Compensation Committee report appearing in this Proxy Statement

•  Reviews and discusses with management the proposed Compensation Discussion and Analysis disclosure and determines whether to recommend it to the Board for inclusion in our Proxy Statement

•  Reviews at least annually the Company’s compensation policies and practices generally as they relate to the Company’s risk management practices

1

We have established a Compliance Committeecompliance committee of professionals who do not serve on our Board (the “Compliance Committee”) to oversee procedures designed to decrease the likelihood that any activities of the Company or any our affiliates would impugn our reputation or integrity in any of the specific jurisdictions in which we maintain gaming operations, or in the gaming industry in general. We are required by the

MGM Resorts International    2023 Proxy Statement

9


Corporate Governance

Nevada Gaming Authorities and the New Jersey Administrative Code to maintain such a Compliance Committee and an associated Compliance Plan.
10

TABLE OF CONTENTS

NOMINATING/CORPORATE GOVERNANCE COMMITTEE


MEMBERS:


Daniel J. Taylor, Chair

Alexis M. Herman Chair


John Kilroy

Gregory M. Spierkel


Jan G. Swartz


Daniel J. Taylor

INDEPENDENT: All

•  Ensures overall adherence to corporate governance practices

•  Selects director nominees to be recommended to the Board

•  Oversees the implementation of the Corporate Governance Guidelines

•  Develops and makes recommendations to the Board for specific criteria for selecting directors

•  Reviews and makes recommendations to the Board with respect to membership on committees of the Board

•  Makes recommendations to the Board with respect to succession planning process for the Chief Executive Officer and our other key executive officers

•  Oversees the annual self-evaluations of the Board

•  Oversees the orientation program for new directors and continuing education for directors

•  Follows developments regarding corporate governance and best practices related thereto

CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY COMMITTEE


MEMBERS:


Rose McKinney-James, Chair


William W. Grounds

Mary Chris Jammet

Alexis M. Herman


Roland Hernandez

John Kilroy

INDEPENDENT: All

•  Assists the Board in guiding our comprehensive CSR program, which is designed to deliver strategic value, in alignment with business objectives, and the Company's core belief that we should be a responsible corporate citizen in ourReviews significant policies and business practices

• Promoteperformance and effectuate the Company’s commitmentprovides guidance on matters relating to corporate social responsibility and review corporate performance against those standards

• Supports effective integration of diversity strategies into our major business functions and operations
sustainability

•  Oversees initiativesand monitors the Company’s vision and values related to the four focus areas: fostering diversity and inclusion, investing in community, caring for one another and protecting the planet

• Consider the impact of the Company’s businesses, operations and programs from acorporate social responsibility and impact perspective, takingsustainability

•  Advises the Board and management on significant public issues that are pertinent to the Company and its stakeholders related to corporate social responsibility and sustainability

•  Assists management in setting strategy, establishing goals, and integrating corporate social responsibility and sustainability into accountstrategic and tactical business activities across the interestsCompany to create long-term stockholder value

•  Oversees the Company’s philanthropic programs, community relations activities, supplier and customer diversity programs and review annually charitable contributions made by the Company

FINANCE COMMITTEE

MEMBERS:

Joey Levin, Chair

Barry Diller

Keith A. Meister Paul Salem

Jan Swartz

INDEPENDENT: All

•  Oversee the Company’s long-range financial outlook, policies, and objectives

•  Review and make recommendations to the Board with respect to the Company’s capital structure

•  Approve the pricing of stockholders, customers, partners, suppliers, employees, communitiesdebt or equity offerings

•  Oversee the Company’s annual budget, including the Company’s capital plan

•  Oversees strategies, financing structures and regulatorplans for significant corporate transactions

•  Oversee the Company’s relationships with, and standing in, the financial community

10    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

HUMAN CAPITAL AND COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

During 20202022, and as of the date of this Proxy Statement, none of the members of the Human Capital and Compensation Committee was or is an officer or employee of the Company or had any relationship requiring disclosure pursuant to Item 404 of Regulation S-K, and no executive officer of the Company served or serves on the compensation committee or board of any company that employed or employs any member of the Company’s Human Capital and Compensation Committee or Board.

DIRECTOR SELECTION PROCESS

In determining the criteria for Board membership, the Nominating/Corporate Governance Committee considers the appropriate range of skills, backgrounds and personal characteristics required in light of the then-current makeup of the Board and in the context of the perceived needs of the Company at the time, including, among other things, the following experience and personal attributes:

leadership abilities;

financial acumen;

general and special business experience and expertise;

industry knowledge;

11

TABLE OF CONTENTS

government experience;

other public company directorships;

high ethical standards;

independence;

sound judgment;

interpersonal skills;

overall effectiveness; and

ability to contribute to the diversity of backgrounds represented on the Board.

The Board has not adopted term limits for its Board members because it recognizes that such arbitrary limitations may result in individuals who distinguish themselves in their board service being precluded from serving on the Board. However, the Board recognizes that economic, social and geo-political factors affecting our global business are continually changing and the skills of our Board members need to keep pace. Accordingly, in re-nominating incumbent members to the Board, the Nominating/Corporate Governance Committee takes into account the need to regularly refresh the composition of the Board to ensure the Board has the appropriate complement of expertise and recent experience to address the Company’s current and anticipated circumstances and needs.

In addition, the Nominating and Corporate Governance Committee requires that any search firm that it engages for a new director include persons who bring diversity with respect to self-identified characteristics such as gender, race, ethnicity and sexual orientation, in the initial list of qualified candidates from which the committee selects director candidates.

The tablematrix below is a summary of the range of skills and experiences that each director nominee brings to the Board. Because it is a summary, it does not include all of the skills, experiences, qualifications and diversity that each director offers, and the fact that a particular skill, experience or qualification is not listed does not mean that a director does not possess it.

Skills & Qualifications

Leadership
Experience
Financial
Experience
Industry
Experience
Public Company
Directorship
Experience
Government
Experience
Barry Diller

MGM Resorts International    2023 Proxy Statement

William W. Grounds
Alexis M. Herman
William J. Hornbuckle
Mary Chris Jammet
John Kilroy
Joey Levin
Rose McKinney-James
Keith A. Meister
Paul Salem
Gregory M. Spierkel
Jan G. Swartz
Daniel J. Taylor

11


As of June 2, 2016, non-employee directors will not be nominated for election to the

Corporate Governance

Board at any annual meeting of stockholders following their 74th birthday, unless the Board approves an exception on a case-by-case basis. In connection with Mr. Diller’s appointment to the Board, the Board determined to make an exception in light of Mr. Diller’s extensive leadership experienceDiversity and knowledge of the digital space.

Experience Matrix

   

Barry

Diller

  

Alexis M.

Herman

  William J.
Hornbuckle
  Mary Chris
Jammet
  

Joey

Levin

  

Rose

McKinney-

James

  

Keith A.

Meister

  

Paul

Salem

  

Jan G.

Swartz

  

Daniel J.

Taylor

  

Ben

Winston

 

Experience and Skills

           

Leadership Experience

  LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO 

Financial Experience

  LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO     

Industry Experience

  LOGO       LOGO   LOGO   LOGO   LOGO   LOGO       LOGO   LOGO   LOGO 

Public Company Directorship Experience

  LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO   LOGO       LOGO     

Government Experience

   LOGO      LOGO      

Background

           

Gender

                                            

Male

  LOGO       LOGO       LOGO       LOGO   LOGO       LOGO   LOGO 

Female

      LOGO       LOGO       LOGO           LOGO         

Non-Binary

                                            

Does Not Disclose

                                            

Race

                                            

African American or Black

      LOGO               LOGO                     

Alaskan Native or Native American

                                            

Asian

                                            

Hispanic, Latinx, or Spanish origin

                                            

Hawaiian or Pacific Islander

                                            

White

          LOGO   LOGO           LOGO   LOGO   LOGO   LOGO   LOGO 

Two or More Races or Ethnicities

                                            

Does Not Disclose

  LOGO                                         

Age/Tenure

                                            

Age*

  81   75   65   55   43   71   50   59   53   66   41 

Years on the Board

  2   21   2   9   2   17   4   4   5   16   0 

*

As of expected Annual Meeting Date.

The Nominating/Corporate Governance Committee may receive recommendations for Board candidates from various sources, including our stockholders. Pursuant to our proxy access provision set forth in our Amended and Restated Bylaws, eligible stockholders meeting specified eligibility requirements and who provide required information in a timely manner may also nominate individuals for election to be included in our proxy statement for an annual meeting. In addition, from time to time the Nominating/Corporate Governance Committee also retains an independent third-party search firm to assist in identifying qualified candidates. The

12

TABLE OF CONTENTS

Nominating/Corporate Governance Committee will review all recommended candidates in the same manner regardless of the source of the recommendation. Recommendations from stockholders should be in writing and addressed to: Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Stockholder Communications, and must include the proposed candidate’s name, address, age and qualifications together with the information required under federal securities laws and regulations. Stockholder nominations must be received in a timely manner and in accordance with our Amended and Restated Bylaws, and must include the recommending stockholder’s name, address, number of shares of Common Stock beneficially owned, and the length of time such shares have been held. See “Notice Concerning Stockholder Proposals and Nominations” below.

12    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

BOARD LEADERSHIP STRUCTURE

Our Corporate Governance Guidelines provide that the roles of ChairmanChair of the Board and Chief Executive Officer may be filled by the same or different individuals, which gives the Board the flexibility to determine whether these roles should be combined or separated based on the Company’s circumstances and needs at any given time. The Board has no formal policy regarding whether to combine or separate the position of ChairmanChair and Chief Executive Officer, but generally believes that such decisions should be made in the context of succession planning. Prior to March 22, 2020,Presently, Mr. Murren,Hornbuckle is our Chief Executive Officer also servedand Mr. Salem serves as ChairmanChair of the Board. In connection with Mr. Murren’s resignation fromBoard as the Board, Mr. Salem was appointed to serve as Chairman of the Board. The Board vacancy was filled on July 29, 2020 with the appointment of Mr. Hornbuckle to serve as a member of the Board. On August 19, 2020, the Board increased the number of directors from twelve (12) to fourteen (14) and appointed Barry Diller and Joey Levin as members of the Board. The Board currently believes that the Company and its stockholders are best served by separating the positionpositions of ChairmanChair and Chief Executive Officer.

Mr. Hernandez was our Lead Independent Director until March 21, 2020 when Mr. Salem was appointed as Chairman While the Board has no current intent to combine the roles, in the event that the roles of the Board. Among other things,CEO and Chair are combined in the Lead Independent Director was responsible for convening, chairing and setting the agenda for non-management executive sessions, acting as a liaison between directors and management, consulting with the Chief Executive Officer and Chairman offuture, the Board regardingwould consider appointing a strong lead independent director with a well-defined role similar to the agenda of Board meetings and, on behalf of and at the discretion of the Board, meeting with stockholders and speaking on behalf of the Board in circumstances where it is appropriate for the Board to have a voice distinct from that of management. responsibilities undertaken by our current Chair.

The Board has established a process for stockholders and other interested parties to communicate with the Chairman, which is set forth in “Stockholder and Interested Parties Communications with Directors” below.

The non-management and independent directors meet in regularly scheduled executive sessions without management present and have the opportunity to convene in executive session at every meeting of the Board in their discretion. Executive sessions of the non-management directors are chaired by Mr. Salem. The ChairmanChair is responsible for convening executive sessions and setting the agenda. Upon reasonable notice to the other directors, any non-management or independent director may convene an executive session. In addition to the foregoing executive sessions, the independent directors meet at least once every year in an independent director executive session without management or non-independent, non-management directors present and have the opportunity to convene in such an independent director executive session at any meeting of the Board in their discretion or at any regularly scheduled independent director executive session, which independent director executive sessions may be convened by either the ChairmanChair or, upon reasonable notice, any independent director. Executive sessions of the independent directors are chaired by the Chairman.
Mr. Salem.

DIRECTOR EMERITUS DESIGNATION

The Board has adopted a policy in its Corporate Governance Guidelines for the designation of “Director Emeritus” in exceptional circumstances to recognize contributions of an unusually valuable nature to the Company by a former director. A Director Emeritus, although not typically invited to attend Board meetings, may be invited by the Chairman of the BoardChair to attend certain Board meetings or functions. However, a Director Emeritus is not entitled to attend any Board meeting and may not vote on any business coming before the Board, nor is he or she counted as a member of the Board for the purpose of determining a quorum or for any other purpose. While the Board may determine to compensate a Director Emeritus for his or her advisory and consulting services and a Director Emeritus may be reimbursed for reasonable expenses incurred to

13

TABLE OF CONTENTS

attend Board functions to which he or she is invited, a Director Emeritus is not compensated for attendance at such meetings. A Director Emeritus is not a member of the Board or a “director” as that term is used in our Amended and Restated Bylaws, this Proxy Statement or otherwise.
In June 2014, the Board There are currently no former directors designated Willie D. Davis,as a member of our Board from 1989 to 2014, and a renowned business leader who has served on numerous public company boards during his distinguished career, as Director Emeritus. In 2020, the Board elected Mr. Davis to a new term as Directors Emeritus. Mr. Davis passed away on April 15, 2020.

DIRECTOR CONTINUING EDUCATION

We are committed to ensuring that our directors remain informed with respect to best practices in corporate governance and engage outside counsel to provide periodic training to our directors on this topic. Each Director is afforded the opportunity to meet with members of our senior management, visit our facilities and consult with independent advisors as necessary or appropriate. Directors are expected to undertake continuing education to properly perform their duties.

RISK MANAGEMENT

While the Board has the ultimate oversight responsibility for the risk management process, various committees of the Board also share in such responsibility. As part of their delegated areas of responsibility, each of the Board committees reviews and discusses in more detailthe specific risk topics under its area of responsibility consistent with its charter and such other responsibilities as may be delegated to them by the Board from time to time.

In particular, the Audit Committee focuses on significant risk exposures faced by the Company, including general business risk, financial risk, internal controls, regulatory and compliance matters, cyber-securitycybersecurity risk and material litigation and potential disputes, and assesses the steps and processes management has implemented to monitor, control and/or minimize such exposures. The Audit Committee receives regular updates on information technology risks at least twice a year from the Chief Information Security Officer and the chair of the Audit Committee updates the full Board on these presentations. The Audit Committee also receives an annual assessment of its cybersecurity program by external subject matter experts. The Company’s information security programs are also subject to regular external audits against best practices varying in

MGM Resorts International    2023 Proxy Statement

13


Corporate Governance

scope. For example,Finally, the Company through its internal audit function, and Deloitte and Touche LLP, the Company’s external auditors, each perform a Sarbanes-Oxley Audit on anprovides annual basis, which assesses the strength of the Company’s internal controls, including the security infrastructure of our financial applications. In addition, the Company is subject to an annual audit under The Payment Card Industry, Data Security Standard (PCI DSS) and the Company’s Security Operations Center is audited annually to the principles of Security, Availability, Confidentiality and Privacycybersecurity training for all personnel with a formal report issued by an independent third party. Finally, the State of Nevada Gaming Control Board,network access, as well as many of the other gaming jurisdictions in which we operate, has adopted Minimum Internal Control Standards (MICS) relatedadditional education for personnel with access to gamingcustomer and entertainment tax related applications,financial information systems.

The Human Capital and the underlying databases and operating systems. These controls are audited annually by the Company’s internal audit function and include testing on security practices.

The Compensation Committee reviews atrisks related to compensation, talent management and diversity, equity and inclusion. At least annually, the Human Capital and Compensation Committee reviews our compensation policies and practices for executives, management employees and employees generally as they relate to our risk management practices, including the incentives established for risk-taking and the manner in which risks arising out of our compensation policies and practices are monitored and mitigated and any adjustments of compensation policies and practices that should be made to address changes in our risk profile.
In addition, the Human Capital and Compensation Committee regularly reviews the results of the Company’s employee engagement surveys, workforce demographic information and the Company’s talent management and diversity, equity and inclusion programs to monitor for human capital related risks. Finally, the Human Capital and Compensation Committee manages risks associated with non-CEO senior management succession planning.

The Nominating/Corporate Governance Committee has the responsibility to reviewreviews our corporate governance practices, including Board composition and succession planning for the CEO, and regularly assess our preparation to address risks related to these areas as well as the other areas under its responsibility.

The Corporate Social Responsibility and Sustainability Committee of the Board of Directors guides our social impact and environmentally sustainable policies and prioritiesoversees the management of risks associated with the Company’s environmental and monitors performance annually acrosssocial policies and the Company.

14

implementation of related programs.

TABLE OF CONTENTSThe Finance Committee oversees the management of market and operational risk that could have a financial impact on the Company, including risks associated with the Company’s capital structure, liquidity, and financial markets as well as the Company’s material transactions and tax strategy.

BOARD DIVERSITY

The Nominating/Corporate Governance Committee considers diversity when assessing the appropriateness of Board membership. Though diversity is not defined in the Corporate Governance Guidelines or in the Nominating/Corporate Governance Committee’s charter, each of which can be found under their respective captions at mgmresorts.investorroom.com/corporate-governanceinvestors.mgmresorts.com/investors/governance/governance-documents, diversity is broadly interpreted by the Board to include viewpoints, background, experience, industry knowledge and geography, as well as more traditional characteristics of diversity, such as race, ethnicity, gender, age, geographic location, nationality and gender. As shown below, wesexual orientation. Our Corporate Governance Guidelines and the Nominating/Corporate Governance Committee’s charter provide that any search firm engaged to identify potential Board nominees include persons who bring diversity with respect to self-identified characteristics such as race, ethnicity, gender, and sexual orientation in the initial list of qualified candidates from which the Nominating/Corporate Governance Committee selects director candidates in connection with any search for a new director. We believe that our commitment to diversity is demonstrated by the varied backgrounds of our Board nominees.



STOCKHOLDER AGREEMENTS
In August 2007, we entered into a Company Stock Purchase and Support Agreement,nominees as amendedreflected in October 2007, with Infinity World Investments LLC, a Nevada limited liability company (“Infinity World”) and an indirect wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. The agreement with Infinity World provides that, as long as Infinity World and its affiliates (collectively, the “Infinity World group”) beneficially own at least 5% of our outstanding Common Stock and the joint venture agreement contemplated under the agreement has not been terminated, Infinity World will have the right, subject to applicable regulatory approvals, to designate one nominee for election to our Board. If the Infinity World group beneficially owns at least 12% of our outstanding Common Stock, then Infinity World will have the right to designate a number of nominees for election to our Board equal to the product (rounded down to the nearest whole number) of (1) the percentage of outstanding shares owned by the Infinity World group multiplied by (2) the total number of directors then authorized to serve on our Board. Infinity World’s current beneficial ownership of our Common Stock is under 5%. The Board is recommending Mr. Grounds, who prior to 2015 was appointed to the Board pursuant to the agreement, for re-election as a director at its discretion.
15

Diversity and Experience Matrix above.

TABLE OF CONTENTS

STOCKHOLDER AND INTERESTED PARTIES COMMUNICATIONS WITH DIRECTORS

The Board has established a process for stockholders and other interested parties to communicate with members of the Board, the non-management directors as a group and the Chairman.Chair. All such communications should be in writing and should be addressed to the Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Stockholder Communications. All inquiries are reviewed by the Corporate Secretary, who forwards to the Board, the non-management directors or the Chairman,Chair, as applicable, a summary of all such correspondence and copies of all communications that the Corporate Secretary determines are appropriate and consistent with our operations and policies. Matters relevant to our other departments are directed to such departments with appropriate follow-up to ensure that appropriate inquiries are responded to in a timely manner. Matters relating to accounting, auditing and/or internal controls are referred to the Chairchair of the Audit Committee and included in the report to the Board, together with a report of any action taken to address the matter. The Board or the Audit Committee, as the case may be, may direct such further action deemed necessary or appropriate.

14    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

DELINQUENT SECTION 16(A) REPORTS

Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who beneficially own more than 10% of our Common Stock, to file reports of ownership and changes of ownership with the SEC. The reporting officers, directors and 10% stockholders are also required to furnish us with copies of all Section 16(a) forms that they file. Based solely upon a review of these filings and written representations from such directors and officers, we believe that all required Section 16(a) reports were timely filed during the fiscal year ended December 31, 2020,2022, except that onewith respect to (i) a late Form 3 was filed4 for Mr. Hornbuckle covering a sale effected pursuant to Mr. Hornbuckle’s Rule 10b5-1 trading plan and (ii) a late Form 4 for Todd Meinert, Senior Vice President and Chief Accounting OfficerMs. McKinney-James correcting the number of shares granted to Ms. McKinney-James related to her cash fee deferral election pursuant to the Company due to technical difficulties.Company’s Deferred Compensation Plan for Non-Employee Directors. We have a program to oversee the compliance of our executive officers and directors in their reporting obligations.


LOGO

WHERE TO FIND OUR CORPORATE GOVERNANCE DOCUMENTS
We encourage you to view our corporate governance materials on our website, http://mgmresorts.investorroom.com.investors.mgmresorts.com/investors/governance/governance-documents. The inclusion of our website address here and elsewhere in this Proxy Statement does not include or incorporate by reference the information on our website into this Proxy Statement. The following information contained on, or that can be accessed through, our website is not a part of this Proxy Statement.

•  Board Committee Charters

–  Audit Committee Charter

–  Human Capital and Compensation Committee Charter

–  Nominating Corporate Governance Committee Charter

–  Corporate Social Responsibility and Sustainability Committee Charter

–  Finance Committee Charter

Corporate Governance Guidelines
 – audit committee charter
 – compensation committee charter
 – nominating corporate governance committee charter
 – corporate social responsibility committee charter

Code of Business Conduct and Ethics and Conflict of Interest Policy

RISK OVERSIGHT

Our Board has overall responsibility for overseeing the management of the most significant risks facing the Company. As part of its decision-making processes and meetings, our Board engages in regular discussions regarding riskrisks related to the enterprise and management, focusing particularly on the areas of financial risk, regulatory and compliance risk, and operational and strategic risk. Our management’s assessment of materialAnnually, the Company’s Internal Audit function conducts extensive interviews to identify current and future potential risks facing the Company is presented by our officers and our legal counselCompany. Internal Audit analyzes these risks, links them to the Company’s Strategic Plan, and presents them to the Chief Legal and Administrative Officer and Secretary. In addition, the significant risks identified in the Enterprise Risk Management process are annually presented to the Audit Committee for discussion. Our Board at our regularly scheduled Board meetings for the Board’s discussion and consideration in its oversight of the Company. When necessary, our Boardalso convenes for special meetings to discuss important decisions facing the Company. The Board considers short-term and long-term risks when providing direction to the Company in connection with these important decisions, and risk planning is a central part of the calculus in allthe Board’s decision-making process.

CYBERSECURITY RISK MANAGEMENT AND OVERSIGHT

We recognize the importance cybersecurity has to the success of our business. We also recognize the need to continually assess cybersecurity risk and evolve our response in the face of a rapidly and ever-changing environment. We have a seasoned Chief Information Security Officer (“CISO”) that continues to enhance our cybersecurity program and leads our efforts to mitigate technology risks in partnership with business leaders. Each year, special focus is given to maintaining and improving our alignment with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and Privacy and Payment Card Industry (“PCI”) controls in support of protecting our technology and customer data. Additionally, we have a cybersecurity incident response plan in place that provides a documented framework for handling high and low severity security incidents and facilitates coordination across multiple parts of the Board’s decision making.business. We routinely perform attack and response simulations at the technical level, and annually execute tabletop response exercises at the management level. We utilize external expertise to perform annual assessments of our entire cybersecurity program, and personnel receive cybersecurity awareness training. To ensure thorough oversight, the Audit Committee is responsible for overseeing our cybersecurity risk and receives quarterly reports from the CISO on our cybersecurity risks and enterprise cybersecurity program. Finally, cybersecurity is integrated into the Company’s Code of Conduct that all employees are required to review and all employees with network access must take security awareness training. Over the past three years, the Company’s information and data systems have been subject to cybersecurity incidents, but no incident has been materially disruptive.

MGM Resorts International    2023 Proxy Statement

15


16

TABLE OF CONTENTSCorporate Governance

SOCIAL IMPACT AND ENVIRONMENTAL SUSTAINABILITY

Governance of Environmental and Social Responsibility

The Corporate Social Responsibility and Sustainability Committee has had oversight over environmental and social responsibility at the Company for over a decade. Mr. Hornbuckle, our Chief Executive Officer and President and a Director, is actively engaged in strategy development and implementation, oversees these matters on behalf of management and serves as a liaison to the Corporate Social Responsibility and Sustainability Committee and senior management. In 2020, we brought the previously separate environmental sustainability, corporate responsibility and human resource divisions under Jyoti Chopra, Chief People, Inclusion and Sustainability Officer, reporting directly to Mr. Hornbuckle. Ms. Chopra leads Human Capital Management at the Company with an integrated focus on promoting a culture of diversity and inclusion, employee development and employee education.


ESG Taskforce and Materiality Assessment

LOGO

Material Environmental, Social & Governance (ESG) Issues

In 2019, the CompanyMGM Resorts established an ESG taskforcetask force comprised of executives from strategy, investor relations, risk, finance, facilities, purchasing, and other functions. The taskforce’s mandate was to understand the ESG landscape and strengthen the Company’stask force spearheaded an ESG disclosures. The taskforce focused on understanding how the Company performed on various ESG ranking platforms and executed on a strategy to increase transparency to improve its scores. Subsequently, the taskforce initiated a formal materiality assessment to obtain internalidentify the highest priority ESG issues for the Company. Climate Change, Human Capital Management, and external stakeholder input on priorityDiversity & Inclusion were deemed the highest-priority ESG issues. The findings from the assessment, completed in Q1 2020, helped the Company refineresults were integrated into our Enterprise Risk Management processes and augment its go-forward strategy and triggered a significant increase in the scope and scale of metrics disclosed in its 2019informed our strategic framework for Social Impact and Sustainability Report.


& Sustainability. We intend to refresh the materiality assessment in 2023.

LOGO

16    

    MGM Resorts International    2023 Proxy Statement


17

TABLE OF CONTENTSCorporate Governance

Refreshed

Strategic Framework for Social Impact and& Sustainability 2021-2025

In 2020, the Companywe undertook a review of its overallthe Company’s Social Impact and& Sustainability strategy, by soliciting feedback from stakeholders as part of its materiality assessment and conducting a review of peer and leader ESG programs. As a result, the Company was able to meaningfully refine its strategy, simplify itssimplified our strategic priorities, and createcreated closer alignment between these priorities and specific United Nations Sustainable Development Goals. Our 2021- 2025 frameworkupdated platform – Focused on What Matters: Embracing Humanity & Protecting the Planet – is shown below.



Additional content,

LOGO

To drive progress in these areas, MGM Resorts established fourteen forward-looking goals across our three strategic pillars: (i) Fostering Diversity, Equity & Inclusion, (ii) Investing in our Communities, and (iii) Protecting the Planet. We have already achieved and reset some of these 2025 goals.

We set three new climate targets to supplement the Company’s fourteen primary Social Impact & Sustainability goals. In 2021, we established two climate targets, both aligned with the 1.5°C pathway: (i) a commitment to reducing absolute Scope 1 and 2 greenhouse gas (“GHG”) emissions by 50% by 2030 (2019 base year); and (ii) a commitment to sourcing 100% renewable electricity in the United States and 80% globally by 2030. Additionally, in 2022, we developed a climate target for our value chain emissions aligned with the well below 2.0°C pathway: a commitment to reducing absolute emissions across significant Scope 3 categories by 30% by 2030 (2019 base year). These goals were informed by guidance from the Science-based Targets Initiative (“SBTi”) and were submitted for approval by that body. Progress toward these climate targets will be outlined in our annual ESG disclosures, including detailsour Task Force on 2025 goals, performanceClimate-related Financial Disclosures (“TCFD”) report.

MGM Resorts International    2023 Proxy Statement

17


Corporate Governance

Investing in Our Communities – Our Core Belief & Strategic Priorities

LOGO

Core Belief:

As a member of the communities in which we operate, we believe it is our responsibility to contribute to the social and economic progress of where we live and work.

Our strategies aim to reflect, sustain and build on the best of a community, advancing workforce opportunities, strengthening education and championing food security in all our regions.

We are passionately committed to philanthropy, volunteerism and community engagement.

For example, in 2021 MGM Resorts agreed to be a founding partner in a new farming facility, Freight Farms, which is expected to launch growing operations in two 40-foot shipping containers that can produce an output equivalent to that of 3.5 acres of land-based farming. The project is expected to bring fresh produce into Las Vegas’ Historic Westside, a predominantly African American community, and help address food insecurity by providing fresh healthy food to the local community. The community farming facility is expected to be fully operational by the spring of 2023. The City of Las Vegas has completed a feasibility study and the retrofit work required to build the community farming facility. To support this project, the Company made a one-time donation of $500,000 in 2021 and MGM Resorts’ food and beverage team members have collaborated on the project and provided consulting support to the city on a pro-bono basis.

In 2022, MGM Resorts partnered with Grant a Gift Autism Foundation-Ackerman Center (“GGAF”) on a new vocational job placement program, providing training and MGM Resorts employment opportunities to individuals with autism. As the largest private employer in Nevada, MGM Resorts has a responsibility to contribute to social and economic progress of our community, including creating pathways to employment for individuals with autism. National data shows that most autistic adults are unemployed or underemployed and experience substantial challenges to attaining competitive employment opportunities. The program helps ensure that teens and adults with autism are provided the support necessary to gain meaningful employment. As part of the partnership, MGM Resorts has pledged $1 million to expand the program over the next few years.

18    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

Fostering Diversity, Equity & Inclusion – Our Core Belief & Strategic Priorities

LOGO

Core Belief:

We know the importance of respecting each other’s differences.

We endeavor to embrace and leverage those differences to achieve best-in-class experiences and cultivate stronger ties with our guests, employees, neighbors and partners.

We are committed to taking strong and principled stands on issues of equality and aim to better unify our world.

For example, the Company offers 20 employee network groups (“ENGs”) throughout the enterprise. With a focus on 12 affinities, our ENGs continually provide access to opportunities for all employees. These groups help advance our efforts around diversity, equity and inclusion.

The ENGs advance an inclusive culture and workplace thereby promoting tolerance, mutual respect, equality and belonging while harnessing diverse views and ideas as levers for innovation.

LOGO

MGM Resorts International    2023 Proxy Statement

19


Corporate Governance

Protecting the Planet – Our Core Belief & Strategic Priorities

LOGO

Core Belief:

We believe a greener business is a better business and environmental leadership is critical to 21st century corporate leadership.

We preserve the environment by reducing water use, energy consumption, and waste, while increasingly purchasing environmentally preferable materials.

We are committed to corporate environmental leadership and continuing our efforts around water stewardship and the fight against climate change.

For example, in 2021 we opened the 100 MW MGM Resorts Mega Solar Array. The journey to this milestone was a long one: in 2016, MGM Resorts transitioned to distribution only service with the local utility in southern Nevada in order to control our energy future and to increase our use of renewable electricity. In mid-2021, production from the array began, providing up-to 90% of daytime electricity use of MGM Resorts’ Las Vegas properties (>65M square feet), and nearly 30% of total Las Vegas electricity use (day and night). We expect that the array will be a key enabler of our carbon reduction and renewable electricity sourcing goals.

While we continue to focus on carbon and saw the first full year of successful operations for the MGM Resorts Mega Solar Array, in 2022 we intentionally placed particular emphasis on corporate water stewardship. As part of our effort to achieve a leadership position in this area, we delivered a robust water white paper, a global water policy, and a strategic framework for addressing water use. Additionally, we became the first gaming and Las Vegas-based company to endorse the CEO Water Mandate – a UN Global Compact initiative that mobilizes business leaders on water, sanitation, and the United Nations Sustainable Development Goals.

ESG Reporting

The Company has been making new ESG disclosures as a part of its commitment to transparently inform our stakeholders on ESG-related policies, programs and performance. Throughout 2022, we continued our progress on key ESG initiatives and enhanced our disclosures, supporting our commitment to MGM Resorts’ Focused on What Matters platform and the United Nations Sustainable Development Goals. Our most recent Social Impact & Sustainability Report built on the robust disclosures of 2021 to illustrate progress across our public Social Impact & Sustainability goals, and other metrics is providedwe expect to publish a new report in 2023 detailing progress made in 2022.

20    

    MGM Resorts International    2023 Proxy Statement


Corporate Governance

MGM Resorts published its first report aligned with the Company’s Social ImpactTask Force on Climate-related Financial Disclosures (“TCFD”) in May of 2022. This report adds to our set of disclosures aligned with globally-recognized standards, including standards from the Global Reporting Initiative (“GRI”) and Sustainability Report, the 2020 editionAccounting Standards Board (“SASB”). As our catalog of which is plannedreports aligned to be released in mid-2021. This report can be found onleading ESG frameworks has grown, we have updated our website to efficiently present these disclosures and policies at www.mgmresorts.com/focused.mgmresorts.com/esg. The content on this website is for informational purposes only and such content is not incorporated by reference into this Proxy Statement.

These disclosures resulted in improved ESG scores with raters including Refinitiv, R-Factor, and Sustainalytics. Improvements to our Governance disclosures enabled us to earn the top rating (1) across all pillars of the ISS ESG Quality Score and improvements to our environmental disclosures earned us “A” grades (the highest score) in both CDP Climate (previously scored as “A-“) and CDP Water (previously scored as “D”). Improvements to our Diversity, Equity & Inclusion disclosures and performance enabled us to be listed on the 2023 Bloomberg Gender-Equality Index.

Selected ESG Leadership and Recognition:

LOGO

MGM Resorts International    2023 Proxy Statement

21


18

TABLE OF CONTENTSDirector Compensation

DIRECTOR COMPENSATION

2020

2022 DIRECTOR COMPENSATION

Board members who are employees of the Company do not receive compensation for their service on the Board. Board members (i) who are nominated to the Board pursuant to a contractual right or agreement, (ii) who are an officer or employee of, or a person who performs responsibilities of a similar nature for, the nominating entity or person, as the case may be, or an affiliate thereof, and (iii) who are determined not to be independent because of conflicting interests between the Company and the nominating entity or person or its affiliates, receive no compensation for their service on the Board. Each director who is not an employee of the Company receives reimbursement of all reasonable expenses incurred in attending meetings of the Board and any committees on which he or she serves.

The Company believes that director compensation should be reasonable in light of what is customary for companies of similar size, scope and complexity, and should reflect the time, effort and expertise required of directors to adequately perform their responsibilities. The Board evaluates annually the status of Board compensation and in 2020,2022, at the recommendation of the Company’s compensation consultant, Frederic W. Cook & Co., Inc. (“F.W. Cook”), the Board determined not to make any changes(i) increase the fee for service as Chair of the Board from $175,000 to $250,000 and (ii) provide that the retainer for service on the MGM China Holdings Limited (“MGM China”) board shall reflect the compensation received by similarly situated independent directors of MGM China. In determining to increase the fee payable to the director compensation program. F.W. Cook developed its recommendations based on its review of non-employee director compensation practices at the Company’s peer companies (these peer companies are discussed on page 56 of this Proxy Statement), trends in non-employee director compensation and taking into consideration the challenging environment in 2020 as a resultChair of the COVID-19 pandemic.

In 2020,Board, several factors were considered, including the Board was provided with an opportunity to assisttime and commitment spent by the Chair in assisting the Company in executing on its effortsstrategic initiatives, such as completion of the Company’s asset light strategy, and assisting management in its goal to enhance liquidity by deferringbecome the leading global gaming and entertainment Company. In addition, the Chair devotes a significant amount of time to governance matters and attends, and participates in, almost all or a portion of their 2020 quarterly cash compensation into RSUs that vest on December 31, 2020. Certainthe committee meetings during the year. The Chair also meets regularly with senior members of our directors electedmanagement to participate in this program, which is reflected indiscuss the table below.
Company’s business.

The following table sets forth information regarding non-management director compensation for 2020.

NAME
FEES EARNED OR
PAID IN CASH
STOCK
AWARDS(A)(B)
ALL OTHER
COMPENSATION(C)
TOTAL
Barry Diller
$
$
$
$
William W. Grounds
110,000(I)
150,000
13,200
273,200
Alexis M. Herman
150,000
150,000
13,200
313,200
Roland Hernandez
165,000(E)
150,000(E)
8,800
323,800
Mary Chris Jammet
130,000
150,000
13,200
293,200
John Kilroy
130,000(E)
150,000(E)
13,200
293,200
Joey Levin
9,900
9,900
Rose McKinney-James
160,000(D)(E)(I)
150,000(E)
13,200
323,200
Keith Meister
90,000(E)
150,000(E)
13,200
253,200
Paul Salem
115,000(E)
368,749(E)(G)
13,200
496,949
Gregory M. Spierkel
150,000(I)
150,000(E)
13,200
313,200
Jan G. Swartz
130,000
150,000
13,200
293,200
Daniel J. Taylor
150,000(F)(I)
263,125(H)
13,200
426,325
2022.

