MGM Form 4: Officer sells 60,000 MGM shares, retains 31,521

Rhea-AI Filing Summary

Insider sale reported: John McManus, Chief Legal and Secretary and officer of MGM Resorts International (MGM), reported the sale of 60,000 shares of MGM common stock on 09/15/2025 at a weighted-average price of $36.1195 per share. After the transactions, the reporting person beneficially owned 31,521 shares. The filing notes the shares were sold in multiple transactions at prices ranging from $36.03 to $36.18 and offers to provide a breakdown of quantities at each price upon request.

Insights

Securities Analyst

TL;DR: Officer reported a sizable open-market sale but retains a meaningful stake; routine disclosure with limited standalone market implication.

The Form 4 shows an officer-level insider executed an open-market sale totaling 60,000 shares at a weighted-average price of $36.1195, leaving 31,521 shares beneficially owned. This is a clear, contemporaneous disclosure of insider activity which fulfills Section 16 reporting requirements. The filing identifies the sale price range and offers further breakdown on request, improving transparency. Absent other corporate events, the transaction appears to be a non-derivative, open-market disposition rather than a company-led program or equity-based compensation exercise. Investors should view this as routine insider liquidity unless combined with other material developments.

Corporate Governance Expert

TL;DR: Timely Form 4 filing by a senior officer; disclosure meets compliance norms but signals personal liquidity.

The submission documents compliance with reporting obligations by a senior executive. The disclosure explicitly states the sales were executed across multiple prices between $36.03 and $36.18 and provides the remaining beneficial ownership. From a governance perspective, the filing is complete and transparent. The nature of the sale (open-market S code) suggests personal liquidity rather than company-directed share reduction. Without evidence of patterned insider selling by other insiders or concurrent material announcements, this single filing is not, by itself, a governance red flag.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McManus John

(Last) (First) (Middle)

3600 LAS VEGAS BLVD. SOUTH

(Street)

LAS VEGAS NV 89109

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MGM Resorts International [ MGM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF LEGAL ADMIN OFC AND SECY

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock $.01 Par Value ND	09/15/2025		S		60,000	D	$36.1195(1)	31,521	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.03 to $36.18, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

	/s/ Jessica Cunningham, Attorney-In-Fact	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did John McManus report in the Form 4 for MGM (MGM)?

The filing reports the sale of 60,000 shares on 09/15/2025 at a weighted-average price of $36.1195, leaving 31,521 shares beneficially owned.

What was the price range for the MGM shares sold by the insider?

The shares were sold in multiple transactions at prices ranging from $36.03 to $36.18.

Does the Form 4 indicate the sale was part of a 10b5-1 plan or company program?

No. The filing uses transaction code S for sale and does not indicate the transaction was made pursuant to a 10b5-1 plan or company program.

How many shares does John McManus own after the reported transactions?

He beneficially owned 31,521 shares following the reported sale.

Who signed the Form 4 on behalf of the reporting person?

The form was signed by Jessica Cunningham, Attorney-In-Fact on 09/15/2025.