LAS VEGAS, Sept. 28, 2021 /PRNewswire/ -- MGM Resorts
International ("MGM Resorts" or the "Company") (NYSE: MGM) today
announced the closing of the previously announced purchase of
Infinity World Development Corp's ("Infinity World") 50 percent
interest in CityCenter Holdings, LLC for $2.125 billion.
In addition, MGM Resorts and Blackstone have also closed the
previously announced sale-leaseback agreement for Blackstone to
acquire the real estate assets of Aria and Vdara for $3.89 billion.
Following the transaction, MGM Resorts has leased the property
from Blackstone and continues to manage, operate and be responsible
for all aspects of the property on a day-to-day basis.
In connection with the closing of the transactions, the Company
has fully retired CityCenter's debt. As of June 30, 2021, CityCenter had cash and cash
equivalents of $307 million and total
debt of $1.73 billion.
The transaction was announced on July 1,
2021.
PJT Partners served as exclusive financial advisor and Weil,
Gotshal & Manges LLP served as legal counsel to MGM Resorts on
both transactions.
Citigroup Global Markets Inc., J.P. Morgan, Morgan Stanley &
Co. LLC, and Wells Fargo served as financial advisors to
Blackstone. Simpson Thacher & Bartlett LLP served as legal
counsel to Blackstone.
Moelis & Company LLC served as exclusive financial advisor
and Paul Hastings LLP served as legal counsel to Infinity
World.
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
31 unique hotel and gaming destinations globally, including some of
the most recognizable resort brands in the industry. 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" philosophy, 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.
About Blackstone Real Estate
Blackstone is a global
leader in real estate investing. Blackstone's real estate
business was founded in 1991 and has $208 billion of investor
capital under management. Blackstone is one of the largest property
owners in the world, owning and operating assets across every major
geography and sector, including logistics, multifamily and single
family housing, office, hospitality and retail. Our opportunistic
funds seek to acquire undermanaged, well-located assets across the
world. Blackstone's Core+ strategy invests in substantially
stabilized real estate globally through regional open-ended funds
focused on high-quality assets and Blackstone Real Estate Income
Trust, Inc. (BREIT), a non-listed REIT that invests in U.S.
income-generating assets. Blackstone Real Estate also operates one
of the leading global real estate debt businesses, providing
comprehensive financing solutions across the capital structure and
risk spectrum, including management of Blackstone Mortgage Trust
(NYSE: BXMT).
Forward-Looking Statements
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 expectations regarding the use of
proceeds from the transactions and any benefits expected to be
received as a result of the transactions. 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 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.
CONTACTS:
MGM Resorts:
News Media
BRIAN AHERN
Director of Corporate Media
Relations
media@mgmresorts.com
Investment Community
CATHERINE PARK
Executive Director of Investor
Relations
cpark@mgmresorts.com
Blackstone:
Jeffrey
Kauth
(212) 583-5395
Jeffrey.Kauth@Blackstone.com
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SOURCE MGM Resorts International