NAME

FEES EARNED OR
PAID IN CASH

STOCK

AWARDS(A)(B)

ALL OTHER

COMPENSATION(C)

TOTAL

Barry Diller

$$$$

Alexis M. Herman

 170,000 175,000 14,160 359,160

Mary Chris Jammet

 150,000 175,000(E)  14,160 339,160

Joey Levin

   14,160 14,160

Rose McKinney-James

 160,000(D)(E)  175,000(E)  14,160 349,160

Keith Meister

 130,000(E)  175,000(E)  14,160 319,160

Paul Salem

 361,250(E)(F)  175,000(E)  14,160 550,410

Gregory M. Spierkel

 150,000 175,000(E)  14,160 339,160

Jan G. Swartz

 130,000 175,000 14,160 319,160

Daniel J. Taylor

 266,500(G)(H)  175,000 14,160 455,660

(A)

The amount reflected in this column is the grant date fair value of awards granted during 2020,2022, computed in accordance with FASB ASC 718. In respect of the annual equity retainer, except for Mr. Diller and Mr. Levin, each non-management director received a grant of 10,0474,453 RSUs with a value of $150,000$175,000 in May 2020,2022, which will vest on May 5, 2021. In connection with their appointment to the Board,4, 2023. Mr. Diller and Mr. Levin have elected to decline any compensation for their service on the Board.Board other than Mr. Levin accepting MGM Rewards Points pursuant to the Company’s Facility Use Policy.

(B)
At

On December 31, 2020, each 2022, non-management director held the following shares of RSUs, which were granted in 20202022 and are not fully vested, and deferred stock units (including DEUs associated with these awards): Mr. Grounds, 10,050; Ms. Herman, 10,050; Mr. Hernandez, 24,665;4,454; Ms. Jammet, 10,050; Mr. Kilroy, 20,000;8,954; Ms. McKinney-James, 51,221;56,429; Mr. Meister, 26,987;40,200; Mr. Salem, 49,732;75,824; Mr. Spierkel, 50,979;59,959; Ms. Swartz, 10,050;4,454; and Mr. Taylor, 96,039.83,935.

(C)

Reflects a reasonable estimate, at our discounted rate for insiders, of the incremental costpoints provided to the Company of providing directors (whether used or not) with benefits under our M life Express CompsMGM Rewards Points program pursuant to the Company’s Facility Use Policy (as described below).

(D)

Includes an annual retainer of $10,000 for serving on the Board of Directors of MGM Grand Detroit, LLC.

(E)

All or a portion of these amounts were deferred pursuant to the Company’s Deferred Compensation Plan for Non-Employee Directors.

(F)

Includes an annual retainer of $250,000 for his role as Chair of the Board, which was increased from $175,000 on May 5, 2022.

(G)

Includes an annual retainer of $20,000 for his role as liaison to Compliance Committee.

(G)
(H)

Includes an awardannual retainer of 15,829 RSUs having a grant date fair value of $218,750 in respect of his appointment as Chairman of the Board on March 22, 2020. 3,166 RSUs granted pursuant to this award vested on May 6, 2020 with the remainder vesting on May 5, 2021.

19

TABLE OF CONTENTS

(H)
Includes an award of 8,185 RSUs having a grant date fair value of $113,126 in respect of$98,500 for his service on the Boardboard of MGM China. 1,637 RSUs granted pursuant to this award vested on May 6, 2020 with the remainder vestingChina, which was increased from $90,500 on May 5, 2021.2022.

(I)
Mr. Grounds, Ms. McKinney-James, Mr. Spierkel, and Mr. Taylor agreed to receive a portion of their 2020 annual fees in the form of RSUs. Mr. Grounds received 5,244 RSUs on March 31, 2020 valued at $61,879; Ms. McKinney James received 7,819 RSUs on April, 2, 2020 valued at $90,000; Mr. Spierkel received 10,633 RSUs on April 3, 2020 valued at $112,500; and Mr. Taylor received 9,757 RSUs on March 30, 2020 valued at $112,500.
22    

    MGM Resorts International    2023 Proxy Statement


Director Compensation

INDEPENDENT DIRECTOR COMPENSATION STRUCTURE

Independent directors receive the following, payable in equal quarterly installments: an annual retainer, an annual fee for service on a Board committee (with a limit of two committees per director) and, as applicable, an annual fee for service as a Board committee chair, an annual fee for service as the ChairmanChair of the Board, an annual fee for service as liaison to the Compliance Committee of the Company, an annual fee for engaging in annual diligence review and strategic oversight in key areas of interest, which may include traveling from time to time, and an annual fee for service on the MGM China Board of Directors. Independent directors also receive an annual equity incentive award.

The Company’s omnibus incentive plan provides a cap on overall director compensation of $750,000, with a higher $1,000,000 cap during a director’s initial year of service and for the Chair of the Board.

For 2020,2022, independent director cash compensation was structured as follows:

Annual Retainer
$90,000

Annual Retainer

$90,000

Additional Annual Retainer for Chair

$175,000*

250,000(1)

Additional Annual Retainer for Service on the MGM China Board

$90,500**

98,500(2)

Additional Annual Retainer for Committee Service

$20,000 per committee not to exceed $40,000 total per director

Additional Annual Retainer for Committee Chairs

$20,000

Additional Annual Retainer for Liaison to Compliance Committee

$20,000

Additional Annual Retainer for Engaging in Diligence Review in Key Areas of Interest

$7,500

Per-Meeting Fees

Per-Meeting Fees

None

*
(1)
In 2020,

On May 5, 2022, the feeannual retainer for service as Chairman of the BoardChair was paid in a one-time RSU grant.increased to $250,000.

**
(2)
In 2020,

On May 5, 2022, the feeannual retainer for serviceservices on the MGM China boardBoard was paid in a one-time RSU grant.increased to $98,500.

Directors are reimbursed for expenses to attend Board and committee meetings.

NON-MANAGEMENT

INDEPENDENT DIRECTOR USE OF COMPANY FACILITIES

We have a Policy Concerning Non-ManagementIndependent Director Use of Company Facilities (the “Facility Use Policy”). To permit non-managementindependent directors to experience our facilities and to better prepare themselves to provide guidance to us on matters related to product differentiation and resort operations, each year, following the election of the Board at the annual meeting of stockholders, each non-managementindependent director is offered a certain amount of M life Express CompsMGM Rewards Points to be utilized at our resort facilities. As each non-managementindependent director may have different schedule constraints resulting in varying frequencies of visits to our facilities, non-managementindependent directors may request to receive a lesser number of M life Express CompsMGM Rewards Points to suit their anticipated annual visitation. In addition, as a token of appreciation for significant Board service, each non-managementindependent director who has served on the Board for a minimum of three years will continue to be offered a certain amount of M life Express CompsMGM Rewards Points for an additional three years after they have ceased to serve on the Board, provided (a) the non-managementindependent director’s departure from the Board was on good terms as determined by the Nominating/Corporate Governance Committee in its discretion (for example, the non-managementindependent director must not have been removed for cause and there must have been no disagreement in connection with the non-management director’s departure from the Board that would be required to be reported by the Company on Form 8-K) and (b) the non-managementindependent director does not after his or her departure from the Board take any action that adversely impacts the Company or breach any agreement with or duty to the Company, in each case as determined by the Nominating/Corporate Governance Committee in its discretion. To the extent required by applicable law or Internal Revenue Service regulations, the fair value of M life Express CompsMGM Rewards Points awarded to each non-managementindependent director and former non-managementindependent director, as such value is established by us from time to time, will be reported as income to the director on Form 1099. Each independent non-management director and former independent non-management director is responsible for paying any applicable income taxes on these amounts based on his or her personal income tax return.

MGM Resorts International    2023 Proxy Statement

23


20

TABLE OF CONTENTSPrincipal Stockholders

PRINCIPAL STOCKHOLDERS

The table below shows the number of shares of our Common Stock beneficially owned as of the close of business on March 12, 20219, 2023 by each of our directors, director nominees and named executive officers, as well as the number of shares beneficially owned by all of our current directors and executive officers as a group based on 495,004,321372,891,936 shares of our Common Stock outstanding as of March 12, 2021.

NAME(A)
COMMON
STOCK
OPTIONS/SARs/
RSUs
EXERCISABLE
OR VESTING
WITHIN 60 DAYS(B)(C)
TOTAL SHARES
BENEFICIALLY
OWNED(B)(C)
PERCENT
OF CLASS
DEFERRED
STOCK
UNITS(D)
Barry Diller
     —
William W. Grounds
12,296
10,050
22,346
*
Jonathan Halkyard
Alexis M. Herman
18,344(E)
10,050
28,394
*
Roland Hernandez
45,449(F)
45,449
*
24,665
William J. Hornbuckle
404,307(G)
11,254
415,561
*
Mary Chris Jammet
14,646
10,050
24,696
*
John Kilroy
8,600
8,600
*
20,000
Joey Levin
Rose McKinney-James
7,619
2,512
10,131
*
48,710
John M. McManus
35,047
6,527
41,574
*
Keith A. Meister
22,537,696(H)
22,537,696
4.55%
26,987
James J. Murren
36,582(I)
36,582
*
Atif Rafiq
18,573(J)
18,573
*
Paul Salem
1,517,000
1,517,000
*
49,732
Corey I. Sanders
438,076(K)
8,853
446,929
*
Gregory M. Spierkel
26,642(L)
26,642
*
50,979
Jan G. Swartz
11,937
10,050
21,987
*
Daniel J. Taylor
16,600
16,600
*
79,439
All current directors and executive officers as a group (17 persons total)
25,132,814
85,946
25,218,760
5.09%
300,512
9, 2023.

NAME(A)

COMMON
STOCK
OPTIONS/SARs/
RSUs
EXERCISABLE
OR VESTING
WITHIN 60 DAYS(B)(C)
TOTAL SHARES
BENEFICIALLY
OWNED(B)(C)
PERCENT
OF CLASS
DEFERRED
STOCK
UNITS(C)

Barry Diller

    * 

Gary Fritz

 11,349  11,349 * 

Jonathan S. Halkyard

 13,295  13,295 * 

Alexis M. Herman

 12,693(D)  4,454 17,147 * 

William J. Hornbuckle

 232,180(E)  11,259 243,439 * 

Mary Chris Jammet

 5,250  5,250 * 8,954

Joey Levin

    * 

Rose McKinney-James

  891 891 * 55,538

John M. McManus

 68,324 6,529 74,853 * 

Keith A. Meister

 6,673,778(F)   6,673,778 1.79% 40,200

Paul Salem

 1,555,000  1,555,000 * 75,824

Corey I. Sanders

 242,727(G)  8,857 251,584 * 

Gregory M. Spierkel

 26,642(H)   26,642 * 59,959

Jan G. Swartz

 46,344(I)  4,454 50,798 * 

Daniel J. Taylor

  4,454 4,454 * 79,481

Ben Winston

  986 986 * 

All current directors and executive officers as a group (16 persons total)

 8,887,582 41,884 8,929,466 2.39% 319,956

*

Less than 1%.

(A)

The address for the persons listed in this column is 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109.

(B)

Deferred stock units are excluded from shares beneficially owned. Except as otherwise indicated, and subject to applicable community property and similar laws, the persons listed as beneficial owners of the shares have sole voting and investment power with respect to such shares.

(C)
Does not include dividend equivalents in respect of RSUs that were credited to holder’s account on March 15, 2021 with the number of additional RSUs based on the closing price of MGM’s shares on March 15, 2021.
(D)

Includes all previously deferred stock units held by Non-Employee Directors and RSUs to be deferred within 60 days. Deferred stock units are payable either in a lump sum or installments, at the director’s election, with the lump sum or first installment payable within 90 days of the first day of the month following the director’s separation from the Board. Does not include dividend equivalents in respect of RSUs that were credited to holder’s account on March 15, 2021 with the number of additional RSUs based on the closing price of MGM’s shares on March 15, 2021.

(E)
(D)

Includes 18,34412,693 shares held in living trust.

(F)
(E)

Includes 1,576172,781 shares held in family living trust and 16,404 shares held in a retirement account.trust.

(G)
(F)
Includes 177,884 shares held in trust and 8,500 shares held by spouse.
(H)

The 22,537,6966,673,778 shares of Common Stock included in the table above are held for the accounts of certain private investment funds for which Corvex Management LP (“Corvex”) acts as investment adviser, including Corvex Master Fund LP and Corvex Select Equity master Fund LP. The general partner of Corvex is controlled by Mr. Meister.

(I)
(G)
Mr. Murren’s employment with the Company as Chief Executive Officer and as a member and Chairman of the Board ended on March 22, 2020. The beneficial ownership amount shown in the table above for Mr. Murren is based on his holdings as reported in his most recent Form 5, which was filed with the SEC on February 12, 2021.
21

TABLE OF CONTENTS

(J)
Mr. Rafiq stepped down as the Company’s President-Commercial & Growth, effective December 4, 2020. The beneficial ownership amount shown in the table above for Mr. Rafiq is based on his holdings as reported in his most recent Form 4, which was filed with the SEC on September 15, 2020.
(K)
Includes 36,465 shares held in trust.

(L)
(H)

The 26,642 shares are held in grantor trust.

(I)

Includes 26,64219,858 shares held in grantor trust.

24    

    MGM Resorts International    2023 Proxy Statement



Principal Stockholders

Based on filings made under Sections 13(d) and 13(g) of the Exchange Act, as of March 12, 2021,9, 2023, the only persons known by us to be the beneficial owners of more than 5% of our Common Stock were as follows based on 495,004,321372,891,936 shares of our Common Stock outstanding as of March 12, 2021:

NAME AND ADDRESS
COMMON
STOCK
BENEFICIALLY
OWNED(A)
PERCENT
OF CLASS
IAC/InterActiveCorp
555 West 18th Street
New York, NY 10011
59,033,902(B)
​11.93%
The Vanguard Group
100 Vanguard Blvd.
Malvern, PA 19355
43,381,150(C)
8.76%
BlackRock, Inc.
55 East 52nd Street
New York, NY 10055
28,373,425(D)
5.73%
9, 2023:

NAME AND ADDRESS

 COMMON
STOCK
BENEFICIALLY
OWNED(A)
  PERCENT
OF CLASS
 

IAC, Inc.(B)

555 West 18th Street

New York, NY 10011

  64,723,602   17.36

The Vanguard Group(C)

100 Vanguard Blvd.

Malvern, PA 19355

  34,064,558   9.14

BlackRock, Inc.(D)

55 East 52nd Street

New York, NY 10055

  21,975,943   5.89

T. Rowe Price Investment Management, Inc. (E)

100 East Pratt Street

Baltimore, MD 21202

  21,276,150   5.71

(A)

Except as otherwise indicated, the persons listed as beneficial owners of the shares have sole voting and investment power with respect to such shares.

(B)

Based upon a Schedule 13D/A filed by IAC/Interactive Corp.IAC, Inc. with the SEC on January 11, 2021.August 26, 2022. Reflects sole voting power and sole dispositive power of 59,033,90264,723,602 shares.

(C)

Based upon a Schedule 13G/A filed by The Vanguard Group with the SEC on February 10, 2021.9, 2023. Reflects sole dispositive power of 41,525,06132,787,483 shares. Reflects shared voting power of 690,668428,025 shares and shared dispositive power of 1,856,0891,277,075 shares.

(D)

Based upon a Schedule 13G/A filed by BlackRock, Inc. with the SEC on January 29, 2021.February 1, 2023. Reflects sole voting power of 24,721,90919,711,061 and sole dispositive power of 28,373,42521,975,943 shares.

22

TABLE OF CONTENTS

(E)

Based upon a Schedule 13G filed by T. Rowe Price Investment Management, Inc. with the SEC on February 14, 2023. Reflects sole voting power of 8,614,076 and sole dispositive power of 21,276,150 shares

SECURITY OWNERSHIP IN OUR SUBSIDIARIES

The table below shows the number of MGM Growth Properties LLC (“MGP”) Class A shares beneficially owned as

As of the close of business on March 12, 2021 by each9, 2023, none of our directors, director nominees andor named executive officers as well as the number of MGPheld shares beneficially owned by all of our current directors and executive officers as a group, based on 131,473,880 shares of MGP’s Class A shares outstanding as of March 12, 2021.

NAME(A)
CLASS A
SHARES
OPTIONS/ RSUs
EXERCISABLE
OR VESTING
WITHIN 60 DAYS(B)(C)
TOTAL SHARES
BENEFICIALLY
OWNED(B)(C)
PERCENT
OF CLASS
DEFERRED
SHARE
UNITS(C)(D)
Barry Diller
    —
  —
William W. Grounds
500
500
*
Jonathan Halkyard
Alexis M. Herman
Roland Hernandez
72,897
72,897
*
9,517
William J. Hornbuckle
39,213(F)
39,213
*
Mary Chris Jammet
9,517
John Kilroy
Joey Levin
Rose McKinney-James
9,517
John M. McManus
27,582
27,582
*
Keith A. Meister
James J. Murren(E)
Atif Rafiq
Paul Salem
15,522
Corey I. Sanders
235,741(G)
235,741
*
Gregory M. Spierkel
7,500
7,500
*
9,517
Jan G. Swartz
Daniel J. Taylor
5,909
5,909
*
29,502
All current directors and executive officers as a group (17 persons total)
383,433
5,909
389,342
*
83,092
in MGM China.

*
Less than 1%.
(A)
The address for the persons listed in this column is 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109.
(B)
Deferred share units are excluded from shares beneficially owned. Except as otherwise indicated, and subject to applicable community property and similar laws, the persons listed as beneficial owners of the shares have sole voting and investment power with respect to such shares.
(C)
Does not include dividend equivalents in respect of RSUs that will be credited to the holders’ account on April 15, 2021 with the number of additional RSUs based on the closing price of MGP’s Class A shares on April 15, 2021.
(D)
Represents all previously deferred share units and RSUs to be deferred within 60 days under the

MGM Growth Properties LLC 2016 Deferred Compensation Plan for non-employee directors. Each deferred share unit is the economic equivalent of one Class A share. The deferred share units become payable upon termination of service as a director. Does not include dividend equivalents in respect of RSUs that will be credited to the holders’ account on April 15, 2021 with the number of additional RSUs based on the closing price of MGP’s Class A shares on April 15, 2021.

(E)
Resorts International    2023 Proxy Statement

Mr. Murren’s employment with the Company as Chief Executive Officer and as a member and Chairman of the Board ended on March 22, 2020. The beneficial ownership amount shown in the table above for Mr. Murren is based on his holdings as reported in his most recent Form 4, which was filed with the SEC on May 7, 2020.
(F)
Includes 7,541 shares held in trust.
(G)
Includes 128,200 held in trust and 100,000 in family partnership.

25


23

TABLE OF CONTENTSTransactions with Related Persons

The table below shows the number of MGM China shares beneficially owned as of the close of business on March 12, 2021 by each of our directors, director nominees and named executive officers, as well as the number of MGM China shares beneficially owned by all of our current directors and executive officers as a group, based on 3,808,362,101 shares of MGM China’s shares outstanding as of March 12, 2021.
NAME(A)
ORDINARY
SHARES
OPTIONS/SARs/
RSUs
EXERCISABLE
OR VESTING
WITHIN 60 DAYS
TOTAL
SHARES
BENEFICIALLY
OWNED(B)
PERCENT
OF CLASS
Barry Diller
    —
  —
William W. Grounds
Jonathan Halkyard
Alexis M. Herman
Roland Hernandez
506,800(C)
506,800
*
William J. Hornbuckle
Mary Chris Jammet
John Kilroy
Joey Levin
Rose McKinney-James
John M. McManus
Keith A. Meister
James J. Murren
Atif Rafiq
Paul Salem
Corey I. Sanders
Gregory M. Spierkel
Jan G. Swartz
Daniel J. Taylor
All directors and executive officers as a group
(17 persons total)
506,800
506,800
*
*
Less than 1%.
(A)
The address for the persons listed in this column is 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109.
(B)
Except as otherwise indicated, and subject to applicable community property and similar laws, the persons listed as beneficial owners of the shares have sole voting and investment power with respect to such shares.
(C)
Held in trust.
24

TABLE OF CONTENTS

TRANSACTIONS WITH RELATED PERSONS

Related person transactions covered by Item 404(a) of Regulation S-K requiring prior review and oversight by the Audit Committee are referred to the Audit Committee for approval, ratification or other action. Based on its consideration of all of the relevant facts and circumstances, the Audit Committee decides whether or not to approve such transactions and approves only those transactions that are deemed to be in the best interests of the Company, including consideration of the factors set forth in our written guidelines under our Code of Conduct for the reporting, review and approval of potential conflicts of interest: the size of the transaction or investment, the nature of the transaction or investment, the nature of the relationship between the third party and the Company, the nature of the relationship between the third party and the director or employee, the net worth of the employee or director, and any other factors the Committee deems appropriate. Our executive officers and directors may also enter into transactions with us involving the purchase of goods or services, such as hotel rooms, tickets to events or meals at restaurants. These transactions are in the ordinary course of our business, and we provide them on terms that we offer to our customers generally. If the Company becomes aware of an existing transaction with a related person that has not been approved under the foregoing procedures, then the matter is referred to the Audit Committee. The Audit Committee then evaluates all options available, including ratification, revision or termination of such transaction.

The Company had the following related party transactions since the beginning of 2022:

In 2020, Sean Lanni, the son-in-law of Mr. Hornbuckle, our Chief Executive Officer, and President and a Director of the Company was employed by MGM China Holdings Ltd. and received an annual base salary of $425,000 from MGM China. Mr. Lanni was also eligible for equity awards on the same general terms and conditions as applicable to employees in similar positions who are not related to Mr. Hornbuckle. In 2020, the Company entered into ana three-year employment agreement with Mr. Lannithe Company for the position of President of Far East Marketing, which provides for a base salary, effective January 1, 2021, of $495,000. In addition, Mr. Lanni will beis eligible for an annual equity award and a target annual bonus on the same general terms and conditions as applicable to employees in similar positions who wereare not related to Mr. Hornbuckle. Mr. Lanni will also be eligible to participate in a special bonus program which will provide him with the opportunity to earn an incremental annual bonus in an amount up to 50% of his base salary based on incremental increases in theoretical profit from Far East/Asian Marketingmarketing gaming customer play. In addition, Mr. Lanni may be eligible to receive special bonuses from time to time and, in connection with his contributions in 2022, he received special bonuses aggregating $155,000 primarily related to his efforts in connection with the Company’s receipt of a new 10 year Concession contract in Macau.

In addition, in February of 2022, the Audit Committee reviewed and approved a transaction between the Company and Corvex Management LP (“Corvex”) where the Company agreed to repurchase 4.5 million shares of Company Common Stock from Corvex at $45.00 per share for a total of $202.5 million. Corvex is controlled by Keith Meister who serves on the Board.

26    

    MGM Resorts International    2023 Proxy Statement


25

TABLE OF CONTENTSProposals Requiring Your Vote

PROPOSALS REQUIRING YOUR VOTE

PROPOSAL NO. 1 ELECTION OF DIRECTORS

At the Annual Meeting, our stockholders are being asked to elect directors, each of whom will serve until the next annual meeting of stockholders or until his or her respective successor has been elected and qualified, or until his or her earlier resignation or removal. All of the Company’s nominees on the Proxy Card were elected as directors at the last annual meeting of stockholders, other than Messrs. Diller and LevinMr. Winston who werewas appointed to the Board on August 19, 2020.March 1, 2023. In connection with the Annual Meeting, the size of our Board will be reduced to 11 directors. If any of the following nominees should be unavailable to serve as a director, which contingency is not presently anticipated, it is the intention of the persons designated as proxies to select and cast their votes for the election of such other person or persons as the Board may designate.

The Board recommends a vote FOR the election of each of the nominees to the Board.

Information Concerning the Board’s Nominees

The Board seeks nominees who have substantial professional accomplishments and who are leaders in the companies or institutions with which they are affiliated. Nominees should be persons who are capable of applying independent judgment and undertaking analytical inquiries and who exhibit high integrity, practical wisdom and mature judgment. The Nominating/Corporate Governance Committee evaluates each individual in the context of the Board as a whole, with the objective of recommending a group that will best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment, based on diverse experiences. The Nominating/Corporate Governance Committee, together with the Board, reviews on an annual basis the composition of the Board to determine whether the Board includes the right mix and balance of skill sets, financial acumen, general and special business experience and expertise, industry knowledge, diversity (such as, and including but not limited to, gender, race/ethnicity, age, geographic location, and nationality), leadership abilities, high ethical standards, independence, sound judgment, interpersonal skills, overall effectiveness and other desired qualities. Director candidates also must meet the approval of certain state regulatory authorities.

We identify and describe below the key experience, qualifications and skills, in addition to those discussed above, that the directors bring to the Board and that are important in light of our business.

Leadership experience.  Directors with experience in significant leadership positions demonstrate a practical understanding of organizations, processes, strategy, risk management and the methods to drive change and growth. Thus, their service as top leaders at other organizations also benefits us.

Finance experience.  An understanding of finance and financial reporting is important for our directors, as we measure our operating and strategic performance by reference to financial targets.

Industry experience.  We seek to have directors with experience as executives, as directors or in other leadership positions in the resort, gaming and entertainment industries in which we participate, particularly given the highly regulated nature of these industries, as well as experience in the digital industry working with omni channel platforms.

Government experience.  We seek directors with government experience, as our business is subject to extensive government regulation and we are directly affected by governmental actions. We therefore recognize the importance of working constructively with local, state, federal and international governments.

Public company directorship experience.  We seek directors with experience as directors of other public companies, as we believe these individuals will have been exposed to the various types of financial, governance and operational matters that companies such as ours consider from time to time.

MGM Resorts International    2023 Proxy Statement

27


Leadership experience. Directors with experience in significant leadership positions demonstrate a practical understanding of organizations, processes, strategy, risk management and the methods to drive change and growth. Thus, their service as top leaders at other organizations also benefits us.
Finance experience. An understanding of finance and financial reporting is important for our directors, as we measure our operating and strategic performance by reference to financial targets.
Industry experience. We seek to have directors with experience as executives, as directors or in other leadership positions in the resort, gaming and entertainment industries in which we participate, particularly given the highly regulated nature of these industries, as well as experience in the digital industry working with omni channel platforms.
Government experience. We seek directors with government experience, as our business is subject to extensive government regulation and we are directly affected by governmental actions. We therefore recognize the importance of working constructively with local, state, federal and international governments.
Public company directorship experience. We seek directors with experience as directors of other public companies, as we believe these individuals will have been exposed to the various types of financial, governance and operational matters that companies such as ours consider from time to time.
26

TABLE OF CONTENTSProposals Requiring Your Vote

The following sets forth, for each nominee, his or her name, age as of the date of the Annual Meeting, principal occupation for at least the past five years and certain other matters. The respective experiences, qualifications and skills the Board considered in determining whether to recommend each director nominated for election are also included in the column to the right.

BARRY DILLER

Principal Occupation/Other Directorships



AGE: (79)
DIRECTOR SINCE 2020
CHAIRMAN AND SENIOR
EXECUTIVE OF IAC






























Chairman and Senior Executive of IAC/InterActiveCorp ("IAC"IAC, Inc. (“IAC”) since December 2010.

•  Chairman and Senior Executive of Expedia Group, Inc., an online travel company (formerly, Expedia, Inc.), since August 2005.

•  From 1995 to late 2010, served as the Chairman and the Chief Executive Officer of IAC.

•  Since December 1992, beginning with QVC, Inc., served as chief executive for a number of predecessor companies engaged in media and interactivity prior to the formation of IAC.

•  From October 1984 to April 1992, served as Chairman and Chief Executive Officer of Fox, Inc. and was responsible for the creation of Fox Broadcasting Company in addition to Fox'sFox’s motion picture operations.

•  Before joining Fox, served for 10 years as the Chairman and Chief Executive of Paramount Pictures Corporation. In March 1983, in addition to Paramount, became President of the conglomerate'sconglomerate’s newly formed Entertainment and Communications Group, which included Simon & Schuster, Inc., Madison Square Garden Corporation and SEGA Enterprises, Inc.

•  Prior to joining Paramount, served as Vice President of Prime Time Television for ABC Entertainment.

•  Through his foundation he supported projects for Roundabout Theatre Company, Signature Theatre, The Public Theater, and Motion Picture & Television Fund, and is creating Little Island, a park and performance center in the Hudson River.

•  Director of The Coca ColaCoca-Cola Company since April 2002.

•  Member of The Business Council.

LOGO

AGE: (81)

DIRECTOR SINCE 2020

CHAIRMAN AND SENIOR EXECUTIVE OF IAC

Director Qualifications

Leadership experience—Serves as Chairman and Senior Executive of IAC. Served as Chief Executive Officer of Fox, Inc. from 1984 to 1992, responsible for the creation of Fox Broadcasting Company, and Fox’s motion picture operations. Prior to Fox, served for 10 years as Chief Executive Officer of Paramount Pictures Corporation.

Finance experience—Extensive experience in financings, mergers, acquisitions, investments and strategic transactions, including transactions with Silver King Broadcasting, QVC, Inc., Ticketmaster Entertainment, Inc. and Home Shopping Network, Inc. Served on the Finance Committee of Graham Holdings Company.

Industry experience—Extensive experience in the media and Internet sectors, including experience at IAC, with businesses in the marketing and technology industries, at Expedia Group, Inc., which empowers travelers through technology with tools to efficiently research, plan, book and experience travel, and at TripAdvisor, Inc., which operates the flagship TripAdvisor-branded websites and numerous other travel brands.

Public company directorship experience—Director and member of various board committees of several public companies.

27

TABLE OF CONTENTS

28    

    MGM Resorts International    2023 Proxy Statement

WILLIAM W. GROUNDS


Proposals Requiring Your Vote

��

ALEXIS M. HERMAN

Principal Occupation/Other Directorships



AGE: (65)
DIRECTOR SINCE 2013
DIRECTOR, PRESIDENT AND
CHIEF OPERATING OFFICER
OF INFINITY WORLD
DEVELOPMENT CORP


























Director, President and Chief Operating Officer of Infinity World Development Corp, a private investment entity which owns half of CityCenter Holdings, LLC (“CityCenter”), since November 2009, having joined Infinity World in April 2008.
Member of CityCenter Board of Directors since December 2009.
Various senior executive positions in the real estate investment and development industries, including General Manager at Unlisted Funds of Investa Property Group Ltd. from April 2002 to May 2007 and CEO of Property and Finance at MFS Ltd. from June 2007 to March 2008.
Board Member of Lend Lease Property Services and Civil & Civic from 1997 to 1998.
Board member of Grand Avenue L.A. LLC, a mixed use real estate development joint venture with The Related Companies from 2008 to 2017.
Board Member of Fontainebleau Miami JV, LLC, in 2013.
Board Member and member of the Audit Committee, Compensation Committee and Nominating & Governance Committee of Remark Holdings Inc. (MARK) from October 2013 to May 2019.
Board Member of Nevada Public Radio KNPR since January 2017.
Board Member of RDNZL USA LLC since 2020.
Director Qualifications
Leadership experience—President and Chief Operating Officer of Infinity World Development Corp.; senior level executive at multiple real estate and development companies; director and board committee member of a not-for-profit public broadcasting organization.
Finance Experience—Former Chief Executive Officer of Property and Finance at MFS Ltd., and General Manager at Unlisted Funds of Investa Property Group Ltd., both real estate investment management firms.
Industry experience—Officer of investment entity that owns half of CityCenter; senior level executive at multiple real estate and development companies responsible for, among other things, developing mixed use real estate projects.
Public company directorship experience—Director and board committee member of a global digital media company.
28

TABLE OF CONTENTS

ALEXIS M. HERMAN
Principal Occupation/Other Directorships


AGE: (73)
DIRECTOR SINCE 2002
CHAIR AND CHIEF
EXECUTIVE OFFICER
OF NEW VENTURES LLC























Chair and Chief Executive Officer of New Ventures LLC, a corporate consulting company, since 2001.

•  Lead Director, Chair of the Governance and Nominating Committee, and member of the Technology Committee, Finance Committee, and Executive Committee of Cummins Inc.

•  Director and member of the Personnel Committee and member of the Corporate Governance Committee of Entergy Corp.

•  Director and member of the Compensation Committee and Chair of the Public Issues and Diversity Review Committee of The Coca-Cola Company.

Served as Chair of the Business Advisory Board of Sodexo, Inc., a member of the global advisory board for Toyota Motor Corporation and as Chair of Toyota Motor Corporation’s North American Diversity Advisory Board.

•  United States Secretary of Labor from 1997 to 2001.

•  Member of the Board of Trustees of the National Urban League, a civil rights organization, and member of the Board of Trustees of Toyota Technological Institute at Chicago University.

•  President of the Dorothy I. Height Education Foundation and Co-Chair of the Presidential Leadership Scholars (PLS) Initiative.

LOGO

AGE: (75)

DIRECTOR SINCE 2002

CHAIR AND CHIEF

EXECUTIVE OFFICER OF

NEW VENTURES LLC

Director Qualifications

Leadership experience—Chief Executive Officer of a consulting firm; former United States Secretary of Labor; member of the board of trustees of a civil rights organization.

Finance experience—Member of the finance committee of a public company that designs, manufactures, sells and services diesel engines and related technology around the world.

Government experience—Former United States Secretary of Labor.

Public company directorship experience—Director and member of various board committees of several public companies; member of advisory boards to public companies.

29

TABLE OF CONTENTS

MGM Resorts International    2023 Proxy Statement

29


Proposals Requiring Your Vote

WILLIAM J. HORNBUCKLE

Principal Occupation/Other Directorships



AGE: (63)
DIRECTOR SINCE 2020
CHIEF EXECUTIVE
OFFICER AND PRESIDENT
OF THE COMPANY

































Chief Executive Officer and President of the Company since July 2020 and Acting Chief Executive Officer and President from March 2020 through July 2020
2020.

•  Formerly President and Chief Operating Officer of the Company from March 2019 to March 2020, President since December 2012 and Chief Customer Development Officer since December 2018.

•  Chairman of the MGM China board since March 2020 and a director of MGM China since 2011; director of CityCenter Holdings, LLC since December 2018; previously a director of MGM Growth Properties LLC from 2016 through March 2020.

•  Previously served as Director of PLAYSTUDIOS, Inc. from June 2021 to December 2021.

•  Chief Marketing Officer of the Company from August 2009 to August 2014.

•  Founder and Board Member of GBank Financial Holdings from March 2007 through the present and Chair of the Compensation Committee.

•  President and Chief Operating Officer of Mandalay Bay Resort & Casino in Las Vegas from April 2005 to August 2009.

•  Previously served as President and Chief Operating Officer of MGM MIRAGE-Europe, where he worked on the development of MGM’s gaming operations in the United Kingdom.

•  Previously served as President and Chief Operating Officer of MGM Grand Hotel & Casino and of Caesars Palace, Las Vegas.

•  Spent the majority of his earlier career with Mirage Resorts Inc. in various senior management positions, including the Vice President of Hotel Operations of Golden Nugget, the Vice President of Hotel Operations of the Mirage, the President of Laughlin, the Executive Vice President and Chief Operating Officer of Treasure Island and the Executive Vice President of Operations of MGM Grand, from 1986 to 1998.

•  Bachelor’s degree in hotel administration from the University of Nevada, Las Vegas.

Selected to our Board because he brings extensive management experience and understanding

•  Appointed Chair of the gaming industry.

US Travel and Tourism Advisory Board in 2022.

LOGO

AGE: (65)

DIRECTOR SINCE 2020

CHIEF EXECUTIVE

OFFICER AND PRESIDENT

OF THE COMPANY

Director Qualifications

Leadership experience—Chief Executive Officer of the Company since July 2020 and has held several key executive positions with the Company for over 10 years.

Finance experience—Served as Chief Operating Officer of the Company and as Chief Operating Officer for many other reputable gaming-industry companies.

Industry experience—Served in various roles at the Company and other casino companies for over three decades.

