LAS VEGAS, May 10, 2018 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) (the "Company") today announced that the
Board of Directors has authorized a new $2.0
billion share repurchase program.
"The latest share repurchase authorization reflects the
Company's financial strength and continued commitment to returning
capital to our shareholders," said Jim
Murren, Chairman and CEO of MGM Resorts. "We are
pleased with the Company's strong balance sheet, which has allowed
us to take a balanced approach to driving shareholder value through
our quarterly dividend and share repurchase program, as well as
continuing to invest in our properties and explore prudent growth
opportunities."
The Company also announced the completion of its previous
$1.0 billion share repurchase
program. Since the announcement of the Company's $1.0 billion share repurchase program in
September 2017, the Company has
repurchased approximately 30 million shares.
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.
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 opened MGM Cotai
in Macau in February 2018. It is also developing MGM
Springfield in Massachusetts and debuting the first
international Bellagio branded hotel in Shanghai. 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, including expectations with respect to common stock
repurchases and future dividends. 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