LAS VEGAS, Oct. 13, 2020
/PRNewswire/ -- MGM Resorts International (the "Company")
(NYSE: MGM) today announced that it has completed its
previously announced issuance (the "Offering") of $750,000,000 in aggregate principal amount of
4.750% senior notes due 2028 (the "Notes"), which were issued
at par.
The Company intends to use the net proceeds from the offering of
the Notes for general corporate purposes, which could include
refinancing existing indebtedness. Pending such use, the Company
may invest the net proceeds in short-term interest-bearing
accounts, securities or similar investments.
"The successful execution of this upsized offering at a
favorable rate further solidifies our financial flexibility and
demonstrates the continued confidence our investors have in our
long-term business outlook," said Corey
Sanders, Chief Financial Officer and Treasurer of MGM
Resorts International.
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 29 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
initiative, MGM Resorts commits to creating a more sustainable
future, while striving to make a bigger difference in the lives of
its employees, guests, and in the communities where it operates.
The global employees of MGM Resorts are proud of their company for
being recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®.
Forward Looking Statements
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" 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, statements we make
regarding the impact of coronavirus disease 2019 ("COVID-19") on
our business, our ability to reduce expenses and otherwise maintain
our liquidity position during the pandemic, our ability to generate
significant cash flow and execute on ongoing and future strategic
initiatives, including the development of an integrated resort in
Japan and investments we make in
sports betting and iGaming, amounts we will spend in capital
expenditures and investments, our expectations with respect to
future share repurchases and cash dividends on our common stock,
dividends and distributions we will receive from MGM China, MGM
Growth Properties Operating Partnership LP or CityCenter Holdings,
LLC, our ability to deliver on our MGM 2020 Plan, any benefits we
expect to receive from the Coronavirus Aid, Relief, and Economic
Security Act and amounts projected to be realized as deferred tax
assets. 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 the continued impact of the
COVID-19 pandemic on the Company's business, the general 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:
Media:
BRIAN AHERN
Director, Media Relations
media@mgmresorts.com
Investment Community:
CATHERINE PARK
Executive Director, Investor Relations
cpark@mgrmesorts.com
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SOURCE MGM Resorts International