LAS VEGAS, April 16, 2018 /PRNewswire/ -- MGM Resorts
International (the "Company" or "MGM Resorts") (NYSE: MGM), along
with its venture partner, today announced the execution of a
definitive agreement to sell the Grand Victoria Casino in
Elgin, Illinois, of which a
subsidiary of the Company owns a 50% interest, to Eldorado Resorts,
Inc. (NASDAQ: ERI) for $327.5 million
in cash, subject to a working capital adjustment. MGM Resorts
will receive its 50 percent share of the net proceeds after certain
transaction costs, or approximately $162
million.
The transaction is expected to close within 12 months, subject
to regulatory approvals and other customary closing conditions.
The Company acquired its 50 percent interest in Grand Victoria
Casino in connection with its acquisition of Mandalay Resort Group
in 2005.
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 anticipated closing
of the transaction. 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.
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-announces-sale-of-grand-victoria-casino-for-327-5-million-300630061.html
SOURCE MGM Resorts International