LAS VEGAS, Dec. 20, 2019 /PRNewswire/ -- MGM Resorts
International (the "Company" or "MGM Resorts") (NYSE: MGM) today
announced that it has closed on its sale of Circus Circus Las Vegas
and the 37 adjacent acres for $825
million, subject to final purchase price adjustments, to an
affiliate of Treasure Island owner
Phil Ruffin. The sale is part of the
Company's commitment to its asset-light strategy designed to focus
on MGM Resorts' core business and maximize value for its
shareholders.
The purchase price is comprised of $662.5
million in cash and a $162.5
million note due 2024. MGM Resorts plans to utilize the
proceeds from this transaction to further its capital allocation
strategy and enhance its strategic and operational flexibility.
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
30 unique hotel and destination gaming offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company recently
acquired the operations of Empire City Casino in New York and Hard Rock Rocksino in
Ohio, which was rebranded as MGM
Northfield Park. In 2018, MGM Resorts opened MGM Springfield in
Massachusetts, MGM COTAI in
Macau, and the first
Bellagio-branded hotel in Shanghai. The 82,000 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, the expected use of proceeds, and the Company's
ability to maximize value for its shareholders and execute on its
asset light strategy. 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.
MGM RESORTS
CONTACTS:
|
|
Investment
Community
|
News Media
|
AARON
FISCHER
|
BRIAN
AHERN
|
Chief Strategy
Officer
|
Director of Media
Relations
|
(702) 693-7152 or
afischer@mgmresorts.com
|
media@mgmresorts.com
|
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SOURCE MGM Resorts International