Public company directorship experience—Current director and Chairman of MGM China, a Hong Kong Stock Exchange listed company, and a former director of MGM Growth Properties LLC.

30

TABLE OF CONTENTS

30    

    MGM Resorts International    2023 Proxy Statement


Proposals Requiring Your Vote

MARY CHRIS JAMMET

Principal Occupation/Other Directorships



AGE: (53)
DIRECTOR SINCE 2014
FORMER SENIOR VICE
PRESIDENT, PORTFOLIO
MANAGER AND EQUITY
ANALYST AT LEGG MASON
GLOBAL ASSET MANAGEMENT

















•  





Founder and principal of Bristol Partners, LLC.

•  Former Senior Vice President and portfolio manager responsible for $20 billion in assets for clients in the United States and abroad, from 1998 until 2013, and equity research analyst focused on the gaming and lodging industry, from 1989 until 1998, at Legg Mason Global Asset Management (now Franklin Templeton), an international asset management firm.

•  Member of the Board of Directors for Adams Diversified Equity Funds (NYSE: ADX) and Adams Natural Resources Fund (NYSE: PEO) since December 2020. Member of the Nominating and Governance Committee.

Committee and Audit Committee for both ADX and PEO.

•  Former Independent Director for Payless ShoeSource Inc. from June 2018 to January 2019 and Chair of the Nominating and Governance Committee, Chair of the Corporate Social Responsibility Committee and Member of the Special Committee.

Consultant and advisor to start-up companies in early stage financings since 2013.

•  Member of the Finance Department Advisory Board Sellinger School of Business at Loyola University Maryland.

•  Received a CERT Certificate in Cybersecurity Oversight in 2020 from the CERT Division of the Software Engineering Institute at Carnegie Mellon University.

LOGO

AGE: (55)

DIRECTOR SINCE 2014

FORMER SENIOR VICE PRESIDENT, PORTFOLIO MANAGER AND EQUITY ANALYST AT LEGG MASON GLOBAL ASSET MANAGEMENT

Director Qualifications

Leadership experience—Former Senior Vice President of one of the largest international asset management firms.

Finance experience—Served as Senior Vice President and portfolio manager of a regulated financial services institution, responsible for, among other things, assessing the performance of companies and evaluating their financial statements.

Industry experience—Served as an equity analyst researching the gaming and lodging industries.

Public company directorship experience—Current Member of the Board of Directors for ADX and PEO, both NYSE-listed funds.

31

TABLE OF CONTENTS

JOHN KILROY

MGM Resorts International    2023 Proxy Statement

31


Proposals Requiring Your Vote

JOEY LEVIN

Principal Occupation/Other Directorships



AGE: (72)
DIRECTOR SINCE 2017
CHIEF EXECUTIVE OFFICER
AND CHAIRMAN OF THE
BOARD OF KILROY REALTY
CORPORATION




















• 



Chairman and Chief Executive Officer of the Board of Kilroy Realty Corporation (“Kilroy Realty”) since December 2020. Previously  Chief Executive Officer and President since September 1996 and Chairman since February 2013.
Chief Executive Officer and a director of Kilroy Realty since its incorporation in September 1996; president from September 1996 to December 2020. Member of the Corporate Social Responsibility and Sustainability Committee, as well as the Succession Committee. Chairman of the Pricing Committee.
Serves on the policy advisory board of the Fisher Center for Real Estate and Urban Economics, University of California at Berkeley and the advisory board of governors of the National Association of Real Estate Investment Trusts (“NAREIT“).
Previously served on the board of New Majority California and as Chairman of New Majority Los Angeles.
Past trustee of the El Segundo Employers Association, Viewpoint School, Jefferson Center for Character Education and the National Fitness Foundation.
Member of NAREIT, The Real Estate Roundtable and was a member of the San Francisco America’s Cup Organizing Committee.
Director Qualifications
Leadership experience—Chairman and Chief Executive Officer of one of the largest, vertically integrated REITs on the West Coast.
Finance experience—Has served as a Chief Executive Officer and President since 1981 of a capital intensive commercial real estate business that is involved in development, construction, acquisitions, dispositions, leasing, financing and entitlement.
Industry experience—Has been active in the real estate industry for 40 years, with experience in acquiring, owning, developing and managing real estate, and has served on the board of governors of a national real estate trade organization.
Public company directorship experience—Director and chairman of one of the largest, public company REITs on the West Coast.
32

TABLE OF CONTENTS

JOEY LEVIN
Principal Occupation/Other Directorships


AGE: (41)
DIRECTOR SINCE 2020
CHIEF EXECUTIVE
OFFICER OF IAC















• 




Chief Executive Officer of IAC since June 2015.
Serves on IAC's Board of Directors.

•  Served in various roles at IAC since he joined the company in 2003 working in the Mergers & Acquisitions group.

•  Former CEO of Mindspark Interactive, a division of IAC, and has led various businesses for IAC until his appointment to CEO and the Board of Directors in 2015.

•  Prior to joining IAC, worked in the Technology Mergers & Acquisitions group for Credit Suisse First Boston (now Credit Suisse) in San Francisco.

•  Chairman of the Board of Directors of Match Group,Angi Inc.

(formerly ANGI Homeservices Inc.). Chief Executive Officer of Angi since October 2022.

•  Previously served as Chairman of the Board of DirectorsVimeo Inc. from May 2021 to March 2023, Chairman of ANGI Homeservicesthe Board of Match Group, Inc.

from October 2015 to 2021 and Director of Turo.
ServedMatch Group, Inc. through Sept. 2022. Also previously served as a Director of several publicly traded consumer technology companies including Groupon, Inc., LendingTree, Inc, and The Active Network through its IPO and up until its sale to Vista Equity Partners.

LOGO

AGE: (43)

DIRECTOR SINCE 2020

CHIEF EXECUTIVE OFFICER

OF IAC

Director Qualifications

Leadership experience—Chief Executive Officer of IAC, a leading media and internet company, and served as Chairman of the Board of Match Group, Inc., an internet and technology company with the largest global portfolio of online dating services, and ANGI Homeservices Inc., a global leader in home improvement.

Finance experience—Significant experience in financings, mergers, acquisitions, investments and strategic transactions through his various roles at IAC and in the Technology Mergers & Acquisition group for Credit Suisse.

Industry experience—Extensive experience in the media and Internet sectors, including experience at IAC, with businesses in the marketing and technology industries.

Public company directorship experience—Serves as a director of several public companies, including as Chairman of the Board of Directors for Match Group, Inc. and ANGI Homeservices Inc.

33

TABLE OF CONTENTS

32    

    MGM Resorts International    2023 Proxy Statement


Proposals Requiring Your Vote

ROSE MCKINNEY-JAMES

Principal Occupation/Other Directorships



AGE: (69)
DIRECTOR SINCE 2005
MANAGING PRINCIPAL OF
ENERGY WORKS CONSULTING
LLC AND MCKINNEY JAMES &
ASSOCIATES



























•  



Managing Principal of Energy Works Consulting LLC and McKinney James & Associates, providing consulting services regarding public affairs in the areas of energy, education, and environmental policy, in each case for more than the past five years.

•  Director of CLEAResult since November 2020 and a member of its Audit Committee.

•  Director of Ioneer Ltd. since January 2021.

•  Director of Ledger8760, Inc. since April 2021.

•  Trustee of Finite Corporation since October 2021.

•  Director of Marketing and External Affairs of Nevada State Bank Public Finance from 2007 to 2013.

•  Member of the Audit Committee and Chair of the CRA Committee of Toyota Financial Savings Bank.

•  Former Director and Chair of the Board Governance and Nominating Committee and member of the Finance Committee of Employers Holdings, Inc. from 2005 to June 2013.

•  Serves on the Board of Directors of MGM Grand Detroit, LLC and as an Emeritus Director of Three Square and Nevada Partners.

•  Board Chair of the Governance and Nominating Committee of The US Energy Foundation.

Foundation and Chair of The US Energy Foundation from 2020 to 2022.

•  Director of the National Association of Corporate Directors Southern California Pacific Southwest Chapter and Fellow of the National Association of Corporate Directors.

•  Formerly the President and Chief Executive Officer of the Corporation for Solar Technologies and Renewable Resources for five years.

•  Former Commissioner with the Nevada Public Service Commission and former Director of the Nevada Department of Business and Industry.

LOGO

AGE: (71)

DIRECTOR SINCE 2005

MANAGING PRINCIPAL OF ENERGY WORKS CONSULTING LLC AND MCKINNEY JAMES & ASSOCIATES

Director Qualifications

Leadership experience—Former President and CEO of a not-for-profit corporation focused on solar and renewable energy technologies; former leader of two Nevada state government agencies.

Finance experience—Finance committee member of a company that provides workers’ compensation insurance and services to small businesses; member of audit committee of Toyota Financial Savings Bank, member of the Audit Committee of CLEAResult.

Industry experience—Former director of Mandalay Resort Group prior to its acquisition by the Company.

Government experience—Former leader of two Nevada state government agencies.

Public company directorship experience—Former director and board committee member of a company that provides workers’ compensation insurance and services to small businesses.

34

TABLE OF CONTENTS

MGM Resorts International    2023 Proxy Statement

33


Proposals Requiring Your Vote

KEITH A. MEISTER

Principal Occupation/Other Directorships



AGE: (48)
DIRECTOR SINCE 2019
FOUNDER, MANAGING
PARTNER & CHIEF
INVESTMENT OFFICER
OF CORVEX
MANAGEMENT LP

























Founder, Managing Partner & Chief Investment Officer of Corvex Management LP since 2010.

•  Director Chairman and member of the Nominating and Corporate Governance CommitteesChairman of CM Life Sciences, Inc., CM Life Sciences II Inc. and CM Life Sciences III Inc.

prior to 2022.

•  Director of GeneDx Holdings Corp., from January 2021 through the present and a member of its Audit Committee.

•  Director of BetMGM since May 2020.

Served as

Senior Managing Director of the General Partners of Icahn Partners L.P. and affiliated funds from November 2004 to August 2010.

•  Co-President of J Net Ventures from January 2000 through September 2001.

•  Prior to launching J Net Ventures, Mr. Meister worked at NorthStar Capital and Lazard Freres.

Co-President of J Net Ventures from January 2000 through September 2001.

•  Previously served as a director on numerous other public boards including: Yum! Brands, Inc., The Williams Companies, The ADT Corporation, Ralcorp Holdings and Motorola, Inc./Motorola Mobility, Inc., among others.

•  Chairman of the Board of Directors for Harlem Children’s Zone and a member of the board of trustees for the American Museum of Natural History.

LOGO

AGE: (50)

DIRECTOR SINCE 2019

FOUNDER, MANAGING PARTNER & CHIEF INVESTMENT OFFICER OF CORVEX MANAGEMENT LP

Director Qualifications

Leadership experience—Operational and management expertise as managing partner and executive officer of an investment firm and diversified holding company.

Finance experience—Expertise in finance, capital markets, strategic development and risk management.

Public company directorship experience—Director and board committee member of public companies in a variety of industries.

Industry Experience—Served as board member of a company with assets and operations in the casino and gaming industry.

35

TABLE OF CONTENTS

34    

    MGM Resorts International    2023 Proxy Statement


Proposals Requiring Your Vote

PAUL SALEM

Principal Occupation/Other Directorships



AGE: (57)
CHAIRMAN OF THE
BOARD SINCE 2020 AND
DIRECTOR SINCE 2018

SENIOR MANAGING
DIRECTOR EMERITUS AT
PROVIDENCE EQUITY
PARTNERS



























Chairman  Co-Founder and CEO of MGP Growth Properties LLCSalem Capital Management (“SCM”) since March 2020.
2019 and Executive Director of the Salem Foundation.

•  Senior Managing Director Emeritus, Providence Equity Partners (“Providence”) since 2018,2019 and with Providence from 1992 – 2019, which specializes in investing in the media, communications, education and information industries by employing a varietyindustries. Established Providence’s European office in 1999, and co-founded Benefit Street Partners in 2008 (the debt capital markets business of financing structures and target equity investments and bringing industry, financial, operational and leadership expertise to portfolio companies.

Providence).

•  Previously served as a director of Grupo TorreSur, Asurion, Eircom, Madison River Telecom, MetroNet (formerly AT&T Canada), PanAmSat, Tele1 Europe, Verio, Wired Magazine, Education Management Corporation and several other Providence investments.

•  Prior to joining Providence in 1992, worked for Morgan Stanley in corporate finance and mergers and acquisitions and prior to Morgan Stanley spent four years with Prudential Investment Corporation.

Chairman

•  Chair of the Board of the Woods Hole Oceanographic Institute, the world’s leader in ocean discovery and research.

•  Former Chair of Year Up, a national non-profit focused on closing the opportunity divide for urban young adults, and a former board member of Edesia Global Nutrition, a non-profit dedicated to treating and preventing malnutrition in the world’s most vulnerable populations.

•  Serves on the advisory board of the Carney Institute for Brain Science at Brown University.

LOGO

AGE: (59)

CHAIRMAN OF THE BOARD SINCE 2020 AND DIRECTOR SINCE 2018

SENIOR MANAGING DIRECTOR EMERITUS AT PROVIDENCE EQUITY PARTNERS

Director Qualifications

Leadership experience—Current Senior Managing Director Emeritus at Providence, a premier global asset management firm with approximately $40 billion in assets under management; established the Providence London office in 1999 and helped create Benefit Street Partners, Providence’s credit affiliate that was sold to Franklin Templeton in Q1 2019.

Finance experience—Various progressive roles at Providence Equity since 1992, which specializes in investing in the media, communications, education and information industries by employing a variety of financing structures and target equity investments and bringing industry, financial, operational and leadership expertise to portfolio companies.

Public company directorship experience—Former director of public company in the education industry, former Chairman of MGM Growth Properties LLC.

36

TABLE OF CONTENTS

GREGORY M. SPIERKEL

MGM Resorts International    2023 Proxy Statement

35


Proposals Requiring Your Vote

JAN G. SWARTZ

Principal Occupation/Other Directorships



AGE: (64)
DIRECTOR SINCE 2013
CONSULTANT AND ADVISOR









• 

• 


• 











Joined Ingram Micro Inc., a worldwide distributor of technology products, in 1997 as Senior Vice President and President of Ingram Micro Asia Pacific, before being named Executive Vice-President and President of Ingram Micro Europe and later President of Ingram Micro Inc. in 2004. Then served as Chief Executive Officer and Director of Ingram Micro Inc. from 2005 until his departure in 2012.
Consultant and advisor to private equity firms investing in the IT sector since 2012.
Director, Chair of the Compensation Committee, and member of the Audit Committee of PACCAR Inc., a truck manufacturer and technology company, since 2008.
Director of Schneider Electric SE since October 2014. Chair of the Digital Committee, member of the Governance Committee and member of the Investment Committee.
Member of the McLaren Technology Group business advisory group since January 2018.
Served as a member of the Advisory Board at The Merage School of Business at the University of California, Irvine until 2016.
Former advisor to Cylance, a privately held cyber security company based in Southern California from January 2018 through February 2019.
Director Qualifications
Leadership experience—Former Chief Executive Officer of a public worldwide distributor of technology products.
Finance experience—Serves on the audit committee of a truck manufacturer and technology company; as CEO of the world’s largest technology distribution company, oversaw the financial results and reporting of a public company for seven years.
Public company directorship experience—Former director of a public worldwide distributor of technology products, current director of a truck manufacturer and technology company, and current director of a global energy company.
37

TABLE OF CONTENTS

JAN G. SWARTZ
Principal Occupation/Other Directorships


AGE: (51)
DIRECTOR SINCE 2018
GROUP PRESIDENT, PRINCESS CRUISES AND
CARNIVAL AUSTRALIA AT


























Carnival Corporation,  Group President of Holland America Group of Carnival Corporation, leading Princess Cruises, Holland America Line, Seabourn and Carnival Australia. Previously, Group President of Princess Cruises and Carnival Australia from 2016-2020. President, Princess Cruises from 2013-2016 and Executive Vice President, Sales, Marketing and Customer Service, Princess Cruises from 2008-2013. Previously served in progressive roles at Princess Cruises starting in 2001 as the Vice President of Strategy and Business Development and led the deal evaluation and integration efforts in connection with Carnival Corporation’s acquisition of P&O Princess in 2002.

•  Led Princess Cruises expansion throughout Asia, opening 11 offices across China, Japan, Taiwan, Singapore, Hong Kong and Korea.

•  Co-led Carnival Corporation’s Ocean Medallion digital transformation initiative, which has won the 2018 Gold New York Design Award for Digital IoT, a CES 2019 Innovation Award Honoree and has been announced aswas a finalist for a 2019 Edison Award for its wearable device and guest experience platform available today on Princess ships.

•  Prior to joining Carnival Corporation, served as Chief Executive Officer of MXG Media from 1999-2000.

1999 to 2000.

•  During the 1992-1999 period, served as an associate consultant, consultant and manager at Bain & Company, Inc.

LOGO

AGE: (53)

DIRECTOR SINCE 2018

GROUP PRESIDENT, HOLLAND AMERICA GROUP of CARNIVAL CORPORATION SERVING PRINCESS CRUISES, HOLLAND AMERICA LINE, SEABOURN AND P&O AUSTRALIA

Director Qualifications

Leadership experience—Current Group President at Carnival Corporation, the world’s largest leisure travel company;company leading four of Carnival Corporation’s nine cruise brands; former Chief Executive Officer of MXG Media, an interactive entertainment Company; President of the Princess Cruises Community Foundation.

Finance experience—Various progressive roles at Carnival Corporation involving oversight of several brands’ financial performance.

Industry experience—Current Group President at the world’s largest leisure travel company; oversaw the international expansion of the cruise category in new marketsthroughout Asia and has worked with leading consumer and service companies on growth and digital transformation strategies.

38

TABLE OF CONTENTS

36    

    MGM Resorts International    2023 Proxy Statement


Proposals Requiring Your Vote

DANIEL J. TAYLOR

Principal Occupation/Other Directorships



AGE: (64)
DIRECTOR SINCE 2007
DIRECTOR OF MGM
GROWTH PROPERTIES
SINCE 2016
DIRECTOR OF MGM
CHINA SINCE 2020


















Employed as an executive of Tracinda Corporation from 2007 through 2019.

•  Director of MGM Growth Properties LLC. China. Non-Executive Chairman of the Board of Directors of Light Efficient Design, a division of TADD LLC since July 2014, a manufacturer and distributor of LED lighting products primarily for the retrofit market.

and EV charging stations.

•  President of Metro-Goldwyn-Mayer Inc. (“MGM Studios”) from April 2005 to January 2006 and Senior Executive Vice President and Chief Financial Officer of MGM Studios from June 1998 to April 2005.

Vice President—Taxes at MGM/UA Communications Co., the predecessor company of MGM Studios, from 1985 to 1991.

•  Tax Manager and CPA specializing in the entertainment and gaming practice at Arthur Andersen & Co. from 1978 to 1985.

•  Director of Inforte Corp. from October 2005 to 2007.

•  Non-ExecutiveChairman of the Board of Directors of Delta Petroleum Corporation from May 2009 to August 2012 (and a director from February 2008 to August 2012), and a former member of the Audit Committee and Nominating and Corporate Governance Committee of such company.

LOGO

AGE: (66)

DIRECTOR SINCE 2007

DIRECTOR OF MGM GROWTH PROPERTIES SINCE 2016 DIRECTOR OF MGM CHINA SINCE 2020

Director Qualifications

Leadership experience—Chairman of the Board of a manufacturer and distributor of LED lighting products; former President of a motion picture, television, home video, and theatrical production and distribution company.

Finance experience—Former Chief Financial Officer of a motion picture, television, home video, and theatrical production and distribution company; former Vice President—Taxes of a motion picture, television, home video, and theatrical production and distribution company; former tax manager at a public accounting firm.

Industry experience—Former Tax Manager specializing in the entertainment and gaming practice at Arthur Andersen & Co.

Public company directorship experience—Former director and board committee member of a public oil and gas company; former director of a management consulting company; currentformer director of MGM Growth Properties LLC and current director of MGM China, a Hong Kong Stock Exchange listed company.

MGM Resorts International    2023 Proxy Statement

37


Proposals Requiring Your Vote

BEN WINSTON

Principal Occupation/Other Directorships

•  Award-winning Producer, Director and Founding Partner of Fulwell 73, which specializes in making high quality television and film productions, since 2005.

•  Executive producer of many television and film productions including, “The Late Late Show with James Corden” from 2015 to 2023, “The Grammy Awards,” for CBS, “The Kardashians,” for Hulu, “Carpool Karaoke” for Apple TV, and “Friends” The Reunion for HBO MAX.

•  Has created and produced several music specials for various award winning artists and oversaw “Global Citizen: Mandela 100” in South Africa in 2018.

•  12 time Emmy winner, 31 time Emmy nominee, 5 time Critics Choice Award Winner, 3 time Brit Award winner, 2 time PGA Award Winner, Rose D’or winner, Bafta Winner, Grammy nominee.

LOGO

AGE: (41)

DIRECTOR 2023

PRODUCER, DIRECTOR AND FOUNDING PARTNER OF FULWELL 73

Director Qualifications

Leadership experience— Founding Partner of Fulwell 73, an international television, film and production company that operates across a wide range of genres and across all media platforms, including theatrical, broadcast and digital.

Industry experience—Award-winning director and producer of TV shows, films, documentaries, concerts, events, and music videos.

THE BOARD UNANIMOUSLY RECOMMENDS YOU VOTE

“FOR” THE ELECTION OF THE NOMINEES LISTED ABOVE BASED UPON THEIR

RESPECTIVE EXPERIENCES, QUALIFICATIONS AND SKILLS IDENTIFIED ABOVE.

38    

    MGM Resorts International    2023 Proxy Statement


39

TABLE OF CONTENTSProposals Requiring Your Vote

PROPOSAL NO. 2 RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has selected Deloitte & Touche LLP to serve as our independent registered public accounting firm for 2021.2023. For 2020,2022, Deloitte & Touche LLP audited and rendered opinions on our financial statements and internal control over financial reporting.

A representative of Deloitte & Touche LLP will be present atattend the stockholders’ meeting withAnnual Meeting and will have the opportunity to make a statement if he or she desires to do so and to respond to appropriate questions.

We are asking our stockholders to ratify the selection of Deloitte & Touche LLP as our independent registered public accounting firm. Although ratification is not required by our bylaws or otherwise, the Board is submitting the selection of Deloitte & Touche LLP to our stockholders for ratification because we value our stockholders’ views on our independent registered public accounting firm and as a matter of good corporate practice. In the event that our stockholders fail to ratify the selection, it will be considered a recommendation to the Audit Committee to consider the selection of a different firm. Even if the selection is ratified, the Audit Committee may in its discretion select a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company and our stockholders.

The Board recommends a vote “FOR” the ratification of the appointment of

Deloitte & Touche LLP as our independent registered public accounting firm.

Audit and Non-Audit Fees

The following table sets forth fees paid to our auditors, Deloitte & Touche LLP, in 20202022 and 20192021 for audit and non-audit services. All of the services described below were approved in accordance with our pre-approval policy, which is described in the next section.

 
2020
2019
Audit fees(A)
$8,389,000
$8,675,000
Audit-related fees(A)
11,000
16,000
Tax fees(B)
919,000
792,000
All other fees
132,000
519,000
Total
$9,451,000
$10,002,000

  

 

  2022     2021 

Audit fees(A)

  $8,091,000     $7,966,000 

Audit-related fees(A)

   75,000      4,000 

Tax fees(B)

   728,000      923,000 

All other fees

   158,000       

Total

  $9,052,000     $8,893,000 

(A)

Audit fees and audit-related fees include fees associated with MGP of $1,340,000$205,000 and $0 in 2020,2022, respectively, and $1,445,000$1,184,000 and $0 in 2019,2021, respectively.

(B)

Tax fees include fees associated with MGP of $78,000$10,000 in 20202022 and $88,000$56,000 in 2019.2021.

The category “Audit fees” includes fees for our annual audit and quarterly reviews of our consolidated financial statements and of our subsidiaries, the attestation reports on our internal control over financial reporting, statutory and compliance audits required by gaming regulators, assistance with SEC filings, and fees related to debt and equity offerings. The category “Audit-related fees” includes fees related to other assurance services not included in “Audit Fees.” The category “Tax fees” includes fees related to tax consultation, tax planning and tax compliance services. The category “All other fees” includes consulting services for the purpose of providing advice and recommendations.

Pre-Approval Policies and Procedures

Our Audit Committee has a policy related to pre-approval of all audit and permissible non-audit services to be provided by the independent registered public accounting firm. Pursuant to this policy, the Audit Committee must pre-approve all services provided by the independent registered public accounting firm. Pre-approvals for classes of services are granted at the start of each fiscal year and are applicable for such year. As provided under the Sarbanes-Oxley Act of 2002 and the SEC’s rules, the Audit Committee has delegated pre-approval authority to the Chairmanchair of the Audit Committee to address certain requests for pre-approval in between regularly scheduled meetings of the Audit Committee, and such pre-approval decisions are reported to the Audit Committee at its next regular meeting. The policy is designed to help ensure that there is no delegation by the Audit Committee of authority or responsibility for pre-approval decisions to management.

MGM Resorts International    2023 Proxy Statement

39


40

TABLE OF CONTENTSProposals Requiring Your Vote

Audit Committee Report

The Audit Committee reviewed and discussed the audited financial statements with management and Deloitte & Touche LLP, the Company’s independent registered public accounting firm, and management represented to the Audit Committee that the Company’s consolidated financial statements were prepared in accordance with generally accepted accounting principles. The discussions with Deloitte & Touche LLP included the matters required to be discussed under applicable Public Company Accounting Oversight Board (“PCAOB”) standards. The Audit Committee also received the written disclosures and the letter from Deloitte & Touche LLP required by applicable requirements of the PCAOB regarding the independent accountant’s communications with the Audit Committee concerning independence and has discussed with Deloitte & Touche LLP its independence.

The Audit Committee also: (i) reviewed and discussed with management, the Company’s internal auditors and Deloitte & Touche LLP, the Company’s internal control over financial reporting;reporting and (ii) reviewed and discussed with management and Deloitte & Touche LLP their respective assessment of the effectiveness of the Company’s internal control over financial reporting.

Based on the Audit Committee’s review of the audited financial statements and the review and discussions described in the foregoing paragraphs, the Audit Committee recommended to the Board that the audited financial statements for the fiscal year ended December 31, 20202022 be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 20202022 for filing with the SEC.

GREGORY M. SPIERKEL, Chair

ROLAND HERNANDEZ

MARY CHRIS JAMMET

KEITH MEISTER

PAUL SALEM

The foregoing report of the Audit Committee does not constitute soliciting material and shall not be deemed filed or incorporated by reference into any other Company filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except to the extent the Company specifically incorporates such report by reference therein.

40    

    MGM Resorts International    2023 Proxy Statement


41

TABLE OF CONTENTSProposals Requiring Your Vote

PROPOSAL NO. 3 ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION

The Dodd-Frank Wall Street Reform and Consumer Protection Act enables our stockholders to vote to approve, on an advisory (non-binding) basis, the compensation of our Named Executive Officersnamed executive officers as disclosed in this Proxy Statement in accordance with the SEC’s rules, including the Compensation Discussion and Analysis, the Summary Compensation Table and related tables and narrative disclosure (also referred to as “say-on-pay”“say-on-pay”).

Stockholders are encouraged to read the Compensation Discussion and Analysis section of this Proxy Statement, which begins on page 45,43, for a more detailed discussion of how our compensation programs reflect our overarching compensation philosophy and core business principles. We are asking our stockholders to indicate their support for our Named Executive Officernamed executive officer compensation as described in this Proxy Statement. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our Named Executive Officers.named executive officers. Accordingly, we ask our stockholders to vote “FOR” the advisory vote for adoption of the following resolution:

“RESOLVED, that the stockholders of MGM Resorts International approve, on an advisory basis, the compensation of our Named Executive Officersnamed executive officers as disclosed in our Proxy Statement in accordance with Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the Summary Compensation Table and related tables and narrative disclosure.”

Although the advisory vote is not binding on the Human Capital and Compensation Committee or the Board, the Human Capital and Compensation Committee and the Board will review the results of the vote and consider them in future determinations concerning our executive compensation program. At the 2017 annual meeting of stockholders, a majority of the Company’s stockholders voted in favor of holding a say-on-pay advisory vote on an annual basis and, in light of this vote, theThe Board has adopted a policy of holding say-on-pay votes annually. Therefore,Accordingly, subject to the outcome of Proposal No. 4 and unless the Board determines otherwise, the next advisory vote to approve executive compensation will occur at the 20222024 annual meeting of stockholders.

The Board recommends a vote “FOR” the advisory vote to approve executive compensation.

MGM Resorts International    2023 Proxy Statement

41


42

TABLE OF CONTENTSProposals Requiring Your Vote

PROPOSAL NO. 4 APPROVAL AND ADOPTIONADVISORY VOTE ON THE FREQUENCY OF THE AMENDMENT TO OUR CHARTER

The Company’sADVISORY VOTE ON EXECUTIVE COMPENSATION

We are asking our stockholders to vote, on an advisory (non-binding) basis, on the frequency with which we should seek an advisory vote on the compensation of our Named Executive Officers, such as Proposal 3 included in this Proxy Statement. We are required by the Dodd Frank Act to provide stockholders with a “say-on-pay” vote every one, two or three years, as determined by a separate advisory stockholder vote held at least once every six years (the “say-when-on-pay” vote).

After careful consideration of this proposal, our Board of Directors recommends adoption ofhas determined that an amendment toadvisory vote on executive compensation that occurs every year is the fourth article (“Article Four”) of the Amended and Restated Certificate of Incorporation (our “Charter”) to authorize a class of preferred stock (the “Preferred Stock”) consisting of 50,000,000 shares. Specifically we propose to amend Article Four to the Charter to be read in its entirety as follows:

“4.1 The number of shares which the Corporation shall have the authority to issue is 1,000,000,000 shares of common stock, par value of $.01 per share and 50,000,000 shares of preferred stock, par value $.10 per share.
4.2 The Board of Directors is hereby expressly authorized at any time and from time to time to providemost appropriate option for the issuance of all or any shares of the preferred stock in one or more classes or series, and to fix for each such class or series such voting powers, full or limited, or no voting powers, and such distinctive designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted byCompany at this time. In formulating its recommendation, the Board of Directors providingconsidered that an annual advisory vote on executive compensation will continue to allow our stockholders to provide us with their direct input on the compensation of our Named Executive Officers as disclosed in the proxy statement every year. Additionally, an annual advisory vote on executive compensation is consistent with our policy of seeking input from, and engaging in discussions with, our stockholders on corporate governance matters and our Named Executive Officer compensation.

“RESOLVED, that the stockholders of MGM Resorts International approve, on an advisory basis, whether the preferred frequency of an advisory vote on the executive compensation of the Company’s named executive officers as set forth in our Proxy Statement should be (i) every one year, (ii) every two years, or (iii) every three years.”

We are asking our stockholders to indicate their support for the issuance of such class or series and to the fullest extent as may now or hereafter be permitted by the DGCL, all as may be stated in such resolution or resolutions. Unless otherwise provided in such resolution or resolutions, shares of Preferred stock of such class or series which shall be issued and thereafter acquired by the Company through purchase, redemption, exchange, conversion or otherwise shall return to the status of authorized but unissued preferred stock.”

The proposed Charter of the Company is attached hereto in its entirety as Appendix A.
The Board believesBoard’s recommendation that it is advisable to increase the Company’s authorized capital to include a class of Preferred Stock in order to increase the Company’s flexibility to engage in preferred stock financing or to enter into arrangements that provide for the potential issuance of such Preferred Stock in the future. The Preferred Stock would enable the Company to respond to market conditions and favorable acquisition or other opportunities without incurring the delay and expense associated with calling a special stockholders’ meeting to approve a contemplated Preferred Stock issuance. The delay and expense of seeking stockholder approval at the time of issuance could deprive the Company and its stockholders of the ability to effectively benefit from these opportunities as they may arise from time to time. The Board believes that being able to promptly and efficiently react to these opportunities puts the Board and management in a position to take actions that serve the best interests of the Company and its stockholders. The Board presently does not have any plan or proposal to issue Preferred Stock.
The provision would permit the Board to authorize the issuance of Preferred Stock without additional stockholder approval, with such relative rights and preferences as may be established by resolution of the Board. The terms of the shares to be authorized, including dividend or interest rates, conversion prices, voting rights, redemption prices, maturity dates and similar matters would be determined by the Board.
The Board could authorize shares of Preferred Stock which have voting, dividend or other preferences over shares of its Common Stock and the issuance of Preferred Stock could dilute the voting power, equity position or share of earnings of common stockholders. Although the Board has no present plan or proposal to do so, Preferred Stock could be used to discourage or impedecast an attempt to obtain control of the Company by merger, tender offer, proxy contest or other means and could be used to inhibit the removal of incumbent management. At this time, the Company’s management is not aware of any attempts to obtain control of the Company.
advisory vote on executive compensation every one year. Accordingly, we will ask our stockholders to vote “FOR” adoptionfor every “ONE YEAR” as the frequency with which the Company should hold future advisory votes to approve executive compensation.

While the Board of Directors recommends that stockholders vote to hold the say-on-pay vote every year, the voting options are to hold the say-on-pay vote every one year, every two years or every three years. Stockholders may also abstain from voting on this proposal. The approval of a majority of votes cast is required for advisory (non-binding) approval of Proposal 4. If none of the following resolution:

“RESOLVED,alternatives of Proposal 4 (one year, two years or three years) receives a majority vote, we will consider the highest number of votes cast by stockholders to be the frequency that Article Fourhas been selected by stockholders on an advisory basis. Although the advisory vote is not binding on the Human Capital and Compensation Committee or the Board, the Human Capital and Compensation Committee and the Board will review the results of the Amendedvote and Restated Articlesconsider them in future determinations concerning our executive compensation program. Unless and until the Board determines otherwise, the next advisory vote on the frequency with which the Company holds a vote to approve executive compensation will occur at the 2029 Annual Meeting of Incorporation of MGM Resorts International be amended by deleting the current Article Four and replacing it with the form of Article Four set forth in Appendix A to this Proxy Statement.”
If this proposal is approved, it will become effective upon filing the amended Charter with the Secretary of State of Delaware following the Annual Meeting.
Stockholders.

The Board recommends a vote “FOR”for every “ONE YEAR” as the approval and adoption offrequency with which the Charter Amendment.

Company

should hold future advisory votes to approve executive compensation.

