17.  Supply Growth – Very Slow  Demand Growth – Healthy – Despite Everything  ADR – Will Drive Revpar Recovery  Steady As She Goes

19. Employment A Continued Drag

21. Peaked at $222 – March 2012 45% Increase

30. Direct Cost  Rooms – 75% Lost Profit Figure  F&B – Highest Direct Cost Center  Other – Smallest Profitability

32. Commodity Pricing

33. 53% Increase

34. 20% Increase

35. 50% Increase

36. 82% Increase

37. Peaked at $302

38. 106% Increase

40. 43% Increase

46. F&B Revue Per Occupied Group Rom (RPOGR)

47. $20,000 F&B 200 Room Nights $100 POGR $20,000 Food & Beverage Spend 200 Total Room Nights

48. Your Expected F&B Contribution Per Group Room Night $100 Hotels Expected F&B Contribution Per Group Room Night $150 You have less leverage with rate and concessions

49. Your Expected F&B Contribution Per Group Room Night $200 Hotels Expected F&B Contribution Per Group Room Night $150 You have a ton of leverage with rate and concessions

51. Circuits $25k - $30K Signal $25k - $35K

52. 25% to 35%

53. 50% to 80%

54. 80% to 100%

55. Comp Policy Impact on Average Rate Staff Rooms Impact on Average Rate Gratuities Staff Impact Meeting Rooms 24 Hour Holds

56.  Labor is the #1 Cost in a Hotel/Resort  Separate locations for Reception/Dinner  Outdoor Spaces run more labor typically  Turning rooms (Labor Intensive)  Good Information (Manifest/Arrival Times)  Turndown Service (VIP only)  Smaller Groups using Restaurant for Meals  Roll-in Buffets

57. mdominguez@mgmresorts.com