mgm resorts international
MGM Resorts International Reports Third Quarter 2021 Financial and Operating Results
MGM Resorts International | November 4, 2021
LAS VEGAS – November 4, 2021 – MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2021. "We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and U.S. regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "The completion of our asset l...
MGM Resorts International Closes Purchase of Infinity World’s 50% Interest in CityCenter for $2.125B
MGM Resorts International | September 29, 2021
LAS VEGAS, NV - September 28, 2021 - MGM Resorts International today announced the closing of the previously announced purchase of Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion. Following the transaction, MGM Resorts has leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. In connect...
MGM Resorts Selected by Osaka as Integrated Resort Partner
MGM RESORTS INTERNATIONAL | September 29, 2021
LAS VEGAS, NV – September 29, 2021 – MGM Resorts International today announced that MGM Japan, together with its joint-venture partner ORIX, has been selected by Osaka as the region's integrated resort partner. Osaka's selection of the MGM-ORIX consortium marks an important step in MGM's long-term bid to develop one of Japan's first integrated resorts. Details of the proposed approximately $10 billion development were also unveiled, showcasing MGM's vision to bring a world-class resort experience to Osaka that is designed to transform the region into one of the world's top entertainment and hospitality destinations and that ...
MGM Resorts to Acquire Operations of The Cosmopolitan in Las Vegas for $1.625B
MGM RESORTS INTERNATIONAL | September 27, 2021
LAS VEGAS, NV – September 27, 2021 – MGM Resorts International today announced that the Company has entered into a definitive agreement with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital adjustments. The purchase price represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies and identified revenue growth opportunities. Following the close of the transaction, MGM Resorts will enter into a 30-year lease agreement, with three 10-year rene...
MGM Resorts International Reports Second Quarter 2021 Financial and Operating Results
MGM Resorts International | August 6, 2021
LAS VEGAS - August 6, 2021 - MGM Resorts International ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2021. "We delivered a strong second quarter, driven by robust demand and productivity efforts across our domestic portfolio. Our Las Vegas Strip and Regional Operations Adjusted Property EBITDAR margins reached all-time records and our Regional Operations also delivered an all-time quarterly record in Adjusted Property EBITDAR. Our U.S. sports betting and iGaming venture, BetMGM, continues to outperform as the number two operator nationwide," said Bill Hornbuckle, Chief Executive Of...
MGM Growth Properties to Be Acquired by VICI in Stock-for-Stock Transaction Valuing MGP at $17.2 Billion
MGM Resorts International | August 4, 2021
LAS VEGAS - Aug. 4, 2021 - MGM Resorts International today announced that it has entered into a definitive agreement with VICI Properties Inc. ("VICI") (NYSE: VICI) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) whereby VICI would redeem a majority of MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash, and acquire 100% of the outstanding class A shares of MGP in a stock-for-stock transaction. "In 2016 we started on our journey to become asset light and this announcement, together with our recently announced Springfield and CityCenter transactions, reflects the culmination of those...
MGM Resorts International Enters Agreement to Purchase Infinity World’s 50% Interest in CityCenter for $2.125 Billion
MGM Resorts International | July 1, 2021
LAS VEGAS - July 1, 2021 - MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced that it has entered into a definitive agreement to purchase Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa. "CityCenter ...
Tilak Mandadi to Join MGM Resorts International As Chief Strategy, Innovation & Technology Officer
MGM Resorts International | June 9, 2021
LAS VEGAS - June 9, 2021 - MGM Resorts International ("MGM Resorts") today announced that Tilak Mandadi will join the company July 6th in the newly created position of Chief Strategy, Innovation & Technology Officer. In this role, Mandadi will oversee MGM Resorts' digital strategy, driving growth and innovation through technology-led customer-centric experiences, products and services. He will also lead corporate strategy and innovation, and will manage the company's relationship with BetMGM, joining its Board of Directors. He will be based in Las Vegas and report to MGM Resorts CEO & President Bill Hornbuckle. "We are incr...
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