Total $0.00


LAS VEGAS, April 16, 2018 -- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM), along with its venture partner, today announced the execution of a definitive agreement to sell the Grand Victoria Casino in Elgin, Illinois, of which a subsidiary of the Company owns a 50% interest, to Eldorado Resorts, Inc. (NASDAQ: ERI) for $327.5 million in cash, subject to a working capital adjustment.  MGM Resorts will receive its 50 percent share of the net proceeds after certain transaction costs, or approximately $162 million.

The transaction is expected to close within 12 months, subject to regulatory approvals and other customary closing conditions.

The Company acquired its 50 percent interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resort Group in 2005.

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 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM COTAI in Macau and the first Bellagio-branded hotel in Shanghai. It also is developing MGM Springfield in Massachusetts. The 78,000 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 visit us at

Contact: Brian Ahern

Related News

MGM Resorts to Acquire Operations of the Hard Rock Rocksino in Northfield, Ohio from MGM Growth Properties for $275 million

CityCenter Holdings Closes on Sale of Mandarin Oriental Las Vegas

MGM Resorts International and MGM Growth Properties LLC to Acquire Empire City Casino in Yonkers, New York

Sydell Group and MGM Resorts Continue Property-Wide Transformation of Las Vegas' Monte Carlo Now Branded as Park MGM

CityCenter Holdings Enters Into Definitive Agreement to Sell the Mandarin Oriental Las Vegas for $214 Million

MGM Resorts International Appoints Kelly Smith Senior Vice President and Chief Digital Officer

Debra DeShong Joins MGM Resorts International As Vice President Of Global Industry Affairs

StayNTouch and MGM Resorts International Redefining Hotel Check-in on the Las Vegas Strip and Beyond

MGM Resorts Appoints Mark Strawn Senior Vice President And Chief Administration Officer For MGM Resorts Design and Development

MGM Resorts International Reports Q1 2017 Net Revenues Increase of 29% to $2.1 Billion at the Company's Domestic Resorts; Las Vegas Strip Resorts Grew RevPAR by 8.6%

MGM Resorts International Reports a 17% Net Revenue Increase for Q4 2016 and 3% RevPAR Growth

MGM Resorts Expands Policy Presence by Opening a Washington, D.C. Office

MGM National Harbor Debuts in Maryland Introducing First Luxury Gaming Resort to the Capital Region

Industry Veteran Aaron Fischer Joins MGM Resorts International as Senior Vice President of Corporate Development

Diaoyutai MGM Hospitality Opens 162-Room Flagship Diaoyutai Hotel Hangzhou

MGM Resorts International Reports Q3 2016 Net Income of $536 million, a 706% Increase Over the Prior Year Quarter

MGM Resorts Executive, Michael Neubecker, Named New President and COO of MGM Grand Detroit

MGM Resorts International to Increase its Stake in MGM China Holdings Limited; Will Own Roughly 56% of MGM China's Outstanding Shares

MGM Resorts International Reports Second Quarter 2016 Financial And Operating Results

MGM Growth Properties LLC and MGM Resorts International Complete Transactions for Acquisition of Borgata Hotel Casino & Spa

All News »

Please login or register to post a comment.