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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

(MGM)
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MGM Resorts International : Completes Reopenings Of Properties Worldwide With Return Of Park MGM And NoMad Las Vegas On September 30

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09/15/2020 | 07:53am EDT

LAS VEGAS - MGM Resorts International (NYSE: MGM) announced today that Park MGM and NoMad Las Vegas will open their doors on September 30, completing the reopening of all of its properties around the world following closures earlier this year amid the Covid-19 crisis. Upon reopening, Park MGM/NoMad will be The Strip's first fully smoke-free casino resort.

'Opening Park MGM and NoMad represent significant milestones, as they are the last of our properties to welcome back employees and guests alike,' said Bill Hornbuckle, MGM Resorts CEO and President. 'The last six months have presented extraordinary challenges and I could not be prouder of the MGM Resorts team for the tireless effort required to get us here. There is much work ahead as we remain focused on the health and safety of our employees and guests, but this is an important moment for us.'

High-res Park MGM smoke-free imagery and b-roll: http://bit.ly/ParkMGMSmokeFree

Park MGM & NoMad Las Vegas

Park MGM is The Strip's newest destination resort, having been completed in late 2018, and has quickly become one of the city's go-to places for entertainment, dining and more. While amenities will be limited initially at opening, guests will be able to enjoy many of the resort's most popular outlets including the vibrant Italian marketplace, Eataly; Bavette's Steakhouse; Primrose; and the pool. NoMad Las Vegas, the intimate luxury hotel-within-a-hotel at Park MGM, also will begin welcoming guests on September 30. Days and hours of operation at all venues will vary. For a full listing of amenities, please visit mgmresorts.com. Complimentary self-parking will be available for guests; valet parking will not be operational at this time.

Anton Nikodemus, President of MGM Resorts'Las Vegas Portfolio, said, 'As we looked toward our reopening, we identified an opportunity to be responsive to recurring guest demand for a fully non-smoking casino resort on The Strip. With an expansive Las Vegas portfolio, MGM Resorts is able to offer an array of options for visitors, all within the MGM Resorts family.'

The Company also noted that its Four Seasons Las Vegas property will reopen on September 25.

HEALTH & SAFETY

The health and safety of employees and guests has been at the forefront of MGM Resorts' planning since the onset of the Covid-19 crisis earlier this year. The company's comprehensive 'Seven-Point Safety Plan' is a multi-layered set of protocols and procedures designed in conjunction with medical and scientific experts to mitigate the spread of the virus, protect customers and employees and rapidly respond to potential new cases. The full plan can be reviewed at mgmresorts.com. The company continues to evaluate and evolve its safety protocols. Key initiatives include:

Employee screening, temperature checks and COVID-19 specific training

COVID-19 testing for employees as they return to work in partnership with the local medical community

Employees and guests are required to wear masks. Complimentary masks are provided as needed

A physical distancing policy has been implemented, with floor guides serving as reminders

For areas where physical distancing presents challenges, plexiglass barriers have been installed, or other measures will be used to reduce risks

Standalone handwashing stations designed by MGM Resorts conveniently located on casino floors

Contactless Check-In through the MGM Resorts App allows hotel guests to go through the check-in process on their personal devices, minimizing interactions

Guestroom Attendants wear masks and gloves while cleaning each room and change gloves between guestrooms

In addition to increased and enhanced routine cleaning of guestrooms and public spaces based on CDC guidance, electrostatic sprayers are utilized in many large public spaces so that disinfectant is applied efficiently

Digital menus are available to view on personal mobile devices via QR codes in the company's food and beverage outlets

To minimize groups congregating while they wait, restaurant guests receive text message notification when their tables are ready

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. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

For ward 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 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 MGM Resorts makes regarding how and when its properties will re-open and its ability to mitigate the spread of the virus. 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 spread of the COVID-19 pandemic, the potential for additional future outbreaks of the virus, the general 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 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.

Media Contact:

Natalie Mounier

MGM@kirvindoak.com

(702) 204-1430

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials (USD)
Sales 2020 5 661 M - -
Net income 2020 -982 M - -
Net Debt 2020 7 042 M - -
P/E ratio 2020 -11,7x
Yield 2020 0,78%
Capitalization 10 561 M 10 561 M -
EV / Sales 2020 3,11x
EV / Sales 2021 1,94x
Nbr of Employees 72 000
Free-Float 87,3%
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Mean consensus HOLD
Number of Analysts 19
Average target price 21,15 $
Last Close Price 21,41 $
Spread / Highest target 40,1%
Spread / Average Target -1,20%
Spread / Lowest Target -39,3%
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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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