42    

    MGM Resorts International    2023 Proxy Statement


43

TABLE OF CONTENTSExecutive Compensation

EXECUTIVE COMPENSATION

2020 EXECUTIVE COMPENSATION OVERVIEW
2020 was an unprecedented and extraordinarily challenging year for the Company. The primary challenge was dealing with the devastating impact of the COVID-19 pandemic on the Company’s business, which led to the temporary closure of all of the Company’s properties for varied periods of time during the year. The pandemic required extraordinary efforts by the senior management team as they faced novel and complex challenges navigating the Company-wide closures and then the process of reopening the properties safely and expeditiously and in compliance with a multitude of regulations across various jurisdictions, while addressing the financial consequences of the pandemic and its impact on employees, guests and the communities in which it operates. The success of their management of the crisis and restoring investor confidence in the fundamental strength of the Company’s underlying business can be seen in the Company’s stock price recovery, which had increased by 341% as of December 31, 2020 from its low on March 18, 2020, which represented a 78% decline from December 31, 2019. In addition, prior to the start of the pandemic, the Company was actively executing on its MGM 2020 Plan, a portfolio of improvement initiatives designed to enhance operating results, which were primarily comprised of labor, sourcing and revenue programs. The implementation of these initiatives allowed the Company to create efficiencies in the operating model to better position itself to weather the impact of the pandemic. In addition, as a result of the COVID-19 pandemic, the Company implemented several additional cost cutting initiatives that have created additional savings and efficiencies, and these efforts, together with the MGM 2020 Plan, are expected to permanently eliminate certain costs to further strengthen the Company as it emerges from the crisis.
2020 was also a year of strategic changes in the senior management team. Our former Chairman and Chief Executive Officer Jim Murren’s employment with the Company ended in March of 2020 after 22 years of service, and the employment with the Company of Atif Rafiq, the former President-Commercial and Growth, ended in December. Mr. Hornbuckle was promoted from President and Chief Operating Officer to Acting Chief Executive Officer and President and subsequently promoted to Chief Executive Officer and President. In addition, there was a need to successfully renegotiate the contracts of Mr. Hornbuckle, Mr. Sanders, and Mr. McManus, all of which were scheduled to expire in November 2020. Finally, in December of 2020 it was announced that Mr. Sanders would resume his role as Chief Operating Officer while continuing to serve as Chief Financial Officer until his successor was identified. In January of 2021, the Company announced that Jonathan Halkyard, a seasoned executive with a long-standing career in the hospitality and gaming industries, was appointed Chief Financial Officer and Treasurer.
The severe financial consequences of the pandemic on the Company’s operations and financial position significantly impacted the compensation opportunities for the senior management team, resulting in a redesign of the 2020 annual incentive plan, the forfeiture of the RSUs granted to the Named Executive Officers (as defined below) in 2019 as part of their annual incentive award, and the forfeiture of the PSUs granted to them in 2017. The Named Executives Officers also worked with the Compensation Committee to modify certain of their existing compensation arrangements as part of their new employment contracts in order to better align management incentives with the state of the Company’s business, as described in more detail below.
The Company believes that its response to the challenges created by the pandemic, including the significant focus placed on preserving and enhancing the Company’s cash liquidity position, has placed it in a strong position to navigate the ongoing issues presented by the pandemic and to successfully emerge from the crisis in the future.
A summary of certain significant compensation actions during 2020 include the following:

Adjusted our annual incentive program to align 2020 performance goals with efforts undertaken to address the challenges created by the pandemic

Reduced each Named Executive Officer’s maximum annual bonus opportunity to 50% of target in light of the impact of the pandemic on the Company’s business

Entered into new employment agreements, effective April 1, 2020, with all of our continuing Named Executive Officers, which reduced the amount of cash payable to the Named Executive Officers in favor of equity incentives
44

TABLE OF CONTENTS


Provided an opportunity for our Named Executive Officers to receive all or a portion of their 2020 compensation under the new employment agreements in equity to help bolster our liquidity position during the crisis. Our CEO, Mr. Hornbuckle, agreed to receive 100% of his remaining salary in restricted stock units and Messrs. Sanders and McManus, our other continuing Named Executive Officers, agreed to receive 50% of their remaining salary in restricted stock units

Increased the executive stock ownership guidelines to 6X base salary (from 5X base salary) for the CEO and 3X base salary (from 2X base salary) for the other Named Executive Officers
COMPENSATION DISCUSSION AND ANALYSIS

This Compensation Discussion and Analysis (“CD&A”) reports on compensation policies applicable to our Named Executive Officers,named executive officers, as determined pursuant to applicable SEC rules. This year’s Named Executive Officer group also includes Mr. Murren, who served as

In 2022, our Chairman and Chief Executive Officer until March 22, 2020 and Mr. Rafiq, who served as our President – Commercial & Growth until December 4, 2020.

In 2020, our Named Executive Officersnamed executive officers (sometimes referred to as our “NEOs”) were the following individuals:

NAME
TITLE

NAME

TITLE

William J. Hornbuckle

Chief Executive Officer and President*
Corey I. Sanders
Chief Operating Officer, Chief Financial Officer and Treasurer**
John M. McManus
Executive Vice President, General Counsel and Secretary
James J. Murren
Former Chairman of the Board and Chief Executive Officer***
Atif Rafiq
Former President – Commercial & Growth****
*
As of January 1, 2020, Mr. Hornbuckle was the President and Chief Operating Officer. Mr. Hornbuckle was appointed by the Board as Acting

Chief Executive Officer and President on March 21, 2020, effective March 22, 2020, and was appointed Chief Executive Officer and President on July 29, 2020.

**

Jonathan S. Halkyard

As of January 1, 2020, Mr. Sanders was Chief Financial Officer and Treasurer. Mr. Sanders was appointed Chief Operating Officer on December 4, 2020. He retained his position as

Chief Financial Officer and Treasurer until January 11, 2021, when his successor was appointed.

Corey I. Sanders

Chief Operating Officer

Gary Fritz

President, Interactive*

John M. McManus

Chief Legal and Administrative Officer and Secretary

***

Mr. Murren’s employmentFritz was promoted to President, Interactive on October 10, 2022, with the Company endedhis new compensation effective March 22, 2020.as of October 1, 2022 from his prior role as Managing Director, Digital Mergers & Acquisitions.

****
Mr. Rafiq’s employment with the Company ended effective December 4, 2020.
As reported in last year’s Proxy Statement, we entered into a transition agreement with Mr. Murren, our former Chairman of the Board and Chief Executive Officer, on February 11, 2020 (the “Transition Agreement”), pursuant to which he would step down from his position as Chairman and Chief Executive Officer of the Company prior to the expiration of his employment contract on December 31, 2021. In order to allow for a quicker transition during an increasingly unstable time, Mr. Murren’s service as Chairman and Chief Executive Officer of the Company ended effective March 22, 2020. Pursuant to the Transition Agreement, in exchange for a release of claims against the Company, Mr. Murren received compensation and benefits consistent with a termination “without good cause”. For a description of the material terms of, and additional explanation for, the Transition Agreement, see “Employment Agreement with Mr. Murren, our Former Chief Executive Officer and Subsequent Transition Agreement” and “Results from Say on Pay Vote” below.
Mr. Hornbuckle was appointed Acting Chief Executive Officer and President, effective March 22, 2020, and on July 29, 2020, Mr. Hornbuckle was elected Chief Executive Officer and President.
Mr. Rafiq’s employment with the Company ended effective December 4, 2020, which termination constituted a termination by the company without good cause under his employment agreement, resulting in his receiving the benefits provided under his agreement, as described below under “Estimated Benefits upon Termination.”
On January 6, 2021, the Company announced that the Board of Directors had appointed Jonathan Halkyard to serve as Chief Financial Officer and Treasurer of the Company, effective January 11, 2021, replacing Mr. Sanders, who had been appointed to the role of Chief Operating Officer on December 4, 2020.

Results from 2020 2022 Say-on-Pay Vote

The 20202022 advisory proposal to approve the 20192021 compensation of our NEOs (the “say-on-pay”“say-on-pay” proposal) was approved by approximately 51.6%96.4% of the votes cast. As describedFollowing the annual meeting in more detail below,2022, the Board, including the Compensation Committee, responded to the low say-on-pay vote by reaching out to investors in order to

45

TABLE OF CONTENTS

proactively solicit feedback on last year’s compensation programs. The majority of investors that the Company met with indicated that opposition to the 2020 proposal was driven by the Transition Agreement provided to Mr. Murren, our former Chief Executive Officer, and not related to our compensation programs more generally.
During 2020, management and memberschair of our Board of Directors engaged with investors collectively representing 52.7% of our common shares outstanding on executive compensationNominating and corporate governance matters, including as part of our stockholder outreach process following the say on pay vote. Specifically, management and members of our Board of Directors reached out to three of our major stockholders (representing 17% of our common shares outstanding) inviting them to engage in discussions regarding the CEO transition and the related Transition Agreement. During the second half of 2020, and in response to the say on pay vote, management together withCorporate Governance Committee, who is also a member of the Human Capital and Compensation Committee, together with certain members of management, met with eight5 of our investors and one third party stewardship provider, who in total representedinstitutional stockholders, which totaled approximately 29%11% of our common shares outstanding (as of December 31, 2020). These discussions touched onstockholder base, to discuss a wide range of topics, including executive compensation and corporate governance practices, environmental and social issues, and the ongoing response to, and impact of, COVID-19.practices. In addition to the stockholders described in the preceding sentence, two sentences, three of our largest stockholders, holding approximately 21%19% of our shares as of December 31, 2020,March 9, 2023, are represented on the Board of Directors and in this capacity are fully informed of, and have the opportunity to engage in, discussions regarding corporate governance matters, including executive compensation.
The main concern expressed Based on the positive results of the 2022 say-on-pay vote, and considering feedback from these discussions, we believe that our stockholders are generally satisfied with our current executive compensation program and policies. We therefore did not make any significant changes to our compensation program and policies as a result of the 2022 say-on-pay vote.

EXECUTIVE SUMMARY

Despite the continuation of the COVID-19 pandemic in the first quarter of 2022, last year was a year of many significant achievements by the majorityCompany, as described in more detail below (see “Elements of investors related toCompensation—Annual Incentive Bonus”). The Company believes that the Transition Agreement negotiated with Mr. Murren during 2020. Although the investors we spoke with seemed to recognize that this was a one-time, non-recurring issue, the Compensation Committee responded to investors by providing additional information regarding the terms of the Transition Agreement,following executive compensation design elements and additional context relatingpractices have contributed to this agreement is described below:

success.

LOGO

The Board of Directors entered into the Transition Agreement after extensive deliberations and a conclusion that it advanced the best interests of the Company. It is not reflective of the Company’s general compensation philosophy, as further detailed herein, and no similar agreements have been or are intended to be entered into in the future.
As an example of the Compensation Committee’s commitment to structure future severance packages in a way that shows greater alignment with stockholder concerns, Mr. Hornbuckle’s new CEO employment agreement provides that if his employment terminates at the end of the originally-scheduled term in March of 2024, he will not receive severance payments.
At the time the Transition Agreement was negotiated in February of 2020, it was expected that Mr. Murren would remain employed with the Company through a greater portion of 2020. The Board believed it was critical to retain the ongoing focus of Mr. Murren as the Company proceeded with the

MGM 2020 Plan and its succession planning.

Resorts International    2023 Proxy Statement

In light of the pandemic, the Board determined that it needed to stabilize the Company’s leadership and not continue to advance a transitionary structure through such a challenging time, resulting in his employment ending in March of 2020 and the payment of severance benefits under the agreement consistent with a termination by the Company “without good cause”.
The Compensation Committee believes that MGM’s regular compensation programs have been designed to appropriately align with stockholders’ interests, as illustrated by the strong level of support our compensation programs have historically received.
The terms of Mr. Murren’s Transition Agreement were legally binding and not susceptible to change by the Company after execution.

43


46

TABLE OF CONTENTSExecutive Compensation

Aside from the Transition Agreement, none of the investors we spoke to indicated that they had significant issues with our executive compensation program. Although we did hear some feedback from certain investors, such feedback varied from investor to investor, and there was no consistent theme or consensus from these investors on improvements or changes that should be made to our programs. Although there was no consensus on specific changes that should be made, the Compensation Committee still considered this feedback, examples of which are articulated below, along with the Compensation Committee’s response:
Certain investors wanted to better understand compensation-related changes the Company was implementing as a result of the COVID 19 pandemic.
The Compensation Committee was focused in 2020 on developing a short-term plan that would appropriately incentivize leadership to manage the crisis, and, as a result determined to adopt a framework that would reward management for successfully reopening the properties with a focus on health and safety, guest satisfaction and leadership, with a 50% cap on the target bonus set forth in their employment agreements. The Compensation Committee also entered into new employment agreements with the NEOs that reduced overall cash compensation in favor of longer term equity awards. Finally, the Compensation Committee did not make adjustments to outstanding equity awards in light of the pandemic and, as a result, the NEOs forfeited their restricted stock units granted as part of the 2019 annual grant and their 2017 PSU awards.
Certain investors wanted to better understand the Company’s compensation philosophy:
The Compensation Committee evaluates its programs on an ongoing basis to ensure the design features align with its compensation philosophy; our pay philosophy is to maintain a meaningful balance of pay opportunities designed to both retain executives and tie pay delivery to the achievement of goals that are both critical to the company’s business and within the executive’s control.
To the extent compensation design changes are made for 2020, certain investors wanted the Company to articulate a rationale to help investors better understand the Compensation Committee’s decision-making process.
The Compensation Committee has provided a robust disclosure regarding its compensation decisions for 2020 throughout this Proxy Statement. The section that follows describes important compensation actions taken during 2020 and the Compensation Committee’s rationale for these decisions.
A number of investors have expressed a general interest in environmental, social and governance initiatives
In order to appropriately incentivize management to focus on matters relating to ESG, topics which have become increasingly important to stockholders, the 2021 annual bonus program will include a strategic performance goal tied to the implementation of an ESG strategy. Specifically, a portion of the NEOs’ 2021 annual bonus opportunity will be measured against the efforts undertaken to further the Company’s 2025 long-term ESG-CSR goals.
The Company has undertaken to review and evaluate its compensation programs based on last year���s vote results as well as subsequent feedback provided during the outreach process. The Compensation Committee will continue to seek and consider stockholder views on an ongoing basis. The following section provides an overview of 2020 compensation actions and decisions, which we believe should be considered in connection with this year’s say on pay proposal.
EXECUTIVE SUMMARY

Continued Focus on Performance-Based Compensation and Long-Term Incentives & Reduction in Cash-Based Compensation Opportunities for 2020

The Human Capital and Compensation Committee continues to believe that equity incentives should be the most significant part of an NEO’s compensation.compensation package. This belief was reflected in the new employment agreements that were effective AprilSeptember 1, 20202022 for Messrs. Hornbuckle, Halkyard, Sanders, and McManus and October 1, 2022 for Mr. Fritz. As part of the new employment agreement that Mr. Hornbuckle entered into upon his promotion to Chief Executive Officer in July 2020. In each case, base

47

TABLE OF CONTENTS

salaries were reduced and target cash bonus opportunities for 2021 were decreased from existing levels (withagreements, with respect to Messrs. Hornbuckle and Halkyard, any amounts earned in excess of 100% of their 2022 target annual bonus are payable in deferred restricted stock units (“Bonus dRSUs”). Messrs. Sanders and McManus will receive all of their 2022 annual bonus in cash consistent with their prior employment agreements. Mr. Hornbuckle, decreased from the levelFritz will also receive 100% of our former CEO, which we think is the appropriate comparison for these purposes). The reductionshis 2022 annual bonus in base salary for Mr. Hornbuckle (comparing his 2021 base salarycash pursuant to the former CEO), Mr.terms of his employment agreement. For bonuses in 2023 and thereafter, pursuant to their new employment agreements, Messrs. Hornbuckle, Halkyard, Sanders, Fritz and Mr. McManus were $500,000, $250,000, and $150,000, respectively. The reductionswill receive any amounts earned in excess of 150% of their target annual bonus opportunities for Mr. Hornbuckle (comparing his 2021 target bonus level to the former CEO), Mr. Sanders, and Mr. McManus were $1,375,000, $687,500, and $222,500, respectively.
These reductions are illustrated in the tables below:
NEO Name
2020 Base
Salary Level
2021 Base
Salary
Reduction
2020 Target
Bonus Level
2021 Target
Bonus Level
Reduction
Mr. Sanders
$1,250,000
$1,000,000
$250,000
$2,187,500
$1,500,000
$687,500
Mr. McManus
850,000
700,000
150,000
1,062,500
840,000
222,500
NEO Name
Former CEO
Base Salary
Level
Mr. Hornbuckle’s
2021 Base
Salary
Reduction
Former CEO’s
Target Bonus
Level
Mr. Hornbuckle’s
2021 Target
Bonus Level
Reduction
Mr. Hornbuckle
$2,000,000
$1,500,000
$500,000
$4,000,000
$2,625,000
$1,375,000
Upon Mr. Hornbuckle’s promotion to Chief Executive Officer in July 2020, his compensation opportunities were adjusted consistent with his new position. Mr. Hornbuckle’s base salary and target bonus opportunity for his CEO role (which became effective January 1, 2021), were each significantly reduced compared to that of the Company’s former CEO.
Bonus dRSUs.

The charts below illustrate the importance of long-term incentives for the NEOs. Insofar as Mr. Murren and Mr. Rafiq are no longer employed by the Company, the charts have been prepared only with respect to the three continuing NEOs. In order to best present the ongoing proportions of compensation payable in cash versus equity, the charts are based on the ongoing target bonus rate (i.e., the target bonus rate in their employment contracts, not the 50% reduction in target opportunity for 2020) and the equity grants in August of 2020 that were part of the annual grant cycle (excluding the equity grants made to the NEOs, at the time their new contracts were signed). With respect to Mr. Hornbuckle, the amounts used are his 2021 base salary and target bonus, reflecting the increased amounts under his new contract as CEO.

As shown below,which comprise approximately 66.0%62.6% of the CEO’s target direct compensation and 59.7%51.6% of the target direct compensation of the other two NEOs, excluding Mr. Fritz since Mr. Fritz was composednot an NEO for the full year. The majority of our long-term incentives (“LTIs”), either equity compensation where the value is are performance based, with payouts determined based on (1) the achievement of the Company’san absolute total stockholder return (“TSR”), equity compensation where target with respect to the value is based on the Company’s stock and (2) TSR as compared to its peers, orthe other companies included in the S&P 500. The balance of our NEOs’ LTI awards are provided in the form of restricted stock units.

48

units (“RSUs”), where the value ultimately realized by the NEO is directly tied to our stock price on the date the award vests.

TABLE OF CONTENTS

2020

LOGO

*

Excludes Mr. Fritz who was not a NEO of the Company for most of the 2022 fiscal year.

2022 Compensation Actions at a Glance

Base Salaries
Reductions in Base Salary Levels: In connection with entering into their new employment agreements, base salaries were reduced from existing levels (with respect to Mr. Hornbuckle, such decrease is measured against the base salary level of our former CEO, which we think is the appropriate comparison

Annual Bonus

New Design for these purposes). Specifically, the reductions in base salary levels for Mr. Hornbuckle (comparing his 2021 base salary to the former CEO, as described above), Mr. Sanders, and Mr. McManus were $500,000, $250,000, and $150,000, respectively.

RSUs in lieu of a Portion of Base Salary: In March of 2020, our CEO, Mr. Hornbuckle, agreed to receive 100% of his remaining salary for 2020 in restricted stock units and Messrs. Sanders and McManus, our other continuing Named Executive Officers, agreed to receive 50% of their remaining salary in restricted stock units. The restricted stock units vested on December 31, 2020. If the executive’s employment had been terminated earlier, they would have received a pro rata amount for time served.
Rationale: As noted above, the unprecedented public health crises from the COVID-19 pandemic resulted in the temporary closures of all of the Company’s properties pursuant to state and local government requirements and, as a result, the Company was effectively generating no revenues for a period of time. At the time this election was offered to senior management, including the NEOs, the Company could not predict the duration of the shutdowns or the limitations that would be imposed if and when the properties could re-open.2022:   In light of the unprecedented situation, the Company focused its efforts on maintaining and bolstering its liquidity position to enable it to continue to fund its obligations for the foreseeable future. By providing a portion of annual base salaries in the form of equity-based vehicles, the Company achieved two goals: (1) preserving liquidity and (2) increasing the equity-based focus of Named Executive Officer compensation to further align their interests with thatcontinued impact of the COVID-19 pandemic on the Company’s stockholders.
Annual Bonus
New Design for 2020: In light ofbusiness in early 2022, the COVID-19 pandemic, theHuman Capital and Compensation Committee decided that, as was the case in 2020 and 2021, a different approach from the Company’s traditional annual bonus plan design was neededappropriate for 20202022 in order to better align management’s goals with the need to navigate and emerge from the crisis.ongoing effects of the COVID-19 pandemic while re-introducing a financial metric into the annual bonus design. The Human Capital and Compensation Committee established performance goalsdetermined that EBITDAR continues to be an important component of the Company’s annual incentive bonus but understood that the Compensation Committee believed were critical to the successfirst quarter of the Company2022 experienced operational challenges in light of the significant challenges imposed by COVID-19 on the Company’s business. Specifically, the Compensation Committee approved a bonus structure based on the achievement of three goals: (1) the successful re-opening of the Company’s domestic properties with a focus on the health and safety of guests and employees, (2) guest experience and (3) leadership.
Rationale: Due to the unprecedented impact of the COVID-19 pandemic on the Company’s business (including the fact that the Company’s properties in Macau were already under government imposed shut downs), the Company was not able to meaningfully forecast 2020 EBITDAR for purposes of setting performance compensation goals in light of the highly uncertain environment that existed in early 2020, and continued to exist through the remainder of 2020, as a result of the pandemic.Omicron variant. As a result, the Human Capital and Compensation Committee concludedestablished EBITDAR goals, as further described below, that a single top-line financial metric would not be appropriate in lightcover (i) the second quarter of 2022 (weighted 20%) and (ii) the second half of 2022 (weighted 40%). Each of the pandemic; rather,target EBITDAR goals approved by the Human Capital and Compensation Committee was consistent with the budgeted EBITDAR for the respective period (with certain adjustments more fully described below – see “Annual Incentive Bonus – Fiscal Year 2022”) as set by management and approved by the Board in the budgeting process for 2022. In addition, the Human Capital and Compensation Committee determined that a program based on goals that would incentivize management to navigatestructure the challengespayout range to take into account the potential for volatility when determining achievement of the pandemic to emerge as a stronger company would be more appropriate. The Compensation Committee determined that this approachEBITDAR goals. To the extent actual EBITDAR for the applicable period was more advantageous to stockholders and executives alike as it aligns executive compensation with re-opening in a manner that does not endanger employees, guests, and the communities in which the Company operates, focuses on the guest experience and promotes strong leadership during times of uncertainty at the Company.
Reduction in Target Bonuses: The Compensation Committee and the Named Executives Officers implemented reductions in each Named Executive Officer’s target annual bonus opportunity to 50%within 5% of the target set forth inEBITDAR goals, then participants would receive their employment agreements in lightfull target bonus. The threshold for achievement was also reduced from the historic 80% level to 70% and the maximum achievement was increased from 115% to 130%. Participants were able to achieve 200% of their target bonus for maximum achievement of this goal. The Human Capital and Compensation Committee believed that this structure would allow the Company to re-introduce a financial metric, while recognizing the continued difficulties that the Company was facing as we emerged from the pandemic. The remaining 40% was

44    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

determined based on achievement of the impactfollowing strategic and operational goals: (1) execution of the pandemic on the Company’s business.

49

TABLE OF CONTENTS

Rationale: The Compensation Committee and the Named Executive Officers agreed that reducing target annual bonuses appropriately aligned the 2020 annual bonus opportunitiesstrategic plan in consultation with the 2020 annualBoard of Directors, weighted 30%, and (2) Implementation of ESG Strategy, weighted 10%. Participants were able to achieve 150% of their target bonus program. By decreasingfor maximum achievement of these cash opportunities,two goals, resulting in the Compensation Committee considered the benefitpotential for participants to receive 180% of reduced cash compensation to the Company’s overall liquidity position.
their target bonuses for 2022.

Long-Term Incentives

For 2020,2022, as in prior years, long-term incentives were paid to our executives in the form of performance share units (“PSUs”) and restricted stock units (RSUs).

Long-term incentivesRSUs.

LTIs generally consist of three components:

Relative TSR PSUs (30% inof LTI grant value)—The payment, if any, of these awards is determined by comparing MGM’s total stockholder return (TSR)TSR to the TSR of other companies in the S&P 500 as of the end of the three-year performance measurement period.

Absolute TSR PSUs (30% inof LTI grant value)—The payment, if any, of these awards is determined based on MGM’s TSR as of the end of the three-year performance measurement period. These Absolute TSR PSUs vest at the target level at the end of the applicable three-year performance period only if our TSR appreciatesequals 25% over such three-year period..

RSUs (40% inof LTI grant value)—The payment of these awards is based on continued service, with RSUs vesting in four equal annual installments.

See “Elements of Compensation” below for a further description of annual base salary, the 2020 annual bonus program2022 Bonus Program and Long-Term Incentive Awards.

Equity Incentives.

Executive Compensation “Best Practices”

As part of the

The Human Capital and Compensation Committee’sCommittee conducts an ongoing review of its existing compensation programs the Compensation Committeeand currently intends to retain several policies that it believes continue to represent best practices, in the judgment of the Compensation Committee based on advice from F.W. Cook:

Executive officer stock ownership guidelines. We recognize the importance of aligning our management’s interests with those of our stockholders. As a result, the Board, at the recommendation of the Compensation Committee, has established stock ownership guidelines for all of our executive officers, including our NEOs, effective April 18, 2012 and, in December 2020, the Board, at the recommendation of the Compensation Committee, increased the applicable ownership guidelines as set forth below.

Executive officer stock ownership guidelines.   We recognize the importance of aligning our management’s interests with those of our stockholders. As a result, the Board, at the recommendation of the Human Capital and Compensation Committee, established stock ownership guidelines for all of our executive officers, including our NEOs, effective April 18, 2012. In December 2020, the Board, at the recommendation of the Human Capital and Compensation Committee, increased the applicable ownership guidelines.

Under these guidelines, our NEOs are expected to accumulate Company stock having a fair market value equal to a multiple of their applicable base salaries as shown in the table below.

POSITION
MULTIPLE OF
BASE SALARY
CEO

POSITION

MULTIPLE OF

BASE SALARY

6X (previously 5X)

CEO

6X

Other Executive Officers (including NEOs other than CEO)

3X (previously 2X)

For purposes of these guidelines, shares held in trust or retirement accounts and RSUs (including deferred RSUs)—but not performance share unitsPSUs or SARs—stock appreciation rights (“SARs”)—count toward the ownership guidelines. Each executive officer is required to retain 50% of the net after-tax shares received upon vesting and vesting/exercise of equity incentive awards granted after the effective date of the guidelines until the guidelines are satisfied. The Board also adopted stock ownership guidelines for directors, which are described in “Corporate Governance—Director Stock Ownership Guidelines.” As of December 31, 2020,2022, all NEOs were in compliance, or were on track to be in compliance, with these guidelines as revised.

No single trigger arrangements.   No executive officer is entitled to single trigger change of control benefits. Our change of control policy conditions change-of-control-benefits (including equity award benefits) on termination without cause or a termination by the executive with “good reason” following a change of control (“double trigger”).

Uniform change of control policy.   We maintain a generally uniform policy with regard to severance payable to NEOs and other executive officers in connection with a change of control. See “Executive Compensation—Uniform Change of Control Policies.”

Clawback policy.   Performance-based compensation paid to our NEOs is subject to being clawed back (i.e., repaid to the Company) if (1) there is a restatement of our financial statements within three years of the payment, other than a

MGM Resorts International    2023 Proxy Statement

45


No single trigger arrangements. No executive officer is entitled to single trigger change of control benefits. Our change of control policy conditions change of control benefits (including equity award benefits) on termination without cause or a termination by the executive with “good reason” following a change of control (“double trigger”).
50

TABLE OF CONTENTSExecutive Compensation

Uniform change of control policy. We maintain a generally uniform policy with regard to severance payable to NEOs and other executive officers in connection with a change of control. See “Executive Compensation—Uniform Change of Control Policies.”
Clawback policy. Excess performance-based compensation paid to our NEOs is subject to being clawed back (i.e., repaid to the Company) if (1) there is a restatement of our financial statements within three years of the excess payment, other than a restatement due to changes in accounting principles or applicable law or a restatement due to any required change in previously reported results solely as a result of a change in the form of the Company’s ownership interest in any subsidiary, affiliate or joint venture, and (2) the Compensation Committee determines that an executive officer received excess performance-based compensation. Excess performance-based compensation generally equals the difference between the compensation paid to the participant and the payment that would have been made based on the restated financial results.
Discretionary reduction of annual bonus. The Compensation Committee retains the right to reduce or eliminate any award under our annual bonus program (as in effect from time to time) in its sole and absolute discretion if it determines that such a reduction or elimination is appropriate with respect to the applicable performance criteria or any other applicable factors.
No golden parachute tax gross ups. In the event that there is a change in control that triggers golden parachute excise taxes under Section 4999 of the Internal Revenue Code, we are not obligated to provide any so-called “golden parachute” excise tax gross up protection to any of our executive officers.
Prohibition on short sales, derivatives trading and pledging and hedging of Company securities. Our insider trading policy provides that certain employees (including our NEOs and other executive officers) and our directors may not enter into short sales of our securities or buy or sell exchange traded options on our securities. Further, our insider trading policy prohibits pledging or hedging of our securities by NEOs, executive officers and directors.

restatement due to changes in accounting principles or applicable law or a restatement due to any required change in previously reported results solely as a result of a change in the form of the Company’s ownership interest in any subsidiary, affiliate or joint venture, and (2) the Human Capital and Compensation Committee determines that an executive officer received excess performance-based compensation. Excess performance-based compensation generally equals the difference between the compensation paid to the participant and the payment that would have been made based on the restated financial results. In 2022 the SEC published final rules implementing the incentive-based compensation recovery (clawback) provisions of the Dodd-Frank Act, which rules will become applicable to the Company subsequent to their adoption by the NYSE. The Company’s clawback policy will be revised to address the final rules adopted by the NYSE, as needed.

Discretionary reduction of annual bonus.   The Human Capital and Compensation Committee retains the right to reduce or eliminate any award under our annual bonus program (as in effect from time to time) in its sole and absolute discretion if it determines that such a reduction or elimination is appropriate with respect to the applicable performance criteria or any other applicable factors.

No golden parachute tax gross ups.   In the event that there is a change of control that triggers golden parachute excise taxes under Section 4999 of the Internal Revenue Code, we are not obligated to provide any so-called “golden parachute” excise tax gross-up protection to any of our executive officers.

Prohibition on short sales, derivatives trading and pledging and hedging of Company securities.   Our insider trading policy provides that employees (including our NEOs and other executive officers) and our directors may not enter into short sales of our securities or buy or sell exchange traded options on our securities. Further, our insider trading policy prohibits pledging or hedging of our securities by NEOs, Section 16 officers and directors.

COMPENSATION PRACTICES AT A GLANCE

What We Do
What We Do NOT Do
DO pay for performance – a significant portion of our NEO compensation is at-risk variable compensationû
NO pledging permitted by directors or Section 16 officers
DO provide minimum vesting conditions for awards made as part of our long-term equity incentive program
û
NO hedging or derivative transactions permitted by directors or Section 16 officers
DO conduct annual compensation risk assessments
û
NO “single trigger” change in control payments
DO maintain robust stock ownership guidelines
DO maintain a clawback policy
û
NO golden parachute tax gross ups
DO use an independent compensation consultant
û
NO re-pricing of underwater stock options without stockholder approval
DO incorporate ESG goals into the annual incentive bonus program for executive officers
DO appoint a Compensation Committee comprised solely of independent directors
û
NO minimum payout of long-term incentive compensation
51

TABLE OF CONTENTS

EXECUTIVE COMPENSATION PROCESS

Roles in Establishing NEO Compensation

The Human Capital and Compensation Committee is responsible for establishing, implementing and reviewing the compensation program for our executive officers, including our NEOs. In doing so, the Human Capital and Compensation Committee obtains recommendations from management with respect to the elements of NEO compensation and performance results, legalresults. Legal and regulatory guidance and market and industry data that may be relevant in determining compensation.compensation are provided by management and/or the Human Capital and Compensation Committee’s independent outside advisors (as further described below – see “Outside Consultants”). In addition, the Human Capital and Compensation Committee consults with our CEO regarding our performance goals, and our CEO periodically meets with the Chair of the Human Capital and Compensation Committee to discuss our CEO’shis performance and that of other executive officers.

46    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

Role of the Human Capital and Compensation Committee

The Human Capital and Compensation Committee, among other things, determines compensation of our executive officers, the performance criteria and incentive awards to be granted to our executive officers and associated performance criteria pursuant to our annual incentive programs and administers and approves the granting of equity-based awards under our Amended and Restated 20052022 Omnibus Incentive Plan (the “Equity Plan”). The Human Capital and Compensation Committee’s authority and oversight with respect to the NEOs extends to total compensation, including base salaries, bonuses, non-equity incentive awards, equity-based awards and other forms of compensation. Pursuant to the Human Capital and Compensation Committee Charter, the Human Capital and Compensation Committee has delegated authority to an internal management committee to grant up to $1,000,000 annually in equity awards to new hires other than executive officers (which amount the Human Capital and Compensation Committee can increase from time to time in its sole discretion), which may consist of SARs, RSUs, Absolute TSR PSUs and Relative TSR PSUs, and to approve employment contracts for other members of senior management involving base salaries that are less than $500,000.

In addition, the Human Capital and Compensation Committee has delegated a $3,000,000 annual basket of equity that may be awarded by the CEO as a tool to promote retention; recognize employee contributions, strong performance, or high potential talent; and promote recruitment efforts. Furthermore, in 2022, the Human Capital and Compensation Committee provided for a $2,000,000 basket to assist in acquiring technology talent and a $1,750,000 basket for retention grants to employees of The Cosmopolitan of Las Vegas following its acquisition. Details of awards granted under each of the annual baskets are regularly provided to the Human Capital and Compensation Committee.

Role of Executive Officers

Our NEOs generally do not participate in determining the amount andor type of compensation they are paid other than (i) in connection with negotiating their respective employment agreements; (ii) with respect to participation by our CEO in connection with determining the performance criteria for the annual bonus program(s); and the satisfaction of such criteria; and (iii) with respect to participation by the CEO in providing recommendations to our Human Capital and Compensation Committee regarding annual equity awards. Instead, the Human Capital and Compensation Committee’s assessment of the individual performance of our NEOs is based primarily on the Human Capital and Compensation Committee’s independent observation and judgment of the responsibilities, duties, performance and leadership skills of our NEOs as well as the Company’s overall performance.

Outside Consultants

The Human Capital and Compensation Committee periodically engages outside consultants on various compensation-related or executive assessment and evaluation matters. The Human Capital and Compensation Committee has the authority to engage the services of independent legal counsel and consultants to assist the Committeethem in analyzing and reviewing compensation policies, elements of compensation, and the aggregate compensation to NEOs.

In 2020,2022, the Human Capital and Compensation Committee retainedcontinued to retain the services of, and received advice from, F.W. Cook, its independent compensation consultant, with respect to executive compensation related matters. F.W. Cook exclusively provides services to the Human Capital and Compensation Committee and does not provide any services to the Company other than on behalf of the Human Capital and Compensation Committee. The Human Capital and Compensation Committee has reviewed an assessment of any potential conflicts of interest raised by F.W. Cook’s work for the Human Capital and Compensation Committee and the independence of F.W. Cook and its consultants from management of the Company. The assessment included the following six factors, among others: (i) the provision of other services to the Company by F.W. Cook; (ii) the amount of fees received from the Company by F.W. Cook, as a percentage of F.W. Cook’s total revenue; (iii) the policies and procedures of F.W. Cook that are designed to prevent conflicts of interest; (iv) any business or personal relationship of the F.W. Cook consultant with a member of the Human Capital and Compensation Committee; (v) any companyCompany stock owned by the F.W. Cook consultants; and (vi) any business or personal relationship of the F.W. Cook consultant or F.W. Cook with any of the Company’s executive officers. The Human Capital and Compensation Committee concluded that there are no such conflicts of interest that would prevent F.W. Cook from serving as an independent consultant to the Human Capital and Compensation Committee.

52

TABLE OF CONTENTS

Assessing Compensation Competitiveness

In order to assess whether the compensation awarded to our NEOs is fair and reasonable, the Human Capital and Compensation Committee periodically gathers and reviews data regarding the compensation practices and policies of other public companies of comparable size in the gaming, hospitality and restaurant industries. The peer group compensation data is reviewed by the Human Capital and Compensation Committee to determine whether the compensation opportunity provided to our NEOs is generally competitive with that provided to the executive officers of our

MGM Resorts International    2023 Proxy Statement

47


Executive Compensation

peer group companies, and the Human Capital and Compensation Committee makes adjustments to compensation levels where appropriate based on this information. The peer group is used as a reference point by the Human Capital and Compensation Committee in its compensation decisions with respect to NEOs, but the Human Capital and Compensation Committee does not generally benchmark NEO compensation to any specific level with respect to peer group data.

The relevant information for members of the peer group is gathered from proxy statement data, which may only reflect the compensation paid by these companies in years prior to their disclosure, and other SEC filings. When reviewing the compensation of the executive officers of the peer group, the Human Capital and Compensation Committee compares the market overlap, results of operations, and market capitalization of the peer group with ours. In addition, the Human Capital and Compensation Committee also reviews the total compensation, as well as the amount and type of each element of such compensation, of the executive officers of the peer group with duties and responsibilities comparable to those of our NEOs.

The current peer group was selected in March 2022 by the Human Capital and Compensation Committee (the “Peer Group”) for review of compensation dataand is composedcomprised of gaming, hospitality and restaurant companies that we consider competitors with us for business and/or executive management talent. The general selection criteria are to (1) include gaming industry peers with trailing four-quarter revenue greater than $2.1$4.0 billion and (2) include companies in the hotels, restaurants and leisure industries with trailing four-quarter revenues and enterprise value in a .33x to 3.33x3.0x range of the Company, subject to a potential modest exception for companies selected as peers in prior years. For 2020,2022, the Human Capital and Compensation Committee did not make any changesdetermined to remove Travel & Leisure since it has fallen below the peer group consistentdefined enterprise value range and is at the lower end of the revenue range, with the recommendation of F.W. Cook.no corresponding replacement. As set forth in the following table, we are near the 54th37th percentile as compared to the Peer Group with respect to revenues,market cap, the 47th48th percentile on number of employees and the 35th54th percentile with respect to market capitalizationenterprise value as of December 31, 2020.2022. This data is generally based on SEC filings reflecting results through December 31, 20202022* (employee data is from the most recent annual report).

