LAS VEGAS, March 15, 2021 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts") today announced the
completion of the redemption of approximately 37.1 million of its
operating partnership units of MGM Growth Properties ("MGP")
Operating Partnership LP (the "Operating Partnership") for
aggregate cash proceeds of approximately $1.2 billion.
Following the redemption, MGM Resorts' ownership in the
Operating Partnership was reduced from 53.0% to 42.1%.
"Today's announcement further demonstrates our commitment to the
company's asset-light strategy as we have significantly reduced our
ownership stake in MGP to 42%, from 61% just one year ago," said
Jonathan Halkyard, Chief Financial
Officer and Treasurer of MGM Resorts. "Our strong liquidity
position has been an invaluable asset to the company through the
crisis. As the broader recovery in our core business and our cost
efficiency efforts begin to pave a tangible path to free cash flow
generation, we will remain prudent in allocating our capital to
maximize shareholder value, including executing on key growth
opportunities, maintaining a strong balance sheet, and returning
cash to shareholders."
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, 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 Company's ability to execute
on key growth opportunities, allocate capital to maximize
shareholder value and maintain its strong balance sheet.
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.
MGM RESORTS
INTERNATIONAL CONTACTS
|
|
Investment
Community
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News
Media
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CATHERINE
PARK
|
BRIAN
AHERN
|
Executive
Director, Investor
|
Director, Media
Relations
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cpark@mgmresorts.com
|
media@mgmresorts.com
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SOURCE MGM Resorts International