MGM Resorts International Announces Founder Kirk Kerkorian's Tracinda Corp. Completes Sale Of Remaining Interests

Date : 09/16/2019 @ 1:00PM
Source : PR Newswire (US)
Stock : MGM Resorts International (MGM)
Quote : 31.04  0.0 (0.00%) @ 8:59AM

MGM Resorts International Announces Founder Kirk Kerkorian's Tracinda Corp. Completes Sale Of Remaining Interests

MGM Resorts (NYSE:MGM)
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LAS VEGAS, Sept. 16, 2019 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") was informed that Tracinda Corp., the holding company of MGM Resorts' late founder Kirk Kerkorian, fulfilled instructions from Kerkorian's will to "execute an orderly disposition" of MGM stock. Kerkorian passed away in June 2015.

"This is the end of an era and illustrates what made Mr. Kerkorian one of the most visionary, selfless and compassionate leaders of his time," said MGM Resorts Chairman & CEO Jim Murren. "The values instilled by Mr. Kerkorian when he founded MGM are what we still live by today – a focus on visionary ideas and creating value for shareholders; a dedication to bettering the communities in which we operate; an emphasis on diversity, inclusion and being a responsible corporate citizen. In an industry with a history of flash and big egos, Mr. Kerkorian's example of leading with vision, humility and compassion is truly inspiring and serves as a driving force behind everything we do. His legacy will continue to live on at MGM Resorts."

Kerkorian was a quiet but powerful force behind the transformation of the Las Vegas Strip into one of the world's most popular tourist destinations, through the development of numerous resorts including the International Hotel and the MGM Grand, and the inspiration behind propelling Las Vegas into the world's leader in live entertainment and sports. 

"I believe that Mr. Kerkorian would have been proud of MGM's achievements and of what the company has become. I strive every day to honor his legacy, live his values, and ensure that this company remains at the core, the kind of company he was proud to have founded," Murren said.  

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, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. 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 bility to create value for its shareholders. 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

CATHERINE PARK                      

BRIAN AHERN

Executive Director of Investor Relations     

Director of Media Relations   

(702) 693-8711 or cpark@mgmresorts.com        

media@mgmresorts.com  

 

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SOURCE MGM Resorts International

Copyright 2019 PR Newswire

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