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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

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FENWAY SPORTS GROUP ANNOUNCES NEW PERFORMING ARTS CENTER: MGM MUSIC HALL AT FENWAY

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11/07/2019 | 03:25am EST

FENWAY SPORTS GROUP ANNOUNCES NEW PERFORMING ARTS CENTER: MGM MUSIC HALL AT FENWAY

For Immediate Release

November 6, 2019

FENWAY SPORTS GROUP ANNOUNCES NEW PERFORMING

ARTS CENTER: MGM MUSIC HALL AT FENWAY

Subsidiary Fenway Sports Group Real Estate Selects MGM Resorts International as Naming Rights Partner for New

State-of-the-art Venue

BOSTON, MA -Fenway Sports Group Real Estate (FSGRE), a subsidiary of Fenway Sports Group (FSG), today announced the name of the new, state-of-the-art performing arts center being developed on the corner of Lansdowne and Ipswich Streets: MGM Music Hall at Fenway.

Working with MGM Resorts International (NYSE: MGM) as the naming rights partner, FSGRE is undertaking its first development project with MGM Music Hall at Fenway. The new performing arts center, which will sit beyond the right field bleachers of Fenway Park, will accommodate approximately 5,000 patrons. In addition to hosting a wide variety of live events, the mixed-use venue will offer the opportunity to partner with local schools, colleges, and other neighborhood organizations to create an epicenter for the performing arts community in Boston.

"Fenway Park is among the most iconic ballparks in sports, and MGM Resorts is proud to grow our presence there and build on our tremendous partnership with the Red Sox and Fenway Sports Group," said MGM Resorts Chairman and CEO Jim Murren. "With exciting Major League Baseball action inside the ballpark, and with MGM Music Hall at Fenway wowing with performing arts outside, visitors can count on unforgettable experiences on both sides of the world-famous Green Monster."

"We are so pleased to have MGM as our partner on this exciting project," said FSG Chairman Tom Werner. "Their brand is synonymous with entertainment and hospitality - two things we hope to excel in with this new venue. We look forward to seeing their logo in bright lights on the marquee."

The MGM Music Hall at Fenway will be owned by FSGRE and operated by Fenway Music Company, a joint venture between Fenway Sports Management (FSM) and Crossroads Presents, a Boston-based concert promotion and venue management company affiliated with Live Nation and managed by Don Law. Fenway Music Company will book, manage, and operate the MGM Music Hall at Fenway, as well as the House of Blues Boston on Lansdowne Street.

Construction activities on the project are scheduled to begin later this month and a groundbreaking ceremony is scheduled for November 22 with Mayor Martin J. Walsh. The MGM Music Hall at Fenway is targeted for completion in the fall of 2021.

In addition to the MGM Music Hall at Fenway, MGM Resorts International is a sponsor of the Boston Red Sox. A multi-year partnership between the two organizations was announced in March, 2019 naming MGM as the "official and

exclusive resort casino of the Boston Red Sox." The partnership includes featuring the MGM logo on the iconic Green Monster wall, messaging behind home plate as well as on Red Sox radio and other team-sponsored media outlets.

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 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 and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGM Resorts' public filings with the SEC. MGM Resorts 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 regarding the expecting timing to complete the MGM Music Hall. 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 MGM Resorts 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 MGM Resorts' Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts 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 MGM Resorts 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.

--FSGRE-

Disclaimer

MGM Resorts International published this content on 06 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2019 08:24:03 UTC

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Financials (USD)
Sales 2019 12 933 M
EBIT 2019 1 540 M
Net income 2019 173 M
Debt 2019 11 281 M
Yield 2019 1,61%
P/E ratio 2019 83,7x
P/E ratio 2020 20,5x
EV / Sales2019 2,15x
EV / Sales2020 2,07x
Capitalization 16 474 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 35,10  $
Last Close Price 31,99  $
Spread / Highest target 28,2%
Spread / Average Target 9,71%
Spread / Lowest Target -28,1%
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Managers
NameTitle
James Joseph Murren Chairman & Chief Executive Officer
William Joseph Hornbuckle President & Chief Operating Officer
Corey I. Sanders Chief Financial Officer
Roland A. Hernandez Lead Independent Director
Alexis Margaret Herman Independent Director
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