MGM RESORTS INTERNATIONAL TO SELL GOLD STRIKE HOTEL AND GAMBLING HALL IN JEAN, NEVADA TO JETT GAMING LLC

October 16, 2014

LAS VEGAS, Oct. 16, 2014 --MGM Resorts International (NYSE: MGM) today announced that it has entered into an agreement to sell Gold Strike Hotel & Gambling Hall and related assets in Jean, Nev. to JETT Gaming LLC, and Jean Ventures, LLC.

 

“As we continue to review and refine our portfolio of properties, and focus on new developments in international and regional markets, we have agreed to sell Gold Strike Hotel & Gambling Hall to JETT Gaming and Jean Ventures,” said Dan D’Arrigo, Executive Vice President, Chief Financial Officer and Treasurer of MGM Resorts.

 

“We are pleased with the opportunity to purchase Gold Strike and the surrounding property. We will continue to evaluate our plans for the site as we work diligently to get this transaction completed,” said Tim Herbst, Manager of JETT Gaming and Jean Ventures.

 

Terms of the sale were not disclosed, and closing is contingent upon regulatory approvals and other customary closing conditions.

 

ABOUT GOLD STRIKE IN JEAN

Gold Strike Hotel & Gambling Hall, acquired by MGM Resorts International in connection with its acquisition of Mandalay Resort Group in 2005, is a hotel and casino located in Jean, Nev., approximately 13 miles from the California state line.  Opened in 1987, the hotel has 300 hotel rooms, The Gold Strike Steak House, Bonanza Buffet and a snack bar.  The property hosts 400 slot machines and 10 table games. The Gold Strike Auto & Truck Plaza, a truck stop and service station, and the Nevada Landing Shell, a service station, are located adjacent to the property.

 

ABOUT JETT GAMING AND JEAN VENTURES

JETT Gaming is a slot machine route company established in 2009 and owned by Jerry Herbst and his son, Tim Herbst.  JETT Gaming operates a slot route in 131 locations and two small casinos in Nevada.  Jean Ventures, LLC is a property development company managed by Tim Herbst.

 

ABOUT MGM RESORTS INTERNATIONAL

 MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about the Company please visit www.mgmresorts.com.

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 MGM Resorts’ public filings with the Securities and Exchange Commission. 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 closing of the sale of Gold Strike Jean. 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 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.

 

SOURCE:  MGM RESORTS INTERNATIONAL

For further information: Investor Relations: Sarah Rogers, MGM Resorts Investor Relations, 702-693-8654. Media Relations: Yvette Monet, MGM Resorts Corporate Communications, ymonet@mgmresorts.com or 702-491-6426. Jeff Campbell, JETT Gaming, 702-798-6400


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