LAS VEGAS, Aug. 7, 2018 /PRNewswire/ -- MGM Resorts
International (the "Company" or "MGM Resorts") (NYSE: MGM) today
announced that it, together with its venture partner, had completed
the previously announced sale of Grand Victoria Casino in
Elgin, Illinois, of which a
subsidiary of the Company owned a 50% interest, to Eldorado Resorts
for $327.5 million in cash, subject
to a customary working capital adjustment.
MGM Resorts received its 50 percent share of the net proceeds
after certain transaction costs, or approximately $162 million.
"We thank the employees of Grand Victoria Casino, who have made
it a tremendous success over the years, and wish them all the best
in the future," said Dan D'Arrigo, Executive Vice President and
Chief Financial Officer of MGM Resorts.
The Company acquired its 50 percent interest in Grand Victoria
Casino in connection with its acquisition of Mandalay Resorts 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 MGM Resorts' public filings with the SEC. MGM Resorts has
based forward-looking statements on management's current
expectations and assumptions and not on historical facts.
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 MGM Resorts 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 MGM Resorts' Form 10-K, Form 10-Q and Form
8-K reports (including all amendments to those reports). In
providing forward-looking statements, MGM Resorts 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 MGM Resorts 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-completes-the-sale-of-grand-victoria-casino-300693178.html
SOURCE MGM Resorts International