MGM Resorts International Announces Strategic Parking Alliance with Industry Expert SP+

February 02, 2016
Chicago-based company will assume operations at company’s Las Vegas Strip resort parking facilities

LAS VEGAS – February 2, 2016 – MGM Resorts International (NYSE: MGM) announced today it will contract operations of parking facilities at the company’s Las Vegas Strip resorts to parking industry expert SP+ (Nasdaq: SP). MGM Resorts previously introduced a $90 million parking strategy to provide significant improvements to the overall resort experience that included implementation of a modest parking fee program for valet and self-parking.

“In seeking to provide the ideal solution for our customers, our employees, and our company, we determined the best-practice operation of our enhanced parking facilities required an expert hand,” said Corey Sanders, MGM Resorts International Chief Operating Officer. “The SP+ team brings decades of experience to this challenge. But just as important, SP+ shares our company’s strong employee-centric culture and our commitment to guest-service excellence in resort and event operations.” 

At the time of the transition to SP+ operations, which is anticipated within 60 days, MGM Resorts valet employees will become members of the SP+ team. SP+ will match compensation, health benefits, paid time off, and other benefits with those currently offered by MGM Resorts. SP+ will also retain employee seniority levels for years working for MGM Resorts. Valet employees working under collective bargaining agreements at Luxor, Excalibur and Circus Circus Las Vegas will not initially transfer to SP+. Pending discussions with union representatives will determine whether operational changes will be made.

Chicago-based SP+ employs more than 22,000 people and operates more than 2 million parking spaces at 3,900 facilities in hundreds of cities throughout North America. The company’s roots date back to 1929, operating a single parking lot in Chicago. SP+ provides valet and self-parking operations for a variety of well-respected Four- and Five-Diamond hotel brands around the country. Its expertise also includes parking operations management for major events and large-scale venues, including past Olympics, World Cup and Super Bowl events.

Robert M. Toy, President of Urban Operations for SP+, stated, “We’re excited at this opportunity to come to Las Vegas and take on this prestigious project with MGM Resorts.  We are especially eager to welcome the MGM Resorts valet staff as valued members of our team, since we believe merging their many years of knowledge in the Las Vegas market with the nationwide experience of SP+ will create a powerful force in this market. Together we can build a higher level of customer service and a heightened resort experience.” 

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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 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.

 

ABOUT SP+

SP+ provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company has more than 22,000 employees. SP+ Parking operates more than 3,900 parking facilities with 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports.  USA Parking System, a wholly-owned subsidiary, is one of the premier valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor. The Company’s ground transportation division transports over 41 million passengers each year; its facility maintenance division operates in dozens of U.S. cities; and its security subsidiary provides licensed security services in several states. The Company also provides a wide range of event logistics services. For more information, visit http://spplus.com.

 

Statements in this release that are not historical facts are forward-looking statements involving risks and/or uncertainties, including those described in MGM Resorts International’s public filings with the Securities and Exchange Commission.  MGM Resorts International 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 expected timing for transition to SP+ operations and costs associated with the investment. 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 International 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 International’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts International 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.

 

For further information: Gordon Absher MGM Resorts International Corporate Communications/Public Affairs 702.692.6800 OR gabsher@mgmresorts.com