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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

(MGM)
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MGM Resorts International : Announces Closing of Offering of $750,000,000 Senior Notes due 2028

10/14/2020 | 09:26am EST

LAS VEGAS - 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 4.750% senior notes due 2028 (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, which could include refinancing existing indebtedness. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

'The successful execution of this upsized offering at a favorable rate further solidifies our financial flexibility and demonstrates the continued confidence our investors have in our long-term business outlook,' said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts International.

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.

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 coronavirus disease 2019 ('COVID-19') on our business, our ability to reduce expenses and otherwise maintain our liquidity position during the pandemic, our ability to generate significant cash flow and execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan and investments we make in sports betting and iGaming, amounts we will spend in capital expenditures and investments, our expectations with respect to future share repurchases and cash dividends on our common stock, dividends and distributions we will receive from MGM China, MGM Growth Properties Operating Partnership LP or CityCenter Holdings, LLC, our ability to deliver on our MGM 2020 Plan, any benefits we expect to receive from the Coronavirus Aid, Relief, and Economic Security Act and amounts projected to be realized as deferred tax assets. 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:

Media:

BRIAN AHERN

Director, Media Relations

media@mgmresorts.com

Investment Community:

CATHERINE PARK

Executive Director, Investor Relations

cpark@mgrmesorts.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MGM CHINA HOLDINGS LIMITED 3.06% 11.46 End-of-day quote.-9.91%
MGM RESORTS INTERNATIONAL 1.87% 29.35 Delayed Quote.-11.78%
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Financials (USD)
Sales 2020 5 275 M - -
Net income 2020 -1 052 M - -
Net Debt 2020 8 120 M - -
P/E ratio 2020 -14,6x
Yield 2020 0,55%
Capitalization 14 497 M 14 497 M -
EV / Sales 2020 4,29x
EV / Sales 2021 2,54x
Nbr of Employees 72 000
Free-Float 87,3%
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Technical analysis trends MGM RESORTS INTERNATIONAL
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 23,83 $
Last Close Price 29,35 $
Spread / Highest target 36,3%
Spread / Average Target -18,8%
Spread / Lowest Target -48,9%
EPS Revisions
Managers
NameTitle
William Joseph Hornbuckle President, Chief Executive Officer & Director
Paul Jude Salem Chairman
Corey I. Sanders Chief Financial Officer & Treasurer
Roland A. Hernandez Lead Independent Director
Alexis Margaret Herman Independent Director
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