Trailing Four Quarter
Revenue ($ Millions)
 
Employees
(as of last 10-K filing)
 
Market Capitalization Value ($ Millions)
as of 12/31/20
 
12-Month Average
Starbucks
$23,170
 
Starbucks
346,000
 
McDonald’s
$159,886
 
McDonald’s
$149,805
McDonald’s
$19,208
 
McDonald’s
205,000
 
Starbucks
$125,562
 
Starbucks
$97,121
Darden Rest.
$6,801
 
Darden Rest.
184,514
 
Las Vegas Sands
$45,523
 
Las Vegas Sands
$39,880
Chipotle
$5,985
 
Marriott Intl
174,000
 
Marriott Intl
$42,786
 
Marriott Intl
$34,128
YUM! Brands
$5,652
 
Hilton
173,000
 
Chipotle
$38,001
 
Chipotle
$29,584
Carnival
$5,594
 
Carnival
150,000
 
YUM! Brands
$32,749
 
YUM! Brands
$28,113
 
 
 
Royal Caribbean
85,350
 
Hilton
$30,869
 
Hilton
$24,642
MGM
$5,162
 
Chipotle
83,000
 
Carnival
$23,064
 
Restaurant Brands
$16,653
Restaurant Brands
$5,089
 
MGM
52,000*
 
Restaurant Brands
$18,571
 
Carnival
$16,157
Hilton
$4,307
 
Las Vegas Sands
50,000
 
Royal Caribbean
$17,730
 
Royal Caribbean
$14,198
Penn Ntl Gaming
$3,893
 
Norwegian Cruise
36,000
 
MGM
$15,564
 
Darden Rest.
$11,430
Las Vegas Sands
$3,886
 
YUM! Brands
34,000
 
Darden Rest.
$15,509
 
MGM
$10,884
Caesars
$2,569
 
Wynn Resorts
30,200
 
Caesars
$15,469
 
Wynn Resorts
$9,739
Wyndham Dest
$2,365
 
Penn Ntl Gaming
28,300
 
Penn Ntl Darning
$13,355
 
Caesars
$6,400
Royal Caribbean
$2,209
 
Wyndham Dest.
22,500
 
Wynn Resorts
$12,087
 
Penn Ntl Darning
$5,933
Wynn Resorts
$2,096
 
Caesars
15,500
 
Norwegian Cruise
$8,027
 
Norwegian Cruise
$5,669
Norwegian Cruise
$1,280
 
Restaurant Brands
6,300
 
Wyndham Dest.
$3,852
 
Wyndham Dest.
$2,992
75th Percentile
$6,597
173,750
$41,790
$32,992
Median
$4,698
66,500
$20,818
$16,405
25th Percentile
$2,416
28,775
$13,884
$7,235
MGM % Rank
54P
 
 
47P
 
 
35P
 
 
33P

Trailing 4Qs

Revenues ($ Millions)

     

Employees

(as of last 10-K filing)

     12-Month Average ($ Millions) as of
12/31/22
     Company Size ($ Millions) as of 12/31/22 
       Enterprise Value     Market Cap Value     Enterprise Value     Market Cap Value 
Starbucks $32,914   Starbucks  402,000   McDonald’s $232,568   McDonald’s $187,569   McDonald’s $237,567   McDonald’s $193,016 
McDonald’s $23,183   Darden Rest.  178,956   Starbucks $121,129   Starbucks $100,948   Starbucks $134,538   Starbucks $113,862 
Marriott $20,773   Hilton  159,000   Marriott $61,355   Marriott $51,775   Marriott $56,510   Marriott $47,130 
MGM $13,127   McDonald’s  150,000   Hilton $45,858   Chipotle $41,489   YUM! Brands $47,960   Chipotle $38,463 
Carnival $12,168   Marriott  140,000   YUM! Brands $45,842   Hilton $37,560   Las Vegas Sands $46,070   Las Vegas Sands $36,732 
Caesars $10,821   Chipotle  104,958   Chipotle $44,198   YUM! Brands $34,128   MGM $42,628   YUM! Brands $36,079 
Darden Rest. $9,984   Carnival  87,000   Carnival $43,527   Las Vegas Sands $29,750   Hilton $42,409   Hilton $34,175 
Royal Caribbean $8,841   Royal Caribbean  84,700   MGM $42,467   Restaurant Brands $17,618   Carnival $41,847   Restaurant Brands $19,783 
Hilton $8,773   MGM  75,000   Las Vegas Sands $40,140   Darden Rest. $16,435   Chipotle $41,408   Darden Rest. $16,930 
Chipotle $8,635   Caesars  49,000   Caesars $37,403   Carnival $15,370    Royal Caribbean $34,995   MGM $12,876 
YUM! Brands $6,842   Norwegian Cruise  38,900   Royal Caribbean $35,592   MGM $15,365   Restaurant Brands $34,980   Royal Caribbean $12,614 
Restaurant Brands $6,505   YUM! Brands  36,000   Restaurant Brands $32,776   Royal Caribbean $14,886   Caesars $33,528   Carnival $9,995 
Penn Ntl Gaming $6,402   Las Vegas Sands  35,700   Darden Rest. $21,822   Caesars $11,913   Darden Rest. $22,668   Wynn Resorts $9,271 
Norwegian Cruise $4,844   Wynn Resorts  27,000   Norwegian Cruise $18,858   Wynn Resorts $8,157   Wynn Resorts $18,718   Caesars $8,926 
Las Vegas Sands $4,180   Penn Ntl Gaming  21,973   Wynn Resorts $17,262   Norwegian Cruise $6,849   Norwegian Cruise $18,615   Norwegian Cruise $5,158 
Wynn Resorts $3,757   Restaurant Brands  5,700   Penn Ntl Gaming $16,468   Penn Ntl Gaming $5,865   Penn Ntl Gaming $15,746   Penn Ntl Gaming $4,540 
75th Percentile $12,168     150,000    $45,858    $41,489    $47,960    $38,463 
Median $8,773     84,700    $40,140    $17,618    $41,408    $19,783 
25th Percentile $6,402     35,700    $21,822    $11,913    $22,668    $9,271 
MGM % Rank  76P         48P         54P         37P         63P         38P 

Source: Standard & Poor’s Capital IQ.

*
Excludes approximately 11,000 employees on furlough

Carnival (11/30/22 FYE) data reflects results for 11/30/22 fiscal year end. Darden Rest. (5/29/22 FYE) data reflects trailing 4Q results as of 11/27/22. Starbucks (10/2/22 FYE) data reflects trailing 4Q results as of 1/1/23.

48    

    MGM Resorts International    2023 Proxy Statement


53

TABLE OF CONTENTSExecutive Compensation

OBJECTIVES OF OUR COMPENSATION PROGRAM

The Human Capital and Compensation Committee’s primary objectives in setting total compensation and the elements of compensation for our NEOs are to:

attract talented and experienced NEOs and retain their services on a long-term basis;

motivate our NEOs to achieve our annual and long-term operating and strategic goals;

align the interests of our NEOs with the interests of the Company and those of our stockholders; and

encourage our NEOs to balance the management of long-term risks and long-term performance with yearly performance.

ELEMENTS OF COMPENSATION

In structuring our NEO compensation program, the Human Capital and Compensation Committee considers how each component motivates performance and promotes retention and sound long-term decision-making. The Human Capital and Compensation Committee also considers the requirements of our strategic plan and the needs of our business.

Our NEO compensation program consists of the following core components, which are designed to achieve the following objectives:

COMPENSATION ELEMENT
OBJECTIVE

COMPENSATION ELEMENT

OBJECTIVE

Annual base salary

Attract and retain executive officers by fairly compensating them for performing the fundamental requirements of their positions.

Annual incentive bonus

Motivate executive officers to achieve specific annual financial and/or operational, or strategic goals and objectives whose achievements are critical for near- and long-term success.

Long-term incentives

Align executive officers’ long-term interests with those of our stockholders and drive decisions and achieve goals that will help us to remain competitive and thrive in the competitive global gaming industry; reward executive officers for building and sustaining stockholder value; and retain executive officers both through growth in their equity value and the vesting provisions of our stock awards.

Deferred compensation opportunities

Promote retention and provide individual tax planning flexibility by providing opportunities to postpone receipt of compensation until after the end of covered employment.

Severance and change of control benefits; employment agreements

Attract, retain and provide reasonable security to executive officers; encourage executives to make sound decisions in the interest of our long-term performance, regardless of personal employment risk.

Perquisites

Provide a market-competitive level of perquisites, which in some cases may be provided at little or no cost to us as an owner and operator of full-service resorts.

54

TABLE OF CONTENTS

Annual Base Salary and Employment Agreements
We have

In 2022, we entered into employment agreements with each of our NEOs pursuant to which each of their initialnew annual base salaries were established subject to potential adjustment each year, as described in the table below. For Messrs. Hornbuckle, Sanders and McManus, the 2020 base salaries shown below reflect the reductions implemented in connection with their new employment agreements effective as of April 1, 2020.

NEO

  

2021 BASE

SALARY

  

2022 BASE

SALARY(a)

   

CHANGE

YE 2021 TO

YE 2022

   

EMPLOYMENT

AGREEMENT

TERM

EXPIRATION

 

Mr. Hornbuckle

  $1,500,000  $2,000,000   $500,000    August 31, 2026 

Mr. Halkyard

   900,000   1,100,000    200,000    February 1, 2026 

Mr. Sanders

   1,000,000   1,250,000    250,000    August 31, 2025 

Mr. Fritz

   60,000(b)   1,250,000    1,190,000    September 30, 2026 

Mr. McManus

   700,000   900,000    200,000    August 31, 2026 

MGM Resorts International    2023 Proxy Statement

49

NEO
2019 BASE
SALARY
2020 BASE
SALARY
CHANGE
YE 2019 TO
YE 2020
EMPLOYMENT
AGREEMENT
TERM
EXPIRATION
Mr. Hornbuckle
$1,400,000
$1,100,000(a)
$(300,000)
March 31, 2024
Mr. Sanders
1,250,000
1,000,000
(250,000)
March 31, 2023
Mr. McManus
850,000
700,000
(150,000)
March 31, 2023
Mr. Murren
2,000,000
2,000,000
No Change
December 31, 2021(b)
Mr. Rafiq(d)
1,250,000
1,250,000
No Change
May 10, 2022(c)


Executive Compensation

(a)
On July 29, 2020,

From January 1, 2022 through August 31, 2022, Mr. HornbuckleHornbuckle’s base salary was $1.5 million, Mr. Halkyard’s base salary was $900,000, Mr. Sanders’ base salary was $1.0 million, and Mr. McManus’ base salary was $700,000. Each of their salaries was increased in connection with the entry into new employment agreements, effective September 1, 2022.

(b)

Prior to Mr. Fritz’s promotion to President, Interactive in October of 2022, Mr. Fritz provided non-exclusive services to the Company to assist the Company with its digital strategy while also providing consulting services to IAC. In connection with his promotion, Mr. Fritz terminated his consultancy relationship and entered into a newfull-time employment agreement with the Company to serve as Chief Executive Officer and President, which provides for a base salary of $1.5 million, commencing January 1, 2021.on the terms described herein.

(b)
Mr. Murren’s employment with the Company ended on March 22, 2020.
(c)
Mr. Rafiq started employment with the Company effective May 11, 2019 and his employment with the Company ended on December 4, 2020.
The employment agreements for Messrs. Hornbuckle, Sanders, and McManus were all scheduled to expire in November 2020. These long-tenured executives have been major contributors to the Company’s success and, particularly in light of Mr. Murren’s announced transition in February 2020, the Committee considered it extremely important to expeditiously execute new agreements with the three executives to ensure their continued services. New agreements were entered into effective April 1, 2020, providing for employment through March 31, 2024 in the case of Mr. Hornbuckle and through March 31, 2023 for the other two executives. These new agreements contained the salary reductions referenced in the table above. In order to help bolster our liquidity position during the crisis Mr. Hornbuckle also agreed to receive 100% of his remaining 2020 salary in restricted stock units and Messrs. Sanders and McManus agreed to receive 50% of their remaining 2020 salary in restricted stock units.
As part of his promotion from Acting Chief Executive Officer and President to Chief Executive Officer and President, Mr. Hornbuckle entered into a new employment agreement (the “CEO Contract”), effective July 29, 2020, which increased his salary to $1.5 million, effective January 1, 2021.

Annual Incentive Bonus

Fiscal Year 2022

Prior to 2020,

Historically, the Company’s annual incentive bonus program has beenwas based on achieving a target level of EBITDAR. Typically, the bonus structure is decided in March of each year using the Board approved budget. By that time inIn 2020 it became clear, however, that due toand 2021, the unprecedented impactemergence of the COVID-19 pandemic on the Company’s business (including the fact that the Company’s properties in Macau were already under government imposed shut downs),made it was not going to be possibleimpossible to meaningfully forecast 2020 EBITDAR to provide reasonable financial goals for purposes of setting incentive compensation goals. The Company determined that the appropriate approach was to postpone finalizingand resulted in bonus goals until the situation had become less uncertain. By the end of May, however, it became apparent that, due to the shutdown of all of the Company’s domestic properties and the uncertainties as to when or how they would reopen, it was not reasonable to think appropriate EBITDAR goals could be established for this purpose. Even more important, the Company was concerned that using an EBITDAR goal could create the wrong incentives. The most important objective was to reopen the properties in a way that fully took into account the health of guests and employees, and any EBITDAR goal had the potential to incent behaviors that might increase revenues at the expense of keeping an overwhelming focus on safety. In addition, the Committee believed it needed to take into account the fact that responding to the pandemic was creating unprecedented burdens on senior management and that, of course, the pandemic was a factor entirely out of management’s control.
55

TABLE OF CONTENTS

In light of these considerations the Committee decided that a different approach was needed for 2020 in order to better align management’s goals with the need to navigate and emerge from the crisis. The Compensation Committee concluded that a single top-line financial metric would not be appropriate in light of the pandemic, and established performance goals that the Compensation Committee believed were critical to the success of the Company in light of the significant challenges imposed by COVID-19 on the Company’s business. Specifically, the Committee approved a bonus structureprograms based on the achievement of three goals: (1)strategic goals.

Consistent with prior years, the successful re-opening ofHuman Capital and Compensation Committee met in March to approve the Company’s domestic properties with a focus on the health and safety of guests and employees, (2) guest experience and (3) leadership.

Further, the Committee believed2022 bonus structure. At that time, it was apparent that the extremely negativeOmicron variant was having a material and unanticipated impact of the pandemic on the Company’s cash flows required revising targetfirst quarter results. That said, the Human Capital and Compensation Committee was committed to returning to a bonus levels dramatically downward. Thestructure that included a meaningful financial metric and determined to structure the bonus letter such that 60% of a participant’s bonus would be based on adjusted “Actual” EBITDAR (“Compensation Adjusted EBITDAR,” as further described below), with 20% attributable to performance in the second quarter and 40% attributable to performance in the second half of the year. In addition, to address concerns about the impact of future COVID-19 variants on the Company’s performance, the Human Capital and Compensation Committee determined that each NEO’s target annual bonus would be reduced to 50% ofadjust the target bonuspayout range to broaden the scale as set forth in their employment agreements. As described below, the table below.

For 2022, the Human Capital and Compensation Committee retained its abilitydetermined to exercise discretionuse Compensation Adjusted EBITDAR (as adjusted to increase or decrease bonus payouts for 2020, but any amounts aboveexclude the reduced target level would be paid in restricted stock units. The Compensation Committee did not exercise such discretion with respect to bonus payouts for 2020.

Goal 1 – Successful Re-opening of the Company’s U.S. properties (weighted 40%): The Committee believed that the re-opening of the Company’s properties with a focus on efforts undertaken to ensure the healthimpact from MGM China, MGM Branding and safety of guests and employees was integralDevelopment, MGM Growth Properties, expense related to the Company’s 2020 performance.
Goal 2 – Guest Experience (weighted 30%Japan IR development, and income from unconsolidated affiliates (including BetMGM)): The Committee believed as a portion of a participant’s annual bonus and that guest satisfaction was also critical to the Company’s re-emergence from the closures necessitated by the pandemic to ensure continued brand loyalty and consumer confidence.
Goal 3 – Leadership (weighted 30%): The Committee believed that strong and effective leadership was essential to the Company’s success in 2020, which includedannual bonuses should be based primarily on the degree to which each NEO exemplified the Company’s core values (teamwork, integrity, inclusionCompany achieved its Compensation Adjusted EBITDAR targets for the second quarter and excellence), efforts undertakensecond half of the year. For 2022, the Human Capital and Compensation Committee established the Compensation Adjusted EBITDAR Targets at $801,206,009 for the second quarter and $1,636,920,151 for the second half of the year (collectively, the “Compensation Adjusted EBITDAR Targets”) and at such time provided certain adjustments that were to attract, engage, developbe taken into account in revising the Compensation Adjusted EBITDAR Targets should certain events designated by the Human Capital and retain human capitalCompensation Committee occur during the year. These adjustments resulted in no change to the final calculated target for the second quarter and a final calculated target of $1,631,228,710 for the second half of the year to account for, among other things, the disposition of The Mirage. The Human Capital and Compensation Committee considered the target to be rigorous, reflecting meaningful year-over-year growth. In addition, the Human Capital and Compensation Committee determined to exclude the results of MGM China given the uncertainties surrounding the COVID-19 pandemic and the degree to which each NEO was actively engaged inimpact of China’s zero COVID policy on MGM China operations.

Under the Company’s ESG initiatives during 2020.

Consistent with prior years, under the 20202022 annual incentive program, the Human Capital and Compensation Committee reserved the right to increase, reduce or eliminate any participant’s award if it determined, in its sole discretion, that such an increase, reduction or elimination was appropriate with respect to the participant’s performance or any other factors material to the goals, purposes, and administration of the program. In establishing the 20202022 annual incentive program, the Human Capital and Compensation Committee determined that, if it were to exercise this authority, some of the factors that it intended to consider the challenging environment that was expected in 2020 due towere the continued impact of COVID-19 on the Company’s resultsoperations and any other unforeseen, unusual or extraordinary gains, losses, expenses, revenues, charges or credits not contemplated at the time of operations.the bonus letter. The Human Capital and Compensation Committee would also consider management’s efforts to (i) assist MGM China in its continued recovery from the COVID-19 pandemic and support of MGM China in connection with its tender for a new gaming concession and (ii) support BetMGM’s continued growth in North America. The Human Capital and Compensation Committee believes that its ability to take otherthese factors into account gavegives it an increased ability to structure annual incentives in a way that recognizedrecognizes individual performance and other factors relevant to measuring the Company’s success during the fiscal year.

50    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

In order to assess each NEO’s performance onJanuary of 2023, the enumerated goalsHuman Capital and to determine whether or not to exercise any discretion, each NEO was required to deliver to the Compensation Committee a self-assessment letter to assist the Compensation Committee in evaluating each NEO’s performance for the 2020 year.

In December of 2020, the Compensation Committee determined that it would not increase, reduce or eliminate any of the participants’ annual incentive awards for fiscal year 20202022. Compensation Adjusted EBITDAR as calculated for 2022 for purposes of the 2022 annual incentive program is $1,017,463,553 for the second quarter and determined that$1,845,337,870 for the second half of the year, which resulted in each NEO exhibited excellent performance on allreceiving approximately 188.0% of their target award for the enumerated goals. This entitled each NEO to 100%second quarter and 132.5% of his reduced 2020their target bonus, asaward for the second half.

Bonus Funding Based on EBITDAR*

EBITDAR

  Funding Overall Funding

(% Target)

  (% Target) Q2 (20% Wtg.) 2H (40% Wtg.)

130%

  200% 40% 80%

125%

  180% 36% 72%

120%

  160% 32% 64%

115%

  140% 28% 56%

110%

  120% 24% 48%

105%

  100% 20% 40%

100%

  100% 20% 40%

  95%

  100% 20% 40%

  90%

    90% 18% 36%

  85%

    80% 16% 32%

  80%

    70% 14% 28%

  75%

    60% 12% 24%

  70%

    50% 10% 20%

< 70%  

      0%   0%   0%

*

Funding based on linear interpolation between defined points.

As set forth in the table below. The Compensation Committee based its determination on several factors, including:

the fact that the NEOs were able to re-open all sixteen of the Company’s domestic properties in a period of four months;
the formation of a Health and Safety Center of Excellence, which worked collaboratively across the organization to quickly respond to operational needs, pro-actively address new regulations, create and institute health and safety protocols, including a national mask mandate, and create a recognized employee education campaign;
56

TABLE OF CONTENTS

the significant efforts undertaken to decrease operating and capital expenditures to preserve liquidity while focusing on the health and safety of guests and employees;
the execution of a series of transactions to bolster the Company’s liquidity position to ensure it had the resources to fund its financial commitments for a prolonged period of time, including: (1) the monetization of the MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place) for $2.5 billion in cash proceeds to the Company, (2) the agreement with MGM Growth Properties LLC (“MGP”) to have MGP repurchase up to $1.4 billion of the Company’s operating partnership units for cash (which was completed in December of 2020) and (3) the closing of several opportunistic capital raises at the Company, MGP and MGM China and amendments to certain revolving credit facilities to ensure continued access to liquidity during the crisis;
active management of the budget to project liquidity needs and minimize cash burn during the closures;
improvements to net promoter scores and general positive feedback from guests during the re-opening process;
the development and launch of new and exciting ways for guests to think about our properties during the pandemic, including “Viva Las Office,” a program established to encourage visitors to come work from home from Las Vegas, and “Convene with Confidence,” a program designed to facilitate the safe return of meetings and conventions;
the significant time and effort spent by management on employee engagement and communication; and
the efforts undertaken by management to improve ESG transparency, develop a refreshed philanthropy and diversity and inclusion strategy and the commitment to community exhibited by management during the pandemic via the donation of time, money and resources.
NEO
APPLICABLE
BASE SALARY
2020 TARGET BONUS
(50% of Original Target Bonus)
2020 ACTUAL
BONUS
ACTUAL BONUS AS
% OF 2020 TARGET
Mr. Hornbuckle
$1,100,000
$825,000
$825,000
100%
Mr. Sanders
1,000,000
750,000
750,000
100%
Mr. McManus
700,000
420,000
420,000
100%
Mr. Murren
2,000,000
—*
—%
Mr. Rafiq
1,250,000
1,093,750
—*
—%
*
As a result of their separation from the Company during 2020, Messrs. Murren and Rafiq did not earn an annual bonus payment in respect of 2020 performance. Rather, Mr. Murren’s Transition Agreement provided for a fixed payment of his target bonus (which was paid as part of his severance package) and Mr. Rafiq received a payment of his target bonus as part of his severance package as set forth in his employment agreement.
Pursuant to his CEO employment contract, Mr. Hornbuckle’s target bonus percentage was set at 175%below, the percentages of annual base salary, effective January 1, 2021.
Fiscal Year 2021
As ofachievement for the date of this Proxy Statement,two EBITDAR metrics were 188.0% and 132.5% for the Company’s operations continue to be significantly impacted by the COVID-19 pandemicsecond quarter and as a result, the Compensation Committee has determined to approve a bifurcated approach to the 2021 annual bonus program. For the firstsecond half of the year, respectively.

Compensation Adjusted EBITDAR is a non-GAAP financial measure, meaning that it is not calculated and reported in accordance with generally accepted accounting principles in the NEOsU.S. For 2022, the following exclusions were approved to Compensation Adjusted EBITDAR: (i) impairment of goodwill or other intangible assets, (ii) all third-party costs in connection with any significant unbudgeted acquisition, disposition, corporate reorganization (including spin-offs, split offs or similar transactions) or strategic initiative regardless of whether the transaction was ultimately consummated (for purposes of this clause (ii), an activity will be assessedconsidered significant if the third-party costs incurred in connection with such activity exceed $2 million),(iii) gains or losses attributable to the consolidation of an entity previously not consolidated, (iv) EBITDAR attributable to any entity acquired by the Company during 2022 to the extent not included in the Compensation Adjusted EBITDAR Targets, (v) gains or losses attributable to changes in tax laws, (vi) gains or losses attributable to changes in accounting principles, (vii) all license, permit or other fees or expenses related to mandated payments or programs incurred in connection with (a) obtaining the right to operate a full commercial casino in the State of New York or the State of Ohio or (b) obtaining licenses in any jurisdiction to engage in sports betting or mobile gaming to the extent reviewed and approved by the Human Capital and Compensation Committee, (viii) charges or credits relating to adjustments to the Yonkers contingent payment (table games) accrual, (ix) any gains or losses related to significant legal settlements in excess of insured amounts (for purposes of this clause a settlement will be significant if the associated gain or loss in excess of amounts insured exceeds $2 million), (x) gains/losses associated with changes in ownership or fair value of investments in unconsolidated entities, (xi) acceleration of stock compensation expense, (xii) gains/losses resulting from or related to the sale of The Mirage operations and the transaction with VICI Properties, Inc., (xiii) incremental stock compensation expense attributable to the grants made to technology talent in accordance with the technology talent compensation plan approved by the Human Capital and Compensation Committee; (xiv) gains or losses resulting from the impact of the COVID-19 pandemic on the Company’s operations to the extent reviewed and approved by the Finance Committee; and (xv) any other unforeseen, unusual or extraordinary gains, losses, expenses, revenues, charges or credits not contemplated at the time of the determination of Compensation Adjusted EBITDAR Targets to the extent approved by the Human Capital and Compensation Committee. No adjustments were made pursuant to clauses (xiv) and (xv).

MGM Resorts International    2023 Proxy Statement

51


Executive Compensation

The Human Capital and Compensation Committee determined that the remaining 40% of a participant’s bonus would be based on their achievement of the following strategic and operational goals: (1) Successful Navigation of Continuing Pandemic Related Challenges, weighted 35%, (2) Development and Progress Towardsgoals.

Goal 1 – Execution of Strategic Plan in Consultation with the Board of Directors weighted 25%, (3) Guest Experience, weighted(weighted 30%,):   This goal encompassed (i) efforts undertaken by management to close the transactions announced in 2021 and (4)(ii) efforts undertaken to deliver on the four strategic pillars and foundation as set forth in the Strategic Framework developed in consultation with the Board.

Goal 2 – Implementation of ESG Strategy weighted(weighted 10%. In light):   This goal reflected the conclusion of the factHuman Capital and Compensation Committee that the Company’s ESG initiatives continue to be increasingly important to shareholders, and in order to appropriately incentivize management to focus on ESG issues, participants should be evaluated on the success of the efforts undertaken towards achievement of the Company’s publicly disclosed 2025 long-term ESG-CSR Goals. While these are long-term goals, the Human Capital and Compensation Committee believes that a review of progress made towards these goals, understanding certain goals may be prioritized over others, is appropriate to motivate management to meet the challenging goals that the Company has set and to further align management incentives with an important area of investor focus.

In January of 2023, the Human Capital and Compensation Committee determined that management achieved 125% on the goal related to Execution of Strategic Plan in consultation with the Board of Directors and 100% on the goal related to the Implementation of ESG Strategy.

With respect to Goal 1, the Human Capital and Compensation Committee based its determination on several factors, including:

In 2021, the Company entered into a number of transformational agreements and by the end of 2022 all of those transactions were successfully closed, including the acquisition of The Cosmopolitan of Las Vegas, the sale of the operations of The Mirage and the sale of MGM Growth Properties LLC. While working to close these complicated transactions, the Company also closed on a transaction to expand internationally via the acquisition of LeoVegas and entered into an agreement to sell Gold Strike Tunica. As a result of these efforts, the Company successfully completed the asset light strategy that began in 2016, optimized its Las Vegas Strip portfolio and fortified its balance sheet to enable the Company to continue to execute on its strategic goals.

In addition, in 2022, the Company presented to the Board a revamped strategic framework based on the following four pillars: (1) Customer Centric, (2) Gaming Entertainment, (3) Global Leadership and (4) Financial Stewardship. In assessing performance under these pillars, the Human Capital and Compensation Committee considered the following achievements.

Customer Centric.   In 2022, management successfully launched a revamped loyalty program, “MGM Rewards,” which increased loyalty brand awareness and resulted in increased customer enrollments in excess of 2023 plan targets. The revamped program also resulted in the Company winning the 2022 Customer Loyalty Program of the year at the 2022 Global Gaming Awards. In addition, the Company launched numerous programs aimed at improving customer service, which helped drive improvements to the Company’s Net Promoter Scores, including the achievement of record high all-guest and Gold + Net Promoter Scores. The Company further made progress in reducing luxury travel and Las Vegas gamer churn.

Gaming Entertainment.   In 2022, the Company committed itself to the expansion of its iGaming business internationally via the acquisition of LeoVegas, which offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. In addition, the Company made significant progress with respect to the proposed integrated resort in Japan by successfully securing the winning bid in Osaka to represent the city in acquiring one of the three potential national licenses and submitting our Area Development Plan to the central government. Further, the Company assisted MGM China in its successful bid to obtain a new concession contract to operate games of chance in Macau. Finally, the Company created new domestic entertainment offerings to leverage its unique assets, including hosting the LPGA Match Play Championship at Shadow Creek.

Global Leadership.   In 2022, the Company remained committed to understanding and enhancing the Company’s reputation. The Company commissioned its first ever reputation evaluation, which provided insight into our reputational strengths and weaknesses. Mr. Hornbuckle was also appointed Chair of the U.S. Travel and Tourism Advisory Board, where he is responsible for guiding the private sector recommendations to the Commerce Secretary, and other government agencies, on matters ranging from visa wait times to travel-related infrastructure. With respect to responsible gaming, the Company was joined by others in the online gaming industry, including BetMGM, in creating the first industry-led responsible gaming standards, a 12-point pledge which includes,

52    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

among other things, a commitment to take active steps to prevent underage and excluded individuals from participating in any form of gaming, the adoption and effective promotion of a unified nationwide responsible gaming toll-free helpline, and socially responsible advertising which avoids imagery that might entice minors in its marketing content. Finally, the Company launched the gaming industry’s most comprehensive tools for both in-person and online gaming to help players make informed decisions with the adoption of a variety of slot machines on our casino floors with QR codes that offer access to responsible gaming information and educational materials from GameSense.

Financial Stewardship.   In 2022 the Company was committed to maintaining the strength of its balance sheet, prudent capital allocation, revenue diversification and operational excellence. In 2022 we developed a financial policy with a goal to maintain liquidity of $3 billion, inclusive of revolver capacity, and a maximum lease adjusted net leverage of 4.5x. In addition, the Company has continued to return value to its shareholders with the repurchase of approximately 76 million shares for $2.8 billion in 2022, bringing total repurchases since 2021 to approximately 119 million shares for a total of $4.5 billion. The Company also continued to diversify our revenue base by expanding into the online gaming market in Europe through the acquisition of LeoVegas. In addition, 2022 was a year of operational excellence. On a full year basis, many of our Las Vegas properties achieved Adjusted Property EBITDAR records and at the regional properties, Beau Rivage, MGM National Harbor, MGM Springfield and MGM Grand Detroit achieved record full year Adjusted Property EBITDAR. Las Vegas also saw all-time highs in slot handle, RevPOR and ADR while regionals saw all-time highs in slot handle, table games drop and ADR.

With respect to Goal 2, the Human Capital & Compensation Committee based its determination on several factors, including:

Throughout 2022 the Company continued to make progress on its publicly stated ESG goals and initiatives. Of the original fourteen long-range Social Impact & Sustainability goals set for 2025, seven have been achieved and four have been reset to higher levels of ambition.

While the Company continues to focus on carbon reduction and saw the first full year of successful operations for the Company’s Mega Solar Array, in 2022 the Company placed particular emphasis on corporate water stewardship. Management made great strides to take a leadership position in this area and delivered a robust water white paper, a global water policy, and a strategic framework for addressing water use. Across our social pillars of Diversity, Equity, and Inclusion and Philanthropy & Community Engagement the Company has seen significant growth in its Employee Network Groups and the Company continues to engage in programs to drive employee engagement and volunteerism. The Company also achieved record levels of participation in the 2022 employee engagement survey and realized an increase in scores across almost every survey question, with significant increases in department collaboration, recommended places to work and improvements based on feedback.

In addition, in 2022 the Company continued to improve its ESG disclosures. The Company released its first report aligned with recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”) related to the fiscal year ended December 31, 2021, in addition to its annual Social Impact & Sustainability Report. The Company further updated its Sustainability Accounting Standards Board (“SASB”) aligned disclosures. These disclosures contributed to improved ESG scores with raters including Bloomberg ESG, Refinitiv, R-Factor, and Sustainalytics. Improvements to our Governance disclosures enabled us to earn the top rating (1) across all pillars of the ISS ESG Quality Score and improvements to our environmental disclosures earned us “A” grades (the highest score) in both CDP Climate (previously scored as “A-”) and CDP Water (previously scored as “D”). With respect to CDP, we are one of 57 companies to achieve a double-A rating on climate change and water security, out of nearly 15,000 scored.

Finally, the Company has continued its commitment to being a leader with respect to climate change and energy conservation. In 2022, the Company (i) joined the Better Climate Challenge launched by the U.S. Department of Energy and committed to reducing portfolio-wide scope 1 & 2 GHG emissions by at least 50% within 10 years, (ii) committed to reducing absolute emissions across our significant scope 3 categories by 30% by 2030 and (iii) committed to a target of reducing emissions associated with the food we serve by 25% by 2030 as part of the Cool Food Pledge.

MGM Resorts International    2023 Proxy Statement

53


Executive Compensation

The following tables set forth the percentages of achievement for the different bonus metrics and the bonus amounts payable to the NEOs:

      Performance Goals   Actual   Funding 

Measure

  Weighting  Threshold   Target Range   Maximum   Results   (% Target) 

Q2 EBITDAR ($ Mils)

   20 $561   $761 - $   841   $1,042   $1,017    188.0

2H EBITDAR ($ Mils)

   40 $1,142   $1,550 - $1,713   $2,121   $1,845    132.5

Strategic Plan

   30  n/a    n/a    n/a    n/a    125.0

ESG Goals

   10  n/a    n/a    n/a    n/a    100.0

Total

   100                      138.1

    Prior Employment
Agreement
  Current Employment
Agreement
  

2022
TARGET

BONUS(a)

   

2022
ACTUAL

BONUS(b)

   

ACTUAL
BONUS AS

% OF 2022
TARGET

 

NEO

  Salary   Target
Bonus %
  Salary   Target
Bonus %
               

Mr. Hornbuckle

  $1,500,000    175 $2,000,000    200 $3,175,000   $4,328,524    136

Mr. Halkyard

   900,000    150  1,100,000    150  1,470,000    2,017,774    137

Mr. Sanders

   1,000,000    150  1,250,000    175  1,775,000    2,423,189    137

Mr. McManus

   700,000    120  900,000    125  954,000    1,305,818    137

(a)

For the 2022 annual bonus as further described in the Annual Bonus section above, each NEO, with the exception of Mr. Fritz, will receive a pro-rated bonus based on the effective salary and target bonus percentage during the year. The prorated bonus concept provided that: (1) the target bonus based on Actual EBITDAR for the second quarter of 2022 shall be computed using the NEO’s salary and target bonus percentage under the prior employment agreement; (2) the target bonus based on Actual EBITDAR for the second half of 2022 shall be computed by (i) weighting 1/3 employee’s salary and target bonus percentage under the prior employment agreement and (ii) weighting 2/3 employee’s salary and target bonus percentage under the current employment agreement; and (3) the target bonus based on strategic goals shall be computed by (i) weighting 2/3 employee’s salary and target bonus percentage under the prior employment agreement and (ii) weighting 1/3 employee’s salary and target bonus percentage under the current employment agreement.

(b)

With respect to Messrs. Hornbuckle and Halkyard, any amounts in excess of their 2022 target bonuses will be paid in Bonus dRSUs. As noted above, the payout provisions applicable to any Bonus dRSUs granted in respect of 2022 performance will be paid in equal installments on each of the first four anniversaries of the grant date. Messrs. Sanders, McManus, and Fritz will receive all of their 2022 bonus in cash.

