LAS VEGAS, Jan. 19, 2021 /PRNewswire/ -- MGM Resorts
International ("MGM" or the "Company") announced today that, after
careful consideration and having reflected on the limited recent
engagement between the respective companies regarding MGM's
rejected all stock proposal at an exchange ratio of 0.6x, it does
not intend to submit a revised proposal and it will not make a firm
offer for Entain plc ("Entain").
MGM is committed to being a premier global omni-channel gaming
and entertainment company, and will maintain a disciplined
framework while evaluating a range of compelling strategic
opportunities.
"BetMGM, our U.S. sports betting and online gaming venture with
Entain, remains a key priority for the Company as we continue to
leverage our preeminent physical gaming, entertainment, and
hospitality platform to expand digitally," said Bill Hornbuckle, CEO of MGM Resorts
International. "We believe that BetMGM has established itself as a
top three leader in its markets and we remain committed to working
with Entain to ensure its strong momentum continues as it expects
to be operational in 20 states by the end of 2021."
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®. For more information, please visit us at
www.mgmresorts.com. Please also connect with us @MGMResortsIntl on
Twitter as well as Facebook and Instagram.
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 the Company
makes regarding its ability to become a premier global omni-channel
gaming and entertainment company and BetMGM's ability to expand
into new markets in 2021. 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.
For the purposes of Note 2 on Rule 2.8 of the UK's City Code on
Takeovers and Mergers (the "Code"), MGM reserves the right: (a) to
set aside the above statement that it does not intend to make an
offer for Entain and the restrictions in Rule 2.8 of the Code, and
(b) to announce or participate in an offer or possible offer for
Entain and/or take any other action which would otherwise be
restricted under Rule 2.8 of the Code, in any one or more of the
following circumstances:
- with the agreement of the board of Entain;
- following the announcement of a firm intention to make an offer
for Entain by or on behalf of a third party;
- if Entain announces a proposal for a "whitewash" (as referred
to in Note 1 of the Notes on Dispensations from Rule 9 of the Code)
or for a reverse takeover (as defined in the Code); or
- if there has been a material change of circumstances (as
determined by the Panel).
MGM RESORTS
CONTACTS:
|
|
Investment
Community
|
News Media
|
CATHERINE
PARK
|
BRIAN
AHERN
|
Executive
Director, Investor Relations
|
Director of Media
Relations
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cpark@mgmresorts.com
|
media@mgmresorts.com
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SOURCE MGM Resorts International