LAS VEGAS, May 4, 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 6.750% senior notes due 2025 (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, including, without
limitation, further increasing its liquidity position. Pending such
use, the Company may invest the net proceeds in short-term
interest-bearing accounts, securities or similar investments.
"The proceeds from this offering have further enhanced our
already strong liquidity position to provide us with additional
resources as we continue to navigate the impact of the COVID-19
pandemic on our business," said Corey
Sanders, Chief Financial Officer and Treasurer of MGM
Resorts International, "We are pleased with the successful
execution of this transaction and the support from our investors,
which allowed us to upsize the deal at an attractive rate and
further solidify our balance sheet."
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, ROAR Digital
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 COVID-19 on the Company's business, the
Company's ability to continue to execute on the MGM 2020 Plan and
its asset light strategy, its ability to generate cash flow and
execute on ongoing and future projects, including the development
of an integrated resort in Japan,
amounts it will spend in capital expenditures and investments, its
expectations with respect to future share purchases and cash
dividends on its common stock, dividends and distributions it will
receive from MGM China, MGM Growth Properties Operating Partnership
LP (the "Operating Partnership") or CityCenter Holdings, LLC
("CityCenter") and any benefits the Company expects to receive from
the Coronavirus Aid, Relief, and Economic Security Act. 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:
Investment Community
CATHERINE
PARK
Executive Director, Investor Relations
(702) 693-8711 or cpark@mgmresorts.com
News Media
BRIAN
AHERN
Director of Communications
media@mgmresorts.com
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SOURCE MGM Resorts International