Mr. Fritz’s new employment agreement provided that he would only be entitled to a pro-rata amount of his target bonus for the fourth quarter of 2022 on the terms and conditions approved by the Human Capital and Compensation Committee. The Human Capital and Compensation Committee determined to pay Mr. Fritz $312,500 based on his efforts in connection with the acquisition and integration of LeoVegas and his support in executing on the Company’s digital strategy. Mr. Fritz’s prior employment agreement provided that he would not tiedbe entitled to any specific financial goal or metrican annual bonus.

Fiscal Year 2023

For fiscal year 2023, the Human Capital and are therefore less objective, the Compensation Committee has determined to decreaseincrease the maximum potential bonus from 175%weighting of a participant’s target bonus to 150% of a participant’s target bonusthe financial goal, which will apply for the six month period.full 2023 fiscal year. The Human Capital and Compensation Committee continues to believe that EBITDAR is an important component of the Company’s annual incentive bonus and, as a result, has established a full year EBITDAR goal similar to the Compensation Adjusted EBITDAR Target as defined for 2022 (the “2023 Compensation Adjusted EBITDAR Target”), weighted 70% for Messrs. Hornbuckle, Halkyard, Sanders and McManus and 50% for Mr. Fritz. The Human Capital and Compensation Committee believes that COVID-19 may continue to create uncertainty in the MGM China operating results and, as a result, has determined to exclude EBITDAR related to MGM China operations from the financial goal this year, in addition to certain other exclusions and adjustments. The 2023 Compensation Adjusted EBITDAR Target approved by the Human Capital and Compensation Committee was consistent with the EBITDAR as set by management and approved by the Board in the budgeting process for 2023. In addition, the Human Capital and Compensation Committee has determined to return to the pre-COVID-19 payout range when determining achievement of the 2023 Compensation Adjusted EBITDAR Target such that the threshold for achievement will reassess the environment following the first six months of 2021 to determine whether the Company isbe 80% level and maximum achievement will be 115%. Participants will be able to adopt a financial goal for the second half of the year. If a financial goal is adopted for the second half of 2021, performance for the first half of the year will be determined and a new letter will be entered into, which will provide that the NEOs will be

57

TABLE OF CONTENTS

eligible to receive a maximum potential bonus ofachieve 200% of their target bonus infor maximum achievement of this goal.

With respect to Messrs. Hornbuckle, Halkyard, Sanders and McManus, the remaining 30% will be determined based on the following strategic and ESG-CSR goals: (1) Execution of the second half Company’s Strategic Plan in Consultation with the Board

54    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

of 2021. If no financial goal is adopted, the goals for the first halfDirectors (weighted 20%) and (2) Execution of the yearCompany’s ESG-CSR Strategy, focused on the Company’s goals related to volunteerism, diverse suppliers and water reduction efforts (weighted 10%). Participants will be extended and appliedable to achieve 200% of their target bonus for maximum achievement of these goals.

With respect to Mr. Fritz, the full year, withremaining 50% will be determined based on the full year bonus potential limited to 150%achievement of a participant’s target bonus. Although thesethree strategic goals are more subjective in nature, they have been specifically designed by the Compensation Committee to address the most critical needs of the Company(1) Operational/Financial Improvements in the near term.

Company’s Digital Ventures, (2) Focus on Organic and Inorganic Growth in Digital Landscape and (3) Promote the Company’s Employees and Culture. Mr. Fritz will be able to achieve 200% of his target bonus for maximum achievement of this goal.

Long-Term Equity Incentives

For 2020,2022, our long-term incentiveLTI compensation component consisted of grants of Absolute TSR PSUs, Relative TSR PSUs and RSUs. All forms of equity-based awards receive dividend equivalent rights (that is, at the time dividends are paid to other stockholders of the Company, additional units are credited to the underlying equity award as if the dividend payments were immediately reinvested, which additional shares are subject to the same vesting and performance criteria as the underlying equity award).

Absolute TSR PSUs

The Absolute TSR PSU concept is that, while an executive is awarded a target number of shares to be paid at the end of a three-year cliff vesting period, (1) the actual number of shares earned depends on the Company’s TSR over the vesting period and (2) the target number of shares can only be earned if stock price appreciation measured over the three-year performance period, as adjusted for dividends, is at least 25%.

Specifically, in order for the target number The table below illustrates how payouts are calculated based on level of shares to be paid (the “Target Shares”), the ending stock price of a share of the Company’s stock must equal the “Target Price,” which is defined as 125% of the beginning stock price. For the purpose of computing the ending stock price, dividends are treated as reinvested in additional shares of stock, and the ending stock price includes the value of these reinvested dividends. No shares are issued unless the ending stock price is at least 60% of the Target Price (i.e., 75% of the beginning stock price) and the maximum payout is 160% of the Target Shares. Provided the ending stock price is at least 60% of the Target Price, then the amount of Target Shares is multiplied by the Stock Performance Multiplier.achievement. The “Stock Performance Multiplier” equals the ending stock price divided by the Target Price. For this purpose, the beginning and ending prices are based on the average closing price of our common stock over the 60-calendar day periodsperiod ending on the award date and the third anniversary of the award date.date, respectively. In the case of a change in control, the ending stock price is based on the stock price as of the date of the change in control, after giving effect to the payment of any dividends after the grant date and prior to the change in control.
By way of example, if the ending stock price was only 90% of the Target Price, then only 90% of the Target Shares would be paid and, if the ending stock price was 120% of the Target Price, then 120% of the Target Shares would be paid.

    Performance1  Payout 
    

Change

vs.
Target

  

Absolute

TSR

  

Shares

Earned2

  

Value

Delivered3

 

Maximum

   +60  +100  160  320
    +20  +50  120  180

Target

   +0  +25  100  125
    -20  +0  80  80

Threshold

   -40  -25  60  45
    <-40  <-25  0  0

1

Measured using the 60-day average closing price on the date of grant.

2

Linear interpolation between defined points.

3

Assumes absolute TSR PSUs have an accounting value equal to the share price at grant.

While Absolute TSR PSUs provide some value even when the stock price declines (so long as the ending stock price is 75% or more of the beginning stock price), this design feature strongly magnifies the benefit of an increased stock price and the detriment of a decreased price. For example, a 25% share price decline over the three-year vesting period results in a participant receiving a final award worth only 36% of the award that would be delivered if the Target Price had been achieved (60% of the Target Shares would be delivered with each share having a value of only 60% of the Target Price).

MGM Resorts International    2023 Proxy Statement

55


Executive Compensation

Relative TSR PSUs

The Relative TSR PSU concept is that, while an executive is awarded a target number of shares to be paid at the end of a three-year cliff vesting period, the actual number of shares to be issued upon vesting is determined by ranking (1) the percentage increase/decrease in the Company’s value over the three-year measuring period against (2) the percentage increase/decrease in value of the other companies in the S&P 500. For this purpose, dividends are treated as reinvested in additional shares. The amount of shares ultimately received by the named executive officerNEO at the end of the three-year period is based on the relative ranking of the Company’s TSR to the S&P 500 group. PayoutThe table below illustrates how payouts are calculated based on level of the target amount of shares occurs if the Company is ranked at the 50th percentile, i.e., the midpoint of the companies in the S&P 500. Payout increases to 150% of the target number of shares on a linear basis as the Company’s ranking rises to the 75th percentile.

58

achievement.

TABLE OF CONTENTS

Payout decreases to 50% of the target shares on a linear basis as the Company’s TSR declines from the 50th to the 25th percentile

Performance

Relative
TSR
Funding
(% Target)
1,2

Maximum

75P 150%     
70P 140%     
65P 130%     
60P 120%     
55P 110%     

Target

50P 100%     
45P 90%     
40P 80%     
35P 70%     
30P 60%     

Threshold

25P 50%     
<25P 0%     

1.

Linear interpolation between defined points.

2.

Funding capped at 100% of target if absolute TSR is negative, unless relative TSR is above the 75th percentile.

RSUs

The Human Capital and if the Company ranks below the 25th percentile, there is no pay out. If the Company’s TSR is negative, no more than the target amount of shares can be awarded unless the relative TSR is at or above the 75th percentile.

RSUs
The Compensation Committee continues to believe that RSUs should comprise a portion of the executive’s long-term incentives as they meaningfully support retention and tie executive compensation to our stock price.
Prior to 2020, RSUs granted to our NEOs would vest subject to achievement of a performance target based on Adjusted EBITDAR. The Adjusted EBITDAR target originated from a desire to structure the RSUs with the intent that the Company would be able to deduct any RSU payments that would otherwise be non-deductible under Section 162(m) of the Internal Revenue Code. Section 162(m) of the Internal Revenue Code generally disallows deductions for compensation in excess of $1 million paid to NEOs. Prior to the amendment of Section 162(m) in 2017, payments to NEOs in excess of $1 million in a year could be deductible if such amounts qualified as “performance-based compensation.” The Adjusted EBITDAR target, which was set at 50% of the Company’s budgeted Adjusted EBITDAR for the first six months of the year, was implemented in order to structure the RSUs as qualified “performance-based compensation.” Because section 162(m) no longer has an exception for performance-based compensation, conditioning the vesting of the RSUs on an Adjusted EBITDAR target no longer has a corporate tax benefit.
As a result of the impact of COVID-19 on the Company’s Adjusted EBITDAR, the 2019 Adjusted EBITDAR target was not met and the RSUs granted to NEOs in 2019 were forfeited. Taking into account the lack of any corporate tax benefit and the underperformance during the performance period due to events outside of management’s control, the Compensation Committee, with the assistance of F.W. Cook, reviewed whether continuing to tie the vesting of RSUs to a pre-established Adjusted EBITDAR target still made sense from a compensation design perspective. Over half (60%) of the Company’s annual long-term incentive grants consisted of Absolute and Relative TSR PSUs, which are strongly performance-based, and the Committee determined that this percentage was comparable to that of its peer companies. The Committee further determined that providing for a portion of equity awards that were purely time-based would be appropriate and consistent with market practices. The Committee also took into account executive concerns that, as evidenced by the forfeiture of the 2019 RSUs and the expected forfeiture of the 2017 PSUs, the current LTI program lacked sufficient retention incentives since it was possible for them to forfeit all their long-term incentives due to events completely outside their control. The Compensation Committee determined as a result of its review, and a review of market and peer data provided by F.W. Cook, that Company and stockholder interests were better served if the RSUs awarded to the NEOs in 2020 were not subject to a performance criteria. Instead, RSUs awarded to the NEOs in 2020 will vest over a four-year period, subject to the NEO’s continued employment with the Company. The Compensation Committee expects that RSU awards in future years will also not be subject to performance criteria.
stock’s performance.

Each RSU entitles the holder to receive one share of our stock at vesting.vesting, with vesting being subject to continued employment on the applicable vesting dates. While the value of the RSUs fluctuates with Company performance (as reflected in the price of the Company’s stock), the RSUs retain some value even in situations where no performance share units are payable due to insufficient price performance, which structure encourages recipients to balance our short-term performance with the management of our long-term risks and long-term stock performance.

As in previous years, in making grants of Absolute TSR PSUs, Relative TSR PSUs and RSUs to the NEOs in August 2020,October 2022, the Human Capital and Compensation Committee continued to emphasize performance-based awards and allocated approximately 40% in value of the awards to RSUs, 30% to Absolute TSR PSUs and 30% to Relative TSR PSUs, based on fair value at the grant date. The Human Capital and Compensation Committee determined the size of each NEO’s award through a process that evaluated each NEO’s overall role in and contributions to the Company and other relevant factors, including competitive market data.

In determining the size of the awards, the Human Capital and Compensation Committee does not take into account the value realized by a NEO during athe applicable fiscal year fromas a result of the vesting or settlement of equity awards granted during a prior year; the Human Capital and Compensation Committee believes that value realized by a NEO from any such equity award relates to services provided during the year of the grant or period of vesting. The Human Capital and Compensation Committee does not time the issuance or grant of any equity-based awards with the release of material, non-public information, nor do we time the release of material non-public information for the purpose of affecting the value of equity awards.

56    

    MGM Resorts International    2023 Proxy Statement


59

TABLE OF CONTENTSExecutive Compensation

The Human Capital and Compensation Committee awarded equity-based compensation to our NEOs in 20202022 as follows:

NEO
AWARD
TYPE
GRANT
DATE
UNITS
GRANT DATE FAIR
VALUE OF
AWARDS
Mr. Hornbuckle
RSU
8/18/2020
152,745
$3,200,000
Absolute TSR PSU
8/18/2020
96,179
2,400,000
Relative TSR PSU
8/18/2020
95,777
2,400,000
Mr. Sanders
RSU
8/18/2020
81,146
1,700,000
Absolute TSR PSU
8/18/2020
51,095
1,275,000
Relative TSR PSU
8/18/2020
50,881
1,275,000
Mr. McManus
RSU
8/18/2020
33,413
700,000
Absolute TSR PSU
8/18/2020
21,039
525,000
Relative TSR PSU
8/18/2020
20,951
525,000
Mr. Rafiq
RSU
8/18/2020
35,800
750,000
Absolute TSR PSU
8/18/2020
22,542
562,500
Relative TSR PSU
8/18/2020
22,448
562,500
Additional Equity Grants to Messrs. Hornbuckle, Sanders, and McManus
The April employment agreements with Messrs. Hornbuckle, Sanders, and McManus provided for certain RSU grants as part of the inducement for their new contracts. On April 1st, 2020, they each received RSUs having a grant date value of $529,650, $416,650 and $307,200, respectively, which are scheduled to vest ratably over the four years following the grant date. In addition, in connection with Mr. Hornbuckle’s promotion to Acting Chief Executive Officer and President, he received RSUs having a grant date value of $3,413,300, which vest in full on April 1, 2022. This grant was intended to fully compensate Mr. Hornbuckle for serving in the role of Acting Chief Executive Officer and President through 2020 and took into account the additional fact that, as part of the contract negotiations, he agreed to a reduction in his cash compensation via a $300,000 decrease to his 2020 base salary and a 25% reduction to his annual target bonus potential.

NEO

  AWARD TYPE  GRANT
DATE
   UNITS   GRANT DATE FAIR
VALUE OF AWARDS
 

Mr. Hornbuckle

  RSU   10/03/2022    130,677   $4,000,000 
  Absolute TSR PSU   10/03/2022    93,671   $3,000,000 
   Relative TSR PSU   10/03/2022    88,042   $3,000,000 

Mr. Halkyard

  RSU   10/03/2022    35,936   $1,100,000 
  Absolute TSR PSU   10/03/2022    25,760   $825,000 
   Relative TSR PSU   10/03/2022    24,212   $825,000 

Mr. Sanders

  RSU   10/03/2022    49,004   $1,500,000 
  Absolute TSR PSU   10/03/2022    35,127   $1,125,000 
   Relative TSR PSU   10/03/2022    33,016   $1,125,000 

Mr. Fritz

  RSU   10/03/2022    49,004   $1,500,000 
  Absolute TSR PSU   10/03/2022    35,127   $1,125,000 
   Relative TSR PSU   10/03/2022    33,016   $1,125,000 

Mr. McManus

  RSU   10/03/2022    29,403   $900,000 
  Absolute TSR PSU   10/03/2022    21,076   $675,000 
   Relative TSR PSU   10/03/2022    19,810   $675,000 

Results of Performance Achieved during 2017-20202019-2022 Performance Period for PSUs granted in November 2017 and RSUs Granted inOctober 2019

In November 2017,October 2019, the Company granted Absolute TSR PSU awards that were scheduled to cliff-vest based on the level of the Company’s share price appreciation measured over the applicable three-year performance period. In addition, in November 2017,October 2019, the Company granted Relative TSR PSU awards that were scheduled to cliff-vest based on the Company’s relative TSR performance versus the S&P 500. Following the completion of the applicable performance period, it was determined that both(i) for Absolute TSR PSUs, the ending average stock price (including the value of reinvested dividends) of $34.02 was equal to 96.28% of the “target price” of $35.34, and (ii) for Relative TSR PSUs, the Company’s TSR of 19.77% placed the Company’s absolute and relative PSUs did not meet threshold performance andpercentile ranking at the PSUs were forfeited in their entirety.

In 2020, Messrs. Hornbuckle, Sanders, McManus, Murren, and Rafiq forfeited respectively 41,124, 41,124, 18,693, 104,680 and 28,039 RSUs (including DEUs accrued thereon), which were granted in 2019. They were forfeited as41.04th percentile of the peer group. As a result, the executive officers became eligible to receive a number of the Company’s failureshares equal to meet the EBITDAR threshold required for those awards to continue to vest.
approximately 96.28% and 82.08% of their target number of Absolute TSR PSUs and Relative TSR PSUs, respectively.

Deferred Compensation Opportunities

Under our Nonqualified Deferred Compensation Plan (the “DCP”), our NEOs may elect to defer up to 50% of their base salary or 75% of the cash portion of their bonus on a pre-tax basis and accumulate tax-deferred earnings on their accounts. All of our NEOs are eligible to participate in the DCP. See “Compensation Tables—Nonqualified Deferred Compensation.” We believe that providing our NEOs with this deferral option is a cost-effective way to permit them to receive the tax benefits associated with delaying the income tax event on the compensation deferred, even though the related deduction for us also is deferred. The plan allows NEOs to allocate their account balances among different measurement options which are used as benchmarks for calculating amounts that are credited or debited to their account balances (for tax reasons, no ownership interest in the underlying funds is acquired). Our NEOs are also eligible to participate in our retirement savings plan under Section 401(k) of the Internal Revenue Code.

60

TABLE OF CONTENTS

Severance and Change of Control Benefits

We believe that severance protections, including in the context of a change of control transaction, are important in attracting and retaining key executive officers. In addition, we believe they help ensure leadership continuity and sound decisions in the interest of our long-term success, particularly at times of major business transactions. We have agreed to provide our NEOs with severance benefits in the event that their employment is terminated (1) by us for other than for good cause, (2) by them for good cause, or (3) by us as a result of their death or disability. Other than for equity awards that are not assumed by a purchaser as part of a change of control, no benefits are payable solely as a result of a change of control (i.e., in general, there are no single trigger benefits), and the Human Capital and Compensation Committee has determined not to enter into any future agreements with executive officers that contain single trigger change of control benefits.

MGM Resorts International    2023 Proxy Statement

57


Executive Compensation

The only situation in which change in control benefits are potentially payable absent an executive’s termination is the case of equity awards in the event the purchaser does not assume the awards as part of the change of control. See “Executive Compensation—Estimated Benefits upon Termination.”

TheHuman Capital and Compensation Committee believes the services of our NEOs are extremely marketable, and that in retaining their services it is therefore necessary to provide a certain level of severance benefits. When determining the level of the severance benefits to be offered, the Human Capital and Compensation Committee also considers competitive market practices and the period of time it would normally requiretake for an executive officer to find comparable employment. Details of the specific severance benefits available under various termination scenarios for our NEOs as of December 31, 20202022 are discussed below in “Executive Compensation—Estimated Benefits upon Termination.”

Retirement, Death & Disability – Disability—Treatment of Equity Awards

The former Retirement Policy (the “Retirement Policy”) only applies to equity awards granted on or after January 1, 2017 through October 7, 2019 (except with respect to the provisions related to death and disability, which apply retroactively). Retirement for purposes of these awards is defined as (i) a voluntary resignation by the participant with 90 days advance written notice after attaining age 60 with 15 years of service or (ii) a voluntary resignation with both 90 days advance written notice and the Compensation Committee’s prior consent after attaining age 55 with 20 years of service. In the event of retirement, with respect to awards outstanding for at least six months prior to the date of such retirement granted during this period, the participant will be entitled to continued vesting of a pro-rated portion of the participant’s then-outstanding and unvested equity awards based upon the number of months employed during the applicable performance or vesting period. Awards with performance-based vesting criteria will continue to be subject to such criteria in accordance with their terms.

On October 7, 2019, the Human Capital and Compensation Committee adopted new award forms and amended and restated the Retirement Policy such that it would no longer apply to awards granted after October 6, 2019 (the “New Retirement Provisions”). The New Retirement Provisionsprovide certain employees with retirement benefits on their equity which apply to all awards made on and after October 7, 2019.

Retirement is now defined as a voluntary resignation by the participant with 90 days advance written notice where age plus service equals 65, with a minimum age of 55 and 5 years of service. It applies to awards outstanding six months prior to the date of retirement. Participants are entitled to (i) continued vesting in full of all RSUs, (ii), with respect to participants other than Messrs. Hornbuckle, McManus and Sanders, continued vesting of a pro-rated portion of their PSU awards based upon the number of months employed during the applicable performance or vesting period and, (iii), with respect to Messrs. Hornbuckle, McManus and Sanders, continued vesting in full of their outstanding and unvested PSU awards. Vesting of PSUs remains subject to achievement of underlying performance objectives. The New Retirement Provisionsretirement benefits are contingent upon compliance with certain confidentiality, non-solicitation and non-competition obligations set forth in the applicable award forms. In addition, with respect to Mr. McManus, should his employment be terminated by the Company without cause, or by Mr. McManus for good cause prior to his obtaining retirement eligibility, then his PSU’s and RSU’s will continue to vest in full.

In the case of death or disability, with respect to awards granted after October 6, 2019, the participant is entitled to full acceleration and payment of all such time- based awards as of the date of termination. Relative TSR PSUs granted after such date will accelerate and vest in full based on relative performance to the date of termination. Absolute TSR PSUs granted after such date will accelerate and vest in full based on target, if such termination is within the first twelve months of the performance period, or after such twelve-month period, based on actual performance projected through the end of the performance period.

61

TABLE OF CONTENTS

Perquisites and Other Benefits

We pay premiums and other expenses for group life insurance, short-term disability insurance, long-term disability insurance, and business travel insurance on behalf of our NEOs. As an owner and operator of full-service resorts, we are able from time to time to provide benefits relating to hotel and related services, including in-town transportation, to our NEOs at little or no additional cost to us. We currently provide our NEOs with access to the fitness facilities located in the hotel where they are officed. In addition, for our convenience and the convenience of our NEOs, we provide complimentary meals for business purposes at our restaurants.

The Compensation Committee has approved limited tax gross ups for From time to time, we also provide relocation benefits to certain executive officers in two situations where it is economically advantageousorder to us or neededassist such executives with their transition to make employees wholeliving and working in Las Vegas, which we believe serves as a result of where we choose to do business. The Compensation Committee has approved tax gross up payments relating to executive health plan coverage, reflecting the facts that such coverage was previously insured (so that there was no additional tax cost to the executive officers) and our decision to convert our medical plans to self-funding. This conversion imposed an additional tax cost on executives (which we reimburse), but still resulted in lower overall costs to us even after taking into account the costs of such reimbursements.
appropriate recruitment tool.

Under certain circumstances, executive officers are required by us to perform services in states other than their states of employment. As a result, such officers may incur incremental income tax obligations to such other states. To the extent there is no tax credit available in the applicable state of employment (for example, in Nevada), we providethe Human Capital and Compensation Committee has approved a gross-up of the incremental state income tax obligations resulting from our requiring such executives to work in states other than the state where their services are normally rendered. This puts the executives in the same economic position as though they had worked in their normal places of business.

Pursuant to his employment agreement, Mr. Hornbuckle is entitled to request the personal use of aircraft, but he must reimburse us for costs associated with such use to the extent the value of such use (which we calculate based on the aggregate incremental cost to us) exceeds $250,000. In 2022, the aggregate incremental cost of Mr. Hornbuckle’s personal use of the aircraft was $203,350, which was below the cap. See the Summary Compensation Table for additional details.

Mr. Murren’s employment agreement entitled him to request the personal use of aircraft, subject to reimbursement for costs associated with such use to the extent the value of such use (which we calculate based on the aggregate incremental cost to us) exceeded $250,000. In addition, prior to his separation we provided Mr. Murren with certain security services, which included a personal security detail. The Company’s provision of these services was based on an independent threat assessment study provided to us by an outside firm, which concluded that it was appropriate to provide Mr. Murren with these personal security services. Based on this study, we viewed these services as a necessary and appropriate business expenses; however, because certain aspects of this benefit may be viewed as conveying a personal benefit to Mr. Murren, we disclose this benefit in our Proxy Statement. The costs reported in the Summary Compensation Table below consist solely of the cost to the Company of providing Mr. Murren with security personnel during those times when he was not conducting Company business. Mr. Hornbuckle does not receive these same security benefits.
The Company also provided commuting benefits to Mr. Rafiq in connection with his hire in 2019, not to exceed $275,000. These benefits primarily consisted of providing Mr. Rafiq with reimbursement for travel and housing expenses (e.g., airfare, use of MGM properties as temporary housing, and meals and other incidentals) related to his commuting to Nevada from his primary residence.
62

TABLE OF CONTENTS

OTHER COMPENSATION MATTERS

Internal Revenue Code Section 162(m)

Subject to certain transition rules for binding contracts in effect on November 2, 2017, section

Section 162(m) generally disallows a tax deduction to public companies for compensation paid in excess of $1 million to “covered employees” as defined under Section 162(m) (generally, such company’s chief executive officer, its chief financial officer and its three other highest paid executive officers). The Human Capital and Compensation Committee takes into account the tax and accounting implications (including the deduction limits of revised Section 162(m)) when making compensation decisions, but necessarily reserves its right to make compensation decisions based on other factors as well if the Human Capital and Compensation Committee determines it is in itsthe best interests of the Company to do so.

58    

    MGM Resorts International    2023 Proxy Statement


Executive Compensation

Prohibition on Short Sales, Derivatives Trading and Pledging and Hedging of Company Securities.

Our insider trading policy provides that certain employees (including our NEOs and other executive officers) and our directors may not enter into short sales of our securities or buy or sell exchange traded options on our securities. Our insider trading policy prohibits pledging or hedging of our securities by NEOs, executive officers and directors.

Compensation Risk Assessment

As part of its oversight, the Human Capital and Compensation Committee considers the impact of our executive compensation program, and the incentives created by the compensation awards that it administers, on our risk profile. We believe that our pay philosophy provides an effective balance in cash and equity mix, short- and longer-term performance periods, financial and non-financial performance, and allows for the Human Capital and Compensation Committee’s exercise of discretion. Further, policies to mitigate compensation-related risk include vesting periods on long-term incentives, stock ownership guidelines, insider-trading prohibitions, and independent Human Capital and Compensation Committee oversight. Based upon this review, both for our executive officers and all other employees, the Human Capital and Compensation Committee has concluded that the risks arising from our compensation policies and practices are not reasonably likely to have a material adverse effect on us.

63

TABLE OF CONTENTSHUMAN CAPITALAND COMPENSATION COMMITTEE REPORT

COMPENSATION COMMITTEE REPORT

The Human Capital and Compensation Committee of the Board has reviewed and discussed with management the “Compensation Discussion and Analysis” included in this Proxy Statement with management.Statement. Based on the Human Capital and Compensation Committee’s review and discussion with management, the Human Capital and Compensation Committee recommended to the Board that the Compensation Discussion and Analysis be included in this Proxy Statement.

ROLAND HERNANDEZ,

ALEXIS HERMAN, Chair

MARY CHRIS JAMMET

ROSE MCKINNEY-JAMES

JAN SWARTZ

DANIEL J. TAYLOR

The foregoing report of the Human Capital and Compensation Committee does not constitute soliciting material and shall not be deemed filed or incorporated by reference into any other Company filing under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates such report by reference therein.

MGM Resorts International    2023 Proxy Statement

59


64

TABLE OF CONTENTSCompensation Tables

COMPENSATION TABLES

SUMMARY COMPENSATION TABLE

The following table summarizes the compensation of the NEOs for the years ended December 31, 2020, 20192022, 2021 and 2018.

NAME AND TITLE
YEAR
SALARY(A)
BONUS(B)
STOCK
AWARDS(C)
NON-EQUITY
INCENTIVE PLAN
COMPENSATION(D)
ALL OTHER
COMPENSATION(F)
TOTAL
William J. Hornbuckle
Chief Executive Officer
and President
2020
$1,174,590
$
$11,942,950
$  825,000
$  45,595
$13,988,135
2019
1,400,000
2,750,000
2,101,095
38,461
6,289,556
2018
1,400,000
2,750,000
1,928,649
57,079
6,135,728
Corey Sanders
Chief Financial Officer and Treasurer
2020
$1,062,158
$
$4,666,650
$750,000
$8,553
$6,487,361
2019
1,250,000
2,750,000
1,875,978
11,259
5,887,237
2018
1,250,000
2,750,000
1,722,008
24,201
5,746,209
John McManus
Executive Vice President, General Counsel and Secretary
2020
$737,295
$
$2,057,200
$420,000
$20,982
$3,235,477
2019
850,000
1,250,000
911,189
23,312
3,034,501
2018
806,438
1,250,000
796,358
39,289
2,892,085
James J. Murren
Former Chairman of the Board and Chief Executive Officer
2020
$450,549
$4,000,000
$10,870,634
$
$20,859,152
$36,180,335
2019
2,000,000
7,000,000
3,430,359
715,993
13,146,352
2018
2,000,000
7,000,000
3,148,814
700,207
12,849,021
Atif Rafiq(E)
Former President of Commercial & Growth
2020
$1,202,186
$
$1,875,000
$
$3,522,547
$6,599,733
2019
804,795
1,000,000
1,875,000
1,207,821
83,617
4,971,233
2020.

NAME AND TITLE

 YEAR SALARY(A) BONUS STOCK
AWARDS(B)
 NON-EQUITY
INCENTIVE
PLAN
COMPENSATION(C)
 ALL OTHER
COMPENSATION(D)
 TOTAL

William J. Hornbuckle

Chief Executive Officer

and President

   2022  $1,667,123  $  $10,000,000  $4,328,524  $242,428  $16,238,075
  

 

2021

  

 

1,500,000

  

 

  

 

8,000,000

  

 

3,609,375

  

 

165,149

  

 

13,274,524

  

 

2020

  

 

1,174,590

  

 

  

 

11,942,950

  

 

825,000

  

 

45,595

  

 

13,988,135

Jonathan S. Halkyard

Chief Financial Officer and Treasurer

   2022  $966,849  $  $2,750,000  $2,017,774  $41,017  $5,775,640
  

 

2021

  

 

875,342

  

 

  

 

1,800,000

  

 

1,856,250

  

 

127,012

  

 

4,658,604

                                   

Corey Sanders

Chief Operating Officer

   2022  $1,083,562  $  $3,750,000  $2,423,189  $19,163  $7,275,914
  

 

2021

  

 

1,000,000

  

 

  

 

3,935,000

  

 

2,062,500

  

 

24,423

  

 

7,021,923

  

 

2020

  

 

1,062,158

  

 

  

 

4,666,650

  

 

750,000

  

 

8,553

  

 

6,487,361

Gary Fritz

President, Interactive

   2022  $382,830  $  $3,750,000  $312,500  $9,361  $4,454,691

John McManus

Chief Legal and Administrative Officer and Secretary

   2022  $766,849  $  $2,250,000  $1,305,818  $42,556  $4,365,223
  

 

2021

  

 

700,000

  

 

  

 

1,750,000

  

 

1,155,000

  

 

8,533

  

 

3,613,533

  

 

2020

  

 

737,295

  

 

  

 

2,057,200

  

 

420,000

  

 

20,982

  

 

3,235,477

(A)

See “Compensation Discussion and Analysis—Elements of Compensation—Annual Base Salary and Employment Agreements.” Mr. Hornbuckle, Mr. Sanders, and Mr. McManus agreed to receive $699,629, $365,386, and $255,770, respectively, of their 2020 annual base salary in the form of RSUs, resulting in them receiving 60,679, 31,690, and 22,183 respectively, in RSUs on March 30, 2020. Mr. Rafiq agreed to receive $456,728 of his 2020 annual base salary in the form of RSUs, resulting in him receiving 43,169 RSUs on April 3, 2020.

(B)
As a result of their separation from the Company during 2020, Messrs. Murren and Rafiq did not earn an annual bonus payment in respect of 2020 performance. Rather, Mr. Murren’s Transition Agreement provided for a guaranteed annual bonus of $4,000,000 in respect of 2020. Mr. Rafiq was paid his 2020 target bonus as part of his separation package as set forth in his employment agreement.

For Mr. Rafiq in 2019, represents a sign-on bonus paid to him in connection with his commencement of employment with the Company.

(C)
For 2020,2022, consists of RSUs, Absolute TSR PSUs and Relative TSR PSUs. The RSU awards vest ratably over the four year period following the grant date. There are no thresholds or maximums (or equivalent items). The grant date fair value for the Absolute TSR PSUs and the Relative TSR PSUs were computed in accordance with FASB ASC 718 using a Monte Carlo simulation. Assuming the highest performance condition would be achieved, the grant date fair values of the Absolute TSR PSUs are $4.8 million, $1.3 million, $1.8 million, $1.8 million, and $1.1 million for Mr. Hornbuckle, Mr. Halkyard, Mr. Sanders, Mr. Fritz, and Mr. McManus, respectively. See “Compensation Discussion and Analysis—Long-Term Equity Incentives.” Assuming the highest performance condition would be achieved, the grant date fair values of the Relative TSR PSUs are $4.5 million, $1.2 million, $1.7 million, $1.7 million, and $1.0 million for Mr. Hornbuckle, Mr. Halkyard, Mr. Sanders, Mr. Fritz, and Mr. McManus respectively. See “Compensation Discussion and Analysis—Long-Term Equity Incentives” for more information, including information relating to vesting and payouts.

Each Absolute TSR PSU represents the right to receive between 0 and 1.6 shares of common stock based on the Company’s TSR from the grant date to the date that is three years after the grant date (the “Vesting Date”), relative to a target price (the “Target Price”). The Target Price is equal to 125% of the average closing price of our common stock over the 60-calendar-day period ending on the grant date. If the ending average stock price is less than 60% of the Target Price (the “Minimum Price”), then no shares will be issued on the Vesting Date. If the ending average stock price is equal to or greater than 160% of the Target Price (the “Maximum Price”), then 1.6 shares will be issued on the Vesting Date per Absolute TSR PSU. If the ending average stock price as adjusted for the payment of dividends during the performance period is between the Minimum Price and the Maximum Price, then a number of shares will be earned on the Vesting Date per Absolute TSR PSU equal to the ending average stock price divided by the Target Price. For this purpose, the ending average stock price is the average closing price of our common stock over the 60-calendar-day period ending on the Vesting Date as adjusted for the payment of any dividends during the performance period.
For Relative TSR PSUs, the number of shares of common stock ultimately received by the named executive officer at the end of applicable three-year measurement period is based on the relative ranking of the Company’s TSR to the S&P 500 group. Payout of the target amount of shares occurs if the Company is ranked at the 50th percentile, i.e., the midpoint of the companies in the S&P 500. Payout increases to 150% of the target number of shares on a linear basis as the Company’s ranking rises to the 75th percentile. Payout decreases to 50% of the target shares on a linear basis as the Company’s TSR declines from the 50th to the 25th percentile and, if the Company ranks below the 25th percentile, there is no pay out. If the Company’s TSR is negative, no more than the target amount of shares can be awarded unless the relative TSR is at or above the 75th percentile.
The grant date fair value for Absolute TSR PSU and the Relative TSR PSUs were computed in accordance with FASB ASC 718 using a Monte Carlo simulation. Assuming the highest performance condition would be achieved, the grant date fair values of the Absolute TSR PSUs are $3.8 million, $2.0 million, $0.8 million, and $0.9 million for Mr. Hornbuckle, Mr. Sanders, Mr. McManus, and Mr. Rafiq, respectively. See “Compensation Discussion and Analysis—Long-Term Equity Incentives.” Assuming the highest performance condition would be achieved, the grant date fair values of the Relative TSR PSUs are $3.6 million, $1.9 million, $0.8 million, and $0.8 million for Mr. Hornbuckle, Mr. Sanders, Mr. McManus, and Mr. Rafiq, respectively. See “Compensation Discussion and Analysis—Long-Term Equity Incentives” for more information.
65

TABLE OF CONTENTS

For Mr. Murren, the amount shown for 2020 reflects the grant date fair value for the RSUs granted to him on March 22, 2020 of $7,000,000, with a portion of the award representing $1,510,000 of that amount settled in cash, as well as the incremental fair value associated with the modification of certain of his previously-granted equity awards to provide for continued vesting of such awards, as provided for under the terms of the Transition Agreement.
(D)
(C)

Consists of compensation earned under the previous annual incentive plan in respect of the 2018 fiscal year and, for fiscal year 2019 and 2020, earned under the 20192022, 2021 and 2020 annual incentive program, including the value of Bonus dRSUs, as described in “Compensation Discussion and Analysis.”

