Good afternoon. I'm Howard Wang, Vice President of Investor Relations for MGM Resorts International. On behalf of the directors, officers, and employees of our company, welcome to the annual meeting of stockholders. This meeting has two parts. First, we will convene the official stockholders meeting. Second, we will respond to questions previously received in accordance with the meeting rules of conduct. In order to ensure that the business of the meetings proceeds in an orderly fashion, we ask that you please observe the meeting rules which are available on the meeting website. While you may ask a question in accordance with the rules of conduct during the meeting at any time before 10:10 A.M. Pacific Time or 10 minutes following the start of the meeting, such questions may not be addressed at the meeting.
Following the meeting, investor relations will address any appropriate questions that were posed and not otherwise answered. Some of our comments and responses to your questions during today's meeting may include forward-looking statements under the safe harbor provisions of the Federal Securities laws. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements, and we assume no obligation to update them. Attending this meeting are members from our board of directors and the following members from management: Bill Hornbuckle, Chief Executive Officer and President, Ayesha Molino, Chief Operating Officer, Jonathan Halkyard, Chief Financial Officer, Gary Fritz, Chief Commercial Officer and President of MGM Digital, John McManus, Chief Legal and Administrative Officer and Secretary, and Jessica Cunningham, Senior Vice President, Legal Counsel, and Assistant Secretary, who will serve as Secretary of this meeting.
Now I would like to welcome our Chairman, Paul Salem.
Thank you, Howard, and good afternoon, everyone. With that, I hereby call the 2026 annual meeting to order and welcome Bill Hornbuckle and Jessica Cunningham, who will conduct the official portion of the meeting.
Thank you, Paul, and thank you to the rest of the Board as well as our stockholders who have joined us today. I will now hand things over to Jessica. Will you please cover the procedural formalities?
Thank you, Bill. I have the notice at the annual meeting of stockholders, which is dated March 27th, 2026, and the affidavit of mailing, stating that on or about March 27th, 2026, we mailed to record stockholders the appropriate proxy material. Under the company's bylaws, notice of any stockholder proposal must have been provided no later than February 6th, 2026. There are present or by proxy stockholders entitled to cast in excess of a majority of all votes entitled to be cast at the meeting, and therefore, I declare quorum to be present. To ensure that our meeting today is conducted in an orderly manner, we will follow the agenda and rules of conduct. Your cooperation in following the agenda and rules of conduct will allow us to treat all stockholders fairly and ensure an informative meeting for everyone.
The polls are now open and will remain open while I read the resolutions for consideration at today's meeting. All stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that if you've already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls and provide the preliminary voting results. Today's first proposal is for the election of directors, and the resolution for this proposal is resolved that the following persons are nominated to serve as directors until the next annual meeting or until their respective successors have been appointed.
Keith Barr, Barry Diller, Bill Hornbuckle, Donna Langley, Joey Levin, Rose McKinney-James, Keith Meister, Paul Salem, Jan Swartz, Dan Taylor, Ben Winston. The next proposal relates to the ratification of the company's selection of its independent registered public accounting firm for the year ending December 31st, 2026. Nikki Etherington of Deloitte & Touche is participating in today's meeting online and indicated that Deloitte does not have any statements to make. She will be available to answer any stockholder questions during the question and answer period.
The resolution for this proposal is resolved that the company's appointment of the firm of Deloitte & Touche LLP as its independent registered public accounting firm to audit the consolidated financial statements of the company for the year ending December 31st, 2026 and to audit the company's internal control over financial reporting as of December 31, 2026 be and hereby is confirmed, ratified, and approved. The third proposal, known as Say on Pay, enables our stockholders to vote to approve on an advisory basis the compensation of our named executive officers as disclosed in our proxy statement in accordance with the SEC's rules.
The resolution for this proposal is resolved that the stockholders of MGM Resorts International approve on an advisory basis the compensation of our named executive officers as disclosed in the company's proxy statement in accordance with item 402 of Regulation S-K, including the compensation discussion and analysis, the summary compensation table, and the related tables and narrative disclosure. As the resolutions have now been presented, this will conclude the items to be voted upon by stockholders, and the polls are now closed.
I am pleased to announce that based on a count of the votes by Broadridge, the Inspector of Elections, the preliminary results of the voting show that the company's nominees for directors as named in the proxy statement have been duly elected as directors of the company to serve until the next annual meeting or until their respective successors have been appointed. Also, according to the preliminary voting results, the proposals for the appointment of Deloitte & Touche to serve as the independent registered public accounting firm for the year ending December 31st, 2026, and the advisory vote on the compensation of our named executive officers have each been approved. The final results of the voting will be filed with the SEC on a current report on Form 8-K. Thank you.
Thank you, Jessica. As there is no further business, the official segment of this meeting is now closed. Before we take questions, I wanna recognize and thank our outstanding team members for their dedication and the exceptional work they deliver every day. I'm proud of our ability to set new financial records and reach important milestones, but what I value most is the consistently high level of guest service we provide, as evidenced by the NPS scores we achieved last year, the strongest enterprise-wide scores in our history. This type of guest service will support the future of our business over the long term. We will now proceed to answer any questions that were properly submitted. Howard, will you please begin with the first question?
I'll address the first question to Jonathan. Can you discuss how MGM can return capital to shareholders?
Sure, Howard. Returning capital to shareholders is a priority and a core component of our broader objective to maximize shareholder value. This begins with disciplined capital allocation to maintain and enhance our high-quality asset base, which in turn drives strong cash flow. That cash flow enables us to reinvest in the business, including our development project in Japan, while also returning capital to shareholders. Given the attractive valuation implied by our current share price, we believe share repurchases remain the most compelling method of returning capital to shareholders.
As there are no further questions, I'll turn it over to Bill for any closing remarks.
Thank you, Howard. On behalf of the leadership team and our board of directors, I'd like to thank all of you for your continued commitment to the future of this company. We accomplished a tremendous amount in 2025. Full year consolidated net revenue growth, the completion of several exciting capital projects, including the MGM Grand room renovation, our BetMGM North America venture increasing EBITDA by almost $470 million, and the groundbreaking of MGM Osaka, which we believe will be the world's largest integrated resort upon opening in 2030. Looking ahead, there's a significant amount to be excited for, and I look forward to the continuing to execute on our strategic plan and providing value to you, our stockholders. This concludes the 2026 stockholders meeting. We look forward to hosting you again next year. Everyone have a great day. Thank you.
That concludes our meeting today.