LAS VEGAS, June 16, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) (the "Company") today hosted an Analyst
and Investor Day designed to provide insight into the
Company's operations, strategic goals and commitment to shareholder
value through deep-dive presentations and panel discussions, as
well as networking opportunities with a broader MGM Resorts
leadership team beyond the executive management team.
In connection with its Analyst and Investor Day, the Company
announced that as part of its previously announced Profit Growth
Plan, it now expects to achieve an annual Adjusted EBITDA benefit
of $400 million by the end of 2017
which is an increase from its previously announced target of
$300 million. Additionally, the
Company shared certain financial guidance for Adjusted EBITDA
growth through 2019 as well as projected free cash flow for 2017
and 2018.
"We have made tremendous progress to date since announcing our
Profit Growth Plan less than one year ago," said Jim Murren, Chairman and CEO of MGM Resorts. "We
initially set an ambitious goal and are pleased that our employees
are engaged and focused on permanently changing how we operate our
business to maximize profitability through innovation and
continuous improvement."
Mr. Murren acknowledged that this increase to the previously
announced target was the result of the teamwork and collaboration
by the Company's employees. Their focused efforts and full
engagement led to significant change and the implementation of
operational efficiencies across the Company.
In addition, the following members of executive management and
the leadership teams gave presentations on the Company's
operations, strategic goals and other topics: Jim Murren, Chairman & CEO, Corey Sanders, COO, Chris Nordling, President Corporate Entities,
Lili Tomovich, Chief Experience
Officer, Bill Hornbuckle, President
and Dan D'Arrigo, EVP & CFO. In addition, presentations were
given on MGM China by Grant Bowie,
CEO of MGM China Holdings Limited and MGM Growth Properties LLC
("MGP") by James Stewart, CEO of
MGP.
Investors and media are invited to view the replay of the
webcast and presentation slides from the
event at www.mgmresorts.investorroom.com under the
Events section.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company is in the process of developing MGM
National Harbor in Maryland and MGM Springfield
in Massachusetts. MGM Resorts controls, and holds a 73 percent
economic interest in the operating partnership of MGM Growth
Properties LLC (NYSE: MGP), a premier triple-net lease real estate
investment trust engaged in the acquisition, ownership and leasing
of large-scale destination entertainment and leisure resorts. The
Company also owns 51 percent of MGM China Holdings Limited (HK:
2282), which owns the MGM Macau resort and casino and is developing
a gaming resort in Cotai, and 50 percent of CityCenter in Las
Vegas, which features ARIA Resort & Casino. MGM Resorts is
named among FORTUNE ® Magazine's 2016 list of World's Most Admired
Companies®. For more information about MGM Resorts International,
visit the Company's website at www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based 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 future financial results (including any
guidance in this release or the referenced presentations), its
ability to generate future cash flow growth and to execute on
future development and other projects, such as the Profit Growth
Plan, the expected results of the Profit Growth Plan and the
Company's ability to execute its strategic plan and improve its
financial flexibility. These forward-looking statements involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include effects of
economic conditions and market conditions 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 and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and 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. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
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SOURCE MGM Resorts International