(E)
(D)
The amount reported under “All Other Compensation” for Mr. Rafiq for 2019 in last year’s proxy statement unintentionally omitted approximately $79,562 relating to amounts that the Company reimbursed or otherwise provided to Mr. Rafiq in connection with his commuting to Las Vegas from his primary residence. The Company views this as immaterial. These costs were incurred by Mr. Rafiq in 2019. The value of such expenses were calculated based on a reasonable estimate of the incremental costs to the Company of providing such benefits. This amount has been included under “All Other Compensation” for 2019 in the table above.
(F)

All other compensation for 20202022 consists of the following:

NAME
PERSONAL
USE OF
COMPANY
AIRCRAFT(A)
401(k)
MATCH
INSURANCE
PREMIUMS AND
BENEFITS(B)
TERMINATION
RELATED
BENEFITS(C)
OTHER
PERQUISITES(D)
TOTAL OTHER
COMPENSATION
Mr. Hornbuckle
$37,648
$1,500
$  6,447
$
$    —
$   45,595
Mr. Sanders
1,500
7,053
8,553
Mr. McManus
1,500
19,482
20,982
Mr. Murren
51,090
26,799
20,568,554
212,709
20,859,152
Mr. Rafiq
23,461
3,303,647
195,439
3,522,547

NAME

 PERSONAL
USE OF
COMPANY
AIRCRAFT(A)
  401(k)
MATCH
  INSURANCE
PREMIUMS
AND
BENEFITS(B)
  OTHER
PERQUISITES(C)
  TOTAL OTHER
COMPENSATION
 

Mr. Hornbuckle

 $203,350  $9,150  $26,489  $3,439  $242,428 

Mr. Halkyard

     9,150   29,961   1,906   41,017 

Mr. Sanders

     9,150   7,362   2,651   19,163 

Mr. Fritz

        4,111   5,250   9,361 

Mr. McManus

     9,150   33,406      42,556 

(A)
(A)

The amounts in this column represent the value of personal use of our aircraft, which was determined based on the aggregate incremental cost to us. Aggregate incremental cost was calculated based on average variable operating cost per flight hour multiplied by personal flight hours attributable to each NEO, less any amounts the NEO reimburses. The average variable operating cost per hour was calculated based on aggregate variable costs for each year, including fuel, engine reserves, trip-related repair and maintenance costs, travel expenses for flight crew, landing costs, related catering and miscellaneous handling charges, divided by the aggregate hours flown.

60    

    MGM Resorts International    2023 Proxy Statement


Compensation Tables

Fixed costs, such as flight crew salaries, wages and other employment costs, training, certain maintenance and inspections, depreciation, hangar rent, utilities, insurance and taxes are not included in aggregate incremental cost since these expenses are incurred by us irrespective of personal use of aircraft.

(B)
(B)

The amounts in this column represent premiums and other expenses for group life insurance, short term disability insurance, long term disability insurance, business travel insurance, and health plan coverage, including gross-ups of associated taxes on health plan coverage. Gross-ups of associated taxes on health plan coverage (the gross-up amounts were $248, $280, $2,154, $5,374,was discontinued starting in 2022, and $ 5,942 for Mr. Hornbuckle, Mr. Sanders, Mr. McManus, Mr. Murren, and Mr. Rafiq, respectively).is not expected to be reinstated. See “Compensation Discussion and Analysis” for our Human Capital and Compensation Committee’s policy on gross-ups.

(C)
Mr. Murren received severance payments of $20,568,554, which consisted of (i)(C)

Reflects a severance payment of $12,000,000, (ii) payment of remaining 2020 annual base salary in an amount equal to $1,549,451, (iii) payments equal to $6,900,000, representing the 12 monthly payments of $575,000 that Mr. Murren would have received for consulting services during 2021 absent his termination without good cause on March 22, 2020, which payments were accelerated in connection with such termination without good cause pursuant to the termsreasonable estimate of the Transition Agreement, and (iv) a lump sum payment of $119,103 for health and insurance benefits upon termination. Mr. Rafiq received a severance payment of $1,250,000, an amount equal to $2,015,000 in respect of his annual bonus for 2020, and a lump sum payment of $38,647 for health and insurance benefits upon termination. Does not include the value attributable to any continued vesting of equity awards, which is shown in the table “Estimated Benefits Upon Termination.”

(D)
We provided Mr. Murren with certain security services, which included a personal security detail. The Company’s provision of these services was based on an independent threat assessment studyautomobile use provided to usMr. Hornbuckle. For Mr. Halkyard and Mr. Sanders, amounts relate to reimbursements by an outside firm, which concluded that it was appropriate to provide Mr. Murren with these personal security services. The amount reported above consists solely of the cost to the Company for state withholding taxes. For Mr. Fritz, amount relates to reimbursement of providing Mr. Murren with security personnel during those times when he was not conducting Company business which, for 2020, was $212,709. Mr. Hornbuckle does not receive this benefit.legal fees.

For Mr. Rafiq, this includes approximately $195,439 relating to amounts that the Company reimbursed or otherwise provided to Mr. Rafiq in connection with his commuting to Las Vegas from his primary residence, which costs were incurred by Mr. Rafiq during 2020 or otherwise were payable to him during 2020. The value of the non-cash benefits provided to Mr. Rafiq were calculated based on a reasonable estimate of the incremental costs to the Company of providing such benefits.
66

TABLE OF CONTENTS

GRANTS OF PLAN-BASED AWARDS

The table below shows plan-based awards granted during 20202022 to the NEOs. See “Compensation Discussion and Analysis—Elements of Compensation—Annual Incentive Bonus” and “—Long-Term Equity Incentives” for a narrative description of these awards.

 
GRANT
DATE
ESTIMATED FUTURE PAYOUTS
UNDER NON-EQUITY
INCENTIVE PLAN AWARDS(A)
ESTIMATED NUMBER OF
SHARES FOR FUTURE PAYOUTS
UNDER EQUITY INCENTIVE
PLAN AWARDS(B)
OTHER STOCK
AWARDS:
NUMBER OF
TARGET UNITS
GRANT DATE
FAIR VALUE
OF STOCK
AWARDS(B)
NAME
THRESHOLD
TARGET
MAXIMUM
THRESHOLD
TARGET
MAXIMUM
Mr. Hornbuckle
N/A
$   —
$825,000
$   —
$    —
4/1/2020(C)
290,000
3,413,300
4/1/2020(C)
45,000
529,650
8/18/2020(C)
152,745
3,200,000
8/18/2020(D)
57,707
96,179
153,886
2,400,000
8/18/2020(E)
47,889
95,777
143,666
2,400,000
Mr. Sanders
N/A
$
$750,000
$
$
4/1/2020(C)
35,400
416,650
8/18/2020(C)
81,146
1,700,000
8/18/2020(D)
30,657
51,095
81,752
1,275,000
8/18/2020(E)
25,441
50,881
76,322
1,275,000
Mr. McManus
N/A
$
$420,000
$
$
4/1/2020(C)
26,100
307,200
8/18/2020(C)
33,413
700,000
8/18/2020(D)
12,623
21,039
33,662
525,000
8/18/2020(E)
10,476
20,951
31,427
525,000
Mr. Murren
3/22/2020(C)
$
$
$
600,000
$7,000,000
10/3/2016(F)
76,365
497,900
11/14/2017(F)
18,265
(2,557)
10/19/2018(F)
26,266
159,172
10/19/2018(F)
26,267
159,178
10/19/2018(G)
85,142
785,469
10/19/2018(H)
72,194
554,558
10/7/2019(G)
93,309
1,077,178
10/7/2019(H)
76,422
639,736
Mr. Rafiq
N/A
$
$1,093,750
$
$
8/18/2020(C)
35,800
750,000
8/18/2020(D)
13,525
22,542
36,067
562,500
8/18/2020(E)
11,224
22,448
33,672
562,500

NAME

 

GRANT
DATE

 ESTIMATED FUTURE PAYOUTS
UNDER NON-EQUITY
INCENTIVE PLAN AWARDS(A)
 ESTIMATED NUMBER OF
SHARES FOR FUTURE PAYOUTS
UNDER EQUITY INCENTIVE
PLAN AWARDS(B)
 

OTHER
STOCK
AWARDS:
NUMBER OF
TARGET

UNITS

 

GRANT
DATE
FAIR
VALUE
OF STOCK

AWARDS(B)

 

 

THRESHOLD

 

 

TARGET

 

 

MAXIMUM

 

 

THRESHOLD

 

 

TARGET

 

 

MAXIMUM

Mr. Hornbuckle

   N/A  $  $3,175,000  $5,715,000              $
   10/3/2022(C)                130,677         4,000,000
   10/3/2022(D)             56,203   93,671   149,874      3,000,000
    10/3/2022(E)             44,021   88,042   132,063      3,000,000

Mr. Halkyard

   N/A  $  $1,470,000  $2,646,000              $
   10/3/2022(C)                35,936         1,100,000
   10/3/2022(D)             15,456   25,760   41,216      825,000
    10/3/2022(E)             12,106   24,212   36,318      825,000

Mr. Sanders

   N/A  $  $1,775,000  $3,195,000              $
   10/3/2022(C)                49,004         1,500,000
   10/3/2022(D)             21,076   35,127   56,203      1,125,000
    10/3/2022(E)             16,508   33,016   49,524      1,125,000

Mr. Fritz

   N/A  $  $  $              $
   10/3/2022(C)                49,004         1,500,000
   10/3/2022(D)             21,076   35,127   56,203      1,125,000
    10/3/2022(E)             16,508   33,016   49,524      1,125,000

Mr. McManus

   N/A  $  $954,000  $1,717,200              $
   10/3/2022(C)                29,403         900,000
   10/3/2022(D)             12,646   21,076   33,722      675,000
    10/3/2022(E)             9,905   19,810   29,715      675,000

(A)

See “Compensation Discussion and Analysis—Elements of Compensation—Annual Incentive Bonus” for details on the annual bonus program. Any portion of the annual cash bonus earned by our NEOsMessrs. Hornbuckle and Halkyard in 20202022 in excess of 100% of thesuch NEO’s target bonus would have beenwas paid in Bonus dRSUs. Bonuses earned by our NEOs in 2020Mr. Fritz did not exceed 100%participate in the annual incentive bonus program in 2022 but was eligible to receive a pro-rata bonus at the discretion of their respective target bonuses.the Committee pursuant to the terms of his employment agreement.

(B)

See note (C)(B) to the Summary Compensation Table above for more information.

(C)

RSU award. For Mr. Murren, the amount shown for 2020 reflects the grant date value for the reduced RSU granted to him on March 22, 2020 of $7,000,000. These awards were fully vested as of the grant date and were settled in March 2020. A portion of this award representing $1,510,000 of the grant date fair value was settled in cash.

(D)

Absolute TSR PSU award.

(E)

Relative TSR PSU award.

(F)
Represents incremental fair value associated with modification of previously issued RSU awards as a result of the continued vesting of such awards in connection with Mr. Murren’s termination of employment, as provided for under the Transition Agreement.
(G)
Represents incremental fair value associated with modification of previously issued Absolute TSR PSU awards as a result of the continued vesting of such awards in connection with Mr. Murren’s termination of employment, as provided for under the Transition Agreement.
(H)
Represents incremental fair value associated with modification of previously issued Relative TSR PSU awards as a result of the continued vesting of such awards in connection with Mr. Murren’s termination of employment, as provided for under the Transition Agreement.

MGM Resorts International    2023 Proxy Statement

61


67

TABLE OF CONTENTSCompensation Tables

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

The table below shows outstanding equity awards of the NEOs as of December 31, 2020.2022. For RSUs, Absolute TSR PSUs and Relative TSR PSUs, the number of units reflects dividend equivalent rights credited during 2020.

2022.

  OPTION/SAR AWARDS  STOCK AWARDS 
  NUMBER OF SECURITIES
UNDERLYING UNEXERCISED
OPTIONS/SARS
  OPTION/
SAR
EXERCISE
PRICE
  OPTION/
SAR
EXPIRATION
DATE
  SHARES OR UNITS
OF STOCK THAT HAVE
NOT VESTED
  EQUITY INCENTIVE
PLAN AWARDS:
UNEARNED SHARES,
UNITS OR OTHER
RIGHTS THAT
HAVE NOT VESTED
 

NAME

 EXERCISABLE  UN-EXERCISABLE  NUMBER  VALUE  NUMBER  VALUE 

Mr. Hornbuckle

              22,518(A)  $755,029     $ 
              76,425(B)   2,562,530       
              53,939(C)   1,808,575       
              130,686(D)   4,381,902       
                    96,247(E)   5,163,452 
                    95,845(F)   4,820,541 
                    51,287(G)   1,169,359 
                    47,051(H)   1,171,236 
                    93,677(I)   2,669,826 
                     88,048(J)   3,750,833 

Mr. Halkyard

              23,072(K)  $773,604     $ 
                  35,938(D)   1,205,001         
                    9,616(G)   219,253 
                    8,822(H)   219,588 
                    25,761(I)   734,206 
                     24,213(J)   1,031,483 

Mr. Sanders

              17,713(A)  $593,917     $ 
              40,600(B)   1,361,318       
              26,530(C)   889,551       
              49,007(D)   1,643,205       
                    51,131(E)   2,743,089 
                    50,917(F)   2,560,887 
                    25,226(G)   575,174 
                    23,143(H)   576,079 
                    35,129(I)   1,001,206 
                     33,018(J)   1,406,550 

Mr. Fritz

              45,015(L)  $1,509,353     $ 
              49,007(D)   1,643,205       
                    32,511(M)   675,864 
                    32,511(N)   623,524 
                          35,129(I)   1,001,206 
                           33,018(J)   1,406,550 

OPTION/SAR AWARDS
STOCK AWARDS
62    

    MGM Resorts International    2023 Proxy Statement

NUMBER OF SECURITIES
UNDERLYING UNEXERCISED
OPTIONS/SARS
OPTION/
SAR
EXERCISE
PRICE
OPTION/
SAR
EXPIRATION
DATE
SHARES OR UNITS
OF STOCK THAT
HAVE NOT VESTED
EQUITY INCENTIVE
PLAN AWARDS:
UNEARNED SHARES,
UNITS OR OTHER
RIGHTS THAT
HAVE NOT VESTED
NAME
EXERCISABLE
UN-
EXERCISABLE
NUMBER
VALUE
NUMBER
VALUE
Mr. Hornbuckle
    —
    —
    —
    —
8,017(A)
$252,616
21,421(B)
674,976
45,014(C)
1,418,391
290,091(D)
9,140,767
152,773(E)
4,813,877
34,721(F)
$908,055
29,441(G)
700,593
37,351(H)
941,550
30,592(I)
646,522
96,196(J)
3,910,170
95,794(K)
4,527,703
Mr. Sanders
8,017(A)
$252,616
21,421(B)
674,976
35,411(C)
1,115,801
81,161(E)
2,557,383
34,721(F)
$908,055
29,441(G)
700,593
37,351(H)
941,550
30,592(I)
646,522
51,104(J)
2,077,265
50,890(K)
2,405,316
Mr. McManus
3,207(A)
$101,053
9,736(B)
306,781
26,108(C)
822,663
33,419(E)
1,053,033
15,782(F))
$412,749
13,382(G)
318,440
16,977(H)
427,969
13,905(I)
293,862
21,042(J)
855,307
20,954(K)
990,391
Mr. Murren
88,381(F)
$2,311,448
74,941(G)
1,783,308
95,077(H)
2,396,714
77,870(I))
1,645,673
Mr. Rafiq
18,659(H)
$470,350
15,282(I)
322,978
10,027(J)
407,582
9,986(k)
471,988


Compensation Tables

  OPTION/SAR AWARDS  STOCK AWARDS 
  NUMBER OF SECURITIES
UNDERLYING UNEXERCISED
OPTIONS/SARS
  OPTION/
SAR
EXERCISE
PRICE
  OPTION/
SAR
EXPIRATION
DATE
  SHARES OR UNITS
OF STOCK THAT HAVE
NOT VESTED
  EQUITY INCENTIVE
PLAN AWARDS:
UNEARNED SHARES,
UNITS OR OTHER
RIGHTS THAT
HAVE NOT VESTED
 

NAME

 EXERCISABLE  UN-EXERCISABLE  NUMBER  VALUE  NUMBER  VALUE 

Mr. McManus

              13,058(A)  $437,835     $ 
              16,717(B)   560,521       
              11,799(C)   395,620       
              29,405(D)   985,950       
                    21,054(E)   1,129,492 
                    20,966(F)   1,054,485 
                    11,218(G)   255,767 
                    10,292(H)   256,203 
                    21,077(I)   600,690 
                     19,811(J)   843,950 

(A)
RSU award scheduled to vest on 11/14/21.
(B)
RSU award scheduled to vest in equal installments on each of 10/19/21 and 10/19/22.
(C)

RSU award scheduled to vest in equal installments on each of 4/1/21, 4/1/22, 4/1/23, and 4/1/24.

(D)
(B)
RSU award scheduled to vest on 4/1/22.
68

TABLE OF CONTENTS

(E)
RSU award scheduled to vest in equal installments on each of 8/18/21, 8/18/22, 8/18/23, and 8/18/24.

(F)
(C)
Absolute TSR PSU

RSU award scheduled to vest in equal installments on 10/19/21 subject to the leveleach of achievement of the applicable performance criteria.10/4/23, 10/4/24, and 10/4/25.

(G)
(D)
Relative TSR PSU

RSU award scheduled to vest in equal installments on 10/19/21 subject to the leveleach of achievement of the applicable performance criteria.10/3/23, 10/3/24, 10/3/25, and 10/3/26.

(H)
(E)
Absolute TSR PSU award scheduled to vest on 10/7/22 subject to the level of achievement of the applicable performance criteria.
(I)
Relative TSR PSU award scheduled to vest on 10/7/22 subject to the level of achievement of the applicable performance criteria.
(J)

Absolute TSR PSU award scheduled to vest on 8/18/23 subject to the level of achievement of the applicable performance criteria.

(K)
(F)

Relative TSR PSU award scheduled to vest on 8/18/23 subject to the level of achievement of the applicable performance criteria.

(G)

Absolute TSR PSU award scheduled to vest on 10/4/24 subject to the level of achievement of the applicable performance criteria.

(H)

Relative TSR PSU award scheduled to vest on 10/4/24 subject to the level of achievement of the applicable performance criteria.

(I)

Absolute TSR PSU award scheduled to vest on 10/3/25 subject to the level of achievement of the applicable performance criteria.

(J)

Relative TSR PSU award scheduled to vest on 10/3/25 subject to the level of achievement of the applicable performance criteria.

(K)

RSU award scheduled to vest in equal installments on each of 2/1/23, 2/1/24, and 2/1/25.

(L)

RSU award scheduled to vest in equal installments on each of 12/1/23, 12/1/24, and 12/1/25.

(M)

Absolute TSR PSU award scheduled to vest on 12/1/24 subject to the level of achievement of the applicable performance criteria.

(N)

Relative TSR PSU award scheduled to vest on 12/1/24 subject to the level of achievement of the applicable performance criteria.

OPTION/SAR EXERCISES AND STOCK VESTED

The following table shows RSU and PSU vesting for the NEOs during 2020.2022. For RSUs and PSUs, the value realized is calculated as the number of shares vested times the closing share price on the applicable vesting date.

 
STOCK AWARDS (RSUs)
STOCK AWARDS
NAME
NUMBER OF
SHARES
ACQUIRED ON
VESTING
VALUE
REALIZED ON
VESTING
NUMBER OF
SHARES
ACQUIRED ON
VESTING
VALUE
REALIZED ON
VESTING
Mr. Hornbuckle
$106,372
$2,552,985
$58,735
$1,197,597
Mr. Sanders
75,029
1,628,510
51,686
1,053,880
Mr. McManus
33,632
935,567
9,727
198,332
Mr. Murren
881,485
8,792,307
153,277
3,125,308
Mr. Rafiq
61,413
1,321,323

  STOCK AWARDS (RSUs)  STOCK AWARDS 

NAME

 NUMBER OF
SHARES
ACQUIRED ON
VESTING
  VALUE
REALIZED ON
VESTING
  NUMBER OF
SHARES
ACQUIRED ON
VESTING
  VALUE
REALIZED ON
VESTING
 

Mr. Hornbuckle

  398,700  $15,265,032   61,099  $1,996,707 

Mr. Halkyard

  19,327   339,567       

Mr. Sanders

  55,616   2,039,515   61,099   1,996,707 

Mr. Fritz

  15,005   559,226       

Mr. McManus

  23,929   869,266   27,772   907,590 

For Messrs. Hornbuckle, Sanders, McManus, Murren, and Rafiq,Halkyard, the number of shares acquired on vesting related to Stock Awards (RSUs) includes 18,682, 16,679, 964, 38,102,22,630, and 10,73911,638 Bonus dRSUs (including DEUs accrued thereon), respectively. These Bonus dRSUs were granted during 20202022 and were fully vested on the grant date, but the settlement and receipt of shares has been deferred and will be paid in four equal installments over a four-year period following the grant date. Because no value was realized, and no

MGM Resorts International    2023 Proxy Statement

63


Compensation Tables

shares were acquired, upon vesting of these Bonus dRSUs, no value is reflected for these awards in the table above. As of the grant date, the value of each executive’s Bonus dRSU award (not including the value of any DEUs credited following the grant date) was equal to (i) the number of Bonus dRSUs granted multiplied by (ii) $25.52,$43.51, the price of our common stock on the grant date.

For Mr. Murren, the number of shares acquired on vesting related to Stock Awards (RSUs) includes 155,112 RSUs (including DEUs accrued thereon), which became fully vested as of his termination date pursuant to the terms of the Transition Agreement. The settlement and receipt of shares related to such RSUs will occur in installments in accordance with the original terms of each grant. Because no value was realized and no shares were acquired upon vesting of these RSUs, no value is reflected for these awards in the table above.
Mr. Rafiq received twelve months continued vesting on his RSU award pursuant to the terms of his employment agreement for a termination without good cause, and as such, 8,952 RSUs (including DEUs accrued thereon) are reflected as vested in the table above. The settlement and receipt of shares related to such RSUs will occur in accordance with the original terms of each grant. Because no value was realized and no shares were acquired upon vesting of these RSUs, no value is reflected for these awards in the table above.
For Messrs. Hornbuckle, Sanders, McManus, and Rafiq, the number of shares acquired on vesting related to Stock Awards (RSUs) includes 60,698, 31,700, 22,190, and 41,722 RSUs in lieu of salary (including DEUs accrued thereon), respectively.
69

TABLE OF CONTENTS

NONQUALIFIED DEFERRED COMPENSATION

The following table shows nonqualified deferred compensation to the NEOs in 20202022 under the DCP. See “Compensation Discussion and Analysis—Elements of Compensation—Deferred Compensation Opportunities” for a narrative description of the DCP.

NAME
EXECUTIVE
CONTRIBUTIONS
IN THE LAST
FISCAL YEAR
COMPANY
CONTRIBUTIONS
IN THE LAST
FISCAL YEAR
AGGREGATE
EARNINGS IN
THE LAST
FISCAL YEAR(A)
AGGREGATE
WITHDRAWALS/
DISTRIBUTIONS
AGGREGATE
BALANCE
AT YEAR
END
Mr. Hornbuckle
$
$   —
$10,857
$
$78,177
Mr. Sanders
Mr. McManus
Mr. Murren
9,256
122,976
Mr. Rafiq
127,404
18,798
146,202
Total
$127,404
$
$38,911
$122,976
$224,379

NAME

  

EXECUTIVE

CONTRIBUTIONS

IN THE LAST

FISCAL YEAR

   

COMPANY

CONTRIBUTIONS

IN THE LAST

FISCAL YEAR

   

AGGREGATE

LOSSES IN

THE LAST

FISCAL YEAR(A)

   

AGGREGATE

WITHDRAWALS/

DISTRIBUTIONS

   

AGGREGATE

BALANCE

AT YEAR

END

 

Mr. Hornbuckle

  $91,254   $   $12,720   $   $78,534 

Mr. Halkyard

                    

Mr. Sanders

                    

Mr. Fritz

                    

Mr. McManus

                    

Total

  $91,254   $   $12,720   $   $78,534 

(A)

None of these amounts were included as “Change in Pension Value and Nonqualified Deferred Compensation Earnings” in the Summary Compensation Table.

ESTIMATED BENEFITS UPON TERMINATION

The following table indicates the estimated amounts that would be payable to each NEO upon a hypothetical termination as of December 31, 20202022 under various termination scenarios, pursuant to the applicable employment agreements, policies and terms of equity awards in effect as of such date.

The amounts shown below for Mr. Murren reflect the amounts paid to him pursuant to the Transition Agreement in connection with his departure from the Company on March 22, 2020, and the amounts shown below for Mr. Rafiq reflect the amounts paid to him pursuant to his separation agreement.
 
SEVERANCE(A)
VESTING
OF RSUs(B)(C)(D)
VESTING
OF PERFORMANCE
BASED STOCK
UNITS(B)(C)(E)
OTHER(F)
TOTAL
Death or Disability
Mr. Hornbuckle
$1,500,000
$16,300,627
$11,634,593
$
$29,435,220
Mr. Sanders
1,000,000
4,600,775
7,679,301
13,280,076
Mr. McManus
700,000
2,283,530
3,298,718
6,282,248
Company Terminates Without Good Cause
Mr. Hornbuckle
$8,250,000
$12,352,739
$7,049,630
$103,056
$27,755,425
Mr. Sanders
2,500,000
2,345,258
5,243,561
13,518
10,102,337
Mr. McManus
1,540,000
1,340,372
2,295,804
38,646
5,214,822
Mr. Murren
24,449,451
4,887,579
8,137,143
119,103
37,593,276
Mr. Rafiq
3,265,000
282,078
1,672,897
38,647
5,258,622
NEO Terminates Without Good Cause/Company Terminates With Good Cause
Mr. Hornbuckle
$
$
$
$
$
Mr. Sanders
Mr. McManus
NEO Terminates With Good Cause
Mr. Hornbuckle
$8,250,000
$12,352,739
$7,049,630
$103,056
$27,755,425
Mr. Sanders
2,500,000
2,345,258
5,243,561
13,518
10,102,337
Mr. McManus
1,540,000
1,340,372
2,295,804
38,646
5,214,822
Change of Control(F)
Mr. Hornbuckle
$8,250,000
$16,300,627
$11,634,593
$77,292
$36,262,512
Mr. Sanders
4,000,000
4,600,775
7,679,301
27,036
16,307,112
Mr. McManus
3,080,000
2,283,530
3,298,718
77,292
8,739,540

   SEVERANCE(A)  

VESTING

OF RSUs(B)(C)

  

VESTING

OF PERFORMANCE

BASED STOCK

UNITS(B)(C)(D)

  OTHER  TOTAL 

Death or Disability

     

Mr. Hornbuckle

 $5,175,000  $9,508,035  $18,745,247  $  $33,428,282 

Mr. Halkyard

  2,570,000   1,978,605   2,204,530      6,753,135 

Mr. Sanders

  3,025,000   4,487,991   8,862,985      16,375,976 

Mr. Fritz

  1,250,000   3,152,558   3,707,144      8,109,702 

Mr. McManus

  1,854,000   2,379,926   4,140,587      8,374,513 

Company Terminates Without Good Cause

     

Mr. Hornbuckle

 $7,762,500  $6,221,626  $14,984,241  $50,618  $29,018,985 

Mr. Halkyard

  2,570,000   559,146   1,058,937   37,963   4,226,046 

Mr. Sanders

  3,025,000   3,255,595   7,452,602   13,286   13,746,483 

Mr. Fritz

  1,250,000   913,927   1,898,409   24,750   4,087,086 

Mr. McManus

  1,854,000   1,640,455   3,294,365   37,963   6,826,783 

64    

    MGM Resorts International    2023 Proxy Statement


70

TABLE OF CONTENTSCompensation Tables

 
SEVERANCE(A)
VESTING
OF RSUs(B)(C)(D)
VESTING
OF PERFORMANCE
BASED STOCK
UNITS(B)(C)(E)
OTHER(F)
TOTAL
Retirement pursuant to Retirement Policy(G)
Mr. Hornbuckle
$   —
$11,128,625
$2,768,139
$   —
$13,896,764
Mr. Sanders
1,115,801
1,588,072
2,703,873
Mr. McManus
822,663
721,831
1,544,494

   SEVERANCE(A)  

VESTING

OF RSUs(B)(C)

  

VESTING

OF PERFORMANCE

BASED STOCK

UNITS(B)(C)(D)

  OTHER  TOTAL 

NEO Terminates Without Good Cause/Company Terminates With Good Cause

     

Mr. Hornbuckle

 $  $  $  $  $ 

Mr. Halkyard

               

Mr. Sanders

               

Mr. Fritz

               

Mr. McManus

               

NEO Terminates With Good Cause

     

Mr. Hornbuckle

 $7,762,500  $6,221,626  $14,984,241  $50,618  $29,018,985 

Mr. Halkyard

  2,570,000   559,146   1,058,937   37,963   4,226,046 

Mr. Sanders

  3,025,000   3,255,595   7,452,602   13,286   13,746,483 

Mr. Fritz

  1,250,000   913,927   1,898,409   24,750   4,087,086 

Mr. McManus

  1,854,000   1,640,455   3,294,365   37,963   6,826,783 

Change of Control(E)

     

Mr. Hornbuckle

 $13,525,000  $9,508,035  $18,745,247  $50,618  $41,828,900 

Mr. Halkyard

  5,325,000   1,978,605   2,204,530   50,618   9,558,753 

Mr. Sanders

  6,312,500   4,487,991   8,862,985   17,715   19,681,191 

Mr. Fritz

  1,875,000   3,152,558   3,707,144   33,000   8,767,702 

Mr. McManus

  3,735,000   2,379,926   4,140,587   50,618   10,306,131 

Retirement Pursuant to Retirement Policy(F)

     

Mr. Hornbuckle

 $  $5,126,133  $12,324,588  $  $17,450,721 

Mr. Halkyard

               

Mr. Sanders

     2,844,786   6,455,229      9,300,015 

Mr. Fritz

               

Mr. McManus

     1,393,976   2,695,947      4,089,923 

(A)

This column does not include any unpaid prior-year bonuses that were earned prior to the date of termination.

(B)

The value of outstanding RSUs, Absolute TSR PSUs and Relative TSR PSUs (including any accelerated or continued vesting that would occur under each of these termination scenarios) is based on the closing price of our Common Stock at December 31, 2020,30, 2022, which was $31.51. For Mr. Rafiq, this reflects the pro-ration of his equity awards eligible for 12 months continued vesting in connection with his termination without good cause.$33.53.

(C)

For purposes of the calculation of any continued or accelerated vesting in respect of outstanding equity awards, we have assumed that, in connection with each NEO’s termination, such NEO was eligible for the maximum post-termination continued and accelerated vesting period applicable to each award.

(D)

Assumes that December 31, 20202022 was the end of the performance period for Absolute TSR PSUs and Relative TSR PSUs.

(E)
Includes the applicable lump sum payment for health and insurance benefits, as described below under “Uniform Severance and Change of Control Policies.”
(F)

Assumes each NEO’s employment terminates (other than as a result of a termination by the Company for good cause or by the NEO without good cause) in connection with a change of control. In general, no benefits are payable solely as a result of a change of control (i.e., in general, there are no single trigger benefits). The only situation in which change of control benefits are potentially payable absent an executive’s termination is the case of equity awards in the event they are not assumed as part of the change of control. In the event of such a triggering event occurring, the NEO would receive estimated benefits set forth in the columns entitled “Vesting of RSUs” and “Vesting of Performance Based Stock Units.”

(G)
(F)

As of December 31, 2020, only2022, Mr. Hornbuckle, would have beenMr. Sanders and Mr. McManus are all eligible for retirement benefits under the prior Retirement Policy. Mr. Hornbuckle and Mr. Sanders both would have been eligible for retirement benefits under the new Retirement Policy. Although Mr. McManus wouldn’t be eligible under either retirement policy, his awards would be treated similar to Mr. Hornbuckle and Mr. Sanders under the new retirement policy if Mr. McManus is terminated without good cause by the Company or if Mr. McManus terminates with good cause prior to Mr. McManus attaining retirement age.

Employment Agreements

We believe that maintaining employment agreements with our NEOs serves the dual purpose of acting as a retention tool and incentivizing long-term performance. In 2020,2022, we successfully negotiated new employment agreements with all of our continuing NEOs.Messrs. Hornbuckle, Sanders, Halkyard and McManus. Specifically, on March 30, 2020August 18, 2022 we entered into employment agreements

MGM Resorts International    2023 Proxy Statement

65


Compensation Tables

with Messrs. Hornbuckle, Halkyard, Sanders and McManus, and on March 31, 2020 we entered into an employment agreement with Mr. Sanders, each effective AprilSeptember 1, 2020.2022. Mr. Hornbuckle’s employment agreement (the “March Agreement”) provided for a term through Marchuntil August 31, 20242026 and a minimum base salary of $1,100,000, which was reduced from his prior salary of $1,400,000, to serve as President and Acting Chief Executive Officer. His agreement also provided for an annual target bonus equal to 150% of this base salary, which was reduced from his prior annual target bonus of 175%, with a maximum bonus of up to 175% of the target bonus. In connection with the new employment agreement, Mr. Hornbuckle was granted 45,000 RSUs in connection with entering into the new employment agreement and a one-time sign on grant of 290,000 RSUs that cliff vest on the second anniversary of the grant date. On July 29, 2020, in connection with Mr. Hornbuckle’s appointment as Chief Executive Officer and President, we entered into a new employment agreement with Mr. Hornbuckle (the “July Agreement”) with the same term as the March Agreement but providing for a salary of $1,500,000,$2,000,000, commencing on JanuarySeptember 1, 2021,2022, and a target annual bonus of 175% starting with200%, pro-rated for his bonus for the 2021 year with a maximum bonus of up to 175% of the target bonus.ended December 31, 2022. The July Agreementagreement provides that Mr. Hornbuckle is eligible, at the discretion of the Human Capital and Compensation Committee, to receive annual equity grants of $8,000,000,$10,000,000, starting in 2020,2022, which are expected to be provided 40% in RSUs and 60% in performance-based stock units. In the event of a termination of Mr. Hornbuckle’s employment as the result of his death or a termination by the Company due to disability, we will pay Mr. Hornbuckle one year of salary payable at regular payroll intervals (less any payments received from an employer-paid short term disability policy). In the event of a termination by us for no cause or by Mr. Hornbuckle for good cause prior to the end of the term of the Agreement, Mr. Hornbuckle will receive the lesser of (A) twoone and a half times (i) his annual base salary as in effect on January 1, 2021 (regardless of when such termination occurs) and (ii) his target bonus

71

TABLE OF CONTENTS

and (B) the number that results from dividing the number of days remaining through the end of his term (following the date of termination) by 365, times (i) his annual base salary as in effect on January 1, 2021 (regardless of when such termination occurs) and (ii) his target bonus, in each case, payable in 12 monthly installments.
Any such severance payments will be subject to applicable taxes and Mr. Hornbuckle’s execution and non-revocation of a general release of claims.

On March 31, 2020,August 18, 2022, we also entered into a new employment agreement with Mr. Sanders that provides for a term until MarchAugust 31, 20232025 and a minimum base salary of $1,000,000,$1,250,000, commencing on September 1, 2022. Mr. Sanders’ agreement also provides for an annual target bonus equal to 175% of his base salary, which was reduced fromwill be prorated for his priorbonus for the year ended December 31, 2022. The agreement provides that Mr. Sanders is eligible, at the discretion of the Human Capital and Compensation Committee, to receive annual equity grants of $3,750,000, starting in 2022, which are expected to be provided 40% in RSUs and 60% in performance-based stock units. Mr. Sanders’ employment agreement incorporates the Severance Policy described below.

On August 18, 2022, we also entered into a new employment agreement with Mr. Halkyard that provides for a term until February 1, 2026 and a minimum base salary of $1,250,000.$1,100,000, commencing on September 1, 2022. Mr. Sanders’Halkyard’s agreement also provides for an annual target bonus equal to 150% of his base salary, which was reduced fromwill be prorated for his priorbonus for the year ended December 31, 2022. The agreement provides that Mr. Halkyard is eligible, at the discretion of the Human Capital and Compensation Committee, to receive annual target bonusequity grants of 175%. In connection with entering into the new$2,750,000, starting in 2022, which are expected to be provided 40% in RSUs and 60% in performance-based stock units. Mr. Halkyard’s employment agreement Mr. Sanders was granted 35,400 RSUs as part of his 2020 annual equity grant.

incorporates the Severance Policy described below.

