LAS VEGAS, March 13, 2018 /PRNewswire/ -- MGM Resorts
International (the "Company" or "MGM Resorts") (NYSE:MGM) today
announced that it will purchase 10 million shares of its common
stock from Tracinda Corporation ("Tracinda") at $36.24 per share, a 1.5% discount to the market
closing price on March 9, 2018, for a
total aggregate amount of $362.4
million. Following the purchase, Tracinda will own
approximately 27.2 million shares, or 4.8% of the Company's
outstanding common stock.
"With our larger scale development projects soon coming to
completion, today's announcement underscores our confidence in the
Company's meaningful cash flow trajectory and commitment to a
balanced capital allocation strategy," said Jim Murren, Chairman and CEO of MGM Resorts.
"This strategy includes prudently investing in attractive growth
opportunities and returning excess capital to shareholders while
maintaining a strong credit profile, which we believe will maximize
shareholder value."
The repurchase is expected to occur on March 15, 2018 and will be made pursuant to the
terms of the Company's $1.0 billion
stock repurchase program, of which $310.1
million will remain following the transaction.
As of March 8, 2018, there were
approximately 566.7 million shares of the Company's common stock
outstanding.
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 28 unique hotel offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company in 2018
opened MGM COTAI in Macau and the
first Bellagio-branded hotel in Shanghai. It also is developing MGM
Springfield in Massachusetts. The
78,000 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, the closing of the stock repurchase and the completion of the
Company's development projects. 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