LAS VEGAS, Sept. 5, 2017 /PRNewswire/ -- MGM Resorts
International (the "Company" or "MGM Resorts") (NYSE:MGM) today
announced that its board of directors has adopted a $1.0 billion stock repurchase program.
"Our new share repurchase program, along with the initiation of
our quarterly dividend earlier this year, clearly highlights the
board and management team's firm belief in our strategic plan – the
successful execution of our long-term growth prospects, our
disciplined capital allocation strategy, and our ongoing commitment
to maximize sustained value for our shareholders," said
Jim Murren, Chairman and CEO of MGM
Resorts.
Under the stock repurchase program, which is designed to return
value to the Company's shareholders, the Company may repurchase
shares from time to time in the open market or in privately
negotiated agreements. Repurchases of common stock may also be
made under a Rule 10b5-1 plan, which would permit common stock to
be repurchased when the Company might otherwise be precluded from
doing so under insider trading laws. The timing, volume and
nature of stock repurchases will be at the sole discretion of
management, dependent on market conditions, applicable securities
laws, and other factors, and may be suspended or discontinued at
any time.
Mr. Murren continued, "Today's concurrent announcements related
to the MGM National Harbor transaction and the resulting liquidity
at MGM Resorts continue to demonstrate the power of our business
model and create avenues for balance sheet enhancement and sensible
capital allocation."
"The Company's consistently strong operating performance and
cash flow generation coupled with a healthy balance sheet, continue
to position us well to prudently return capital to shareholders,"
said Dan D'Arrigo, Chief Financial Officer of MGM Resorts. "Through
our share purchase program, we intend to maintain a balanced and
efficient approach, with the flexibility for strategic deployment
of cash as opportunities arise in the future."
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P
500® global entertainment company with national and
international locations featuring best-in-class hotels and casinos,
state-of-the-art meetings and conference spaces, incredible live
and theatrical entertainment experiences, and an extensive array of
restaurant, nightlife and retail offerings. MGM Resorts creates
immersive, iconic experiences through its suite of Las
Vegas-inspired brands. The MGM Resorts portfolio encompasses 27
unique hotel offerings including some of the most recognizable
resort brands in the industry. The company is expanding throughout
the U.S. and around the world, developing MGM Springfield
in Massachusetts and MGM COTAI in Macau, and
debuting the first international Bellagio branded hotel
in Shanghai. The 77,000 global employees of MGM Resorts are
proud of their company for being recognized as one of FORTUNE®
Magazine's World's Most Admired Companies®. For more information
visit us at www.mgmresorts.com.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties, including those described
in the Company's public filings with the SEC. 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 capital
plan, including expectations with respect to common stock
repurchases, the closing of the MGM National Harbor acquisition and
any benefits expected to be received as a result of the
acquisition. 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