On March 30, 2020,August 18, 2022, we also entered into a new employment with Mr. McManus that provides for a term until MarchAugust 31, 20232026 and a minimum base salary of $700,000, which was reduced from his prior salary of $850,000.$900,000, commencing on September 1, 2022. Mr. McManus’ agreement also provides for an annual target bonus equal to 120%125% of his base salary, which was reduced fromwill be prorated for his priorbonus for the year ended December 31, 2022. The agreement provides that Mr. McManus is eligible, at the discretion of the Human Capital and Compensation Committee, to receive annual target bonusequity grants of 125%. In connection with entering$2,250,000, starting in 2022, which are expected to be provided 40% in RSUs and 60% in performance-based stock units. With respect to severance, Mr. McManus’ employment agreement incorporates the Severance Policy described below.

On October 10, 2022, we entered into thea new employment agreement, Mr. McManus was granted 26,100 RSUs as part of his 2020 annual equity grant.

On January 11, 2021, we entered into an employment agreementdated October 4, 2022, with Jonathan Halkyard,Gary Fritz, our new Chief Financial Officer and Treasurer.President, Interactive. Mr. Halkyard’sFritz’s employment agreement provides for a term until January 10, 2024September 30, 2026 and minimum base salary of $900,000$1,250,000 and an annual target bonus equal to 150%100% of his base salary. In connection with entering intosalary; provided, that, for the year ended December 31, 2022, Mr. Fritz shall only be entitled to a prorated portion of this employmentbonus. The agreement provides that Mr. Fritz is eligible, at the discretion of the Human Capital and as partial consideration for hisCompensation Committee, to receive annual equity awardgrants of $3,750,000, starting in 2022, which are expected to be provided 40% in RSUs and 60% in performance-based stock units. In addition, the agreement provides Mr. Fritz with two potential special bonus opportunities for the 2021 calendar year,$2,000,000 each, paid 50% as a lump sum cash amount and 50% in February 2021 Mr. Halkyard was grantedRSUs for (1) achievement of a number of RSUs havingtrailing twelve month Adjusted EBITDA at BetMGM, LLC and (2) successfully launching a grant date fair value of $900,000.defined digital offering on an MGM property. With respect to severance, Mr.��Halkyard’s Fritz’s employment agreement incorporates the Severance Policy described below.
Employment Agreement with Mr. Murren, our Former Chief Executive Officerbelow and Subsequent Transition Agreement
On October 3, 2016, we negotiated a new employment agreement with Mr. Murren (the “Murren Employment Agreement”), our former Chairman and Chief Executive Officer, which provided for a term until December 31, 2021 and a minimum base salary of $2,000,000 per year. The Murren Employment Agreement also provided for a target bonus for each of fiscal years 2017-2021 equal to 200% of Mr. Murren’s base salary, up to a maximum bonus of 175% of the target bonus.
On February 11, 2020, Mr. Murren and the Company entered into the Transition Agreement in connection with the transition of Mr. Murren’s role with the Company. The Transition Agreement provided that Mr. Murren would continue to serveprovides certain additional severance provisions as Chief Executive Officer and Chairman until a successor was appointed. Pursuant to the terms of the Transition Agreement, during the period between Mr. Murren’s resignation as CEO and through December 31, 2020 (the “Transition Period”), Mr. Murren would continue to be employed by the Company as a Senior Advisor, subject to earlier termination of employment by the Company or Mr. Murren, and be entitled to the following compensation and benefits: (a) continuation of his current annual base salary of $2,000,000; (b) payment of a fixed bonus of $4,000,000 in cash at the end of 2020, consistent with the target bonus amount under his Employment Agreement; and (c) an equity award of time-based restricted stock units that vest ratably on a monthly basis from the date of grant until December 31, 2021 having an aggregate grant date fair market value of $7,000,000 (the “2020 Equity Award”), consistent with the value of the annual equity award granted to Mr. Murren in prior fiscal years, with the 2020 Equity Award to be granted at the same time as equity awards are granted to senior executives of the Company generally during fiscal year 2020.
On March 22, 2020, Mr. Murren’s employment ended and he received the compensation and benefits provided for pursuant to a termination by the Company without “good cause” during the Transition Period under the Transition Agreement, which was subject to his execution of an effective release of claims against the Company.
The Transition Agreement superseded the terms of Mr. Murren’s Employment Agreement in certain respects, particularly with respect to severance entitlements. The Transition Agreement provided that if Mr. Murren’s employment were terminated prior to the end of the Transition Period by the Company for any reason other than for the Company’s “good cause,” Mr. Murren would be entitled to receive, subject to his execution of a release of claims against the Company and honoring the terms of his restrictive covenants, a lump sum cash severance payment of $12,000,000, which represents two times the sum of Mr. Murren’s annual base salary
72

TABLE OF CONTENTS

and target annual bonus under the Employment Agreement (which reflected an increase above the $8,000,000 severance payment provided for under his employment agreement), plus a lump sum cash payment for the cost of two years of certain insurance coverages. Additionally, all outstanding equity awards vested as to the applicable service-based requirements and would be settled in accordance with their terms, and the 2020 Equity Award, to the extent not granted, would be granted and fully vested as of the date of termination. However, awards subject to performance criteria will continue to be subject to performance criteria and vest at the end of the applicable performance period based on the actual achievement of performance criteria. In addition, Mr. Murren also received a lump-sum payment equal to the value of his unpaid base salary through December 31, 2020 and payment of the 2020 cash bonusfurther described in the paragraph above. Mr. Murren received the foregoing benefits in connection with his departure from the Company. The 2020 Equity Award was settled partially in cash.
As contemplated by the Transition Agreement, Mr. Murren also received payments equal to $6,900,000, representing the 12 monthly payments of $575,000 that Mr. Murren would have received for consulting services during 2021 absent his termination without good cause on March 22, 2020, which payments were accelerated in connection with such termination without good cause pursuant to the terms of the Transition Agreement.
At the time the Transition Agreement was negotiated in February of 2020, it was expected that Mr. Murren would remain employed with the Company through a greater portion of 2020. The Board believed it was critical to retain the ongoing focus of Mr. Murren as the Company proceeded with the MGM 2020 Plan and its succession planning. In light of the pandemic, the Board determined that it needed to stabilize the Company’s leadership and not continue to advance a transitionary structure through such a challenging time, resulting in his departure in March of 2020 and the payment of severance benefits under the agreement. Mr. Murren had been with MGM Resorts for 22 years, leading the Company through the 2008 financial crisis, significant M&A transactions and the successful execution of various strategic initiatives.
below.

Uniform Severance and Change of Control Policies (NEOs and other executive officers, other than the Chief Executive Officer and former Chief Executive Officer)

In 2012, the Human Capital and Compensation Committee adopted a uniform severance policy for terminations by us without cause or by the applicable executive officer with good cause, in either case, unrelated to a change of control (the “Severance Policy”), the provisions of which are now memorialized in each employment agreement for Messrs. Sanders, McManus, Mr. Halkyard, and Mr. Halkyard,Fritz, our new Chief Financial Officer and Treasurer,President, Interactive, and in the terms of equity award agreements entered into with such NEOs. An overview of the severance benefits payable to Messrs. Sanders, McManus, Halkyard and HalkyardFritz under the Severance Policy are as follows:

1.0x the sum of base salary and target bonus, payable over a 12-month period.

1.0x the sum of base salary and target bonus, payable over a 12-month period.

One year of continued vesting of unvested equity awards (including unvested stock appreciation rights).

66    

    MGM Resorts International    2023 Proxy Statement


Compensation Tables

Lump sum payment equal in value to 12 months of continued health and insurance benefits (1.5x cost of COBRA).

If the NEO remains employed at-will by the Company after the term of the agreement has expired and is thereafter separated during the applicable restricted period by the Company without good cause, the NEO will receive a lump sum payment equal to his base salary.

“Good Cause” by the NEO is generally defined as follows: (i) any assignment of duties that are materially and significantly different than those contemplated by the terms of the employment agreement or are clearly inappropriate or demeaning and not customary for someone serving in the executive’s position;agreement; (ii) any material and significant limitation on the executive’s powers not contemplated by the terms of the employment agreement; (iii) a material adverse change in reporting relationship, or (iii)(iv) the failure of the Company to pay the executive any compensation when due.

“Good Cause” by the Company is generally defined as: (i) the executive’s death or disability; (ii) failure to abide by the Company’s policies and procedures; misconduct, insubordination, inattention to the Company’s business; or failure to perform the duties required of him; dishonesty; or other material breach of the employment agreement; or (iii) failure to comply with certain licensing requirements contained in the executive’s employment agreement.

73

TABLE OF CONTENTS

In addition to the above, Mr. Rafiq’sFritz’s employment agreement provides that in the event he is terminated following the consummation of a material acquisition in the digital gaming/interactive industry (or in the event he terminates his employment as a result thereof if the acquisition required him to re-locate outside of the U.S.) then he shall be entitled to severance consisting of 2.0x the sum of his base salary and target bonus and payable over a 24-month period, and 1.5x the cost of COBRA coverage. Mr. Fritz would also receive continued vesting of his outstanding equity awards consistent with thea Company ended effective December 4, 2020, which termination constituted a termination by the company without good cause under his employment agreement,scenario, resulting in a total compensation for such scenario of $5,337,086. Furthermore, Mr. Fritz may terminate for “Good Cause” if the Company requires him to relocate his receivingoffice from the benefits consistent with the Severance Policy described above, as provided for under his employment agreement.
greater Seattle, Washington area.

Death or Disability

If the employment of a NEO is terminated under his employment agreement by us as a result of death or disability, he (or his beneficiaries) will generally be entitled to receive salary continuation for a twelve-month period following termination (net of any applicable payments received from any short-term disability policy), and any accrued but unpaid compensation and benefits. As discussed above, for awards granted priorPursuant to October 7, 2019, in the event of a NEO’s termination of employment due to his or her death or disability, the participant is entitled to full acceleration and payment of all time-based awards asterms of the date of termination for allCompany’s outstanding equity awards; provided that awards with performance-based vesting criteria will continue to be subject to such criteria in accordance with their terms. Benefits are contingent upon compliance with certain confidentiality, non-solicitation and non-competition obligations set forth in the policy. For awards granted on or after October 7, 2019,award agreements the participant is entitled to full acceleration and payment of all time-based awards as of the date of termination and (i) rPSUs will accelerate and vest in full based on relative performance to the date of termination and (ii) absolute PSUs will accelerate and vest in full based on target, if such termination is within the first twelve monthstwelve-months of the performance period, or after such twelve monthtwelve-month period, based on actual performance projected through the end of the performance period.

Change of Control Policy

In 2012,2022, in connection with the implementation ofentry into new employment agreements with the Severance Policy,NEOs, the Human Capital and Compensation Committee also adopted aamended and restated its uniform severance policy for terminations by us following a change of control (the “Change of Control Policy”) and implemented the Change of Control Policy for, which is applicable to all NEOs. The Change of Control Policy is the only source of change of control severance benefits for our NEOs (other than with respect to the treatment of equity awards). The Change of Control Policy was amended and restated on August 16, 2022 to, among other things, (i) amend the definition of “Change of Control” to replace the prior asset sale language with an “all or substantially all” standard, (ii) amend the definition of “Separation Benefits” (Separation Benefits are generally payable if the participant is terminated within six months before or one year after a Change of Control by the Employer without “Employer’s Good Cause” or by the participant with “Participant’s Good Cause,” as such terms are defined in the Policy) to include a prorated portion of their target bonus through the date of termination, (iii) revise the definition of “Employer’s Good Cause” to include termination in connection with a participant’s conviction of a crime related to the Company or any felony and to heighten the misconduct standard to gross misconduct, (v) remove the maximum dollar limitations on separation payments payable to the CEO and other participants and (vi) reduce the severance multiple for the non-CEO participants from two times to one and a half times.

MGM Resorts International    2023 Proxy Statement

67


Compensation Tables

The benefits provided under the Change of Control Policy to our NEOs were as follows, as of December 31, 2020:

2022:

POSITION

POSITION

CHANGE-OF-CONTROL SEVERANCE

(TERMINATION BY US WITHOUT GOOD CAUSE, OR BY EXECUTIVE

OFFICER WITH GOOD CAUSE, FOLLOWING CHANGE OF CONTROL)

CEO

CEO

2.0x the sum of base salary and target bonus (subject to $10 million cap).

bonus.

Lump sum payment equal in value to 24 months of continued health and insurance benefits.

Full vesting of time-based unvested equity awards.

awards; performance-based equity awards, to the extent unearned, will continue to be subject to the applicable performance conditions.

The CEO may instead elect to receive severance benefits pursuant to his employment agreement (as described above), to the extent aggregate cash benefits payable pursuant to the Change of Control Policy prove to be less than the severance benefits he would receive pursuant to his employment agreement.

Other Executive Officers (including
(including
NEOs other than CEO)

2.0x

1.5x the sum of base salary and target bonus (subject to $4 million cap).

bonus. Lump sum payment equal in value to 24 months of continued health and insurance benefits.

Full vesting of time-based unvested equity awards; performance-based equity awards, to the extent unearned, will continue to be subject to the applicable performance conditions.

The above benefits are provided by the Change of Control Policy.

74

TABLE OF CONTENTS

Termination by Company for Good Cause or by NEO Without Good Cause

If a NEO terminates his employment under his employment agreement without good cause, or we terminate such employment for good cause, then vested but unexercised stock options, SARs or other stock-based compensation awards continue to remain exercisable (to the extent applicable) generally during the 90-day period following termination.

Obligations of the NEOs

Obligations of the NEOs under the employment agreements relating to confidentiality, providing services to competitors and others, and soliciting customers and Company employees continue after termination of employment, regardless of the reason for such termination (with some exceptions for certain NEOs upon a change of control of the Company or if the NEO terminates for good cause). With the exception of obligations relating to confidentiality, which are not limited by time, these restrictions generally continue for the 12-month period following termination (or for such period that remains in the term of the agreement if less than 12 months).

68    

    MGM Resorts International    2023 Proxy Statement


75

TABLE OF CONTENTSCEO Pay Ratio Disclosure

CEO PAY RATIO DISCLOSURE

As required by Section 953(b) of the Dodd-Frank Wall Street and Consumer Protection Act and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of Mr. Hornbuckle, our Chief Executive Officer as of the Determination Date (as defined below), and the annual total compensation of our employees.

Pursuant to the applicable SEC rules, in order to calculate the pay ratio for 2020,2022, we re-identified theused a median employee for 2020. Toidentified in 2021. Last year, to identify the median of the annual total compensation of all our employees (other than the CEO) for 2020,2021, we took the following steps:

We determined that, as of October 1, 20202021 (the “Determination Date”), our employee population consisted of approximately 60,82061,004 employees. This population consisted of our full-time, part-time, seasonal and temporary employees employed by us on that date and included our employees as well as the employees of our consolidated subsidiaries, including 10,65910,178 employees employed by MGM China. This population also included 11,203 employees who were on furlough as of the Determination Date.

To identify the “median employee” from our employee population, we compared cash compensation (which included salary, bonus, tips and other cash-based wages) of these employees for the 2019 calendar year,through October 1, 2021, as reflected in our internal payroll records. This compensation measure was consistently applied to all employees included in our calculations. Given the significant impact that COVID-19 had on our business operations during 2020, the cash compensation levels of our employees during 2020 were not representative of our typical employee compensation profile; as a result, we determined that using 2019 cash compensation levels provided a more consistent and reliable approach for identifying the median employee.

We converted the compensation paid to non-U.S. employees in local currency to U.S. dollars using the average exchange rate for the 12 months ended December 31, 2019.2021. We did not make any cost-of-living adjustments in identifying the “median employee” and we did not annualize the compensation of any employee group.

Because there have not been any changes that we had two non-concurrent CEOs serving during fiscalreasonably believe would significantly affect this year’s pay ratio as compared to last year’s, the applicable SEC rules permit us to use the same median employee identified last year 2020,in order to calculate this year’s pay ratio. Based on our internal review procedures, there has been no change in our employee population, our employee compensation arrangements or the annual total compensation of the CEO for the purpose of calculating this pay ratio, we looked to the CEO serving in that position as of October 1 2020, Mr. Hornbuckle, and annualized his compensation. To annualize Mr. Hornbuckle’s compensation for 2020 assuming his role of CEO, we used his annual base salary for 2020, added his annual bonus amount earned for 2020 and grant date fair value of equity-based awards, in each case, as reported in the Summary Compensation Table for 2020 and amounts shown for 2020 under “All Other Compensation” (and annualized the benefit related to personal use of aircraft). The annual total compensation of both the median employee and Mr. Hornbuckle included a reasonable estimate of insurance premiums and coverage.

We determined that the median employee was a full-time, permanent employee who was on furlough for a portion of the year. To calculate the annual total compensationcircumstances of the median employee identified last year that we annualized the median employee’s 2020 wages. reasonably believe would result in a significant change to our pay ratio disclosure.

Based on this, we determined that the median of the annual total compensation of all our employees, excluding the Chief Executive Officer, in office as of the Determination Date, was $35,526$39,171 and the annual total compensation of Mr. Hornbuckle was $14,000,684,$16,238,075, resulting in a ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all other employees included in our calculations of 394:415:1. We believe this pay ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K.

Because the SEC rules for identifying the median of the annual total compensation of our employees and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices, the pay ratio reported by other companies may not be comparable to our pay ratio, as other companies have headquarters in different countries, have different employee populations and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their pay ratios.

MGM Resorts International    2023 Proxy Statement

69


Pay Versus Performance
76
PAY VERSUS PERFORMANCE
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive “compensation actually paid” (“CAP”), which is a new term defined in the SEC rules, and certain financial performance measurements with respect to the Company. The Human Capital and Compensation Committee does not utilize CAP as a basis for making compensation decisions. For further information conce
rnin
g the Company’s pay for performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis” on page 43.
PAY VS. PERFORMANCE TABLE
YEAR
 
SUMMARY
COMPENSATION
TABLE
TOTAL FOR
PEO
(MR. HORNBUCKLE)
(
A
)
  
SUMMARY
COMPENSATION
TABLE
TOTAL FOR
PEO
(MR. MURREN)
(
A
)
  
COMPENSATION
ACTUALLY
PAID TO
PEO
(MR. HORNBUCKLE)
(
B
)
  
COMPENSATION
ACTUALLY
PAID TO
PEO
(MR. MURREN)
(
B
)
  
AVERAGE
SUMMARY
COMPENSATION
TABLE
TOTAL FOR
NON-PEO
NEOs
(
C
)
  
AVERAGE
COMPENSATION
ACTUALLY
PAID TO
NON-PEO
NEOs
(
B
)(
C
)
  
VALUE OF INITIAL FIXED
$100 INVESTMENT
BASED ON:
  
NET
INCOME
(LOSS)
($
THOUSANDS)
(
F
)
  
RELATIVE
TSR
(
G
)
 
TOTAL
SHAREHOLDER
RETURN
(
D
)
  
PEER
GROUP
TOTAL
SHAREHOLDER
RETURN
(
E
)
 
2022 $16,238,075  $  $6,386,343  $  $5,467,867  $2,842,563  $101.61  $57.48  $206,731  36th
percentile
2021  13,274,524      29,119,443      5,668,010   9,147,716   135.97   77.17   1,208,389  84th
percentile
2020  13,988,135   36,180,335   22,190,584   24,162,737   5,440,857   5,270,119   95.44   88.55   (1,319,907 23rd
percentile

(A)

Amounts represent total compensation as reported for Messrs. Hornbuckle and Murren for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Compensation Tables—Summary Compensation Table.”
(
B
)

Amounts represent CAP, as computed in accordance with Item 402(v) of Regulation
S-K.
Amounts do not reflect the actual amount of compensation earned by or paid to the PEOs or the NEOs during the applicable year.
70    
    MGM Resorts International    
2023 Proxy Statement

Pay Versus Performance
Reconciliation of co
m
pensation actually paid to Mr. Hornbuckle, Mr. Murren, and the other NEOs to amounts shown in the Summary Compensation Table
        
MINUS
  
PLUS
  
PLUS/
(MINUS)
  
PLUS
  
PLUS/
(MINUS)
  
MINUS
  
EQUALS
 
   
YEAR
  
SUMMARY
COMPENSATION
TABLE
TOTAL
($)
  
REPORTED
VALUE
OF EQUITY
AWARDS
(1)
($)
  
YEAR END
FAIR
VALUE OF
OUTSTANDING
AND
UNVESTED
EQUITY
AWARDS
GRANTED
DURING
FISCAL
YEAR
($)
  
YEAR OVER
YEAR CHANGE
IN FAIR VALUE
OF
OUTSTANDING
UNVESTED
EQUITY
AWARDS
GRANTED IN
PRIOR FISCAL
YEARS
($)
  
FAIR
VALUE AT
VESTING
DATE OF
EQUITY
AWARDS
GRANTED
AND
VESTED
DURING
THE
FISCAL
YEAR
($)
  
YEAR OVER
YEAR
CHANGE IN
FAIR
VALUE AS
OF THE
VESTING
DATE
(FROM THE
END OF
THE PRIOR
FISCAL
YEAR) OF
EQUITY
AWARDS
GRANTED
IN PRIOR
YEARS
VESTING
DURING
THE
FISCAL
YEAR
($)
  
FAIR VALUE
AS OF END
OF PRIOR
FISCAL
YEAR OF
EQUITY
AWARDS
GRANTED IN
PRIOR
FISCAL
YEAR THAT
FAIL TO
MEET THE
APPLICABLE
VESTING
CONDITIONS
DURING THE
FISCAL
YEAR
($)
  
COMPENSATION
ACTUALLY PAID
($)
 
PEO (Hornbuckle)
         
  2022  16,238,075   (10,000,000  10,933,421   (7,210,431     (3,574,722     6,386,343 
  2021   13,274,524   (8,000,000  8,065,872   12,016,295      3,762,752      29,119,443 
   2020   13,988,135   (11,942,950  23,378,267   (367,494     (240,016  (2,625,358  22,190,584 
PEO (Murren)
         
   2020   36,180,335   (10,870,634     (1,037,152  7,000,000   (612,836  (6,496,976  24,162,737 
Other Named Executive Officers (Average)
         
  2022  5,467,867   (3,125,000  3,416,725   (2,007,681     (909,348     2,842,563 
  2021   5,668,010   (3,209,438  3,489,191   1,883,198      1,316,755      9,147,716 
   2020   5,440,857   (2,866,283  4,570,363   (202,976     (115,718  (1,556,124  5,270,119 
The following information is relevant to the above table. The Reported Value of Equity Awards column includes the values originally reported in the Stock Awards column in the Summary Compensation Table (SCT). Fair value computations with respect to Absolute TSR PSUs and Relative TSR PSUs were computed in accordance with FASB ASC 718 using a Monte Carlo simulation. Fair value computations with respect to RSUs were computed based on the value of MGM stock on the date of computation, i.e., the end of the calendar year, the date of vesting, or the date of forfeiture, as the case may be. Footnote (c) below contains the names of the Named Executive Officers included in the averages. No information is presented in this table with regard to equity awards issued with respect to the annual incentive plan that were reported in the
Non-Equity
Incentive Plan Compensation column of the SCT, or with respect to RSUs issued in lieu of salary during 2020 that were reported in the Salary column of the SCT. With respect to Messrs. Murren and Rafiq, both of whom terminated in 2020, a portion of their PSUs became time-vested at termination, but the ultimate payout depended on satisfaction of the performance conditions of such awards; accordingly, their vesting date was treated as the end of the applicable performance period. With respect to Messrs. Murren and Rafiq, both of whom terminated in 2020, a portion of their RSUs became time-vested at termination but were subject to payout on the original vesting dates; since payout on such dates was subject to satisfaction of restrictive covenants that were part of the original terms of the award, the vesting date was treated as the original payment date. A portion of Mr. Murren’s $7 million RSU grant in 2020 was cash settled in 2020; since the original grant was reported in the Stock Award column, the cash settlement was not treated separately from the portion settled in stock.
(
C
)

Amounts represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Hornbuckle and Mr. Murren) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: for 2022 Mr. Halkyard, Mr. Sanders, Mr. McManus and Mr. Fritz; for 2021 Mr. Halkyard, Mr. Sanders, Mr. Mandadi, and Mr. McManus; and for 2020 Mr. Sanders, Mr. McManus, and Mr. Rafiq.
(
D
)

Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(
E
)

Represents the weighted peer group TSR of the companies included in the Dow Jones US Gambling Index.
MGM Resorts International    
2023 Proxy Statement
71

Pay Versus Performance
(
F
)

Represents the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(
G
)

Based on the S&P500 Constituents as of January 1 of relevant year.
Financial Performance Measures
The three most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:
Total Shareholder Return (“TSR”).
Relative TSR, measured with respect to the S&P 500 Index.
Stock Price.
Analysis of the Information Presented in the Pay versus Performance Table
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a
pay-for-performance
philosophy. The Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with compensation that is actually paid (as computed in accordance with SEC rules) for a particular year. In accordance with SEC rules, the Company is providing the following graphs to illustrate the relationships between information presented in the Pay versus Performance table.
Compensation Actually Paid Versus TSR 2020-2022

72    
    MGM Resorts International    
2023 Proxy Statement

Pay Versus Performance
Compensation Actually Paid Versus Net Income 2020-2022

Compensation Actually Paid Versus
One-Year
Relative TSR vs. S&
P 50
0 Constituents

MGM Resorts International    
2023 Proxy Statement
73


Notice Concerning Stockholder Proposals and Nominations

NOTICE CONCERNING STOCKHOLDER

PROPOSALS AND NOMINATIONS

We intend to hold our 20222024 annual meeting of stockholders in May 2022.2024. Proposals of stockholders intended to be presented at the 20222024 annual meeting of stockholders submitted in accordance with Rule 14a-8 of Regulation 14A under the Exchange Act, must be received by us on or before November 27, 202124, 2023 in order to be considered by the Board for inclusion in the form of proxy and proxy statement to be issued by the Board for that meeting. We expect that the 20222024 annual meeting will also be held online and as a virtual meeting only.

Our Amended and Restated Bylaws require that any stockholder proposal that is not submitted for inclusion in next year’s proxy statement under Rule 14a-8, but is instead sought to be presented directly at the 20222024 annual meeting of stockholders, must be received by us no earlier than January 5, 20223, 2024 and no later than February 4, 20222, 2024 and otherwise comply with the requirements in our Amended and Restated Bylaws. The Amended and Restated Bylaws also require that any stockholder nominations for director candidates under the Company’s proxy access provisions must be received by us no earlier than October 27, 202125, 2023 and no later than November 26, 2021.24, 2023. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than March 3, 2024. All such stockholder proposals and nominations should be submitted to the Secretary of the Company, by the stated deadline, at the following address: Corporate Secretary, MGM Resorts International, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Stockholder Communications. If we do not receive your proposal or nomination by the appropriate deadline and in accordance with the terms of our Amended and Restated Bylaws, then it may not properly be brought before the 20222024 annual meeting of stockholders. The fact that we may not insist upon compliance with these requirements should not be construed as a waiver by us of our right to do so in the future.

74    

    MGM Resorts International    2023 Proxy Statement


77

LOGO



TABLE OF CONTENTSLOGO

Appendix A
THIRD AMENDED

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND RESTATED

CERTIFICATE OF INCORPORATION
OF
DATED. KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date SCAN TO VIEW MATERIALS & VOTE 0000599751_1 R1.0.0.6 MGM RESORTS INTERNATIONAL ATTN: CORPORATE SECRETARY 3600 LAS VEGAS BLVD. SOUTH LAS VEGAS, NEVADA 89109 VOTE BY INTERNET—www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 8:59 P.M. Pacific Time on May 1, 2023. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. During The Meeting—Go to www.virtualshareholdermeeting.com/MGM2023 You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE—1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 8:59 P.M. Pacific Time on May 1, 2023. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. The Board of Directors recommends you vote FOR the following: 1. Election of Directors Nominees For Against Abstain 1a. Barry Diller 1b. Alexis M. Herman 1c. William J. Hornbuckle 1d. Mary Chris Jammet 1e. Joey Levin 1f. Rose McKinney-James 1g. Keith A. Meister 1h. Paul Salem 1i. Jan G. Swartz 1j. Daniel J. Taylor 1k. Ben Winston The Board of Directors recommends you vote FOR proposals 2 and 3. For Against Abstain 2. To ratify the selection of Deloitte & Touche LLP, as the independent registered public accounting firm for the year ending December 31, 2023. 3. To approve, on an advisory basis, the compensation of our named executive officers. The Board of Directors recommends you vote 1 YEAR on proposal 4. 1 year 2 years 3 years Abstain 4. To approve, on an advisory basis, the frequency with which the Company conducts advisory votes on executive compensation. NOTE: Such other business as may properly come before the meeting or any adjournment or postponement thereof. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. 0000599751_2 R1.0.0.6


[•], 2021

LOGO

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice and Proxy Statement and AR/10-K/10-K Wrap are available at www.proxyvote.com MGM RESORTS INTERNATIONAL This proxy is solicited by the Board of Directors Annual Meeting of Stockholders May 2, 2023 10:00 AM Pacific Time The undersigned hereby appoints JAN G. SWARTZ, ALEXIS M. HERMAN and DANIEL J. TAYLOR, and each of them, Proxies, with full power of substitution, to represent and vote all shares of common stock of MGM RESORTS INTERNATIONAL which the undersigned would be entitled to vote if virtually present at the Annual Meeting of Stockholders of MGM Resorts International (the “Corporation”), a corporation organized and existing underat any adjournments or postponements thereof, on the General Corporation Lawproposals set forth on the reverse side, and in their discretion, upon any other business that may properly come before the meeting (and any postponement(s) or adjournment(s)). The meeting will be held via live webcast on the Internet at www.virtualshareholdermeeting.com/MGM2023, on May 2, 2023, at 10:00 AM, Pacific Time. The undersigned hereby acknowledges receipt of the StateImportant Notice Regarding the Availability of Delaware (the “DGCL”), does hereby certify as follows:

A.
The name under which the Corporation was originally incorporated is GRAND NAME, CO., and the date of filing the original certificate of incorporation of the Corporation with the Secretary of State of the State of Delaware is January 29, 1986.
B.
The first Amended and Restated Certificate of Incorporation of the Corporation (the “First Amended and Restated Certificate of Incorporation”) was filed June 15, 2010.
C.
The second Amended and Restated Certificate of Incorporation of the Corporation (the “SecondAmended and Restated Certificate of Corporation”) was filed June 14, 2011.
D.
This third Amended and Restated Certificate of Incorporation of the Corporation (the “Third Amended and Restated Certificate of Incorporation”) was duly adopted in accordance with the provisions of Sections 242 and 245 of the DGCL, and restates, integrates and amends the provisions of the Second Amended and Restated Certificate of Incorporation.
E.
This Third Amended and Restated Certificate of Incorporation shall become effective immediately upon its filing with the Secretary of State of the State of Delaware.
F.
The text of the Corporation’s Third Amended and Restated Certificate of Incorporation is hereby amended and restated in its entirety to read as set forth as follows:
1.
The name of the Corporation is:
MGM Resorts International
2.
The address of its registered office in the State of Delaware is Corporation Service Company, 251 Little Falls Drive, in the City of Wilmington, County of New Castle. The name of its registered agent at such address is Corporation Service Company.
3.
The nature of the business, or objects or purposes proposed to be transacted, provided or carried on are:
In generalProxy Materials and revokes any and all proxies heretofore given with respect to engage in any lawful act or activity for which corporations maysuch meeting. This proxy, when properly executed, will be organized under the DGCL.
4.1
The number of shares which the Corporation shall have the authority to issue is 1,000,000,000 shares of common stock, par value of $0.01 per share and 50,000,000 shares of preferred stock, par value $0.10 per share.
4.2
The Board of Directors is hereby expressly authorized at any time and from time to time to provide for the issuance of all or any shares of the preferred stock in one or more classes or series, and to fix for each such class or series such voting powers, full or limited, or no voting powers, and such distinctive designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issuance of such class or series and to the fullest extent as may now or hereafter be permitted by the DGCL, all as may be stated in such resolution or resolutions. Unless otherwise provided in such resolution or resolutions, shares of Preferred stock of such class or series which shall be issued and thereafter acquired by the Company through purchase, redemption, exchange, conversion or otherwise shall return to the status of authorized but unissued preferred stock.
A-1

TABLE OF CONTENTS

5.
The Board of Directors is expressly authorized to adopt, amend or repeal the by-laws of this Corporation.
6.
Tender offers for the purchase of equity securities of this Corporation shall not be subject to the provisions of Section 203 of the General Corporation Law of the State of Delaware.
7.
The Corporation is to have perpetual existence.
8.
Elections of directors need not be by written ballot unless the by-laws of the Corporation shall so provide.
Meetings of stockholders may be held within or without the State of Delaware, as the by-laws may provide. The books of the Corporation may be kept (subject to any provision containedvoted in the statutes) outsidemanner directed herein. If no such direction is made, this proxy will be voted in accordance with the State of Delaware at such place or places as may be designated from time to time by the board of directors or in the by-laws of the Corporation.
9.
The Corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.
10.
A director of this Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law of the State of Delaware or (iv) for any transaction from which the director derives an improper personal benefit.
Any repeal or amendment of this Article 10 by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director of the Corporation existing at the time of such repeal or modification.
11.
(A) Except as is otherwise expressly provided in instruments containing the terms of the Corporation’s securities, which instruments have been approved by the New Jersey Casino Control Commission (hereinafter “Commission”), in accordance with Section 82d(7) and (9) of the New Jersey Casino Control Act, N.J.S.A. 5:12-1 et seq. (“Act”), all securities of the Corporation shall be held subject to the condition that if a holder thereof is disqualified by the Commission pursuant to the Act (“Disqualified Holder”), such Disqualified Holder shall dispose of his interest in the Corporation’s securities within 120 days or such other time period required by the Commission following the Corporation’s receipt of notice (the “Notice Date”) of such Disqualified Holder. Promptly following the Notice Date, the Corporation shall personally deliver a copy of such written notice to the Disqualified Holder, mail it to such Disqualified Holder at the address shown on the Corporation’s books and records, or use any other reasonable means of delivering a copy of such written notice to the Disqualified Holder. Failure of the Corporation to provide notice to a Disqualified Holder after making reasonable efforts to do so shall not preclude the Corporation from exercising its rights under this Article 11. Failure of the Corporation to exercise its rights under this Article 11 shall not preclude the Corporation from exercising its rights under Article 12.
(B)
A Disqualified Holder shall reimburse the Corporation for all expenses incurred by the Corporation in performing its obligations and exercising its rights under this Article 11 or Article 12.
(C)
This Article 11 shall become effective if and when the Corporation becomes a holding company of a casino licensee under the New Jersey Act. This Article 11 shall remain in effect only so long as required by the Commission.
A-2

TABLE OF CONTENTS

12.
So long as the Corporation holds (directly or indirectly) a license or franchise from a governmental agency to conduct its business, which license or franchise is conditioned upon some or all of the holders of the Corporation’s stock possessing prescribed qualifications, any and all shares of the Corporation’s stock shall be subject to redemption by the Corporation, at its sole option and in its sole discretion, to the extent necessary to prevent the loss of such license or franchise or to reinstate it.
Any shares of the Corporation’s stock redeemable pursuant to this Article 12 may be called for redemption immediately for cash, property or rights, including securities of the Corporation or another corporation, on not less than five (5) days notice to the holder(s) thereof at a redemption price equal to the average closing price of such stock on a national securities exchange for the 45 trading days immediately preceding the date of the redemption notice; or if such stock is not so traded, then the average of the high and low closing bid price of the stock as quoted by the National Association of Securities Dealers Automated Quotation system for such 45 trading day period; or if such stock is not so quoted, the redemption price shall be determined in good faith by the Corporation’s Board of Directors.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY OMITTED]Directors’ recommendations. Continued and to be signed on reverse side

A-3

TABLE OF CONTENTS

IN WITNESS WHEREOF, the undersigned has duly executed this Third Amended and Restated Certificate of Incorporation as of the date first set forth above.
By:
Name:
Title:
A-4

TABLE OF CONTENTS



TABLE OF CONTENTS