MGM Resorts International Completes $1.25 Billion Senior Notes Offering

November 25, 2014
Strong Demand Allowed the Company to Increase the Total Offering

LAS VEGAS, Nov. 25, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that it has completed its previously announced issuance of $1.15 billion in aggregate principal amount of 6% senior unsecured notes due 2023, which were issued at par, and its issuance of $100 million in aggregate principal amount of additional 6% senior unsecured notes due 2023, which were issued at 100.75%. 

The Company plans to use the net proceeds from the offering for general corporate purposes, including repaying certain indebtedness maturing in 2015 and funding a portion of the development costs related to its Maryland and Massachusetts resort projects. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

"The success of this transaction is due to the continued support from the investment community, reflected in the increased demand, which allowed us to achieve rates at historically low levels," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "We remain committed to maximizing our free cash flow by making strategic investments in our resort portfolio and opportunistically accessing the capital markets at attractive rates."

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. 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 MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release which are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission.  The Company has based those 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 how the Company expects to use the proceeds of the offering.  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 the Company operates, for corporate debt generally, for the securities of gaming, hospitality and entertainment companies and for the Company's indebtedness in particular, 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.

SOURCE MGM Resorts International

For further information: Investment Community, SARAH ROGERS, Vice President Investor Relations, (702) 693-8654 or srogers@mgmresorts.com; or News Media, CLARK DUMONT, Senior Vice President Corporate Communications, (702) 891-1836 or cdumont@mgmresorts.com


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